mrstoner
Posts:17
 | | 12/05/2007 9:50 AM |
 Alert | | has anyone walked away from thier mortgage? and could they tell what happened. what are the results | | | |
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itsjustmandy
Posts:66
| | 12/05/2007 10:52 AM |
Alert | you are (as i am) screwed for years.
in a different state.....
the bank forecloses. it took over 6 months between the last payment i sent and the sheriff giving me notice to vacate. the house sells at sheriffs auction for less than what you owe. the house must sell for a certain percentage of the loan. (66% was the requirement on ours) it is a secrete auction. people put in closed bids at the sheriffs dept. when allotted time is over, all bids are opened. highest bidder wins. whatever is remaining between the auction price and your balance is your responsibility. (we filed bankruptcy, although i wouldn't suggest that)
often your current mortgage co will bid on the house at a 75%-100+%. they already own the loan, so they're not loosing more money by buying their own property. they do this because they can sell it outright for more than it would auction for. although you are still responsible for whatever is not covered when someone else buys the house on auction, they still look at it as a loosing situation. if you're not paying now for a house you live in, they figure you won't pay in the future for a house you lost.
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Ricky Bobby
Posts:19
| | 12/05/2007 1:46 PM |
Alert | We lost our house recently. It was on the market for several months prior to the forclosure and auction sale, we had about two dozen offers submitted to the bank, all of which were less than we owed and all were denied.
The bank now has the property listed on MLS for $230K. The funny thing is we had several offers (three or four) which were submitted to the bank for $230 to $250K. I don't understand why the bank would deny all of those but then put the house on the market for the same exact price. Wouldn't it had made more sense for them to sell it and walk away from the property? | | | |
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klatzer
Posts:2
| | 12/19/2007 9:26 PM |
Alert | | WARNING!!! Watch out for those doing forclosures and locking homes...Countrywide put a lock on my property and I don't even affiliate with Countrywide! Yes, and they caused damage to the home as well. | | | |
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Bridog
Posts:60
| | 12/20/2007 1:53 AM |
Alert | Call your lender and tell them that you are in need of a shortsale application. Shortsales are actually getting offers, provided that they are priced right.
I understand that a shortsale affects your credit less than a foreclosure. Also ask the lender about a deed in lieu of foreclosure. | | | |
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delby
Posts:0
| | 12/21/2007 9:16 PM |
Alert | | Here is a noble idea, hypothetically of course. Find a family member or friend that will purchase your home on quick sale and buy the home back from them, at a lower cost. This could work if all the balls are in the right basket. | | | |
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MommaToni
Posts:1045
| | 12/22/2007 9:15 AM |
Alert | Deed in lieu's also effect your credit as much as foreclosure's it's just skipping all the legal crap and cutting to the chase. It's alot easier and you avoid getting pegged with attourney fees.
Short sales are the best way if you have no options but obviously it's dependant on whether or not you can get a buyer.... with the market the way it is ...good luck! Also, on if the mortgage company will work with you. Many are now since foreclosures seem to be a comoon thing.
The fact that so many people refi'd when the homes were appaising for so much and now have decreased dramatically it's hard for anyone to sell 'cause you won't get anywhere near what you need to.
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Ppppppbbbbbbssssssssssttttttttt! | |
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janedo
Posts:75
| | 12/24/2007 7:54 AM |
Alert | | I don't know a lot of information about it, but I heard that there is some kind of federal help for people who are affected by Adjustable Rate Mortgages. I don't even know where to go to find the information, there was a phone number like 1 800 something HOPE. But I think that if you are eligible for the program, that the gov't does not allow any additional increases to your payments. I hope this might help someone. | | | |
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RichTig
Posts:0
| | 01/01/2008 10:28 AM |
Alert | Anyone who loses their home because of an adjustable mortgage, should suck it up, learn a lesson and move on.
I have no pity for people too stupid to understand a contract (let alone actually read it before signing) and all of its potential ramifications.
After 7 years, when they have better credit, they will do better next time.
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cbjlovenest
Posts:105
| | 01/02/2008 1:39 PM |
Alert | The sad part is that the government has screwed all of us that did it on the up and up. In the long run I know that my fixed low rate will be a benefit, but we could have taken a 2% intro rate and have it locked by the governement for five years, now I feel like the dummy, now all these jerk offs are getting a break.
Bush will go down as the worst president ever, he has no policy, makes me disgusted he calls him self a conservative (and when i say that i mean economic). Meddling in the housing market will go down as one of his biggest blunders ever. | | | |
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CYounghans
Posts:37
| | 01/02/2008 4:58 PM |
Alert | <div class='NTForums_Quote'>Posted By itsjustmandy on 12/05/2007 10:52 AM
you are (as i am) screwed for years.
in a different state.....
the bank forecloses. it took over 6 months between the last payment i sent and the sheriff giving me notice to vacate. the house sells at sheriffs auction for less than what you owe. the house must sell for a certain percentage of the loan. (66% was the requirement on ours) it is a secrete auction. people put in closed bids at the sheriffs dept. when allotted time is over, all bids are opened. highest bidder wins. whatever is remaining between the auction price and your balance is your responsibility. (we filed bankruptcy, although i wouldn't suggest that)
often your current mortgage co will bid on the house at a 75%-100+%. they already own the loan, so they're not loosing more money by buying their own property. they do this because they can sell it outright for more than it would auction for. although you are still responsible for whatever is not covered when someone else buys the house on auction, they still look at it as a loosing situation. if you're not paying now for a house you live in, they figure you won't pay in the future for a house you lost.
</div>
AZ is not a dificincy state therefore the homeowner is not responsible for the difference.
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Formerly CourtneyHannon...... | |
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CYounghans
Posts:37
| | 01/02/2008 5:01 PM |
Alert | | "A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure." - foreclosurelaw.org | |
Formerly CourtneyHannon...... | |
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Marni
Posts:558
| | 01/02/2008 6:01 PM |
Alert | | . | |
Vote NO on Prop 102 | |
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robinlynn
Posts:165
| | 01/03/2008 6:55 PM |
Alert | | Wow, pretty judgemental aren't we? You have no idea what problems or issues others may have run into. Remember the old "walk a mile in their shoes" quote. If you did the right thing, kudos for you, in the end you at least can be glad it went ok, no telling what will happen down the road for those who didn't. All of this does effect credit and credit does matter these days. About the flood insurance. Yeah , we looked at a couple homes when we were transferred here from Il. I lived in that house for 20 yrs and 2 blks from a river and I never had flood insurance. So naturally I did not look for that issue when looking to buy in a desert. I didn't check if any aliens landed here before either. Naturally I will purchase flood insurance if it is required but No , I didn't check out where it had flooded here before we purchased, and neither did alot of people. If you did, again Kudos to you! You did it right again.If I had a gold star , I'd send it to you! | | | |
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Marni
Posts:558
| | 01/03/2008 9:44 PM |
Alert | | . | |
Vote NO on Prop 102 | |
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Marni
Posts:558
| | 01/03/2008 9:56 PM |
Alert | One more thing...
If you did the right thing, kudos for you, in the end you at least can be glad it went ok, no telling what will happen down the road for those who didn't.
Generally speaking, there is no telling down the road for those that did, because of those that didn't.
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Vote NO on Prop 102 | |
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Marni
Posts:558
| | 01/03/2008 10:08 PM |
Alert | Here is a noble idea, hypothetically of course. Find a family member or friend that will purchase your home on quick sale and buy the home back from them, at a lower cost. This could work if all the balls are in the right basket.
Now that is innovative! Would something like that actually work? | |
Vote NO on Prop 102 | |
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Bionicbunny
Posts:644
| | 01/04/2008 9:55 AM |
Alert | <div class='NTForums_Quote'>Posted By Marni on 01/03/2008 10:08 PM
<div class='NTForums_Quote'>Here is a noble idea, hypothetically of course. Find a family member or friend that will purchase your home on quick sale and buy the home back from them, at a lower cost. This could work if all the balls are in the right basket.</div>
Now that is innovative! Would something like that actually work? </div>
I'm sceptical on this idea. Maybe, if every other financial decision that you have made has been a good one. (i.e. credit card debt, other loans, etc.) Likely? No. Possible? I guess. More likely is once people get out of this mess, it will be on to the next. They spend their whole lives putting out financial fires that they started by making bad decisions. It can be like quicksand, take out a loan to pay off a couple of credit cards then another to pay off other loans, then a home equity because they can't control themselves and have spent too much on something else. Control is the key word here. | | | |
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Marni
Posts:558
| | 01/04/2008 5:10 PM |
Alert | | See that is the only way I thought it could be plausible...if they kept everything in line... | |
Vote NO on Prop 102 | |
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bizybeth
Posts:569
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