FB turned landlord

[Anonymous]

Submitted by Tavo on March 28, 2008 – 4:16pm.

Credit get screwed if you default on a loan (recourse or not). Like I said, I can afford the payment and don’t want my credit to get screwed. So, no, I’m not considering that option at this point. Seriously, you are reading into my last statement way too much.

What are you asking then?…

[Tavo]

marion,

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”

[Tavo]

marion,

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”

[Tavo]

marion,

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”

[Tavo]

marion,

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”

[Tavo]

marion,

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”

[Tavo]

I meant “constructive” advice

[Tavo]

I meant “constructive” advice

[Tavo]

I meant “constructive” advice

[Tavo]

I meant “constructive” advice

[Tavo]

I meant “constructive” advice

[IONEGARM]

** 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).

[IONEGARM]

** 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).

[IONEGARM]

** 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).

[IONEGARM]

** 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).

[Author]

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