Should I stay or should I go?

[DJNinSD]

Thanks for the explanation on FB, EJ. No, you’re not sounding harsh. I posted my question here because I did need some feedback from people that are, obviously, wiser than me. And ltokuda, I appreciate you’re comments too. If the jealous renters could only see how torn up I am about this, they seem to think that I’m taking this lightly.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[Anonymous]

I’ve been on here for about 3 months and didn’t know what FB meant either, but didn’t want to ask. F%cked Buyer makes a lot of sense. To the OP, you can’t rely on zillow’s estimates, they are unrealistically high. If your neighbor sold his house (same plan as yours) for 20k less than what he paid for it, he got really lucky. I’d say the value of your house is probably down a lot less than 20K.

You can’t afford the house. You gambled and loss. You are 50 years old, I would disregard the advice of getting a second job at your age. Do you want to be a slave to that house for another 10 years?? It’s not going up anytime soon and you can’t afford it regardless. Physical labor makes you ugly, these are supposed to be your golden years. You wanna be a slave to the bank? I wouldn’t have people I don’t know (roommates) living under my roof either. These measures are the only way you can afford to keep this house, and imo, it’s no way to live.

Just walk. I’m not advocating personal irresponsiblity, but you’re way in over your head. You’re gonna walk anyway. You knew that before you posted. Not sure if you should attempt a short sale, others on here who are much more knowledgeable about that will advise you, I’m sure.

[Anonymous]

I’ve been on here for about 3 months and didn’t know what FB meant either, but didn’t want to ask. F%cked Buyer makes a lot of sense. To the OP, you can’t rely on zillow’s estimates, they are unrealistically high. If your neighbor sold his house (same plan as yours) for 20k less than what he paid for it, he got really lucky. I’d say the value of your house is probably down a lot less than 20K.

You can’t afford the house. You gambled and loss. You are 50 years old, I would disregard the advice of getting a second job at your age. Do you want to be a slave to that house for another 10 years?? It’s not going up anytime soon and you can’t afford it regardless. Physical labor makes you ugly, these are supposed to be your golden years. You wanna be a slave to the bank? I wouldn’t have people I don’t know (roommates) living under my roof either. These measures are the only way you can afford to keep this house, and imo, it’s no way to live.

Just walk. I’m not advocating personal irresponsiblity, but you’re way in over your head. You’re gonna walk anyway. You knew that before you posted. Not sure if you should attempt a short sale, others on here who are much more knowledgeable about that will advise you, I’m sure.

[Anonymous]

I’ve been on here for about 3 months and didn’t know what FB meant either, but didn’t want to ask. F%cked Buyer makes a lot of sense. To the OP, you can’t rely on zillow’s estimates, they are unrealistically high. If your neighbor sold his house (same plan as yours) for 20k less than what he paid for it, he got really lucky. I’d say the value of your house is probably down a lot less than 20K.

You can’t afford the house. You gambled and loss. You are 50 years old, I would disregard the advice of getting a second job at your age. Do you want to be a slave to that house for another 10 years?? It’s not going up anytime soon and you can’t afford it regardless. Physical labor makes you ugly, these are supposed to be your golden years. You wanna be a slave to the bank? I wouldn’t have people I don’t know (roommates) living under my roof either. These measures are the only way you can afford to keep this house, and imo, it’s no way to live.

Just walk. I’m not advocating personal irresponsiblity, but you’re way in over your head. You’re gonna walk anyway. You knew that before you posted. Not sure if you should attempt a short sale, others on here who are much more knowledgeable about that will advise you, I’m sure.

[Anonymous]

I’ve been on here for about 3 months and didn’t know what FB meant either, but didn’t want to ask. F%cked Buyer makes a lot of sense. To the OP, you can’t rely on zillow’s estimates, they are unrealistically high. If your neighbor sold his house (same plan as yours) for 20k less than what he paid for it, he got really lucky. I’d say the value of your house is probably down a lot less than 20K.

You can’t afford the house. You gambled and loss. You are 50 years old, I would disregard the advice of getting a second job at your age. Do you want to be a slave to that house for another 10 years?? It’s not going up anytime soon and you can’t afford it regardless. Physical labor makes you ugly, these are supposed to be your golden years. You wanna be a slave to the bank? I wouldn’t have people I don’t know (roommates) living under my roof either. These measures are the only way you can afford to keep this house, and imo, it’s no way to live.

Just walk. I’m not advocating personal irresponsiblity, but you’re way in over your head. You’re gonna walk anyway. You knew that before you posted. Not sure if you should attempt a short sale, others on here who are much more knowledgeable about that will advise you, I’m sure.

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