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Coronita.
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February 15, 2008 at 2:51 PM #154168February 15, 2008 at 2:55 PM #153797
DJNinSD
Participant“What’s the freaking difference except that the bank was your landlord?”
The difference is that I was able to use the house payments as a tax writeoff when the bank is my landlord as compared to someone else.
Not once have I even thought that this is someone else’s fault. I’m just trying to figure out what I need to do. I can continue to make these high mortgage payments, I just don’t want to be stupid and throw money away.
I do appreciate the helpful opinions that most of you have provided.
February 15, 2008 at 2:55 PM #154069DJNinSD
Participant“What’s the freaking difference except that the bank was your landlord?”
The difference is that I was able to use the house payments as a tax writeoff when the bank is my landlord as compared to someone else.
Not once have I even thought that this is someone else’s fault. I’m just trying to figure out what I need to do. I can continue to make these high mortgage payments, I just don’t want to be stupid and throw money away.
I do appreciate the helpful opinions that most of you have provided.
February 15, 2008 at 2:55 PM #154088DJNinSD
Participant“What’s the freaking difference except that the bank was your landlord?”
The difference is that I was able to use the house payments as a tax writeoff when the bank is my landlord as compared to someone else.
Not once have I even thought that this is someone else’s fault. I’m just trying to figure out what I need to do. I can continue to make these high mortgage payments, I just don’t want to be stupid and throw money away.
I do appreciate the helpful opinions that most of you have provided.
February 15, 2008 at 2:55 PM #154097DJNinSD
Participant“What’s the freaking difference except that the bank was your landlord?”
The difference is that I was able to use the house payments as a tax writeoff when the bank is my landlord as compared to someone else.
Not once have I even thought that this is someone else’s fault. I’m just trying to figure out what I need to do. I can continue to make these high mortgage payments, I just don’t want to be stupid and throw money away.
I do appreciate the helpful opinions that most of you have provided.
February 15, 2008 at 2:55 PM #154173DJNinSD
Participant“What’s the freaking difference except that the bank was your landlord?”
The difference is that I was able to use the house payments as a tax writeoff when the bank is my landlord as compared to someone else.
Not once have I even thought that this is someone else’s fault. I’m just trying to figure out what I need to do. I can continue to make these high mortgage payments, I just don’t want to be stupid and throw money away.
I do appreciate the helpful opinions that most of you have provided.
February 15, 2008 at 2:58 PM #153802DWCAP
ParticipantI am no lawyer or expert, I havent even owned a home before, so I am hesitant to give advice. Just a few thoughts, take it or leave it.
1) you bought 3 years ago, at the height of the market, with a 0 down interest only. I am guessing this is an ARM, and resetting soon. at 45% of income, this isnt affordable, let alone after a reset. You have to do something.
2)I doubt your house has only fallen 20k in value. This seems very optmistic to me. Your 3600 interest only payment tells me this is an expensive house and your insistance on staying until your daughter finished high school tells me you were staying for the schools. Nice houses in good school district areas have not fallen nearly as much as the rest of SD, but assuming your place was say 700kish(?) a 20k drop works out to between a 2-3% fall. Now even the nicer areas are looking more like 5-10% off the bubble, so I kinda think the loss is closer to 60k. Maybe I am wrong.
3) The cost of selling needs to be accounted for too. 4-6% to any Relator. Maybe another 60k?
4)If the place really has only lost 20k, go for the short sale. Banks would JUMP at the chance to only loose 20k, which is what?, 6 months of payments you have been making for the past 3 years. They come out ahead, you get away without too much damage, seems to work. Dont be afraid to use the stick of forclosure to get them to deal, they wont like it, but it is alot better than any other outcome they could hope for.
5) Is there no chance of a REFI? especially with the new Gov bailout using Fannie and Freddie. If your payment was high due to high interest rates due to bad credit a few years ago, your credit should be alot better (3 years no missed payments right?) and a reduction of interst from 11% subprime to 5.8% conforming could be an answer. Atleast call the lender and ask about it.
6) If the above dont work, stop payments, save like mad, and start looking for a rental. In the environment we have now you should be able to say for a good 9 months interst/payment free and a cool 30k in the bank would really help kids in college. Plus give you a huge security deposit to help offset the dinged credit.
7)Just make sure your morgage is nonrecourse if you want to do above. If it isnt, I dont know what to say. Call an lawyer and get ready for a good cry.
8) The market isnt going back up, or staying where it is. Period. I dont care what you want or what your next door neighbor’s son who also happens to be a relator said. You make good money, you cant afford this house. Most other people cant either, and the easy money you used is gone.
I wish you the best of luck. Be honest with yourself and your banker and hopefully you can by that new BMW now since your disposable income is gonna be going up by 12-1400 a month. Pay yourself first, not the bank.
February 15, 2008 at 2:58 PM #154074DWCAP
ParticipantI am no lawyer or expert, I havent even owned a home before, so I am hesitant to give advice. Just a few thoughts, take it or leave it.
1) you bought 3 years ago, at the height of the market, with a 0 down interest only. I am guessing this is an ARM, and resetting soon. at 45% of income, this isnt affordable, let alone after a reset. You have to do something.
2)I doubt your house has only fallen 20k in value. This seems very optmistic to me. Your 3600 interest only payment tells me this is an expensive house and your insistance on staying until your daughter finished high school tells me you were staying for the schools. Nice houses in good school district areas have not fallen nearly as much as the rest of SD, but assuming your place was say 700kish(?) a 20k drop works out to between a 2-3% fall. Now even the nicer areas are looking more like 5-10% off the bubble, so I kinda think the loss is closer to 60k. Maybe I am wrong.
3) The cost of selling needs to be accounted for too. 4-6% to any Relator. Maybe another 60k?
4)If the place really has only lost 20k, go for the short sale. Banks would JUMP at the chance to only loose 20k, which is what?, 6 months of payments you have been making for the past 3 years. They come out ahead, you get away without too much damage, seems to work. Dont be afraid to use the stick of forclosure to get them to deal, they wont like it, but it is alot better than any other outcome they could hope for.
5) Is there no chance of a REFI? especially with the new Gov bailout using Fannie and Freddie. If your payment was high due to high interest rates due to bad credit a few years ago, your credit should be alot better (3 years no missed payments right?) and a reduction of interst from 11% subprime to 5.8% conforming could be an answer. Atleast call the lender and ask about it.
6) If the above dont work, stop payments, save like mad, and start looking for a rental. In the environment we have now you should be able to say for a good 9 months interst/payment free and a cool 30k in the bank would really help kids in college. Plus give you a huge security deposit to help offset the dinged credit.
7)Just make sure your morgage is nonrecourse if you want to do above. If it isnt, I dont know what to say. Call an lawyer and get ready for a good cry.
8) The market isnt going back up, or staying where it is. Period. I dont care what you want or what your next door neighbor’s son who also happens to be a relator said. You make good money, you cant afford this house. Most other people cant either, and the easy money you used is gone.
I wish you the best of luck. Be honest with yourself and your banker and hopefully you can by that new BMW now since your disposable income is gonna be going up by 12-1400 a month. Pay yourself first, not the bank.
February 15, 2008 at 2:58 PM #154093DWCAP
ParticipantI am no lawyer or expert, I havent even owned a home before, so I am hesitant to give advice. Just a few thoughts, take it or leave it.
1) you bought 3 years ago, at the height of the market, with a 0 down interest only. I am guessing this is an ARM, and resetting soon. at 45% of income, this isnt affordable, let alone after a reset. You have to do something.
2)I doubt your house has only fallen 20k in value. This seems very optmistic to me. Your 3600 interest only payment tells me this is an expensive house and your insistance on staying until your daughter finished high school tells me you were staying for the schools. Nice houses in good school district areas have not fallen nearly as much as the rest of SD, but assuming your place was say 700kish(?) a 20k drop works out to between a 2-3% fall. Now even the nicer areas are looking more like 5-10% off the bubble, so I kinda think the loss is closer to 60k. Maybe I am wrong.
3) The cost of selling needs to be accounted for too. 4-6% to any Relator. Maybe another 60k?
4)If the place really has only lost 20k, go for the short sale. Banks would JUMP at the chance to only loose 20k, which is what?, 6 months of payments you have been making for the past 3 years. They come out ahead, you get away without too much damage, seems to work. Dont be afraid to use the stick of forclosure to get them to deal, they wont like it, but it is alot better than any other outcome they could hope for.
5) Is there no chance of a REFI? especially with the new Gov bailout using Fannie and Freddie. If your payment was high due to high interest rates due to bad credit a few years ago, your credit should be alot better (3 years no missed payments right?) and a reduction of interst from 11% subprime to 5.8% conforming could be an answer. Atleast call the lender and ask about it.
6) If the above dont work, stop payments, save like mad, and start looking for a rental. In the environment we have now you should be able to say for a good 9 months interst/payment free and a cool 30k in the bank would really help kids in college. Plus give you a huge security deposit to help offset the dinged credit.
7)Just make sure your morgage is nonrecourse if you want to do above. If it isnt, I dont know what to say. Call an lawyer and get ready for a good cry.
8) The market isnt going back up, or staying where it is. Period. I dont care what you want or what your next door neighbor’s son who also happens to be a relator said. You make good money, you cant afford this house. Most other people cant either, and the easy money you used is gone.
I wish you the best of luck. Be honest with yourself and your banker and hopefully you can by that new BMW now since your disposable income is gonna be going up by 12-1400 a month. Pay yourself first, not the bank.
February 15, 2008 at 2:58 PM #154102DWCAP
ParticipantI am no lawyer or expert, I havent even owned a home before, so I am hesitant to give advice. Just a few thoughts, take it or leave it.
1) you bought 3 years ago, at the height of the market, with a 0 down interest only. I am guessing this is an ARM, and resetting soon. at 45% of income, this isnt affordable, let alone after a reset. You have to do something.
2)I doubt your house has only fallen 20k in value. This seems very optmistic to me. Your 3600 interest only payment tells me this is an expensive house and your insistance on staying until your daughter finished high school tells me you were staying for the schools. Nice houses in good school district areas have not fallen nearly as much as the rest of SD, but assuming your place was say 700kish(?) a 20k drop works out to between a 2-3% fall. Now even the nicer areas are looking more like 5-10% off the bubble, so I kinda think the loss is closer to 60k. Maybe I am wrong.
3) The cost of selling needs to be accounted for too. 4-6% to any Relator. Maybe another 60k?
4)If the place really has only lost 20k, go for the short sale. Banks would JUMP at the chance to only loose 20k, which is what?, 6 months of payments you have been making for the past 3 years. They come out ahead, you get away without too much damage, seems to work. Dont be afraid to use the stick of forclosure to get them to deal, they wont like it, but it is alot better than any other outcome they could hope for.
5) Is there no chance of a REFI? especially with the new Gov bailout using Fannie and Freddie. If your payment was high due to high interest rates due to bad credit a few years ago, your credit should be alot better (3 years no missed payments right?) and a reduction of interst from 11% subprime to 5.8% conforming could be an answer. Atleast call the lender and ask about it.
6) If the above dont work, stop payments, save like mad, and start looking for a rental. In the environment we have now you should be able to say for a good 9 months interst/payment free and a cool 30k in the bank would really help kids in college. Plus give you a huge security deposit to help offset the dinged credit.
7)Just make sure your morgage is nonrecourse if you want to do above. If it isnt, I dont know what to say. Call an lawyer and get ready for a good cry.
8) The market isnt going back up, or staying where it is. Period. I dont care what you want or what your next door neighbor’s son who also happens to be a relator said. You make good money, you cant afford this house. Most other people cant either, and the easy money you used is gone.
I wish you the best of luck. Be honest with yourself and your banker and hopefully you can by that new BMW now since your disposable income is gonna be going up by 12-1400 a month. Pay yourself first, not the bank.
February 15, 2008 at 2:58 PM #154178DWCAP
ParticipantI am no lawyer or expert, I havent even owned a home before, so I am hesitant to give advice. Just a few thoughts, take it or leave it.
1) you bought 3 years ago, at the height of the market, with a 0 down interest only. I am guessing this is an ARM, and resetting soon. at 45% of income, this isnt affordable, let alone after a reset. You have to do something.
2)I doubt your house has only fallen 20k in value. This seems very optmistic to me. Your 3600 interest only payment tells me this is an expensive house and your insistance on staying until your daughter finished high school tells me you were staying for the schools. Nice houses in good school district areas have not fallen nearly as much as the rest of SD, but assuming your place was say 700kish(?) a 20k drop works out to between a 2-3% fall. Now even the nicer areas are looking more like 5-10% off the bubble, so I kinda think the loss is closer to 60k. Maybe I am wrong.
3) The cost of selling needs to be accounted for too. 4-6% to any Relator. Maybe another 60k?
4)If the place really has only lost 20k, go for the short sale. Banks would JUMP at the chance to only loose 20k, which is what?, 6 months of payments you have been making for the past 3 years. They come out ahead, you get away without too much damage, seems to work. Dont be afraid to use the stick of forclosure to get them to deal, they wont like it, but it is alot better than any other outcome they could hope for.
5) Is there no chance of a REFI? especially with the new Gov bailout using Fannie and Freddie. If your payment was high due to high interest rates due to bad credit a few years ago, your credit should be alot better (3 years no missed payments right?) and a reduction of interst from 11% subprime to 5.8% conforming could be an answer. Atleast call the lender and ask about it.
6) If the above dont work, stop payments, save like mad, and start looking for a rental. In the environment we have now you should be able to say for a good 9 months interst/payment free and a cool 30k in the bank would really help kids in college. Plus give you a huge security deposit to help offset the dinged credit.
7)Just make sure your morgage is nonrecourse if you want to do above. If it isnt, I dont know what to say. Call an lawyer and get ready for a good cry.
8) The market isnt going back up, or staying where it is. Period. I dont care what you want or what your next door neighbor’s son who also happens to be a relator said. You make good money, you cant afford this house. Most other people cant either, and the easy money you used is gone.
I wish you the best of luck. Be honest with yourself and your banker and hopefully you can by that new BMW now since your disposable income is gonna be going up by 12-1400 a month. Pay yourself first, not the bank.
February 15, 2008 at 3:00 PM #153807vagabondo
Participantno, lindismith, i am with you here. the logic here is that only when the asset depreciates that you can/should give it back and let the bank deal with the mess. if the opposite occurred, (the bank took the asset after 50% appreciation) we would call that outright theft. but it seems to work the other way around with some. and spare me the bank is not your friend or the contract says this or that. please. the only time this seems to be the case is when you are subject to adverse affect of the potential risk that ALWAYS existed.
February 15, 2008 at 3:00 PM #154079vagabondo
Participantno, lindismith, i am with you here. the logic here is that only when the asset depreciates that you can/should give it back and let the bank deal with the mess. if the opposite occurred, (the bank took the asset after 50% appreciation) we would call that outright theft. but it seems to work the other way around with some. and spare me the bank is not your friend or the contract says this or that. please. the only time this seems to be the case is when you are subject to adverse affect of the potential risk that ALWAYS existed.
February 15, 2008 at 3:00 PM #154098vagabondo
Participantno, lindismith, i am with you here. the logic here is that only when the asset depreciates that you can/should give it back and let the bank deal with the mess. if the opposite occurred, (the bank took the asset after 50% appreciation) we would call that outright theft. but it seems to work the other way around with some. and spare me the bank is not your friend or the contract says this or that. please. the only time this seems to be the case is when you are subject to adverse affect of the potential risk that ALWAYS existed.
February 15, 2008 at 3:00 PM #154107vagabondo
Participantno, lindismith, i am with you here. the logic here is that only when the asset depreciates that you can/should give it back and let the bank deal with the mess. if the opposite occurred, (the bank took the asset after 50% appreciation) we would call that outright theft. but it seems to work the other way around with some. and spare me the bank is not your friend or the contract says this or that. please. the only time this seems to be the case is when you are subject to adverse affect of the potential risk that ALWAYS existed.
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