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nostradamus
Participantdjrobsd again thanks for posting this info, it’s very enlightening. I don’t buy foreclosures and don’t think there are many shills for the foreclosure industry on this site. I would not benefit at all if you walk, except for a little schadenfreude and hopefully in a couple years prices can justify buying a home.
On blogs there are people who are frank and people who are dick (I stole that line from Planet Terror). If I were you I would be frank and tell your bank you’ve got your 401(k) and there’s no way in hell you’re going to raid it. There’s nothing they can do unless you’re in some kind of recourse loan. Don’t be scared of the bank, at this point you may wish to be completely forthright with them to see what kind of solution they come up with. If you provide them with false information it might bite you in the arse later. The bank might say “it’s OK to raid your 401(k) because if you invest it in the house it will be your nest egg in the future” but you just tell them “if I walk now I can keep the 401(k) I’ll worry less about a steep decline in value like in the housing market”.
Although one might say you were dumb, I think we can all agree that the lender and the fed were just as dumb and it took 3 to tango. Borrowers blame the lenders, lenders blame the fed, I don’t know who the fed is gonna blame (probably back on the borrower for false “stated income” or perhaps they’ll offer up Greenspan for the sacrificial fire).
Participantdjrobsd again thanks for posting this info, it’s very enlightening. I don’t buy foreclosures and don’t think there are many shills for the foreclosure industry on this site. I would not benefit at all if you walk, except for a little schadenfreude and hopefully in a couple years prices can justify buying a home.
On blogs there are people who are frank and people who are dick (I stole that line from Planet Terror). If I were you I would be frank and tell your bank you’ve got your 401(k) and there’s no way in hell you’re going to raid it. There’s nothing they can do unless you’re in some kind of recourse loan. Don’t be scared of the bank, at this point you may wish to be completely forthright with them to see what kind of solution they come up with. If you provide them with false information it might bite you in the arse later. The bank might say “it’s OK to raid your 401(k) because if you invest it in the house it will be your nest egg in the future” but you just tell them “if I walk now I can keep the 401(k) I’ll worry less about a steep decline in value like in the housing market”.
Although one might say you were dumb, I think we can all agree that the lender and the fed were just as dumb and it took 3 to tango. Borrowers blame the lenders, lenders blame the fed, I don’t know who the fed is gonna blame (probably back on the borrower for false “stated income” or perhaps they’ll offer up Greenspan for the sacrificial fire).
Participantdjrobsd again thanks for posting this info, it’s very enlightening. I don’t buy foreclosures and don’t think there are many shills for the foreclosure industry on this site. I would not benefit at all if you walk, except for a little schadenfreude and hopefully in a couple years prices can justify buying a home.
On blogs there are people who are frank and people who are dick (I stole that line from Planet Terror). If I were you I would be frank and tell your bank you’ve got your 401(k) and there’s no way in hell you’re going to raid it. There’s nothing they can do unless you’re in some kind of recourse loan. Don’t be scared of the bank, at this point you may wish to be completely forthright with them to see what kind of solution they come up with. If you provide them with false information it might bite you in the arse later. The bank might say “it’s OK to raid your 401(k) because if you invest it in the house it will be your nest egg in the future” but you just tell them “if I walk now I can keep the 401(k) I’ll worry less about a steep decline in value like in the housing market”.
Although one might say you were dumb, I think we can all agree that the lender and the fed were just as dumb and it took 3 to tango. Borrowers blame the lenders, lenders blame the fed, I don’t know who the fed is gonna blame (probably back on the borrower for false “stated income” or perhaps they’ll offer up Greenspan for the sacrificial fire).
ParticipantHow old are you? If you’re in your 20’s I’d say this is a good learning experience which hopefully you can recover from in a decade or so, hang in there.
Part of the housing bubble is defined by the fact that income has not kept pace with housing.
How much, if any, equity do you have in the home? The way I see it, your choices are (in order of my own preference):
1. walk away and let it foreclose. this is assuming you don’t have much equity. you will take a hit on your credit report but in the future many companies who review your credit may be very forgiving to people in your situation if you had otherwise good credit except for this foreclosure thing. you may have to pay “forgiven debt” tax but there are talks of repealing this tax law as well, maybe in January.
2. refinance into a fixed-rate loan. You can do better than 8.75% (assuming good credit).That’s about all I can think of for your choices… Now grab some lube and prepare to be reamed by other posters.
ParticipantHow old are you? If you’re in your 20’s I’d say this is a good learning experience which hopefully you can recover from in a decade or so, hang in there.
Part of the housing bubble is defined by the fact that income has not kept pace with housing.
How much, if any, equity do you have in the home? The way I see it, your choices are (in order of my own preference):
1. walk away and let it foreclose. this is assuming you don’t have much equity. you will take a hit on your credit report but in the future many companies who review your credit may be very forgiving to people in your situation if you had otherwise good credit except for this foreclosure thing. you may have to pay “forgiven debt” tax but there are talks of repealing this tax law as well, maybe in January.
2. refinance into a fixed-rate loan. You can do better than 8.75% (assuming good credit).That’s about all I can think of for your choices… Now grab some lube and prepare to be reamed by other posters.
ParticipantHow old are you? If you’re in your 20’s I’d say this is a good learning experience which hopefully you can recover from in a decade or so, hang in there.
Part of the housing bubble is defined by the fact that income has not kept pace with housing.
How much, if any, equity do you have in the home? The way I see it, your choices are (in order of my own preference):
1. walk away and let it foreclose. this is assuming you don’t have much equity. you will take a hit on your credit report but in the future many companies who review your credit may be very forgiving to people in your situation if you had otherwise good credit except for this foreclosure thing. you may have to pay “forgiven debt” tax but there are talks of repealing this tax law as well, maybe in January.
2. refinance into a fixed-rate loan. You can do better than 8.75% (assuming good credit).That’s about all I can think of for your choices… Now grab some lube and prepare to be reamed by other posters.
ParticipantHow old are you? If you’re in your 20’s I’d say this is a good learning experience which hopefully you can recover from in a decade or so, hang in there.
Part of the housing bubble is defined by the fact that income has not kept pace with housing.
How much, if any, equity do you have in the home? The way I see it, your choices are (in order of my own preference):
1. walk away and let it foreclose. this is assuming you don’t have much equity. you will take a hit on your credit report but in the future many companies who review your credit may be very forgiving to people in your situation if you had otherwise good credit except for this foreclosure thing. you may have to pay “forgiven debt” tax but there are talks of repealing this tax law as well, maybe in January.
2. refinance into a fixed-rate loan. You can do better than 8.75% (assuming good credit).That’s about all I can think of for your choices… Now grab some lube and prepare to be reamed by other posters.
ParticipantThanks for posting that, it's very interesting. All the questions on the bank's form are basic questions you should have asked yourself before getting into this loan… Just curious, how would you answer question 1?
What Event has caused your financial hardship (if necessary please attach an additional sheet)?
In other words, what has changed in your financial situation between now and the time you signed the loan docs?
ParticipantThanks for posting that, it's very interesting. All the questions on the bank's form are basic questions you should have asked yourself before getting into this loan… Just curious, how would you answer question 1?
What Event has caused your financial hardship (if necessary please attach an additional sheet)?
In other words, what has changed in your financial situation between now and the time you signed the loan docs?
ParticipantThanks for posting that, it's very interesting. All the questions on the bank's form are basic questions you should have asked yourself before getting into this loan… Just curious, how would you answer question 1?
What Event has caused your financial hardship (if necessary please attach an additional sheet)?
In other words, what has changed in your financial situation between now and the time you signed the loan docs?
ParticipantThanks for posting that, it's very interesting. All the questions on the bank's form are basic questions you should have asked yourself before getting into this loan… Just curious, how would you answer question 1?
What Event has caused your financial hardship (if necessary please attach an additional sheet)?
In other words, what has changed in your financial situation between now and the time you signed the loan docs?
ParticipantRaptorduck you don’t need an RE license to know how silly your wife’s argument is. Imagine if you were living in San Diego and considering moving elsewhere because:
1. Housing is ridiculously overpriced
2. Everything in San Diego is expensive (we pay the highest in the nation for gas)
3. The local economy is driven in a large part by construction, and will be on a sorry downward slope for a whileNow we have this fire, as we did in 2003 and before. It may be just the thing to send you out of SD for good.
ParticipantRaptorduck you don’t need an RE license to know how silly your wife’s argument is. Imagine if you were living in San Diego and considering moving elsewhere because:
1. Housing is ridiculously overpriced
2. Everything in San Diego is expensive (we pay the highest in the nation for gas)
3. The local economy is driven in a large part by construction, and will be on a sorry downward slope for a whileNow we have this fire, as we did in 2003 and before. It may be just the thing to send you out of SD for good.
ParticipantRaptorduck you don’t need an RE license to know how silly your wife’s argument is. Imagine if you were living in San Diego and considering moving elsewhere because:
1. Housing is ridiculously overpriced
2. Everything in San Diego is expensive (we pay the highest in the nation for gas)
3. The local economy is driven in a large part by construction, and will be on a sorry downward slope for a whileNow we have this fire, as we did in 2003 and before. It may be just the thing to send you out of SD for good.
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