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(former)FormerSanDiegan
Participantshort of a divorce what can i do ?
Here’s my solution for you in 4 easy steps.
1. You should start out by finding the shift key on your keyboard.
2. You should apply those engineering skills and compute how much you could afford at today’s rates with 200K down and DTI of 36% or less.
3. You should take what you can afford, add 20% and define that as a posh neighborhood.
4. Wait until you can afford the neighborhood defined in #3 above after a combination of price drops and salary increases.
Participantshort of a divorce what can i do ?
Here’s my solution for you in 4 easy steps.
1. You should start out by finding the shift key on your keyboard.
2. You should apply those engineering skills and compute how much you could afford at today’s rates with 200K down and DTI of 36% or less.
3. You should take what you can afford, add 20% and define that as a posh neighborhood.
4. Wait until you can afford the neighborhood defined in #3 above after a combination of price drops and salary increases.
Participantshort of a divorce what can i do ?
Here’s my solution for you in 4 easy steps.
1. You should start out by finding the shift key on your keyboard.
2. You should apply those engineering skills and compute how much you could afford at today’s rates with 200K down and DTI of 36% or less.
3. You should take what you can afford, add 20% and define that as a posh neighborhood.
4. Wait until you can afford the neighborhood defined in #3 above after a combination of price drops and salary increases.
Participantshort of a divorce what can i do ?
Here’s my solution for you in 4 easy steps.
1. You should start out by finding the shift key on your keyboard.
2. You should apply those engineering skills and compute how much you could afford at today’s rates with 200K down and DTI of 36% or less.
3. You should take what you can afford, add 20% and define that as a posh neighborhood.
4. Wait until you can afford the neighborhood defined in #3 above after a combination of price drops and salary increases.
November 16, 2007 at 1:19 PM in reply to: Why would someone sell at a loss instead of just walking away? #100232ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”.
This is true if the lender agrees to take that loss. The lender may make the seller jump through hoops to do so, and typically only after the seller falls behind on their payments.
November 16, 2007 at 1:19 PM in reply to: Why would someone sell at a loss instead of just walking away? #100310ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”.
This is true if the lender agrees to take that loss. The lender may make the seller jump through hoops to do so, and typically only after the seller falls behind on their payments.
November 16, 2007 at 1:19 PM in reply to: Why would someone sell at a loss instead of just walking away? #100328ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”.
This is true if the lender agrees to take that loss. The lender may make the seller jump through hoops to do so, and typically only after the seller falls behind on their payments.
November 16, 2007 at 1:19 PM in reply to: Why would someone sell at a loss instead of just walking away? #100342ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”.
This is true if the lender agrees to take that loss. The lender may make the seller jump through hoops to do so, and typically only after the seller falls behind on their payments.
November 16, 2007 at 1:19 PM in reply to: Why would someone sell at a loss instead of just walking away? #100344ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”.
This is true if the lender agrees to take that loss. The lender may make the seller jump through hoops to do so, and typically only after the seller falls behind on their payments.
November 16, 2007 at 11:05 AM in reply to: Why would someone sell at a loss instead of just walking away? #100157ParticipantI can think of a few reasons off the top of my head …
1. If they refinanced the house, the refinance loan is recourse debt, meaning the lender could go after other assets.
2. They have sufficient other assets and want to buy in another town immediately and don;t want to ruin their credit.
3. They have other assets and want to move to the sidelines for 2 years and be ready with cash and a high FICO score to pounce when the time is ready and a bankruptcy would look bad.
4. They value their reputation more than their money.
5. San Diego has a lot of defense jobs. They may have job reasons why they don’t want to have a BK on their record, which might imperil their security clearance.
6. They’ve done the math and figured out that 50 or 100K today will shave 3% or more off their next loan in a couple years. In the long run they could potentially save money by eating a chunk today.
7. They are moving to another place for which they are buying on the cheap. They eat 100K on the sale, but are paying 200K less on their new place than they would have previously.
Remember, not everyone who purchased in the past 3-4 years has all their assets tied up in a personal residence.
November 16, 2007 at 11:05 AM in reply to: Why would someone sell at a loss instead of just walking away? #100236ParticipantI can think of a few reasons off the top of my head …
1. If they refinanced the house, the refinance loan is recourse debt, meaning the lender could go after other assets.
2. They have sufficient other assets and want to buy in another town immediately and don;t want to ruin their credit.
3. They have other assets and want to move to the sidelines for 2 years and be ready with cash and a high FICO score to pounce when the time is ready and a bankruptcy would look bad.
4. They value their reputation more than their money.
5. San Diego has a lot of defense jobs. They may have job reasons why they don’t want to have a BK on their record, which might imperil their security clearance.
6. They’ve done the math and figured out that 50 or 100K today will shave 3% or more off their next loan in a couple years. In the long run they could potentially save money by eating a chunk today.
7. They are moving to another place for which they are buying on the cheap. They eat 100K on the sale, but are paying 200K less on their new place than they would have previously.
Remember, not everyone who purchased in the past 3-4 years has all their assets tied up in a personal residence.
November 16, 2007 at 11:05 AM in reply to: Why would someone sell at a loss instead of just walking away? #100254ParticipantI can think of a few reasons off the top of my head …
1. If they refinanced the house, the refinance loan is recourse debt, meaning the lender could go after other assets.
2. They have sufficient other assets and want to buy in another town immediately and don;t want to ruin their credit.
3. They have other assets and want to move to the sidelines for 2 years and be ready with cash and a high FICO score to pounce when the time is ready and a bankruptcy would look bad.
4. They value their reputation more than their money.
5. San Diego has a lot of defense jobs. They may have job reasons why they don’t want to have a BK on their record, which might imperil their security clearance.
6. They’ve done the math and figured out that 50 or 100K today will shave 3% or more off their next loan in a couple years. In the long run they could potentially save money by eating a chunk today.
7. They are moving to another place for which they are buying on the cheap. They eat 100K on the sale, but are paying 200K less on their new place than they would have previously.
Remember, not everyone who purchased in the past 3-4 years has all their assets tied up in a personal residence.
November 16, 2007 at 11:05 AM in reply to: Why would someone sell at a loss instead of just walking away? #100266ParticipantI can think of a few reasons off the top of my head …
1. If they refinanced the house, the refinance loan is recourse debt, meaning the lender could go after other assets.
2. They have sufficient other assets and want to buy in another town immediately and don;t want to ruin their credit.
3. They have other assets and want to move to the sidelines for 2 years and be ready with cash and a high FICO score to pounce when the time is ready and a bankruptcy would look bad.
4. They value their reputation more than their money.
5. San Diego has a lot of defense jobs. They may have job reasons why they don’t want to have a BK on their record, which might imperil their security clearance.
6. They’ve done the math and figured out that 50 or 100K today will shave 3% or more off their next loan in a couple years. In the long run they could potentially save money by eating a chunk today.
7. They are moving to another place for which they are buying on the cheap. They eat 100K on the sale, but are paying 200K less on their new place than they would have previously.
Remember, not everyone who purchased in the past 3-4 years has all their assets tied up in a personal residence.
November 16, 2007 at 11:05 AM in reply to: Why would someone sell at a loss instead of just walking away? #100268ParticipantI can think of a few reasons off the top of my head …
1. If they refinanced the house, the refinance loan is recourse debt, meaning the lender could go after other assets.
2. They have sufficient other assets and want to buy in another town immediately and don;t want to ruin their credit.
3. They have other assets and want to move to the sidelines for 2 years and be ready with cash and a high FICO score to pounce when the time is ready and a bankruptcy would look bad.
4. They value their reputation more than their money.
5. San Diego has a lot of defense jobs. They may have job reasons why they don’t want to have a BK on their record, which might imperil their security clearance.
6. They’ve done the math and figured out that 50 or 100K today will shave 3% or more off their next loan in a couple years. In the long run they could potentially save money by eating a chunk today.
7. They are moving to another place for which they are buying on the cheap. They eat 100K on the sale, but are paying 200K less on their new place than they would have previously.
Remember, not everyone who purchased in the past 3-4 years has all their assets tied up in a personal residence.
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