Forclosure

[irbaboon]

who has done it and what was the outcome, aside from losing your house and fucking your credit? Has anyone prospered from this? Did they try and take everything from you? Best and worst case scenarios. Thanks

[irbaboon]

seriously someone has done this or knows someone who has.

[SeVeReDiStOrTiOn]

I don't see how you would prosper from it. Yea you won't have a mortgage payment but you still need a place to live...you'll save some on rent but that's if you can find a landlord to take someone with shitty credit. And you would be renting for a long long time..

You would lose all bragging rights to be able to say you didn't contribute to the collapse of the economy. But who cares about that right...no one else seems to.

[redls1]

They can try and come after you for some I think. We are claiming bankruptcy so they dont get anything.

[DrMilhouse]

if you're going to forclose, STOP paying at all. you've got like 8 months from the time you are 1 month behind before you have to be out. Pay alllllllll the bills you can instead of paying rent.

The bank will take it eventually, you can fight them or you can do it peacefully. There's nothing to gain in fighting. They'll attempt to get you to stay at some point and depending on the bank, they might actually even try to work with you enough that it could work. Most will not.

If you have an HOA, KEEP PAYING THEM, you are responsible for that, NOT the bank. The moment the bank finally forecloses, it becomes their responsibility, before that, it's yours so PAY IT so it doesn't bite you in the ass.

I'm not sure what happens with 1st and 2nd mortgages. I have two on the condo I just foreclosed on. They're still trying to get me to pay the second, I haven't really talked with them, I leave them messages, they leave me messages, it's kind of a joke.

If your mortgage company is Ocwen, they're asses.

It's really not that painful of a process, but you gotta keep your head about you that it's going to fuck your credit. If you're in the conversation of a foreclosure, chances are, it's already fucked, no big deal.

You'll be buying on cash for a while, but if you stop paying the mortgage payments, just live there rent free. I didn't and I regret that most.

[310stanger]

If you were rich, the taxpayers would just bail you out.

[ws6seth]

Call your lender and see if they are willing to do a short sale. Right now lenders don't anymore foreclosures on the books, so many will let you list your house and entertain any offers that you can bring it. I know a Countywide customer right now who has not made a payment since the beginning of the year and they have not even started the process of foreclosure. All they want is for the person to keep the house listed and if an offer ever comes in they want to be able to review the purchase price contract so they can work with the current owner and buyer to sell the house for less then what is owed on it. If they are not willing to work with you now, wait till you are behind on a payment or two and I bet they will be more motivated. Another possibility is if your payment has increased because of an ARM reset, they might ask for you to provide some financial info and a letter of hardship to work with you to do a rate modification to make your house more affordable. I will tell you it really depends on the lender and more so on the rep you talk to on the phone. If you don't get someone who is willing to work with you, I would call back and speak to someone else until you find someone helpful. You can also ask the lender when you call to speak to someone in the workout department. If they have one, these people are specially trained to deal with customers who are behind or in trouble.

[KyleLs1]

Pay your bills

If you can't afford your house, sell it at a loss.. pay off the bank as much as possible and don't take the easy way out. Perhaps sell your vehicles or posessions to try and recoup some of the loss?

What is your circumstance for wanting a forclosure, i.e why can't you pay your bills?

[whoa guy]

They can try and come after you for some I think. We are claiming bankruptcy so they dont get anything.

The Good Ole' American Way.... Bankruptcy!

[redls1]

if you're going to forclose, STOP paying at all. you've got like 8 months from the time you are 1 month behind before you have to be out. Pay alllllllll the bills you can instead of paying rent.

The bank will take it eventually, you can fight them or you can do it peacefully. There's nothing to gain in fighting. They'll attempt to get you to stay at some point and depending on the bank, they might actually even try to work with you enough that it could work. Most will not.

If you have an HOA, KEEP PAYING THEM, you are responsible for that, NOT the bank. The moment the bank finally forecloses, it becomes their responsibility, before that, it's yours so PAY IT so it doesn't bite you in the ass.

I'm not sure what happens with 1st and 2nd mortgages. I have two on the condo I just foreclosed on. They're still trying to get me to pay the second, I haven't really talked with them, I leave them messages, they leave me messages, it's kind of a joke.

If your mortgage company is Ocwen, they're asses.

It's really not that painful of a process, but you gotta keep your head about you that it's going to fuck your credit. If you're in the conversation of a foreclosure, chances are, it's already fucked, no big deal.

You'll be buying on cash for a while, but if you stop paying the mortgage payments, just live there rent free. I didn't and I regret that most.

We had ocwen also and they sucked. From the time they said it was going it foreclosure we tried to work something out. Took 1 month for someone to be a signed our case and they still had their head up there ass. Even in the end we had a buyer but read the wrong notes it the file and foreclosed on us. The bank then rebought the house for $100.

[Tide]

Pay your bills

If you can't afford your house, sell it at a loss.. pay off the bank as much as possible and don't take the easy way out. Perhaps sell your vehicles or posessions to try and recoup some of the loss?

What is your circumstance for wanting a forclosure, i.e why can't you pay your bills?

This.

[irbaboon]

Pay your bills

If you can't afford your house, sell it at a loss.. pay off the bank as much as possible and don't take the easy way out. Perhaps sell your vehicles or posessions to try and recoup some of the loss?

What is your circumstance for wanting a forclosure, i.e why can't you pay your bills?

I am not 100% commited to foreclosing, I payed 300k for the house rolled all the closing costs into it for a total of 320k. I am in an interest only arm loan with 2 mortgages one is 260k @ 7.4% and one at 62k @ 11.3%. I could only pay the minimum and now owe about 340k on both. The house is now worth 240k-250k due to the great economy we have now. I purchase the house to flip and make a little, not a a permanent address, its way too small. Plus the house still need a ton of work, ie: roof, siding, kitchen, sheetrock (walls are now covered in 1/4 paneling). I have done some work but the 30k in equity that ive put in has done nothing for the value of the house.
Again i do not want to forclose but i can not get a loan modification because i take in too much money. I have to many other bills to pay more on the house and have no savings. I realize this is 100% my own fault and my credit will suffer, but it will suffer no matter what route i take. Just looking at what the bank can go after.

[chuckie669]

I'm really sorry to hear abou this bro. At least your trying to handle your business. First thing I'd try to do if I was in the red (and I'm assuming you did) is cancel all non-necessary services, such as cable, extra phones etc. start trying to commute and save on gas.

Good luck man, I'm not sure what I'd do in your place.

[Kennedy]

C'mon guys, the OP is not asking for a lecture, he's asking a very specific question and weighing his options. Cut him some slack....

[DrMilhouse]

C'mon guys, the OP is not asking for a lecture, he's asking a very specific question and weighing his options. Cut him some slack....

+1 on that. I'm sure he's not terribly happy about being in the situation where foreclosure is even an option. For those of you who never have to deal with it, great job. Good for you. :clap: but for the rest of us that made whatever mistakes we made that got us to whatever point we got to, there's no need to try to take someone down any further when they're already probably pretty down.

[SeVeReDiStOrTiOn]

+1 on that. I'm sure he's not terribly happy about being in the situation where foreclosure is even an option. For those of you who never have to deal with it, great job. Good for you. :clap: but for the rest of us that made whatever mistakes we made that got us to whatever point we got to, there's no need to try to take someone down any further when they're already probably pretty down.

The problem is these people aren't just bringing themselves down...if they were I wouldn't give two shits and would agree with what you're saying.

On a indivual basis they didn't cause the economic crisis but when massed together they did...and that's really fucked up for the rest of us that didn't do shit wrong. They jumped in way over their head and in doing so has jeopardized our families and the country as a whole.

[Kennedy]

The problem is these people aren't just bringing themselves down...if they were I wouldn't give two shits and would agree with what you're saying.

On a indivual basis they didn't cause the economic crisis but when massed together they did...and that's really fucked up for the rest of us that didn't do shit wrong. They jumped in way over their head and in doing so has jeopardized our families and the country as a whole.

Do you really believe that?

I believe it's more like, fatcat bankers got rich selling loans to people who couldn't really afford it, and now that the shit's hit the fan, they will get golden parachutes while those who were sold the loans are on the hook. Admittedly, that does include the rest of us taxpayers.

[bmyers]

Do you really believe that?

I believe it's more like, fatcat bankers got rich selling loans to people who couldn't really afford it, and now that the shit's hit the fan, they will get golden parachutes while those who were sold the loans are on the hook. Admittedly, that does include the rest of us taxpayers.

+1.

[SeVeReDiStOrTiOn]

Do you really believe that?

I believe it's more like, fatcat bankers got rich selling loans to people who couldn't really afford it, and now that the shit's hit the fan, they will get golden parachutes while those who were sold the loans are on the hook. Admittedly, that does include the rest of us taxpayers.

Yes I do believe that....it comes down to individual responsibility or the lack there of. That's not just for all these particular home loans...if they were responsible with their credit spanning way back then they wouldn't of had to settle for shit loans.

I'd love to say I feel bad for these people but I don't...they put me and my family at risk. There's nothing I can do though except hope there's not another great depression.

[bmyers]

Yes I do believe that....it comes down to individual responsibility or the lack there of. That's not just for all these particular home loans...if they were responsible with their credit spanning way back then they wouldn't of had to settle for shit loans.

I'd love to say I feel bad for these people but I don't...they put me and my family at risk. There's nothing I can do though except hope there's not another great depression.

ppl are spending the same way as the gov't. this was bound to happen

i want in on this!