- This topic has 35 replies, 6 voices, and was last updated 16 years, 4 months ago by ltokuda.
-
AuthorPosts
-
August 4, 2008 at 3:28 PM #252449August 4, 2008 at 4:00 PM #25244292027_guyParticipant
Some great info Thank you, I figured my math was off.
So I didn’t some more checking at it appears I was incorrect my house was worth 360,000 in Aug 01. That is a bit of a relief as the posters mentioned 2000/2001 being more realistic. As you can probably tell it’s slowly sinking in how low my price will go. I’m currently considering loan modification with Green Credit Solutions but don’t want to go through all that if it’s not going to actually allow me to stay in the house when 2011 hits. But what’s a fair price to mod it too, I mean technically I agreed to pay 560k plus interest so I guess the fair price would be 560k.
My wife’s friend recently short saled a 07 purchase and bought the house right next door (literally) that was also a foreclosure. They put 3% down and got a rate in the high 6’s. I was impressed a bank would loan with only 3% down. So Eventually I’ll have to research and pick which is best for me, loan mod, deed in lieu, foreclosure, short sale, etc. I plan on posting whatever my experiences are if nothing else to help others or so the renters can laugh at another lemming over the cliff. Ha.August 4, 2008 at 4:00 PM #25245192027_guyParticipantSome great info Thank you, I figured my math was off.
So I didn’t some more checking at it appears I was incorrect my house was worth 360,000 in Aug 01. That is a bit of a relief as the posters mentioned 2000/2001 being more realistic. As you can probably tell it’s slowly sinking in how low my price will go. I’m currently considering loan modification with Green Credit Solutions but don’t want to go through all that if it’s not going to actually allow me to stay in the house when 2011 hits. But what’s a fair price to mod it too, I mean technically I agreed to pay 560k plus interest so I guess the fair price would be 560k.
My wife’s friend recently short saled a 07 purchase and bought the house right next door (literally) that was also a foreclosure. They put 3% down and got a rate in the high 6’s. I was impressed a bank would loan with only 3% down. So Eventually I’ll have to research and pick which is best for me, loan mod, deed in lieu, foreclosure, short sale, etc. I plan on posting whatever my experiences are if nothing else to help others or so the renters can laugh at another lemming over the cliff. Ha.August 4, 2008 at 4:00 PM #25250992027_guyParticipantSome great info Thank you, I figured my math was off.
So I didn’t some more checking at it appears I was incorrect my house was worth 360,000 in Aug 01. That is a bit of a relief as the posters mentioned 2000/2001 being more realistic. As you can probably tell it’s slowly sinking in how low my price will go. I’m currently considering loan modification with Green Credit Solutions but don’t want to go through all that if it’s not going to actually allow me to stay in the house when 2011 hits. But what’s a fair price to mod it too, I mean technically I agreed to pay 560k plus interest so I guess the fair price would be 560k.
My wife’s friend recently short saled a 07 purchase and bought the house right next door (literally) that was also a foreclosure. They put 3% down and got a rate in the high 6’s. I was impressed a bank would loan with only 3% down. So Eventually I’ll have to research and pick which is best for me, loan mod, deed in lieu, foreclosure, short sale, etc. I plan on posting whatever my experiences are if nothing else to help others or so the renters can laugh at another lemming over the cliff. Ha.August 4, 2008 at 4:00 PM #25251592027_guyParticipantSome great info Thank you, I figured my math was off.
So I didn’t some more checking at it appears I was incorrect my house was worth 360,000 in Aug 01. That is a bit of a relief as the posters mentioned 2000/2001 being more realistic. As you can probably tell it’s slowly sinking in how low my price will go. I’m currently considering loan modification with Green Credit Solutions but don’t want to go through all that if it’s not going to actually allow me to stay in the house when 2011 hits. But what’s a fair price to mod it too, I mean technically I agreed to pay 560k plus interest so I guess the fair price would be 560k.
My wife’s friend recently short saled a 07 purchase and bought the house right next door (literally) that was also a foreclosure. They put 3% down and got a rate in the high 6’s. I was impressed a bank would loan with only 3% down. So Eventually I’ll have to research and pick which is best for me, loan mod, deed in lieu, foreclosure, short sale, etc. I plan on posting whatever my experiences are if nothing else to help others or so the renters can laugh at another lemming over the cliff. Ha.August 4, 2008 at 4:00 PM #25227092027_guyParticipantSome great info Thank you, I figured my math was off.
So I didn’t some more checking at it appears I was incorrect my house was worth 360,000 in Aug 01. That is a bit of a relief as the posters mentioned 2000/2001 being more realistic. As you can probably tell it’s slowly sinking in how low my price will go. I’m currently considering loan modification with Green Credit Solutions but don’t want to go through all that if it’s not going to actually allow me to stay in the house when 2011 hits. But what’s a fair price to mod it too, I mean technically I agreed to pay 560k plus interest so I guess the fair price would be 560k.
My wife’s friend recently short saled a 07 purchase and bought the house right next door (literally) that was also a foreclosure. They put 3% down and got a rate in the high 6’s. I was impressed a bank would loan with only 3% down. So Eventually I’ll have to research and pick which is best for me, loan mod, deed in lieu, foreclosure, short sale, etc. I plan on posting whatever my experiences are if nothing else to help others or so the renters can laugh at another lemming over the cliff. Ha.August 4, 2008 at 4:28 PM #252447DWCAPParticipantWhile I enjoy your posts, and appreciate the self defacing way you are approaching this all, dont get too carried away too fast. Remember, the whole problem everyone had in the bubble was they looked at past experience and forecast future results in lock step detail. The best thing you could do would be to find a true financial planner, one vetted by somone you trust as someone with their head on straight, and cough up a few hundred dollars. While I am often derided as a cheap A$$, that will be some of the best money you ever spent. You are talking HUNDREDS of THOUSANDS of dollars here, and your credit future for really the next decade. See an expert, let them tell you what they see in exacting detail, and then compare that to the bloggosphere and go from there. Don’t get caught doing the bubble mentality of the down swing. (THE SKY IS FALLING, Housing is going back to the stoneage, were all F’ed!)
August 4, 2008 at 4:28 PM #252456DWCAPParticipantWhile I enjoy your posts, and appreciate the self defacing way you are approaching this all, dont get too carried away too fast. Remember, the whole problem everyone had in the bubble was they looked at past experience and forecast future results in lock step detail. The best thing you could do would be to find a true financial planner, one vetted by somone you trust as someone with their head on straight, and cough up a few hundred dollars. While I am often derided as a cheap A$$, that will be some of the best money you ever spent. You are talking HUNDREDS of THOUSANDS of dollars here, and your credit future for really the next decade. See an expert, let them tell you what they see in exacting detail, and then compare that to the bloggosphere and go from there. Don’t get caught doing the bubble mentality of the down swing. (THE SKY IS FALLING, Housing is going back to the stoneage, were all F’ed!)
August 4, 2008 at 4:28 PM #252275DWCAPParticipantWhile I enjoy your posts, and appreciate the self defacing way you are approaching this all, dont get too carried away too fast. Remember, the whole problem everyone had in the bubble was they looked at past experience and forecast future results in lock step detail. The best thing you could do would be to find a true financial planner, one vetted by somone you trust as someone with their head on straight, and cough up a few hundred dollars. While I am often derided as a cheap A$$, that will be some of the best money you ever spent. You are talking HUNDREDS of THOUSANDS of dollars here, and your credit future for really the next decade. See an expert, let them tell you what they see in exacting detail, and then compare that to the bloggosphere and go from there. Don’t get caught doing the bubble mentality of the down swing. (THE SKY IS FALLING, Housing is going back to the stoneage, were all F’ed!)
August 4, 2008 at 4:28 PM #252514DWCAPParticipantWhile I enjoy your posts, and appreciate the self defacing way you are approaching this all, dont get too carried away too fast. Remember, the whole problem everyone had in the bubble was they looked at past experience and forecast future results in lock step detail. The best thing you could do would be to find a true financial planner, one vetted by somone you trust as someone with their head on straight, and cough up a few hundred dollars. While I am often derided as a cheap A$$, that will be some of the best money you ever spent. You are talking HUNDREDS of THOUSANDS of dollars here, and your credit future for really the next decade. See an expert, let them tell you what they see in exacting detail, and then compare that to the bloggosphere and go from there. Don’t get caught doing the bubble mentality of the down swing. (THE SKY IS FALLING, Housing is going back to the stoneage, were all F’ed!)
August 4, 2008 at 4:28 PM #252520DWCAPParticipantWhile I enjoy your posts, and appreciate the self defacing way you are approaching this all, dont get too carried away too fast. Remember, the whole problem everyone had in the bubble was they looked at past experience and forecast future results in lock step detail. The best thing you could do would be to find a true financial planner, one vetted by somone you trust as someone with their head on straight, and cough up a few hundred dollars. While I am often derided as a cheap A$$, that will be some of the best money you ever spent. You are talking HUNDREDS of THOUSANDS of dollars here, and your credit future for really the next decade. See an expert, let them tell you what they see in exacting detail, and then compare that to the bloggosphere and go from there. Don’t get caught doing the bubble mentality of the down swing. (THE SKY IS FALLING, Housing is going back to the stoneage, were all F’ed!)
August 4, 2008 at 5:02 PM #25229592027_guyParticipantGreat Point DWCAP, it is well taken. I have seen posts here (not calling anyone out) that talked about a return to great depression! Wasn’t that over 20% unemployment? Good god my wife and I would head to Philippines and ride it out on Boracay if I really believed that to be the future.
In anycase, I have thought of you’re point as well. Where I’m at this very moment, and it can change quickly, is if I can get my payment down to around 3100 / month fixed rate, principal and interest as well as escrowed tax/insurance then I will stay in this house even if it dips below 400k. We’ll see what GCS says it can do.
Again I appreciate the reminder, and I promise myself whatever I do it will be after thinking it through. Hiring an advisor is a good advice, although I don’t really have any contacts to vet one. I was wondering if Rich Toscano’s firm would take me as a client but haven’t looked into it further at this point.
It’s kinda strange how slow this is happening, it’s like ahhh…impending potential financial ruin…..in about 2 years). Weird feeling.
August 4, 2008 at 5:02 PM #25246792027_guyParticipantGreat Point DWCAP, it is well taken. I have seen posts here (not calling anyone out) that talked about a return to great depression! Wasn’t that over 20% unemployment? Good god my wife and I would head to Philippines and ride it out on Boracay if I really believed that to be the future.
In anycase, I have thought of you’re point as well. Where I’m at this very moment, and it can change quickly, is if I can get my payment down to around 3100 / month fixed rate, principal and interest as well as escrowed tax/insurance then I will stay in this house even if it dips below 400k. We’ll see what GCS says it can do.
Again I appreciate the reminder, and I promise myself whatever I do it will be after thinking it through. Hiring an advisor is a good advice, although I don’t really have any contacts to vet one. I was wondering if Rich Toscano’s firm would take me as a client but haven’t looked into it further at this point.
It’s kinda strange how slow this is happening, it’s like ahhh…impending potential financial ruin…..in about 2 years). Weird feeling.
August 4, 2008 at 5:02 PM #25247692027_guyParticipantGreat Point DWCAP, it is well taken. I have seen posts here (not calling anyone out) that talked about a return to great depression! Wasn’t that over 20% unemployment? Good god my wife and I would head to Philippines and ride it out on Boracay if I really believed that to be the future.
In anycase, I have thought of you’re point as well. Where I’m at this very moment, and it can change quickly, is if I can get my payment down to around 3100 / month fixed rate, principal and interest as well as escrowed tax/insurance then I will stay in this house even if it dips below 400k. We’ll see what GCS says it can do.
Again I appreciate the reminder, and I promise myself whatever I do it will be after thinking it through. Hiring an advisor is a good advice, although I don’t really have any contacts to vet one. I was wondering if Rich Toscano’s firm would take me as a client but haven’t looked into it further at this point.
It’s kinda strange how slow this is happening, it’s like ahhh…impending potential financial ruin…..in about 2 years). Weird feeling.
August 4, 2008 at 5:02 PM #25253492027_guyParticipantGreat Point DWCAP, it is well taken. I have seen posts here (not calling anyone out) that talked about a return to great depression! Wasn’t that over 20% unemployment? Good god my wife and I would head to Philippines and ride it out on Boracay if I really believed that to be the future.
In anycase, I have thought of you’re point as well. Where I’m at this very moment, and it can change quickly, is if I can get my payment down to around 3100 / month fixed rate, principal and interest as well as escrowed tax/insurance then I will stay in this house even if it dips below 400k. We’ll see what GCS says it can do.
Again I appreciate the reminder, and I promise myself whatever I do it will be after thinking it through. Hiring an advisor is a good advice, although I don’t really have any contacts to vet one. I was wondering if Rich Toscano’s firm would take me as a client but haven’t looked into it further at this point.
It’s kinda strange how slow this is happening, it’s like ahhh…impending potential financial ruin…..in about 2 years). Weird feeling.
-
AuthorPosts
- You must be logged in to reply to this topic.