Should I stay or should I go?

[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.

[lindismith]

Actually an FB is a F*^&ed Borrower, because it’s really the loan that’s the problem.

I believe it was coined by socalmortgageguy. In the beginning, he got a lot of the discussion going. He rocked!

[lindismith]

Actually an FB is a F*^&ed Borrower, because it’s really the loan that’s the problem.

I believe it was coined by socalmortgageguy. In the beginning, he got a lot of the discussion going. He rocked!

[lindismith]

Actually an FB is a F*^&ed Borrower, because it’s really the loan that’s the problem.

I believe it was coined by socalmortgageguy. In the beginning, he got a lot of the discussion going. He rocked!

[lindismith]

Actually an FB is a F*^&ed Borrower, because it’s really the loan that’s the problem.

I believe it was coined by socalmortgageguy. In the beginning, he got a lot of the discussion going. He rocked!

[lindismith]

Actually an FB is a F*^&ed Borrower, because it’s really the loan that’s the problem.

I believe it was coined by socalmortgageguy. In the beginning, he got a lot of the discussion going. He rocked!

[SD Realtor]

Good advice seattle-relo. I would echo that.

1 – Talk to attorney.
2 – Talk to your CPA.

Even before 1 and 2, call your lender. Your lender may/will most likely have conditions that will need to be met in order for them to accept a short sale. You may not be able to just list it now and poof get an offer and sell the home short. Most lenders (in the past) would not accept a short sale unless the home had been on the market for a few months and you were already in default. However as the market has deteriorated they may sing a different tune.

How your credit will be affected with respect to selling your home short verses a total foreclosure where you walk away totally is something that I cannot answer. That would be best answered by a credit counselor and/or your lender.

Let me say this again… CALL YOUR LENDER…Let the know the deal and then move in whatever direction you decide to move in. Even if you do sell it short, you can do so without paying any more monthly payments. You will go into default and again, I AM NOT ADVISING YOU IN ANY MANNER. Just pointing out options. I do not disagree that paying into a depreciating asset makes no sense. Everyone loves to crow about that but the ramifications of doing that are something I personally have little experience with.

Contraman posted recently that he saw an example of getting your credit repaired in a few years is possible. Again the extent to the credit damage of a foreclosure verses a short sale is something you need to find out about… Call your lender.

SD Realtor

[SD Realtor]

Good advice seattle-relo. I would echo that.

1 – Talk to attorney.
2 – Talk to your CPA.

Even before 1 and 2, call your lender. Your lender may/will most likely have conditions that will need to be met in order for them to accept a short sale. You may not be able to just list it now and poof get an offer and sell the home short. Most lenders (in the past) would not accept a short sale unless the home had been on the market for a few months and you were already in default. However as the market has deteriorated they may sing a different tune.

How your credit will be affected with respect to selling your home short verses a total foreclosure where you walk away totally is something that I cannot answer. That would be best answered by a credit counselor and/or your lender.

Let me say this again… CALL YOUR LENDER…Let the know the deal and then move in whatever direction you decide to move in. Even if you do sell it short, you can do so without paying any more monthly payments. You will go into default and again, I AM NOT ADVISING YOU IN ANY MANNER. Just pointing out options. I do not disagree that paying into a depreciating asset makes no sense. Everyone loves to crow about that but the ramifications of doing that are something I personally have little experience with.

Contraman posted recently that he saw an example of getting your credit repaired in a few years is possible. Again the extent to the credit damage of a foreclosure verses a short sale is something you need to find out about… Call your lender.

SD Realtor

[SD Realtor]

Good advice seattle-relo. I would echo that.

1 – Talk to attorney.
2 – Talk to your CPA.

Even before 1 and 2, call your lender. Your lender may/will most likely have conditions that will need to be met in order for them to accept a short sale. You may not be able to just list it now and poof get an offer and sell the home short. Most lenders (in the past) would not accept a short sale unless the home had been on the market for a few months and you were already in default. However as the market has deteriorated they may sing a different tune.

How your credit will be affected with respect to selling your home short verses a total foreclosure where you walk away totally is something that I cannot answer. That would be best answered by a credit counselor and/or your lender.

Let me say this again… CALL YOUR LENDER…Let the know the deal and then move in whatever direction you decide to move in. Even if you do sell it short, you can do so without paying any more monthly payments. You will go into default and again, I AM NOT ADVISING YOU IN ANY MANNER. Just pointing out options. I do not disagree that paying into a depreciating asset makes no sense. Everyone loves to crow about that but the ramifications of doing that are something I personally have little experience with.

Contraman posted recently that he saw an example of getting your credit repaired in a few years is possible. Again the extent to the credit damage of a foreclosure verses a short sale is something you need to find out about… Call your lender.

SD Realtor

[SD Realtor]

Good advice seattle-relo. I would echo that.

1 – Talk to attorney.
2 – Talk to your CPA.

Even before 1 and 2, call your lender. Your lender may/will most likely have conditions that will need to be met in order for them to accept a short sale. You may not be able to just list it now and poof get an offer and sell the home short. Most lenders (in the past) would not accept a short sale unless the home had been on the market for a few months and you were already in default. However as the market has deteriorated they may sing a different tune.

How your credit will be affected with respect to selling your home short verses a total foreclosure where you walk away totally is something that I cannot answer. That would be best answered by a credit counselor and/or your lender.

Let me say this again… CALL YOUR LENDER…Let the know the deal and then move in whatever direction you decide to move in. Even if you do sell it short, you can do so without paying any more monthly payments. You will go into default and again, I AM NOT ADVISING YOU IN ANY MANNER. Just pointing out options. I do not disagree that paying into a depreciating asset makes no sense. Everyone loves to crow about that but the ramifications of doing that are something I personally have little experience with.

Contraman posted recently that he saw an example of getting your credit repaired in a few years is possible. Again the extent to the credit damage of a foreclosure verses a short sale is something you need to find out about… Call your lender.

SD Realtor

[SD Realtor]

Good advice seattle-relo. I would echo that.

1 – Talk to attorney.
2 – Talk to your CPA.

Even before 1 and 2, call your lender. Your lender may/will most likely have conditions that will need to be met in order for them to accept a short sale. You may not be able to just list it now and poof get an offer and sell the home short. Most lenders (in the past) would not accept a short sale unless the home had been on the market for a few months and you were already in default. However as the market has deteriorated they may sing a different tune.

How your credit will be affected with respect to selling your home short verses a total foreclosure where you walk away totally is something that I cannot answer. That would be best answered by a credit counselor and/or your lender.

Let me say this again… CALL YOUR LENDER…Let the know the deal and then move in whatever direction you decide to move in. Even if you do sell it short, you can do so without paying any more monthly payments. You will go into default and again, I AM NOT ADVISING YOU IN ANY MANNER. Just pointing out options. I do not disagree that paying into a depreciating asset makes no sense. Everyone loves to crow about that but the ramifications of doing that are something I personally have little experience with.

Contraman posted recently that he saw an example of getting your credit repaired in a few years is possible. Again the extent to the credit damage of a foreclosure verses a short sale is something you need to find out about… Call your lender.

SD Realtor

[ltokuda]

DJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.

My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.

[ltokuda]

DJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.

My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.

[ltokuda]

DJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.

My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.

[ltokuda]

DJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.

My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.

[Author]

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