[92027_guy]

I’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…

[92027_guy]

I’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…

[92027_guy]

Hi and thanks for the comments. Well 80% sure I’m doing the BK because of 1099-C and possible legal liability from the seconds. I’ve thought of trying the walk-away and prove insolvency but that seems a risky venture and would have these bad decisions following me for tax years to come. We have no unsecured debt, never did, I had a 780 credit score as of Aug 08 when my RE partner walked away from paying/managing. I accept some blame in that too. I’m not dead set on BK yet and ALL loans are still purchase money, I didn’t do the “ATM” silliness. But with the 3 others bought as rentals and not all in CA I feel I need the protection of BK and just starting fresh. But opinions are welcome.

PatientlyW: I don’t mind sharing my state of mind, but I warn you it’s really hard not to come off like I’m making excuses. Moved to SD when I was single/28 yrs old in mid 2003, got a job and started thinking about the marriage/house thing. Well everywhere I turned prices were rising crazy fast, but I was making 38k a year. So I rented and started caring about “adulthood” stuff, politics, stocks, etc. By then it was 2005 and I knew people that made 100k buying houses and selling in 2 years, so I jumped on the wagon. Wife and I got married and bought in 06 for 550k + with just my name and I was making 65k a year. My biggest reason for buying was the fear that I would be stuck living in 900 sq ft for 1.1 million like I saw in San Fran. I just figured West coast is different, sunshine tax, and buy now or forever be a nomad. I was way wrong. Probably more then you wanted to know.

Loan mods: I paid Green Credit Solutions, mostly on advice from Mr. Mortgage and it’s forums. They tried but I just had too much debt with rentals I guess. I did have the actual investor on my primary loan mod it to 3.8 for 5 years, but they tacked arrears onto principal, and it is a fixer so am I going to hope the market comes back to 600k+ so I can sink 30k into kitchen my wife now hates? Nope it’s save for a while, see how CA tax situation/water rationing/Obama plan etc works out then make the call to leave or stay.

Thanks have a good night…

[92027_guy]

Hi and thanks for the comments. Well 80% sure I’m doing the BK because of 1099-C and possible legal liability from the seconds. I’ve thought of trying the walk-away and prove insolvency but that seems a risky venture and would have these bad decisions following me for tax years to come. We have no unsecured debt, never did, I had a 780 credit score as of Aug 08 when my RE partner walked away from paying/managing. I accept some blame in that too. I’m not dead set on BK yet and ALL loans are still purchase money, I didn’t do the “ATM” silliness. But with the 3 others bought as rentals and not all in CA I feel I need the protection of BK and just starting fresh. But opinions are welcome.

PatientlyW: I don’t mind sharing my state of mind, but I warn you it’s really hard not to come off like I’m making excuses. Moved to SD when I was single/28 yrs old in mid 2003, got a job and started thinking about the marriage/house thing. Well everywhere I turned prices were rising crazy fast, but I was making 38k a year. So I rented and started caring about “adulthood” stuff, politics, stocks, etc. By then it was 2005 and I knew people that made 100k buying houses and selling in 2 years, so I jumped on the wagon. Wife and I got married and bought in 06 for 550k + with just my name and I was making 65k a year. My biggest reason for buying was the fear that I would be stuck living in 900 sq ft for 1.1 million like I saw in San Fran. I just figured West coast is different, sunshine tax, and buy now or forever be a nomad. I was way wrong. Probably more then you wanted to know.

Loan mods: I paid Green Credit Solutions, mostly on advice from Mr. Mortgage and it’s forums. They tried but I just had too much debt with rentals I guess. I did have the actual investor on my primary loan mod it to 3.8 for 5 years, but they tacked arrears onto principal, and it is a fixer so am I going to hope the market comes back to 600k+ so I can sink 30k into kitchen my wife now hates? Nope it’s save for a while, see how CA tax situation/water rationing/Obama plan etc works out then make the call to leave or stay.

Thanks have a good night…

[92027_guy]

Hi and thanks for the comments. Well 80% sure I’m doing the BK because of 1099-C and possible legal liability from the seconds. I’ve thought of trying the walk-away and prove insolvency but that seems a risky venture and would have these bad decisions following me for tax years to come. We have no unsecured debt, never did, I had a 780 credit score as of Aug 08 when my RE partner walked away from paying/managing. I accept some blame in that too. I’m not dead set on BK yet and ALL loans are still purchase money, I didn’t do the “ATM” silliness. But with the 3 others bought as rentals and not all in CA I feel I need the protection of BK and just starting fresh. But opinions are welcome.

PatientlyW: I don’t mind sharing my state of mind, but I warn you it’s really hard not to come off like I’m making excuses. Moved to SD when I was single/28 yrs old in mid 2003, got a job and started thinking about the marriage/house thing. Well everywhere I turned prices were rising crazy fast, but I was making 38k a year. So I rented and started caring about “adulthood” stuff, politics, stocks, etc. By then it was 2005 and I knew people that made 100k buying houses and selling in 2 years, so I jumped on the wagon. Wife and I got married and bought in 06 for 550k + with just my name and I was making 65k a year. My biggest reason for buying was the fear that I would be stuck living in 900 sq ft for 1.1 million like I saw in San Fran. I just figured West coast is different, sunshine tax, and buy now or forever be a nomad. I was way wrong. Probably more then you wanted to know.

Loan mods: I paid Green Credit Solutions, mostly on advice from Mr. Mortgage and it’s forums. They tried but I just had too much debt with rentals I guess. I did have the actual investor on my primary loan mod it to 3.8 for 5 years, but they tacked arrears onto principal, and it is a fixer so am I going to hope the market comes back to 600k+ so I can sink 30k into kitchen my wife now hates? Nope it’s save for a while, see how CA tax situation/water rationing/Obama plan etc works out then make the call to leave or stay.

Thanks have a good night…

[92027_guy]

Hi and thanks for the comments. Well 80% sure I’m doing the BK because of 1099-C and possible legal liability from the seconds. I’ve thought of trying the walk-away and prove insolvency but that seems a risky venture and would have these bad decisions following me for tax years to come. We have no unsecured debt, never did, I had a 780 credit score as of Aug 08 when my RE partner walked away from paying/managing. I accept some blame in that too. I’m not dead set on BK yet and ALL loans are still purchase money, I didn’t do the “ATM” silliness. But with the 3 others bought as rentals and not all in CA I feel I need the protection of BK and just starting fresh. But opinions are welcome.

PatientlyW: I don’t mind sharing my state of mind, but I warn you it’s really hard not to come off like I’m making excuses. Moved to SD when I was single/28 yrs old in mid 2003, got a job and started thinking about the marriage/house thing. Well everywhere I turned prices were rising crazy fast, but I was making 38k a year. So I rented and started caring about “adulthood” stuff, politics, stocks, etc. By then it was 2005 and I knew people that made 100k buying houses and selling in 2 years, so I jumped on the wagon. Wife and I got married and bought in 06 for 550k + with just my name and I was making 65k a year. My biggest reason for buying was the fear that I would be stuck living in 900 sq ft for 1.1 million like I saw in San Fran. I just figured West coast is different, sunshine tax, and buy now or forever be a nomad. I was way wrong. Probably more then you wanted to know.

Loan mods: I paid Green Credit Solutions, mostly on advice from Mr. Mortgage and it’s forums. They tried but I just had too much debt with rentals I guess. I did have the actual investor on my primary loan mod it to 3.8 for 5 years, but they tacked arrears onto principal, and it is a fixer so am I going to hope the market comes back to 600k+ so I can sink 30k into kitchen my wife now hates? Nope it’s save for a while, see how CA tax situation/water rationing/Obama plan etc works out then make the call to leave or stay.

Thanks have a good night…

[92027_guy]

Hi and thanks for the comments. Well 80% sure I’m doing the BK because of 1099-C and possible legal liability from the seconds. I’ve thought of trying the walk-away and prove insolvency but that seems a risky venture and would have these bad decisions following me for tax years to come. We have no unsecured debt, never did, I had a 780 credit score as of Aug 08 when my RE partner walked away from paying/managing. I accept some blame in that too. I’m not dead set on BK yet and ALL loans are still purchase money, I didn’t do the “ATM” silliness. But with the 3 others bought as rentals and not all in CA I feel I need the protection of BK and just starting fresh. But opinions are welcome.

PatientlyW: I don’t mind sharing my state of mind, but I warn you it’s really hard not to come off like I’m making excuses. Moved to SD when I was single/28 yrs old in mid 2003, got a job and started thinking about the marriage/house thing. Well everywhere I turned prices were rising crazy fast, but I was making 38k a year. So I rented and started caring about “adulthood” stuff, politics, stocks, etc. By then it was 2005 and I knew people that made 100k buying houses and selling in 2 years, so I jumped on the wagon. Wife and I got married and bought in 06 for 550k + with just my name and I was making 65k a year. My biggest reason for buying was the fear that I would be stuck living in 900 sq ft for 1.1 million like I saw in San Fran. I just figured West coast is different, sunshine tax, and buy now or forever be a nomad. I was way wrong. Probably more then you wanted to know.

Loan mods: I paid Green Credit Solutions, mostly on advice from Mr. Mortgage and it’s forums. They tried but I just had too much debt with rentals I guess. I did have the actual investor on my primary loan mod it to 3.8 for 5 years, but they tacked arrears onto principal, and it is a fixer so am I going to hope the market comes back to 600k+ so I can sink 30k into kitchen my wife now hates? Nope it’s save for a while, see how CA tax situation/water rationing/Obama plan etc works out then make the call to leave or stay.

Thanks have a good night…

[92027_guy]

gn,

Not sure about the concrete but prices are all over the place, huh? Is the inside of that place REALLY bad enough to make is 100,000 + less then this one that sold in 12/10/08? (according to zillow) That’s the “best” model of the 4 choices.

7244 Canyon Hill Ct San Diego CA 92126 3 beds, 2.0 baths, 1,396 sq ft
Close Recently Sold: $505,000

I have a feeling you’ll see my place on here soon….I can hear the bell tolling…

[92027_guy]

gn,

Not sure about the concrete but prices are all over the place, huh? Is the inside of that place REALLY bad enough to make is 100,000 + less then this one that sold in 12/10/08? (according to zillow) That’s the “best” model of the 4 choices.

7244 Canyon Hill Ct San Diego CA 92126 3 beds, 2.0 baths, 1,396 sq ft
Close Recently Sold: $505,000

I have a feeling you’ll see my place on here soon….I can hear the bell tolling…

[92027_guy]

gn,

Not sure about the concrete but prices are all over the place, huh? Is the inside of that place REALLY bad enough to make is 100,000 + less then this one that sold in 12/10/08? (according to zillow) That’s the “best” model of the 4 choices.

7244 Canyon Hill Ct San Diego CA 92126 3 beds, 2.0 baths, 1,396 sq ft
Close Recently Sold: $505,000

I have a feeling you’ll see my place on here soon….I can hear the bell tolling…

[92027_guy]

gn,

Not sure about the concrete but prices are all over the place, huh? Is the inside of that place REALLY bad enough to make is 100,000 + less then this one that sold in 12/10/08? (according to zillow) That’s the “best” model of the 4 choices.

7244 Canyon Hill Ct San Diego CA 92126 3 beds, 2.0 baths, 1,396 sq ft
Close Recently Sold: $505,000

I have a feeling you’ll see my place on here soon….I can hear the bell tolling…

[92027_guy]

gn,

Not sure about the concrete but prices are all over the place, huh? Is the inside of that place REALLY bad enough to make is 100,000 + less then this one that sold in 12/10/08? (according to zillow) That’s the “best” model of the 4 choices.

7244 Canyon Hill Ct San Diego CA 92126 3 beds, 2.0 baths, 1,396 sq ft
Close Recently Sold: $505,000

I have a feeling you’ll see my place on here soon….I can hear the bell tolling…

[92027_guy]

Good find. I couldn’t see pics of the inside or outside. That is a nice canyon angle and definietly better then mine, it’s also like 5 years newer.

I still wonder if that and I imagine an upgraded inside is really worth that price in this market.

I guess each buyer to his own price.

[92027_guy]

Good find. I couldn’t see pics of the inside or outside. That is a nice canyon angle and definietly better then mine, it’s also like 5 years newer.

I still wonder if that and I imagine an upgraded inside is really worth that price in this market.

I guess each buyer to his own price.

[92027_guy]

Good find. I couldn’t see pics of the inside or outside. That is a nice canyon angle and definietly better then mine, it’s also like 5 years newer.

I still wonder if that and I imagine an upgraded inside is really worth that price in this market.

I guess each buyer to his own price.

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