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November 21, 2009 at 4:12 PM in reply to: New: When does it make financial sense to dump my house? #485734November 21, 2009 at 4:12 PM in reply to: New: When does it make financial sense to dump my house? #485818
SellingMyHome
Participant[quote=sdrealtor]Brian
I checked your property and you are very very very fortunate in one regard. You refinanced into a single loan and got rid of the Nat’l City/PNC second. They are the nastiest most miserable to deal with. You now have a single loan which limits your lender to one action if you stop paying which would be foreclosure and then they couldnt come after you. National City/PNC on 1sts is very very slow and you will likely be in for a 6 month ordeal or longer. Make sure they provide you with a full release as they should. I have gotten them for clients.More than anything, have a drink and toast your good fortune in getting rid of the 2nd. If you hadnt they would have given you two options-keep servicing the debt after close of escrow or come up with about 50 cents on the dollar to settle.
And based upon who listed your property I would encourage following Sd Realtor’s advice also.[/quote]
Thanks for the good news! I still worry about my confusion as to if my loan is recourse, and what that means in terms of the lender’s options.
Just curious, how did you dig up my particulars? I have a feeling that with all the info I posted about my situation you could do it somewhere. Should I be concerned about my privacy, especially with some of the jerks that lurk on sites like these?
November 21, 2009 at 4:12 PM in reply to: New: When does it make financial sense to dump my house? #486047Participant[quote=sdrealtor]Brian
I checked your property and you are very very very fortunate in one regard. You refinanced into a single loan and got rid of the Nat’l City/PNC second. They are the nastiest most miserable to deal with. You now have a single loan which limits your lender to one action if you stop paying which would be foreclosure and then they couldnt come after you. National City/PNC on 1sts is very very slow and you will likely be in for a 6 month ordeal or longer. Make sure they provide you with a full release as they should. I have gotten them for clients.More than anything, have a drink and toast your good fortune in getting rid of the 2nd. If you hadnt they would have given you two options-keep servicing the debt after close of escrow or come up with about 50 cents on the dollar to settle.
And based upon who listed your property I would encourage following Sd Realtor’s advice also.[/quote]
Thanks for the good news! I still worry about my confusion as to if my loan is recourse, and what that means in terms of the lender’s options.
Just curious, how did you dig up my particulars? I have a feeling that with all the info I posted about my situation you could do it somewhere. Should I be concerned about my privacy, especially with some of the jerks that lurk on sites like these?
Participant[quote=Cabal]With any generation there are always a set of issues that seem to foreshadow the end of the world. That has been the case since the birth of this nation and somehow, we always manage to adapt, survive, and ultimately prosper. This current crisis is no different. In 20 years, all of this nonsense will have been forgotten, everyone on this board will have survived, and the next generation will be complaining about something else. So calm down, notice it’s a another beautiful sunny day in SD, notice your wife and kids are happy and beautiful, have a beer and go watch football.
Regarding the UC student diatribe, my response is anyone attending UC should feel extremely fortunate. All UC campuses except Merced are ranked in the top 100 nationwide. Admission rates into the flagship campuses of UCB and UCLA are in the 20% range with typical GPAs of 4.3 and SAT well above 2000. Academic reputation, research, rigor, etc. are all top notch on par with the Ivys and other elite institutions, yet the average annual tuition is still at the incredible bargain price of around 8K (25K all inclusive). Unless they choose a major like Philosophy, most of these kids will eventually secure a well paying job. While the timing for the proposed 30% tuition hike couldn’t be worse, one needs to keep in mind that the life cycle return on their educational investment is unbeatable by any measure. If any of the protesting UCLA students wish to give up their admission spot, I guarantee you that there are 100 waiting in line willing to pay double.[/quote]
Great point! I remind myself how lucky I am all the time. But then, I’ve got two beautiful kids and wife, so I’ve got three things to look forward to on my commute home each night.
I know historically, people have always had something to complain about, and the older generation always think the younger generation are deadbeats. But, I think it is compounded lately by doom and gloom media outlets like Fox, that get off on making it sound like the world is ending! Or is it just because they are jealous of the liberal majority in government now. Too bad the dumbass liberals can’t get their agenda going!
Participant[quote=Cabal]With any generation there are always a set of issues that seem to foreshadow the end of the world. That has been the case since the birth of this nation and somehow, we always manage to adapt, survive, and ultimately prosper. This current crisis is no different. In 20 years, all of this nonsense will have been forgotten, everyone on this board will have survived, and the next generation will be complaining about something else. So calm down, notice it’s a another beautiful sunny day in SD, notice your wife and kids are happy and beautiful, have a beer and go watch football.
Regarding the UC student diatribe, my response is anyone attending UC should feel extremely fortunate. All UC campuses except Merced are ranked in the top 100 nationwide. Admission rates into the flagship campuses of UCB and UCLA are in the 20% range with typical GPAs of 4.3 and SAT well above 2000. Academic reputation, research, rigor, etc. are all top notch on par with the Ivys and other elite institutions, yet the average annual tuition is still at the incredible bargain price of around 8K (25K all inclusive). Unless they choose a major like Philosophy, most of these kids will eventually secure a well paying job. While the timing for the proposed 30% tuition hike couldn’t be worse, one needs to keep in mind that the life cycle return on their educational investment is unbeatable by any measure. If any of the protesting UCLA students wish to give up their admission spot, I guarantee you that there are 100 waiting in line willing to pay double.[/quote]
Great point! I remind myself how lucky I am all the time. But then, I’ve got two beautiful kids and wife, so I’ve got three things to look forward to on my commute home each night.
I know historically, people have always had something to complain about, and the older generation always think the younger generation are deadbeats. But, I think it is compounded lately by doom and gloom media outlets like Fox, that get off on making it sound like the world is ending! Or is it just because they are jealous of the liberal majority in government now. Too bad the dumbass liberals can’t get their agenda going!
Participant[quote=Cabal]With any generation there are always a set of issues that seem to foreshadow the end of the world. That has been the case since the birth of this nation and somehow, we always manage to adapt, survive, and ultimately prosper. This current crisis is no different. In 20 years, all of this nonsense will have been forgotten, everyone on this board will have survived, and the next generation will be complaining about something else. So calm down, notice it’s a another beautiful sunny day in SD, notice your wife and kids are happy and beautiful, have a beer and go watch football.
Regarding the UC student diatribe, my response is anyone attending UC should feel extremely fortunate. All UC campuses except Merced are ranked in the top 100 nationwide. Admission rates into the flagship campuses of UCB and UCLA are in the 20% range with typical GPAs of 4.3 and SAT well above 2000. Academic reputation, research, rigor, etc. are all top notch on par with the Ivys and other elite institutions, yet the average annual tuition is still at the incredible bargain price of around 8K (25K all inclusive). Unless they choose a major like Philosophy, most of these kids will eventually secure a well paying job. While the timing for the proposed 30% tuition hike couldn’t be worse, one needs to keep in mind that the life cycle return on their educational investment is unbeatable by any measure. If any of the protesting UCLA students wish to give up their admission spot, I guarantee you that there are 100 waiting in line willing to pay double.[/quote]
Great point! I remind myself how lucky I am all the time. But then, I’ve got two beautiful kids and wife, so I’ve got three things to look forward to on my commute home each night.
I know historically, people have always had something to complain about, and the older generation always think the younger generation are deadbeats. But, I think it is compounded lately by doom and gloom media outlets like Fox, that get off on making it sound like the world is ending! Or is it just because they are jealous of the liberal majority in government now. Too bad the dumbass liberals can’t get their agenda going!
Participant[quote=Cabal]With any generation there are always a set of issues that seem to foreshadow the end of the world. That has been the case since the birth of this nation and somehow, we always manage to adapt, survive, and ultimately prosper. This current crisis is no different. In 20 years, all of this nonsense will have been forgotten, everyone on this board will have survived, and the next generation will be complaining about something else. So calm down, notice it’s a another beautiful sunny day in SD, notice your wife and kids are happy and beautiful, have a beer and go watch football.
Regarding the UC student diatribe, my response is anyone attending UC should feel extremely fortunate. All UC campuses except Merced are ranked in the top 100 nationwide. Admission rates into the flagship campuses of UCB and UCLA are in the 20% range with typical GPAs of 4.3 and SAT well above 2000. Academic reputation, research, rigor, etc. are all top notch on par with the Ivys and other elite institutions, yet the average annual tuition is still at the incredible bargain price of around 8K (25K all inclusive). Unless they choose a major like Philosophy, most of these kids will eventually secure a well paying job. While the timing for the proposed 30% tuition hike couldn’t be worse, one needs to keep in mind that the life cycle return on their educational investment is unbeatable by any measure. If any of the protesting UCLA students wish to give up their admission spot, I guarantee you that there are 100 waiting in line willing to pay double.[/quote]
Great point! I remind myself how lucky I am all the time. But then, I’ve got two beautiful kids and wife, so I’ve got three things to look forward to on my commute home each night.
I know historically, people have always had something to complain about, and the older generation always think the younger generation are deadbeats. But, I think it is compounded lately by doom and gloom media outlets like Fox, that get off on making it sound like the world is ending! Or is it just because they are jealous of the liberal majority in government now. Too bad the dumbass liberals can’t get their agenda going!
Participant[quote=Cabal]With any generation there are always a set of issues that seem to foreshadow the end of the world. That has been the case since the birth of this nation and somehow, we always manage to adapt, survive, and ultimately prosper. This current crisis is no different. In 20 years, all of this nonsense will have been forgotten, everyone on this board will have survived, and the next generation will be complaining about something else. So calm down, notice it’s a another beautiful sunny day in SD, notice your wife and kids are happy and beautiful, have a beer and go watch football.
Regarding the UC student diatribe, my response is anyone attending UC should feel extremely fortunate. All UC campuses except Merced are ranked in the top 100 nationwide. Admission rates into the flagship campuses of UCB and UCLA are in the 20% range with typical GPAs of 4.3 and SAT well above 2000. Academic reputation, research, rigor, etc. are all top notch on par with the Ivys and other elite institutions, yet the average annual tuition is still at the incredible bargain price of around 8K (25K all inclusive). Unless they choose a major like Philosophy, most of these kids will eventually secure a well paying job. While the timing for the proposed 30% tuition hike couldn’t be worse, one needs to keep in mind that the life cycle return on their educational investment is unbeatable by any measure. If any of the protesting UCLA students wish to give up their admission spot, I guarantee you that there are 100 waiting in line willing to pay double.[/quote]
Great point! I remind myself how lucky I am all the time. But then, I’ve got two beautiful kids and wife, so I’ve got three things to look forward to on my commute home each night.
I know historically, people have always had something to complain about, and the older generation always think the younger generation are deadbeats. But, I think it is compounded lately by doom and gloom media outlets like Fox, that get off on making it sound like the world is ending! Or is it just because they are jealous of the liberal majority in government now. Too bad the dumbass liberals can’t get their agenda going!
November 21, 2009 at 3:23 PM in reply to: New: When does it make financial sense to dump my house? #485161Participant[quote=Adebisi][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
Isn’t that amazing? After 6 years with $125K in income, there’s been no principal reduction at all and the guy said he has no savings.
Battiata is great at reeling guys like this in. He’ll probably end up selling the guy his next foreclosure too after he closes this short sale. And you can just feel the professsional jealousy from the gaggle of goofy realtors on this board. I mean, who wouldn’t want a client as financially unsavvy as this guy? It’s easy money.
I can understand the jealousy though. Batiatta is practically a celebrity in southern California with his TV commercials, his clients love him, and he’s been invited to testify in front of Congress. He’s got it all. Hell, he’s probably closed 5 deals in the day or so this thread has been active. No wonder he gets so many cheap shots from the can’t-even-close-a-car-door realtor gang that hangs out here.
Another thing I’m amazed at is how America now tolerates it’s middle and upper class welfare queens. Back in the 80’s and 90’s, welfare queens were villified for getting something like $12K a year in taxpayer money. The original poster is going to drop a $100K loss on the taxpayers in one year and no one even bats an eye. Ain’t America great?[/quote]
Wow, nice speaking to you too! You’re a jerk!
I actually have 401K, my wife has 401K, putting $ in both kids college savings plans, and I have a pension that will pay me about 90% of my last year’s wages. Wife, two kids, and even two dogs. Don’t save money in a savings account though. We tend to spend it on things to make us happy in the short term. I’ve got the long term handled.
You must be a really unhappy person to have put what you did. Blow off! If your point was to make me mad, you win!
By the way, with the loan I’m in since 2006, we’ve paid $95K in interest, while only $18K went to principal. I wouldn’t worry about the banks, they’re doing fine!
For the other posters wondering how I can only have paid off so little on the balance, you can see what happens with the percent that goes to principal, and the percent that goes to the lender. The percent slowly reverses, but only many year’s into the loan!
I’ve always wondered why loans are structured like that. Doesn’t give us a fair chance to get out from under ourselves!
That is why I will walk away from this house and rent until it actually may make sense to buy again. I appreciate most of the posters comments and suggestions here, and hope to learn some things.
Again though, Adebisi, blow off!
November 21, 2009 at 3:23 PM in reply to: New: When does it make financial sense to dump my house? #485329Participant[quote=Adebisi][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
Isn’t that amazing? After 6 years with $125K in income, there’s been no principal reduction at all and the guy said he has no savings.
Battiata is great at reeling guys like this in. He’ll probably end up selling the guy his next foreclosure too after he closes this short sale. And you can just feel the professsional jealousy from the gaggle of goofy realtors on this board. I mean, who wouldn’t want a client as financially unsavvy as this guy? It’s easy money.
I can understand the jealousy though. Batiatta is practically a celebrity in southern California with his TV commercials, his clients love him, and he’s been invited to testify in front of Congress. He’s got it all. Hell, he’s probably closed 5 deals in the day or so this thread has been active. No wonder he gets so many cheap shots from the can’t-even-close-a-car-door realtor gang that hangs out here.
Another thing I’m amazed at is how America now tolerates it’s middle and upper class welfare queens. Back in the 80’s and 90’s, welfare queens were villified for getting something like $12K a year in taxpayer money. The original poster is going to drop a $100K loss on the taxpayers in one year and no one even bats an eye. Ain’t America great?[/quote]
Wow, nice speaking to you too! You’re a jerk!
I actually have 401K, my wife has 401K, putting $ in both kids college savings plans, and I have a pension that will pay me about 90% of my last year’s wages. Wife, two kids, and even two dogs. Don’t save money in a savings account though. We tend to spend it on things to make us happy in the short term. I’ve got the long term handled.
You must be a really unhappy person to have put what you did. Blow off! If your point was to make me mad, you win!
By the way, with the loan I’m in since 2006, we’ve paid $95K in interest, while only $18K went to principal. I wouldn’t worry about the banks, they’re doing fine!
For the other posters wondering how I can only have paid off so little on the balance, you can see what happens with the percent that goes to principal, and the percent that goes to the lender. The percent slowly reverses, but only many year’s into the loan!
I’ve always wondered why loans are structured like that. Doesn’t give us a fair chance to get out from under ourselves!
That is why I will walk away from this house and rent until it actually may make sense to buy again. I appreciate most of the posters comments and suggestions here, and hope to learn some things.
Again though, Adebisi, blow off!
November 21, 2009 at 3:23 PM in reply to: New: When does it make financial sense to dump my house? #485704Participant[quote=Adebisi][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
Isn’t that amazing? After 6 years with $125K in income, there’s been no principal reduction at all and the guy said he has no savings.
Battiata is great at reeling guys like this in. He’ll probably end up selling the guy his next foreclosure too after he closes this short sale. And you can just feel the professsional jealousy from the gaggle of goofy realtors on this board. I mean, who wouldn’t want a client as financially unsavvy as this guy? It’s easy money.
I can understand the jealousy though. Batiatta is practically a celebrity in southern California with his TV commercials, his clients love him, and he’s been invited to testify in front of Congress. He’s got it all. Hell, he’s probably closed 5 deals in the day or so this thread has been active. No wonder he gets so many cheap shots from the can’t-even-close-a-car-door realtor gang that hangs out here.
Another thing I’m amazed at is how America now tolerates it’s middle and upper class welfare queens. Back in the 80’s and 90’s, welfare queens were villified for getting something like $12K a year in taxpayer money. The original poster is going to drop a $100K loss on the taxpayers in one year and no one even bats an eye. Ain’t America great?[/quote]
Wow, nice speaking to you too! You’re a jerk!
I actually have 401K, my wife has 401K, putting $ in both kids college savings plans, and I have a pension that will pay me about 90% of my last year’s wages. Wife, two kids, and even two dogs. Don’t save money in a savings account though. We tend to spend it on things to make us happy in the short term. I’ve got the long term handled.
You must be a really unhappy person to have put what you did. Blow off! If your point was to make me mad, you win!
By the way, with the loan I’m in since 2006, we’ve paid $95K in interest, while only $18K went to principal. I wouldn’t worry about the banks, they’re doing fine!
For the other posters wondering how I can only have paid off so little on the balance, you can see what happens with the percent that goes to principal, and the percent that goes to the lender. The percent slowly reverses, but only many year’s into the loan!
I’ve always wondered why loans are structured like that. Doesn’t give us a fair chance to get out from under ourselves!
That is why I will walk away from this house and rent until it actually may make sense to buy again. I appreciate most of the posters comments and suggestions here, and hope to learn some things.
Again though, Adebisi, blow off!
November 21, 2009 at 3:23 PM in reply to: New: When does it make financial sense to dump my house? #485788Participant[quote=Adebisi][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
Isn’t that amazing? After 6 years with $125K in income, there’s been no principal reduction at all and the guy said he has no savings.
Battiata is great at reeling guys like this in. He’ll probably end up selling the guy his next foreclosure too after he closes this short sale. And you can just feel the professsional jealousy from the gaggle of goofy realtors on this board. I mean, who wouldn’t want a client as financially unsavvy as this guy? It’s easy money.
I can understand the jealousy though. Batiatta is practically a celebrity in southern California with his TV commercials, his clients love him, and he’s been invited to testify in front of Congress. He’s got it all. Hell, he’s probably closed 5 deals in the day or so this thread has been active. No wonder he gets so many cheap shots from the can’t-even-close-a-car-door realtor gang that hangs out here.
Another thing I’m amazed at is how America now tolerates it’s middle and upper class welfare queens. Back in the 80’s and 90’s, welfare queens were villified for getting something like $12K a year in taxpayer money. The original poster is going to drop a $100K loss on the taxpayers in one year and no one even bats an eye. Ain’t America great?[/quote]
Wow, nice speaking to you too! You’re a jerk!
I actually have 401K, my wife has 401K, putting $ in both kids college savings plans, and I have a pension that will pay me about 90% of my last year’s wages. Wife, two kids, and even two dogs. Don’t save money in a savings account though. We tend to spend it on things to make us happy in the short term. I’ve got the long term handled.
You must be a really unhappy person to have put what you did. Blow off! If your point was to make me mad, you win!
By the way, with the loan I’m in since 2006, we’ve paid $95K in interest, while only $18K went to principal. I wouldn’t worry about the banks, they’re doing fine!
For the other posters wondering how I can only have paid off so little on the balance, you can see what happens with the percent that goes to principal, and the percent that goes to the lender. The percent slowly reverses, but only many year’s into the loan!
I’ve always wondered why loans are structured like that. Doesn’t give us a fair chance to get out from under ourselves!
That is why I will walk away from this house and rent until it actually may make sense to buy again. I appreciate most of the posters comments and suggestions here, and hope to learn some things.
Again though, Adebisi, blow off!
November 21, 2009 at 3:23 PM in reply to: New: When does it make financial sense to dump my house? #486018Participant[quote=Adebisi][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
Isn’t that amazing? After 6 years with $125K in income, there’s been no principal reduction at all and the guy said he has no savings.
Battiata is great at reeling guys like this in. He’ll probably end up selling the guy his next foreclosure too after he closes this short sale. And you can just feel the professsional jealousy from the gaggle of goofy realtors on this board. I mean, who wouldn’t want a client as financially unsavvy as this guy? It’s easy money.
I can understand the jealousy though. Batiatta is practically a celebrity in southern California with his TV commercials, his clients love him, and he’s been invited to testify in front of Congress. He’s got it all. Hell, he’s probably closed 5 deals in the day or so this thread has been active. No wonder he gets so many cheap shots from the can’t-even-close-a-car-door realtor gang that hangs out here.
Another thing I’m amazed at is how America now tolerates it’s middle and upper class welfare queens. Back in the 80’s and 90’s, welfare queens were villified for getting something like $12K a year in taxpayer money. The original poster is going to drop a $100K loss on the taxpayers in one year and no one even bats an eye. Ain’t America great?[/quote]
Wow, nice speaking to you too! You’re a jerk!
I actually have 401K, my wife has 401K, putting $ in both kids college savings plans, and I have a pension that will pay me about 90% of my last year’s wages. Wife, two kids, and even two dogs. Don’t save money in a savings account though. We tend to spend it on things to make us happy in the short term. I’ve got the long term handled.
You must be a really unhappy person to have put what you did. Blow off! If your point was to make me mad, you win!
By the way, with the loan I’m in since 2006, we’ve paid $95K in interest, while only $18K went to principal. I wouldn’t worry about the banks, they’re doing fine!
For the other posters wondering how I can only have paid off so little on the balance, you can see what happens with the percent that goes to principal, and the percent that goes to the lender. The percent slowly reverses, but only many year’s into the loan!
I’ve always wondered why loans are structured like that. Doesn’t give us a fair chance to get out from under ourselves!
That is why I will walk away from this house and rent until it actually may make sense to buy again. I appreciate most of the posters comments and suggestions here, and hope to learn some things.
Again though, Adebisi, blow off!
November 21, 2009 at 3:22 PM in reply to: New: When does it make financial sense to dump my house? #485171Participant[quote=creechrr][quote=SellingMyHome][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
They rolled in closing costs as well.[/quote]
I picked up an that too. After six years of mortgage payments, you still that much?
6 years * 12pmt/year = 72 mortgage payments
72 * ~ $2,000 (low assumption) = $144,000
So, at least $144,000 worth of payments have been made. I’ve never had a mortgage but, something doesn’t add up.[/quote]
You should see how much goes towards interest, and how much towards principla the first 10 years of the mortgage. It would make you cry! Since my refi of $467K in 2006, I’ve paid $95K in interest, and less than $18K in principal. Reduced the balance to about $450.
Banks are doing good, trust me!
November 21, 2009 at 3:22 PM in reply to: New: When does it make financial sense to dump my house? #485339Participant[quote=creechrr][quote=SellingMyHome][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
They rolled in closing costs as well.[/quote]
I picked up an that too. After six years of mortgage payments, you still that much?
6 years * 12pmt/year = 72 mortgage payments
72 * ~ $2,000 (low assumption) = $144,000
So, at least $144,000 worth of payments have been made. I’ve never had a mortgage but, something doesn’t add up.[/quote]
You should see how much goes towards interest, and how much towards principla the first 10 years of the mortgage. It would make you cry! Since my refi of $467K in 2006, I’ve paid $95K in interest, and less than $18K in principal. Reduced the balance to about $450.
Banks are doing good, trust me!
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