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Running Bear.
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March 28, 2008 at 4:32 PM #178293March 28, 2008 at 4:40 PM #177848
Tavo
Participantmarion,
Looking for constructing advice NOT related to a default.
Sd Nerd
“What are the purchase prices?”
350k for the condo and $550k for the home (3 bed 3 bath 1,650 sq ft Craftsman with a 6,500 sq ft lot in Morley Field)“If you re-financed the condo, it’s almost surely recourse now. Have you re-financed the house and/or do you enjoy living in the house?”
Yes, love living in Morley Field and have a 7 yr Option-Arm at 6%. I plan on being here for a long time (maybe my last home). Reason I got the Option-Arm was if I got in real cash flow pinch (lost job etc.), I have the option to pay the I-O. I need the flexibility just in case but am making the P&I. I have not “re-fied”March 28, 2008 at 4:40 PM #178204Participantmarion,
Looking for constructing advice NOT related to a default.
Sd Nerd
“What are the purchase prices?”
350k for the condo and $550k for the home (3 bed 3 bath 1,650 sq ft Craftsman with a 6,500 sq ft lot in Morley Field)“If you re-financed the condo, it’s almost surely recourse now. Have you re-financed the house and/or do you enjoy living in the house?”
Yes, love living in Morley Field and have a 7 yr Option-Arm at 6%. I plan on being here for a long time (maybe my last home). Reason I got the Option-Arm was if I got in real cash flow pinch (lost job etc.), I have the option to pay the I-O. I need the flexibility just in case but am making the P&I. I have not “re-fied”March 28, 2008 at 4:40 PM #178206Participantmarion,
Looking for constructing advice NOT related to a default.
Sd Nerd
“What are the purchase prices?”
350k for the condo and $550k for the home (3 bed 3 bath 1,650 sq ft Craftsman with a 6,500 sq ft lot in Morley Field)“If you re-financed the condo, it’s almost surely recourse now. Have you re-financed the house and/or do you enjoy living in the house?”
Yes, love living in Morley Field and have a 7 yr Option-Arm at 6%. I plan on being here for a long time (maybe my last home). Reason I got the Option-Arm was if I got in real cash flow pinch (lost job etc.), I have the option to pay the I-O. I need the flexibility just in case but am making the P&I. I have not “re-fied”March 28, 2008 at 4:40 PM #178215Participantmarion,
Looking for constructing advice NOT related to a default.
Sd Nerd
“What are the purchase prices?”
350k for the condo and $550k for the home (3 bed 3 bath 1,650 sq ft Craftsman with a 6,500 sq ft lot in Morley Field)“If you re-financed the condo, it’s almost surely recourse now. Have you re-financed the house and/or do you enjoy living in the house?”
Yes, love living in Morley Field and have a 7 yr Option-Arm at 6%. I plan on being here for a long time (maybe my last home). Reason I got the Option-Arm was if I got in real cash flow pinch (lost job etc.), I have the option to pay the I-O. I need the flexibility just in case but am making the P&I. I have not “re-fied”March 28, 2008 at 4:40 PM #178303Participantmarion,
Looking for constructing advice NOT related to a default.
Sd Nerd
“What are the purchase prices?”
350k for the condo and $550k for the home (3 bed 3 bath 1,650 sq ft Craftsman with a 6,500 sq ft lot in Morley Field)“If you re-financed the condo, it’s almost surely recourse now. Have you re-financed the house and/or do you enjoy living in the house?”
Yes, love living in Morley Field and have a 7 yr Option-Arm at 6%. I plan on being here for a long time (maybe my last home). Reason I got the Option-Arm was if I got in real cash flow pinch (lost job etc.), I have the option to pay the I-O. I need the flexibility just in case but am making the P&I. I have not “re-fied”March 28, 2008 at 4:42 PM #177858ParticipantI meant “constructive” advice
March 28, 2008 at 4:42 PM #178214ParticipantI meant “constructive” advice
March 28, 2008 at 4:42 PM #178216ParticipantI meant “constructive” advice
March 28, 2008 at 4:42 PM #178225ParticipantI meant “constructive” advice
March 28, 2008 at 4:42 PM #178313ParticipantI meant “constructive” advice
March 28, 2008 at 4:57 PM #177869IONEGARM
Participant** THIS IS NOT LEGAL ADVICE **
If they pursue a trustee sale they give up the right to go after you for the difference. So it won’t matter if it is recourse or non-recourse. (check with a lawyer, I am not one, nor should I be listened to)
There are very few judicial foreclosures done in California and for a dinky condo in SD they probably wouldn’t bother (I say probably just so you don’t think it is a definite thing, but ask around about how many judicial foreclosures are done).
Depending on how convinced you are things are going south you could stop paying on everything and save your duckets (it’ll be 4 months minimum if not more of savings) and try again in 2 years OR renegotiate with loss mit on your current house or condo. The more contact you have with your servicer the more choices you will be aware of.
Just throwing out ideas. I’d call your servicer and see what they offer.
Other ideas include short sales or short refis (might be able to get the condo cash flow positive with the right loan).
March 28, 2008 at 4:57 PM #178224Participant** THIS IS NOT LEGAL ADVICE **
If they pursue a trustee sale they give up the right to go after you for the difference. So it won’t matter if it is recourse or non-recourse. (check with a lawyer, I am not one, nor should I be listened to)
There are very few judicial foreclosures done in California and for a dinky condo in SD they probably wouldn’t bother (I say probably just so you don’t think it is a definite thing, but ask around about how many judicial foreclosures are done).
Depending on how convinced you are things are going south you could stop paying on everything and save your duckets (it’ll be 4 months minimum if not more of savings) and try again in 2 years OR renegotiate with loss mit on your current house or condo. The more contact you have with your servicer the more choices you will be aware of.
Just throwing out ideas. I’d call your servicer and see what they offer.
Other ideas include short sales or short refis (might be able to get the condo cash flow positive with the right loan).
March 28, 2008 at 4:57 PM #178227Participant** THIS IS NOT LEGAL ADVICE **
If they pursue a trustee sale they give up the right to go after you for the difference. So it won’t matter if it is recourse or non-recourse. (check with a lawyer, I am not one, nor should I be listened to)
There are very few judicial foreclosures done in California and for a dinky condo in SD they probably wouldn’t bother (I say probably just so you don’t think it is a definite thing, but ask around about how many judicial foreclosures are done).
Depending on how convinced you are things are going south you could stop paying on everything and save your duckets (it’ll be 4 months minimum if not more of savings) and try again in 2 years OR renegotiate with loss mit on your current house or condo. The more contact you have with your servicer the more choices you will be aware of.
Just throwing out ideas. I’d call your servicer and see what they offer.
Other ideas include short sales or short refis (might be able to get the condo cash flow positive with the right loan).
March 28, 2008 at 4:57 PM #178235Participant** THIS IS NOT LEGAL ADVICE **
If they pursue a trustee sale they give up the right to go after you for the difference. So it won’t matter if it is recourse or non-recourse. (check with a lawyer, I am not one, nor should I be listened to)
There are very few judicial foreclosures done in California and for a dinky condo in SD they probably wouldn’t bother (I say probably just so you don’t think it is a definite thing, but ask around about how many judicial foreclosures are done).
Depending on how convinced you are things are going south you could stop paying on everything and save your duckets (it’ll be 4 months minimum if not more of savings) and try again in 2 years OR renegotiate with loss mit on your current house or condo. The more contact you have with your servicer the more choices you will be aware of.
Just throwing out ideas. I’d call your servicer and see what they offer.
Other ideas include short sales or short refis (might be able to get the condo cash flow positive with the right loan).
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