Forced to NOD before Short selling. Is this normal?

[Alex_angel]

My friend is trying to walk away from his home. He spoke to the bank about short selling before he chooses to just walk away. The bank seems to be a bunch of pricks and told him that the needed to stop making payments for three months and also has to put his home up for sale during those three months and if after those three months he couldn’t sell then the bank would consider short selling.

It seems to me that the bank wants him to get his credit nailed first before considering a short sale.

At this point not making payments for three months, why not just walk away? What’s the difference?

Can they get forgivness on their credit three months from now?

Is this normal?

[La Jolla Renter]

It seems fair that the bank wants to make it painful for homeowners to walk away. Personally, I hope your friend’s credit takes a beating. I certainly don’t want the “walkawayers” back in the buying pool until I make my purchase and pick up some nice investment property. I don’t want them to be able to compete with my perfect credit.

If I were in their shoes, I certainly wouldn’t expect to get away for free.

[La Jolla Renter]

It seems fair that the bank wants to make it painful for homeowners to walk away. Personally, I hope your friend’s credit takes a beating. I certainly don’t want the “walkawayers” back in the buying pool until I make my purchase and pick up some nice investment property. I don’t want them to be able to compete with my perfect credit.

If I were in their shoes, I certainly wouldn’t expect to get away for free.

[La Jolla Renter]

It seems fair that the bank wants to make it painful for homeowners to walk away. Personally, I hope your friend’s credit takes a beating. I certainly don’t want the “walkawayers” back in the buying pool until I make my purchase and pick up some nice investment property. I don’t want them to be able to compete with my perfect credit.

If I were in their shoes, I certainly wouldn’t expect to get away for free.

[La Jolla Renter]

It seems fair that the bank wants to make it painful for homeowners to walk away. Personally, I hope your friend’s credit takes a beating. I certainly don’t want the “walkawayers” back in the buying pool until I make my purchase and pick up some nice investment property. I don’t want them to be able to compete with my perfect credit.

If I were in their shoes, I certainly wouldn’t expect to get away for free.

[La Jolla Renter]

It seems fair that the bank wants to make it painful for homeowners to walk away. Personally, I hope your friend’s credit takes a beating. I certainly don’t want the “walkawayers” back in the buying pool until I make my purchase and pick up some nice investment property. I don’t want them to be able to compete with my perfect credit.

If I were in their shoes, I certainly wouldn’t expect to get away for free.

[dharmagirl]

But they do seem to expect just that!! To walk away and be able to buy yet another property.

I’m stunned by the entitlement attitude some of these people have.

Yesterday, I saw a local news piece (I think it was the LA Fox station) that showed one woman’s home. The rubbish that she left behind filled a 24′ truck.

The cleanup crew said that they find dying pets in these abandoned homes (what kind of person leaves their PETS behind?), unimaginable trash, filth and just angry destruction. They make a mess – financial and trash – and expect everyone else to clean it up.

Ugh!

[dharmagirl]

But they do seem to expect just that!! To walk away and be able to buy yet another property.

I’m stunned by the entitlement attitude some of these people have.

Yesterday, I saw a local news piece (I think it was the LA Fox station) that showed one woman’s home. The rubbish that she left behind filled a 24′ truck.

The cleanup crew said that they find dying pets in these abandoned homes (what kind of person leaves their PETS behind?), unimaginable trash, filth and just angry destruction. They make a mess – financial and trash – and expect everyone else to clean it up.

Ugh!

[dharmagirl]

But they do seem to expect just that!! To walk away and be able to buy yet another property.

I’m stunned by the entitlement attitude some of these people have.

Yesterday, I saw a local news piece (I think it was the LA Fox station) that showed one woman’s home. The rubbish that she left behind filled a 24′ truck.

The cleanup crew said that they find dying pets in these abandoned homes (what kind of person leaves their PETS behind?), unimaginable trash, filth and just angry destruction. They make a mess – financial and trash – and expect everyone else to clean it up.

Ugh!

[dharmagirl]

But they do seem to expect just that!! To walk away and be able to buy yet another property.

I’m stunned by the entitlement attitude some of these people have.

Yesterday, I saw a local news piece (I think it was the LA Fox station) that showed one woman’s home. The rubbish that she left behind filled a 24′ truck.

The cleanup crew said that they find dying pets in these abandoned homes (what kind of person leaves their PETS behind?), unimaginable trash, filth and just angry destruction. They make a mess – financial and trash – and expect everyone else to clean it up.

Ugh!

[dharmagirl]

But they do seem to expect just that!! To walk away and be able to buy yet another property.

I’m stunned by the entitlement attitude some of these people have.

Yesterday, I saw a local news piece (I think it was the LA Fox station) that showed one woman’s home. The rubbish that she left behind filled a 24′ truck.

The cleanup crew said that they find dying pets in these abandoned homes (what kind of person leaves their PETS behind?), unimaginable trash, filth and just angry destruction. They make a mess – financial and trash – and expect everyone else to clean it up.

Ugh!

[Alex_angel]

In this person’s case it’s not malicious. They moved from Phoenix a few years ago for work and bought a home for $650k. They have the money and can afford it. His company went belly up so he moved back to phoenix and thought he’d rent his home here while the market did it’s thing. Well he just cannot afford to make up the mortgage that the rent doesn’t cover. he wants to sell his home but comps in the area are about $100k less. He just wants out of this deal and/or was thinking about selling and taking the loss. The bank won’t let it happen that easy.

[Alex_angel]

In this person’s case it’s not malicious. They moved from Phoenix a few years ago for work and bought a home for $650k. They have the money and can afford it. His company went belly up so he moved back to phoenix and thought he’d rent his home here while the market did it’s thing. Well he just cannot afford to make up the mortgage that the rent doesn’t cover. he wants to sell his home but comps in the area are about $100k less. He just wants out of this deal and/or was thinking about selling and taking the loss. The bank won’t let it happen that easy.

[Alex_angel]

In this person’s case it’s not malicious. They moved from Phoenix a few years ago for work and bought a home for $650k. They have the money and can afford it. His company went belly up so he moved back to phoenix and thought he’d rent his home here while the market did it’s thing. Well he just cannot afford to make up the mortgage that the rent doesn’t cover. he wants to sell his home but comps in the area are about $100k less. He just wants out of this deal and/or was thinking about selling and taking the loss. The bank won’t let it happen that easy.

[Alex_angel]

In this person’s case it’s not malicious. They moved from Phoenix a few years ago for work and bought a home for $650k. They have the money and can afford it. His company went belly up so he moved back to phoenix and thought he’d rent his home here while the market did it’s thing. Well he just cannot afford to make up the mortgage that the rent doesn’t cover. he wants to sell his home but comps in the area are about $100k less. He just wants out of this deal and/or was thinking about selling and taking the loss. The bank won’t let it happen that easy.

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