[quote=new to SD] . . . * Ask your self if you would you hand the bank the property if you had a mud slide, sink hole or uninsured catastrophic earthquake[/quote]
new to SD, a victim of a natural disaster is a true victim (unless he/she repeatedly rebuilds in the same spot after receiving ins claim/FEMA proceeds, such as on the bank of the Mississippi River). You can’t compare your (former) “situation” to that. YOU created your own problem and are not a victim.
Given your posts, I still feel that you would have been better off to hang onto your old property with your 6% mortgage and might very well have been right-side up by 2014. In addition, you would have still been able to save 30% (or more, depending on how much your current rent is) of your salary for a future downpayment on your “dream” home after you successfully sold your own house “cleanly” and got out above water.
The severe dip in values in recent years was ALL artificial, 75% caused from “short sales” (like yours, many of them fraudulently sold for land value or less) and 25% from REO sales owned by lenders who did not properly manage their inventories to get top dollar.
You claimed here that you strategically defaulted because you couldn’t refi out of your 6% mortgage. But that (IMHO) is a smokescreen, since you are now willing to take a 9-11% mortgage for a higher amount.
I came away from your posts with the feeling that you very deliberately calculated that you could somehow “trade in” your SM home for a home in a much better locale without so much as a bump. And I know I am not alone.
new to SD, why did you post here that you had were new to SD and were shopping in those (premium) areas on October 31, 2012 after losing your local house in September 2012 if you “knew” it would take at least three years to right your credit score? Did you have more cash then (immed after your SS) than you do now? Has your income doubled or tripled since your SS?
I’m sorry to have to relay the bad news but the areas you “aspire to” and the area you lost your home in last year (yes, SS has the same result as foreclosure) are night and day from each other.
With the resources you are describing here, I don’t see your “dream” as being feasible for several more years … if then.
