Should I stay or should I go Part II?

[patientlywaiting]

I like said before, Dave Pierce that 30 veteran of real estate is going through voluntary foreclosure.

Would you believe that a 30 years veteran realtor has no equity from his previous houses?

I think that the accumulated equity has been safely transfered to his children and he’s just protecting his assets by this jingle-mail action.

If veteran industry insiders are doing voluntary foreclosures to propect their assets, you’d be stupid to keep on paying HOPING for a future payback. Protect what you have NOW before it goes poof!!

http://www.signonsandiego.com/news/metro/20080216-9999-1n16default.html

[SD Realtor]

pw agreed… In my experience, a hardship is needed to get a short sale approved.

HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.

Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.

SD Realtor

[SD Realtor]

pw agreed… In my experience, a hardship is needed to get a short sale approved.

HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.

Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.

SD Realtor

[SD Realtor]

pw agreed… In my experience, a hardship is needed to get a short sale approved.

HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.

Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.

SD Realtor

[SD Realtor]

pw agreed… In my experience, a hardship is needed to get a short sale approved.

HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.

Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.

SD Realtor

[SD Realtor]

pw agreed… In my experience, a hardship is needed to get a short sale approved.

HOWEVER, (just to play devils advocate) I don’t think you or I could say 100% for sure that a lender would not approve a short sale if you were not in a hardship case.

Surely I have not, and I doubt you have represented a seller trying a short sale that is not in hardship.

SD Realtor

[patientlywaiting]

Good point SD Realtor. It does not hurt to try for a short sell. It’s unlikely that the lender will approve a short sale or agree to any kind of relief unless the borrower can prove hardship. But it doesn’t hurt to try.

One thing the OP needs to keep in mind is that for every month that they make a bank payment, it’s one month less of cash they could accumulate.

Now, not from a moral standpoint, but only dollars and cents, the OP might want to continue collecting the rent money, while not making any further mortgage payments. That will give them a cash hoard ($2,700 + $1,750 = $4,450/month) to use on a lawyer as they determine their best course of action. As long as foreclosure can be delayed, they will have $4,450 more per month that they wouldn’t otherwise.

Why pay anymore if you already decided to walk?

—-
PS: I am a very ethical person in my life. But all the real estate frauds have been so prevalent and glaring with wink-winks from the actors within the industry aiding and abating massive rip-offs.

At this point, I believe that homeowners need to fend for themselves and protect their assets rather than giving the industry a penny more than necessary.

BTW, my course of action is what a turnaround executive at a failing business would most likely follow. If you think of it as a business decision (and not a home) then the answers reveal themselves.

[patientlywaiting]

Good point SD Realtor. It does not hurt to try for a short sell. It’s unlikely that the lender will approve a short sale or agree to any kind of relief unless the borrower can prove hardship. But it doesn’t hurt to try.

One thing the OP needs to keep in mind is that for every month that they make a bank payment, it’s one month less of cash they could accumulate.

Now, not from a moral standpoint, but only dollars and cents, the OP might want to continue collecting the rent money, while not making any further mortgage payments. That will give them a cash hoard ($2,700 + $1,750 = $4,450/month) to use on a lawyer as they determine their best course of action. As long as foreclosure can be delayed, they will have $4,450 more per month that they wouldn’t otherwise.

Why pay anymore if you already decided to walk?

—-
PS: I am a very ethical person in my life. But all the real estate frauds have been so prevalent and glaring with wink-winks from the actors within the industry aiding and abating massive rip-offs.

At this point, I believe that homeowners need to fend for themselves and protect their assets rather than giving the industry a penny more than necessary.

BTW, my course of action is what a turnaround executive at a failing business would most likely follow. If you think of it as a business decision (and not a home) then the answers reveal themselves.

[patientlywaiting]

Good point SD Realtor. It does not hurt to try for a short sell. It’s unlikely that the lender will approve a short sale or agree to any kind of relief unless the borrower can prove hardship. But it doesn’t hurt to try.

One thing the OP needs to keep in mind is that for every month that they make a bank payment, it’s one month less of cash they could accumulate.

Now, not from a moral standpoint, but only dollars and cents, the OP might want to continue collecting the rent money, while not making any further mortgage payments. That will give them a cash hoard ($2,700 + $1,750 = $4,450/month) to use on a lawyer as they determine their best course of action. As long as foreclosure can be delayed, they will have $4,450 more per month that they wouldn’t otherwise.

Why pay anymore if you already decided to walk?

—-
PS: I am a very ethical person in my life. But all the real estate frauds have been so prevalent and glaring with wink-winks from the actors within the industry aiding and abating massive rip-offs.

At this point, I believe that homeowners need to fend for themselves and protect their assets rather than giving the industry a penny more than necessary.

BTW, my course of action is what a turnaround executive at a failing business would most likely follow. If you think of it as a business decision (and not a home) then the answers reveal themselves.

[patientlywaiting]

Good point SD Realtor. It does not hurt to try for a short sell. It’s unlikely that the lender will approve a short sale or agree to any kind of relief unless the borrower can prove hardship. But it doesn’t hurt to try.

One thing the OP needs to keep in mind is that for every month that they make a bank payment, it’s one month less of cash they could accumulate.

Now, not from a moral standpoint, but only dollars and cents, the OP might want to continue collecting the rent money, while not making any further mortgage payments. That will give them a cash hoard ($2,700 + $1,750 = $4,450/month) to use on a lawyer as they determine their best course of action. As long as foreclosure can be delayed, they will have $4,450 more per month that they wouldn’t otherwise.

Why pay anymore if you already decided to walk?

—-
PS: I am a very ethical person in my life. But all the real estate frauds have been so prevalent and glaring with wink-winks from the actors within the industry aiding and abating massive rip-offs.

At this point, I believe that homeowners need to fend for themselves and protect their assets rather than giving the industry a penny more than necessary.

BTW, my course of action is what a turnaround executive at a failing business would most likely follow. If you think of it as a business decision (and not a home) then the answers reveal themselves.

[patientlywaiting]

Good point SD Realtor. It does not hurt to try for a short sell. It’s unlikely that the lender will approve a short sale or agree to any kind of relief unless the borrower can prove hardship. But it doesn’t hurt to try.

One thing the OP needs to keep in mind is that for every month that they make a bank payment, it’s one month less of cash they could accumulate.

Now, not from a moral standpoint, but only dollars and cents, the OP might want to continue collecting the rent money, while not making any further mortgage payments. That will give them a cash hoard ($2,700 + $1,750 = $4,450/month) to use on a lawyer as they determine their best course of action. As long as foreclosure can be delayed, they will have $4,450 more per month that they wouldn’t otherwise.

Why pay anymore if you already decided to walk?

—-
PS: I am a very ethical person in my life. But all the real estate frauds have been so prevalent and glaring with wink-winks from the actors within the industry aiding and abating massive rip-offs.

At this point, I believe that homeowners need to fend for themselves and protect their assets rather than giving the industry a penny more than necessary.

BTW, my course of action is what a turnaround executive at a failing business would most likely follow. If you think of it as a business decision (and not a home) then the answers reveal themselves.

[patientlywaiting]

Look how long it’s taking for banks to foreclose on houses.

If it takes the bank 1 year to foreclose, our OP here could “save” $53,400 before the bank takes the house. Were people able to “make” that much in 1 year on a modest condo during the boom?

I think that more and more people will start doing the math and opt for voluntary foreclosure.

http://bubbletracking.blogspot.com/2008/02/lets-postpone-our-way-out-of-this-mess.html

[patientlywaiting]

Look how long it’s taking for banks to foreclose on houses.

If it takes the bank 1 year to foreclose, our OP here could “save” $53,400 before the bank takes the house. Were people able to “make” that much in 1 year on a modest condo during the boom?

I think that more and more people will start doing the math and opt for voluntary foreclosure.

http://bubbletracking.blogspot.com/2008/02/lets-postpone-our-way-out-of-this-mess.html

[patientlywaiting]

Look how long it’s taking for banks to foreclose on houses.

If it takes the bank 1 year to foreclose, our OP here could “save” $53,400 before the bank takes the house. Were people able to “make” that much in 1 year on a modest condo during the boom?

I think that more and more people will start doing the math and opt for voluntary foreclosure.

http://bubbletracking.blogspot.com/2008/02/lets-postpone-our-way-out-of-this-mess.html

[patientlywaiting]

Look how long it’s taking for banks to foreclose on houses.

If it takes the bank 1 year to foreclose, our OP here could “save” $53,400 before the bank takes the house. Were people able to “make” that much in 1 year on a modest condo during the boom?

I think that more and more people will start doing the math and opt for voluntary foreclosure.

http://bubbletracking.blogspot.com/2008/02/lets-postpone-our-way-out-of-this-mess.html

[Author]

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