- This topic has 305 replies, 29 voices, and was last updated 17 years, 9 months ago by
Coronita.
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February 15, 2008 at 2:33 PM #154117February 15, 2008 at 2:34 PM #153747
meadandale
ParticipantYep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.
February 15, 2008 at 2:34 PM #154019ParticipantYep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.
February 15, 2008 at 2:34 PM #154038ParticipantYep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.
February 15, 2008 at 2:34 PM #154047ParticipantYep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.
February 15, 2008 at 2:34 PM #154122ParticipantYep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.
February 15, 2008 at 2:36 PM #153752jpinpb
ParticipantYou were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.
The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.
Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.
From what I’ve read, it will be on your credit report. The question is for how long.
It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.
A lot of people getting an expensive education.
February 15, 2008 at 2:36 PM #154024ParticipantYou were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.
The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.
Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.
From what I’ve read, it will be on your credit report. The question is for how long.
It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.
A lot of people getting an expensive education.
February 15, 2008 at 2:36 PM #154043ParticipantYou were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.
The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.
Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.
From what I’ve read, it will be on your credit report. The question is for how long.
It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.
A lot of people getting an expensive education.
February 15, 2008 at 2:36 PM #154051ParticipantYou were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.
The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.
Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.
From what I’ve read, it will be on your credit report. The question is for how long.
It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.
A lot of people getting an expensive education.
February 15, 2008 at 2:36 PM #154126ParticipantYou were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.
The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.
Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.
From what I’ve read, it will be on your credit report. The question is for how long.
It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.
A lot of people getting an expensive education.
February 15, 2008 at 2:36 PM #153757CogSciGuy
ParticipantDJ,
If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.
That’s it. Don’t be nice to a bank. It would never return the favor.
February 15, 2008 at 2:36 PM #154029ParticipantDJ,
If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.
That’s it. Don’t be nice to a bank. It would never return the favor.
February 15, 2008 at 2:36 PM #154048ParticipantDJ,
If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.
That’s it. Don’t be nice to a bank. It would never return the favor.
February 15, 2008 at 2:36 PM #154057ParticipantDJ,
If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.
That’s it. Don’t be nice to a bank. It would never return the favor.
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