Menu

Home › Forums › Housing › foreclosure hitting home…

  • This topic has 34 replies, 10 voices, and was last updated 17 years ago by CBad.
Viewing 5 posts - 31 through 35 (of 35 total)
1 2 3
  • Author
    Posts
  • October 14, 2007 at 1:01 PM #88980
    lindismith
    Participant

    Cashflow, regarding your friend who has foreclosure looming – can you tell us anything about the loan? Was it adjustable? Did he experience some other kind of financial hardship recently? I mean how did he get himself into this situation?
    Just curious.

    October 15, 2007 at 12:16 AM #89025
    cashflow
    Participant

    ls,
    I really don’t know all the details…I posted over in another thread that the one couple was living way beyond their means, spend…spend…spend, so we had the feeling this was the path they were on. They had done what you hear of so often, refied and pulled money out of their home to use cash to fund their lifestyle. This left them upside down on the home.

    I believe the other couple had an adjustable rate mortgage as they said their mortgage had skyrocketed. I believe they were in the category of just being naive first time homebuyers who didn’t read the docs they were signing.

    October 15, 2007 at 12:16 AM #89032
    cashflow
    Participant

    ls,
    I really don’t know all the details…I posted over in another thread that the one couple was living way beyond their means, spend…spend…spend, so we had the feeling this was the path they were on. They had done what you hear of so often, refied and pulled money out of their home to use cash to fund their lifestyle. This left them upside down on the home.

    I believe the other couple had an adjustable rate mortgage as they said their mortgage had skyrocketed. I believe they were in the category of just being naive first time homebuyers who didn’t read the docs they were signing.

    October 15, 2007 at 10:16 AM #89064
    CBad
    Participant

    I know someone who was very close to forclosure just a couple of weeks ago. He has a condo in Oceanside that should have had a lot of equity in it but he refinanced numerous times to pour money into his business. His business went under about a year ago and he hasn’t been able to find gainful employment since that time (he has had temp. things here and there). So he hadn’t been paying his mortgage, HOAs, or property taxes. Anyway, he just landed a great job about a month ago. He contacted his lender and they were all too willing to help him work this out. He will be refinancing, yet again. Prior to getting this job, he was packed and ready to walk away.

    October 15, 2007 at 10:16 AM #89073
    CBad
    Participant

    I know someone who was very close to forclosure just a couple of weeks ago. He has a condo in Oceanside that should have had a lot of equity in it but he refinanced numerous times to pour money into his business. His business went under about a year ago and he hasn’t been able to find gainful employment since that time (he has had temp. things here and there). So he hadn’t been paying his mortgage, HOAs, or property taxes. Anyway, he just landed a great job about a month ago. He contacted his lender and they were all too willing to help him work this out. He will be refinancing, yet again. Prior to getting this job, he was packed and ready to walk away.

  • Author
    Posts
Viewing 5 posts - 31 through 35 (of 35 total)
1 2 3
  • You must be logged in to reply to this topic.