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June 24, 2010 at 2:56 PM in reply to: is the new Smart Move to BUY a home for strategic default? #571840June 24, 2010 at 2:34 PM in reply to: is the new Smart Move to BUY a home for strategic default? #570790
Scarlett
ParticipantThis smart move has occured to me, oh, about 6 months ago but my husband thought I was nuts. Hey, can’t beat them, join them!
He couldn’t believe that the credit scores can be repaired so much so quickly. We have 800 credit scores so see, it wouldnt’ have affected us that badly.
But let’s say it’s a 500K-500K house, downpayment 25K (an FHA loan, perhaps)- that you lose if you get evicted. Let’s say P&I per month is in the range $2500-3000 – so if you don’t pay mortgage from day 1 you save 25K-35K a year. (you may still wanna pay prop tax and HOA). After 1 year is still a wash. And in the future they may hurry up the foreclosure process enough (under 1 year) to get rid of the freeloaders. There is no guarantee it will take them 3-4 years to kick you out. But perhaps then they can offer u a principal reduction/loan mod…then it’s pretty good…
Otherwise…too much trouble for too little money… Hey, the process of finding, bidding and buying a house costs more in terms of time than 20K IMHO….at least to me, it’s so no worth it (beside the (un)ethical aspect of course).June 24, 2010 at 2:34 PM in reply to: is the new Smart Move to BUY a home for strategic default? #570885ParticipantThis smart move has occured to me, oh, about 6 months ago but my husband thought I was nuts. Hey, can’t beat them, join them!
He couldn’t believe that the credit scores can be repaired so much so quickly. We have 800 credit scores so see, it wouldnt’ have affected us that badly.
But let’s say it’s a 500K-500K house, downpayment 25K (an FHA loan, perhaps)- that you lose if you get evicted. Let’s say P&I per month is in the range $2500-3000 – so if you don’t pay mortgage from day 1 you save 25K-35K a year. (you may still wanna pay prop tax and HOA). After 1 year is still a wash. And in the future they may hurry up the foreclosure process enough (under 1 year) to get rid of the freeloaders. There is no guarantee it will take them 3-4 years to kick you out. But perhaps then they can offer u a principal reduction/loan mod…then it’s pretty good…
Otherwise…too much trouble for too little money… Hey, the process of finding, bidding and buying a house costs more in terms of time than 20K IMHO….at least to me, it’s so no worth it (beside the (un)ethical aspect of course).June 24, 2010 at 2:34 PM in reply to: is the new Smart Move to BUY a home for strategic default? #571402ParticipantThis smart move has occured to me, oh, about 6 months ago but my husband thought I was nuts. Hey, can’t beat them, join them!
He couldn’t believe that the credit scores can be repaired so much so quickly. We have 800 credit scores so see, it wouldnt’ have affected us that badly.
But let’s say it’s a 500K-500K house, downpayment 25K (an FHA loan, perhaps)- that you lose if you get evicted. Let’s say P&I per month is in the range $2500-3000 – so if you don’t pay mortgage from day 1 you save 25K-35K a year. (you may still wanna pay prop tax and HOA). After 1 year is still a wash. And in the future they may hurry up the foreclosure process enough (under 1 year) to get rid of the freeloaders. There is no guarantee it will take them 3-4 years to kick you out. But perhaps then they can offer u a principal reduction/loan mod…then it’s pretty good…
Otherwise…too much trouble for too little money… Hey, the process of finding, bidding and buying a house costs more in terms of time than 20K IMHO….at least to me, it’s so no worth it (beside the (un)ethical aspect of course).June 24, 2010 at 2:34 PM in reply to: is the new Smart Move to BUY a home for strategic default? #571509ParticipantThis smart move has occured to me, oh, about 6 months ago but my husband thought I was nuts. Hey, can’t beat them, join them!
He couldn’t believe that the credit scores can be repaired so much so quickly. We have 800 credit scores so see, it wouldnt’ have affected us that badly.
But let’s say it’s a 500K-500K house, downpayment 25K (an FHA loan, perhaps)- that you lose if you get evicted. Let’s say P&I per month is in the range $2500-3000 – so if you don’t pay mortgage from day 1 you save 25K-35K a year. (you may still wanna pay prop tax and HOA). After 1 year is still a wash. And in the future they may hurry up the foreclosure process enough (under 1 year) to get rid of the freeloaders. There is no guarantee it will take them 3-4 years to kick you out. But perhaps then they can offer u a principal reduction/loan mod…then it’s pretty good…
Otherwise…too much trouble for too little money… Hey, the process of finding, bidding and buying a house costs more in terms of time than 20K IMHO….at least to me, it’s so no worth it (beside the (un)ethical aspect of course).June 24, 2010 at 2:34 PM in reply to: is the new Smart Move to BUY a home for strategic default? #571800ParticipantThis smart move has occured to me, oh, about 6 months ago but my husband thought I was nuts. Hey, can’t beat them, join them!
He couldn’t believe that the credit scores can be repaired so much so quickly. We have 800 credit scores so see, it wouldnt’ have affected us that badly.
But let’s say it’s a 500K-500K house, downpayment 25K (an FHA loan, perhaps)- that you lose if you get evicted. Let’s say P&I per month is in the range $2500-3000 – so if you don’t pay mortgage from day 1 you save 25K-35K a year. (you may still wanna pay prop tax and HOA). After 1 year is still a wash. And in the future they may hurry up the foreclosure process enough (under 1 year) to get rid of the freeloaders. There is no guarantee it will take them 3-4 years to kick you out. But perhaps then they can offer u a principal reduction/loan mod…then it’s pretty good…
Otherwise…too much trouble for too little money… Hey, the process of finding, bidding and buying a house costs more in terms of time than 20K IMHO….at least to me, it’s so no worth it (beside the (un)ethical aspect of course).ParticipantThanks Rich! that IS VERY useful!
ParticipantThanks Rich! that IS VERY useful!
ParticipantThanks Rich! that IS VERY useful!
ParticipantThanks Rich! that IS VERY useful!
ParticipantThanks Rich! that IS VERY useful!
Participantthere was a thread about this complex; not sure if you are aware of this:
http://piggington.com/why_isn039t_waterbridge_sellingParticipantthere was a thread about this complex; not sure if you are aware of this:
http://piggington.com/why_isn039t_waterbridge_sellingParticipantthere was a thread about this complex; not sure if you are aware of this:
http://piggington.com/why_isn039t_waterbridge_sellingParticipantthere was a thread about this complex; not sure if you are aware of this:
http://piggington.com/why_isn039t_waterbridge_selling -
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