When does it make financial sense to just dump your house???

[UCGal]

[quote=pemeliza]Many factors to consider. I would consider proximity to work for example. If you have a long commute that would be something that you could improve by renting.

Sounds like to me you are looking to a strategic default. Good thing you didn’t put any money down.

I would check with an attorney and see if there are any ramifications of doing the loan mod on your ability to walk away from the loans non-recourse. I know purchase loans are non-recourse but the mod might be viewed as a re-fi.[/quote]

I thought all loan mods converted the loan to recourse. If this is true, then CV’s first loan is now recourse. The 2nd, since it hasn’t been modified yet, isn’t recourse, yet, since it was a purchase loan.

[CricketOnTheHearth]

Hi, VC:

I’m just going to weigh in on the renting aspect specifically. If you are pretty sure you want to go rent a place, here is what I suggest:

1) Find a place you like and apply to rent it before you move out of your present house. That way you can see if the hit to your credit score would impair you from getting a rental. If it would, you still have your present house.

2) In parallel, check the landlord out.
a) First go to Zillow and see when they bought the place. (anything more recent than 2003 and I’d watch out).
b) Then check the tax records. You can look up the parcel number on the County Recorder’s Search Page, getting all the jot and tittle hassles of the address’ spelling out of the way there. (Their pages are really picky about how you write the address.)
c) Then go to their property tax info page and plug in the parcel number you got. When this page comes up it will tell you who actually bought the place, when, and whether they are in arrears on their taxes.

The steps in 2 a-c) won’t necessarily keep you from getting hosed in a rental, but coupled with your gut feeling when meeting the landlord they can give you guideposts as to situations you might rather avoid.

When recently I did them on a potential rental I found that the listing person was pretending to list it for unnamed “clients”, but was actually the owner themselves. Why would I rent from someone who couldn’t be honest with me about owning the place? So I declined.

Finally, thanks for putting yourself under glass here on Piggington :>. Takes guts, and you are enormously educational to us. Several econ blogs I read speculate about the potential “ruthless defaulters” and how many there may be. And here you are, a “potential ruthless defaulter” under glass, as it were… we get to talk with you and see your thought processes. What you do may be relevant to what thousands of others like you do also.

[CricketOnTheHearth]

Hi, VC:

I’m just going to weigh in on the renting aspect specifically. If you are pretty sure you want to go rent a place, here is what I suggest:

1) Find a place you like and apply to rent it before you move out of your present house. That way you can see if the hit to your credit score would impair you from getting a rental. If it would, you still have your present house.

2) In parallel, check the landlord out.
a) First go to Zillow and see when they bought the place. (anything more recent than 2003 and I’d watch out).
b) Then check the tax records. You can look up the parcel number on the County Recorder’s Search Page, getting all the jot and tittle hassles of the address’ spelling out of the way there. (Their pages are really picky about how you write the address.)
c) Then go to their property tax info page and plug in the parcel number you got. When this page comes up it will tell you who actually bought the place, when, and whether they are in arrears on their taxes.

The steps in 2 a-c) won’t necessarily keep you from getting hosed in a rental, but coupled with your gut feeling when meeting the landlord they can give you guideposts as to situations you might rather avoid.

When recently I did them on a potential rental I found that the listing person was pretending to list it for unnamed “clients”, but was actually the owner themselves. Why would I rent from someone who couldn’t be honest with me about owning the place? So I declined.

Finally, thanks for putting yourself under glass here on Piggington :>. Takes guts, and you are enormously educational to us. Several econ blogs I read speculate about the potential “ruthless defaulters” and how many there may be. And here you are, a “potential ruthless defaulter” under glass, as it were… we get to talk with you and see your thought processes. What you do may be relevant to what thousands of others like you do also.

[CricketOnTheHearth]

Hi, VC:

I’m just going to weigh in on the renting aspect specifically. If you are pretty sure you want to go rent a place, here is what I suggest:

1) Find a place you like and apply to rent it before you move out of your present house. That way you can see if the hit to your credit score would impair you from getting a rental. If it would, you still have your present house.

2) In parallel, check the landlord out.
a) First go to Zillow and see when they bought the place. (anything more recent than 2003 and I’d watch out).
b) Then check the tax records. You can look up the parcel number on the County Recorder’s Search Page, getting all the jot and tittle hassles of the address’ spelling out of the way there. (Their pages are really picky about how you write the address.)
c) Then go to their property tax info page and plug in the parcel number you got. When this page comes up it will tell you who actually bought the place, when, and whether they are in arrears on their taxes.

The steps in 2 a-c) won’t necessarily keep you from getting hosed in a rental, but coupled with your gut feeling when meeting the landlord they can give you guideposts as to situations you might rather avoid.

When recently I did them on a potential rental I found that the listing person was pretending to list it for unnamed “clients”, but was actually the owner themselves. Why would I rent from someone who couldn’t be honest with me about owning the place? So I declined.

Finally, thanks for putting yourself under glass here on Piggington :>. Takes guts, and you are enormously educational to us. Several econ blogs I read speculate about the potential “ruthless defaulters” and how many there may be. And here you are, a “potential ruthless defaulter” under glass, as it were… we get to talk with you and see your thought processes. What you do may be relevant to what thousands of others like you do also.

[CricketOnTheHearth]

Hi, VC:

I’m just going to weigh in on the renting aspect specifically. If you are pretty sure you want to go rent a place, here is what I suggest:

1) Find a place you like and apply to rent it before you move out of your present house. That way you can see if the hit to your credit score would impair you from getting a rental. If it would, you still have your present house.

2) In parallel, check the landlord out.
a) First go to Zillow and see when they bought the place. (anything more recent than 2003 and I’d watch out).
b) Then check the tax records. You can look up the parcel number on the County Recorder’s Search Page, getting all the jot and tittle hassles of the address’ spelling out of the way there. (Their pages are really picky about how you write the address.)
c) Then go to their property tax info page and plug in the parcel number you got. When this page comes up it will tell you who actually bought the place, when, and whether they are in arrears on their taxes.

The steps in 2 a-c) won’t necessarily keep you from getting hosed in a rental, but coupled with your gut feeling when meeting the landlord they can give you guideposts as to situations you might rather avoid.

When recently I did them on a potential rental I found that the listing person was pretending to list it for unnamed “clients”, but was actually the owner themselves. Why would I rent from someone who couldn’t be honest with me about owning the place? So I declined.

Finally, thanks for putting yourself under glass here on Piggington :>. Takes guts, and you are enormously educational to us. Several econ blogs I read speculate about the potential “ruthless defaulters” and how many there may be. And here you are, a “potential ruthless defaulter” under glass, as it were… we get to talk with you and see your thought processes. What you do may be relevant to what thousands of others like you do also.

[CricketOnTheHearth]

Hi, VC:

I’m just going to weigh in on the renting aspect specifically. If you are pretty sure you want to go rent a place, here is what I suggest:

1) Find a place you like and apply to rent it before you move out of your present house. That way you can see if the hit to your credit score would impair you from getting a rental. If it would, you still have your present house.

2) In parallel, check the landlord out.
a) First go to Zillow and see when they bought the place. (anything more recent than 2003 and I’d watch out).
b) Then check the tax records. You can look up the parcel number on the County Recorder’s Search Page, getting all the jot and tittle hassles of the address’ spelling out of the way there. (Their pages are really picky about how you write the address.)
c) Then go to their property tax info page and plug in the parcel number you got. When this page comes up it will tell you who actually bought the place, when, and whether they are in arrears on their taxes.

The steps in 2 a-c) won’t necessarily keep you from getting hosed in a rental, but coupled with your gut feeling when meeting the landlord they can give you guideposts as to situations you might rather avoid.

When recently I did them on a potential rental I found that the listing person was pretending to list it for unnamed “clients”, but was actually the owner themselves. Why would I rent from someone who couldn’t be honest with me about owning the place? So I declined.

Finally, thanks for putting yourself under glass here on Piggington :>. Takes guts, and you are enormously educational to us. Several econ blogs I read speculate about the potential “ruthless defaulters” and how many there may be. And here you are, a “potential ruthless defaulter” under glass, as it were… we get to talk with you and see your thought processes. What you do may be relevant to what thousands of others like you do also.

[all]

Can you buy (@ $230K) and bail (@ $380K)?

With $100K+ down on a $240K house and $120K/year income you can get a loan regardless of your credit score.

[all]

Can you buy (@ $230K) and bail (@ $380K)?

With $100K+ down on a $240K house and $120K/year income you can get a loan regardless of your credit score.

[all]

Can you buy (@ $230K) and bail (@ $380K)?

With $100K+ down on a $240K house and $120K/year income you can get a loan regardless of your credit score.

[all]

Can you buy (@ $230K) and bail (@ $380K)?

With $100K+ down on a $240K house and $120K/year income you can get a loan regardless of your credit score.

[all]

Can you buy (@ $230K) and bail (@ $380K)?

With $100K+ down on a $240K house and $120K/year income you can get a loan regardless of your credit score.

[urbanrealtor]

To the OP:

I recommend getting a professional opinion on the value and rental market before making that final set of decisions.

I mention that because of my own situation.

Before I married her, my wife bought a place in North Park. It is now about 60-70% of the original purchase price.

This is where we live now.

If we were to sell, it would be a short sale.
However, if we rent it out, it will cash flow positive.

Its an easy decision since values are rising right now around here.

It may be that you do not have complete information regarding your current situation.
It may be that you are in a much better position than you realize.

[urbanrealtor]

To the OP:

I recommend getting a professional opinion on the value and rental market before making that final set of decisions.

I mention that because of my own situation.

Before I married her, my wife bought a place in North Park. It is now about 60-70% of the original purchase price.

This is where we live now.

If we were to sell, it would be a short sale.
However, if we rent it out, it will cash flow positive.

Its an easy decision since values are rising right now around here.

It may be that you do not have complete information regarding your current situation.
It may be that you are in a much better position than you realize.

[urbanrealtor]

To the OP:

I recommend getting a professional opinion on the value and rental market before making that final set of decisions.

I mention that because of my own situation.

Before I married her, my wife bought a place in North Park. It is now about 60-70% of the original purchase price.

This is where we live now.

If we were to sell, it would be a short sale.
However, if we rent it out, it will cash flow positive.

Its an easy decision since values are rising right now around here.

It may be that you do not have complete information regarding your current situation.
It may be that you are in a much better position than you realize.

[urbanrealtor]

To the OP:

I recommend getting a professional opinion on the value and rental market before making that final set of decisions.

I mention that because of my own situation.

Before I married her, my wife bought a place in North Park. It is now about 60-70% of the original purchase price.

This is where we live now.

If we were to sell, it would be a short sale.
However, if we rent it out, it will cash flow positive.

Its an easy decision since values are rising right now around here.

It may be that you do not have complete information regarding your current situation.
It may be that you are in a much better position than you realize.

[Author]

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