V8 Beast Posted February 1, 2012 Author Report Share Posted February 1, 2012 If you walk away, you cant be on ANY purchase for a specified amount of time- depending on the default and when the foreclosure process is started. Same goes for your wife if you are both on the MTG. So, your Dad would not be cosigning with you in your scenario-he would have to credit qualify on his own for a house as a second home. He buys houses with cash. The guy doesnt believe in borrowing from anyone. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted February 1, 2012 Report Share Posted February 1, 2012 I would just stay where you are and ride it out. Double or triple your payments until you are out of the red and in the green again... Quote Link to comment Share on other sites More sharing options...
KillJoy Posted February 1, 2012 Report Share Posted February 1, 2012 I would just stay where you are and ride it out. Double or triple your payments until you are out of the red and in the green again... This is the route we are going..... KillJoy Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted February 1, 2012 Report Share Posted February 1, 2012 At two different points my wife lost her job and we have to put things on hold. One we used the insurance we paid for (you know the one where they can put payments on hold in the event of a life event like lost wages). The other the company misunderstood us and didnt use this. We didnt realize we were past due on the mortgage until we got a letter in the mail telling us we were at risk of foreclosure. When we called back they were all like "oops", and we started paying. At the time since we were past due they added the missed payments on top of the base rate and lowered our interest rate like .05%. When asking if they could fix it in a way that didnt impact our payments they said no. Even though I paid for the insurance for events like a lost job it was put back on me for not being more clear when I called in. I just sucked it up and have been paying the increased amount after calling and escalating repeatedly with no luck. When I found out about it I called and attempted to do right by them, but couldnt pay multiple months of mortgage all at once (because I was the only one working). I took a credit hit, and a monthly payment hit. There was no back dating the job lost insurance or working with me outside of giving me what was given to people at risk of foreclosing. The little bit of an interest decrease and a have a good life was all they could offer me. You could tell the lady wanted to help but her supervisor kept shooting her down. Now that I've finished reading it all, I would call back and raise hell about this! Is this not something you paid for? If its in the contract they are legally bound, if they are telling you to bad its to late....I would tell them you are hiring an attorney until they make it right. If they aren't going to abide by the contract then why should you IMO? As much as it sucks, you've got to keep pressing and continue your life. I'd be glad you are only $30k upside down. I know people that are -$130k+ in the same boat. The crazy part is most are walking away. Its not worth all the problems when you can fix it in a few years on your own. If the house was nice enough for you to buy in the first place, it should be nice enough for you to stay in and keep to make right. Good area, good schools, the right size, everything you wanted, etc...etc...in a few years the money won't even matter.... Quote Link to comment Share on other sites More sharing options...
coltboostin Posted February 1, 2012 Report Share Posted February 1, 2012 He buys houses with cash. The guy doesnt believe in borrowing from anyone. Cash is king. I am a loan officer, and a cash man. What does that tell you?! I just figured it was worth mentioning since I thought I read he would co-sign for you-suggesting a loan. Not all out buy a house for you! Talk to a realtor and determine your actual value. If you are more than 20% under equity, a strategic default may be in your best interest especially if you are in a declining market area. For example, I have a co-wroker that defaulted over 3 years ago. He is still in t:no:he home, he has not been asked to leave, and since he is 3 years since his last reported forclosure, he is eligible to purchase another home (even though he is STILL in the house "rent free") Crazy, but these are our times. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted February 1, 2012 Author Report Share Posted February 1, 2012 Cash is king. I am a loan officer, and a cash man. What does that tell you?! I just figured it was worth mentioning since I thought I read he would co-sign for you-suggesting a loan. Not all out buy a house for you! Talk to a realtor and determine your actual value. If you are more than 20% under equity, a strategic default may be in your best interest especially if you are in a declining market area. For example, I have a co-wroker that defaulted over 3 years ago. He is still in t:no:he home, he has not been asked to leave, and since he is 3 years since his last reported forclosure, he is eligible to purchase another home (even though he is STILL in the house "rent free") Crazy, but these are our times. The neighbor on the corner is doing that!!! He has not made a payment in almost 2 years. I mean, hes putting the money in savings just to be safe, but they just simply forgot about him. He keeps as little there as possible in case they try to kick him out... but has saved about $40k since foreclosing. Outside of this house and a car I'm done with credit. If I cant buy it with cash I need it. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted February 1, 2012 Report Share Posted February 1, 2012 For example, I have a co-wroker that defaulted over 3 years ago. He is still in t:no:he home, he has not been asked to leave, and since he is 3 years since his last reported forclosure, he is eligible to purchase another home (even though he is STILL in the house "rent free") Crazy, but these are our times. im sure you can get away with that brokedick shit in cleveland. this is columbus. cleveland facts: chief exports: lebron james, crippling depression, malt liquor water: undrinkable GDP: -$1Billion/yr motto: cleveland: at least we're not detroit. Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted February 1, 2012 Report Share Posted February 1, 2012 cleveland facts: chief exports: lebron james, crippling depression, malt liquor water: undrinkable GDP: -$1Billion/yr motto: cleveland: at least we're not detroit. Look at it this way, with their ever declining population you could buy a house in the city right now and live in the country in 30 years! :lolguy: All you have to do is buy all of those lots around you from the city for $1. Quote Link to comment Share on other sites More sharing options...
Hwilli1647545487 Posted February 1, 2012 Report Share Posted February 1, 2012 My advice is to make a list of possibly scenerios. Take all emotions/ego out of the decision, and do what's best from a financial view point. I do have one question though. If your inlaws could buy a house cash, would they also be willing to float you a small loan to get the current house sold? Quote Link to comment Share on other sites More sharing options...
coltboostin Posted February 1, 2012 Report Share Posted February 1, 2012 im sure you can get away with that brokedick shit in cleveland. this is columbus. . Did you even read the post ABOVE YOURS? :dumb: Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted February 1, 2012 Report Share Posted February 1, 2012 Did you even read the post ABOVE YOURS? :dumb: no i try not to read any posts in the actual thread. Quote Link to comment Share on other sites More sharing options...
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