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March 31, 2010 at 12:30 AM #534489March 31, 2010 at 12:33 AM #533555cabalParticipant
[quote=BillS78]Here’s my not so planned strategic default story.
I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.
By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.
Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.
I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.
Thank god I didn’t marry her and there’s no kids.[/quote]
If you don’t mind further sharing…
– Have you received pestering calls from bill collectors?
– What has happened to your credit score?
– Who is your lender?
– Are you current on property taxes?
– Are you concerned about qualifying for another mortgage?
FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.
March 31, 2010 at 12:33 AM #533681cabalParticipant[quote=BillS78]Here’s my not so planned strategic default story.
I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.
By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.
Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.
I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.
Thank god I didn’t marry her and there’s no kids.[/quote]
If you don’t mind further sharing…
– Have you received pestering calls from bill collectors?
– What has happened to your credit score?
– Who is your lender?
– Are you current on property taxes?
– Are you concerned about qualifying for another mortgage?
FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.
March 31, 2010 at 12:33 AM #534134cabalParticipant[quote=BillS78]Here’s my not so planned strategic default story.
I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.
By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.
Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.
I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.
Thank god I didn’t marry her and there’s no kids.[/quote]
If you don’t mind further sharing…
– Have you received pestering calls from bill collectors?
– What has happened to your credit score?
– Who is your lender?
– Are you current on property taxes?
– Are you concerned about qualifying for another mortgage?
FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.
March 31, 2010 at 12:33 AM #534231cabalParticipant[quote=BillS78]Here’s my not so planned strategic default story.
I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.
By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.
Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.
I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.
Thank god I didn’t marry her and there’s no kids.[/quote]
If you don’t mind further sharing…
– Have you received pestering calls from bill collectors?
– What has happened to your credit score?
– Who is your lender?
– Are you current on property taxes?
– Are you concerned about qualifying for another mortgage?
FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.
March 31, 2010 at 12:33 AM #534494cabalParticipant[quote=BillS78]Here’s my not so planned strategic default story.
I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.
By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.
Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.
I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.
Thank god I didn’t marry her and there’s no kids.[/quote]
If you don’t mind further sharing…
– Have you received pestering calls from bill collectors?
– What has happened to your credit score?
– Who is your lender?
– Are you current on property taxes?
– Are you concerned about qualifying for another mortgage?
FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.
March 31, 2010 at 1:29 AM #533559CA renterParticipant[quote=BillS78][quote=SD Realtor]Yes they are living for free. Just remember you are paying for them. As will everyone else in your family who pays federal taxes. So each deadbeat that lives for free sucks money away from all the social programs that you feel are essential to our country.[/quote]No one is paying federal taxes for me, they are paying for the banking and lending industries that make your completely worthless profession possible. You are the real leech in this scenario, the bailout money and HAMP are your livelihood.[/quote]
Bill,
You’ve been here for one day, yet you’ve managed to badmouth one of our valuable, long-time posters. Not cool.
We’ve all had our disagreements here, but it’s extremely important that people present their facts and opinions (preferably based on logic, not emotions), then let the other side make their counterpoints. Name calling makes you look like you can’t put a respectable argument together. You’re not likely to gain any support for your ideas if you insult other posters.
Let’s keep things civil, please.
March 31, 2010 at 1:29 AM #533686CA renterParticipant[quote=BillS78][quote=SD Realtor]Yes they are living for free. Just remember you are paying for them. As will everyone else in your family who pays federal taxes. So each deadbeat that lives for free sucks money away from all the social programs that you feel are essential to our country.[/quote]No one is paying federal taxes for me, they are paying for the banking and lending industries that make your completely worthless profession possible. You are the real leech in this scenario, the bailout money and HAMP are your livelihood.[/quote]
Bill,
You’ve been here for one day, yet you’ve managed to badmouth one of our valuable, long-time posters. Not cool.
We’ve all had our disagreements here, but it’s extremely important that people present their facts and opinions (preferably based on logic, not emotions), then let the other side make their counterpoints. Name calling makes you look like you can’t put a respectable argument together. You’re not likely to gain any support for your ideas if you insult other posters.
Let’s keep things civil, please.
March 31, 2010 at 1:29 AM #534139CA renterParticipant[quote=BillS78][quote=SD Realtor]Yes they are living for free. Just remember you are paying for them. As will everyone else in your family who pays federal taxes. So each deadbeat that lives for free sucks money away from all the social programs that you feel are essential to our country.[/quote]No one is paying federal taxes for me, they are paying for the banking and lending industries that make your completely worthless profession possible. You are the real leech in this scenario, the bailout money and HAMP are your livelihood.[/quote]
Bill,
You’ve been here for one day, yet you’ve managed to badmouth one of our valuable, long-time posters. Not cool.
We’ve all had our disagreements here, but it’s extremely important that people present their facts and opinions (preferably based on logic, not emotions), then let the other side make their counterpoints. Name calling makes you look like you can’t put a respectable argument together. You’re not likely to gain any support for your ideas if you insult other posters.
Let’s keep things civil, please.
March 31, 2010 at 1:29 AM #534236CA renterParticipant[quote=BillS78][quote=SD Realtor]Yes they are living for free. Just remember you are paying for them. As will everyone else in your family who pays federal taxes. So each deadbeat that lives for free sucks money away from all the social programs that you feel are essential to our country.[/quote]No one is paying federal taxes for me, they are paying for the banking and lending industries that make your completely worthless profession possible. You are the real leech in this scenario, the bailout money and HAMP are your livelihood.[/quote]
Bill,
You’ve been here for one day, yet you’ve managed to badmouth one of our valuable, long-time posters. Not cool.
We’ve all had our disagreements here, but it’s extremely important that people present their facts and opinions (preferably based on logic, not emotions), then let the other side make their counterpoints. Name calling makes you look like you can’t put a respectable argument together. You’re not likely to gain any support for your ideas if you insult other posters.
Let’s keep things civil, please.
March 31, 2010 at 1:29 AM #534499CA renterParticipant[quote=BillS78][quote=SD Realtor]Yes they are living for free. Just remember you are paying for them. As will everyone else in your family who pays federal taxes. So each deadbeat that lives for free sucks money away from all the social programs that you feel are essential to our country.[/quote]No one is paying federal taxes for me, they are paying for the banking and lending industries that make your completely worthless profession possible. You are the real leech in this scenario, the bailout money and HAMP are your livelihood.[/quote]
Bill,
You’ve been here for one day, yet you’ve managed to badmouth one of our valuable, long-time posters. Not cool.
We’ve all had our disagreements here, but it’s extremely important that people present their facts and opinions (preferably based on logic, not emotions), then let the other side make their counterpoints. Name calling makes you look like you can’t put a respectable argument together. You’re not likely to gain any support for your ideas if you insult other posters.
Let’s keep things civil, please.
March 31, 2010 at 5:53 AM #533565CoronitaParticipantdelete.
March 31, 2010 at 5:53 AM #533694CoronitaParticipantdelete.
March 31, 2010 at 5:53 AM #534144CoronitaParticipantdelete.
March 31, 2010 at 5:53 AM #534241CoronitaParticipantdelete.
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