Taking my medicine…

[92027_guy]

Hello Piggs (that’s a good thing right?)

So been a while since I posted, been reading alot though. A quick refresher is my wife and I bought in mid-2006 100% interest only, adjustable in 2011, in Mira Mesa a primary residence after I bought 3 rental properties with a equity share partner in the years prior. Well needless to say it has all blown up in my face and after wasting several grand on loan modification attempts in the past 6 months, I’m now planning on filing Chap 7 on all the houses and saving till mid to late 2010. At that point we will decide if our range of the housing market in SD is at a level we are comfortable with and either try to buy here or move back east. I will be forever pissed at myself for not seeing the RE market had no clothes. Sigh.
In anycase if anyone would be so kind I would like to hear experiences with someone that has filed BK and has many 60 to 90 day lates on credit house shopping 15 – 20 months after it’s over? FYI. I made sure my wife was not involved in my home buying stupidity so she is not filing BK. I’m guessing we’ll have about 70k saved in mid 2010 for a downpayment.

Thanks

[HLS]

92126,
You get credit for stepping up and facing this.

Why are you filng BK ?

If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.

BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.

By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.

Do you have a pile of other debt that you are trying to escape ??

If your wife can qualify with just her income & credit score you will be able to buy sooner.

[HLS]

92126,
You get credit for stepping up and facing this.

Why are you filng BK ?

If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.

BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.

By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.

Do you have a pile of other debt that you are trying to escape ??

If your wife can qualify with just her income & credit score you will be able to buy sooner.

[HLS]

92126,
You get credit for stepping up and facing this.

Why are you filng BK ?

If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.

BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.

By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.

Do you have a pile of other debt that you are trying to escape ??

If your wife can qualify with just her income & credit score you will be able to buy sooner.

[HLS]

92126,
You get credit for stepping up and facing this.

Why are you filng BK ?

If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.

BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.

By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.

Do you have a pile of other debt that you are trying to escape ??

If your wife can qualify with just her income & credit score you will be able to buy sooner.

[HLS]

92126,
You get credit for stepping up and facing this.

Why are you filng BK ?

If you have your original purchase loans, Foreclosure should be non recourse debt and will only be on your credit report for 7 years.

BK will be on your credit report for 10 years.
Your wife’s credit should not be affected with FC.

By current FNMA guidelines today, you have no chance of getting a mortgage for 5 years.
(THAT WILL PROBABLY CHANGE)
FHA may have a shorter window.

Do you have a pile of other debt that you are trying to escape ??

If your wife can qualify with just her income & credit score you will be able to buy sooner.

[SD Realtor]

I would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.

[SD Realtor]

I would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.

[SD Realtor]

I would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.

[SD Realtor]

I would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.

[SD Realtor]

I would agree. You can stop paying on all the homes and even try to sell them short as well. Not sure why you are going the BK route unless you have exhausted other means.

[patientlywaiting]

I also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.

Can’t believe that you spent thousands on loan mods. Who did you pay the money to?

Are you paying “advisers”? If so, you might be suckered again.

*

Would you mind sharing with us your investing frame of mind when you purchased?

Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.

My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.

[patientlywaiting]

I also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.

Can’t believe that you spent thousands on loan mods. Who did you pay the money to?

Are you paying “advisers”? If so, you might be suckered again.

*

Would you mind sharing with us your investing frame of mind when you purchased?

Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.

My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.

[patientlywaiting]

I also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.

Can’t believe that you spent thousands on loan mods. Who did you pay the money to?

Are you paying “advisers”? If so, you might be suckered again.

*

Would you mind sharing with us your investing frame of mind when you purchased?

Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.

My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.

[patientlywaiting]

I also agree with HLS and SD Realtor. Why BK when you can just walk from the houses.

Can’t believe that you spent thousands on loan mods. Who did you pay the money to?

Are you paying “advisers”? If so, you might be suckered again.

*

Would you mind sharing with us your investing frame of mind when you purchased?

Some people still think that RE will do a V-shaped rebound thanks to the government. Be careful not the catch a knife the 2nd time around.

My brother said that his buddy in FL was investing in RE; became a tycoon; and is now left with not “a pot to piss in”. But that same buddy wants to invest in RE again and is trying to convince my brother to go in w/ him.

[Author]

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