Anyone Know About Forclosures..?

wingnut4772

Looks like the evil ex will not be paying it's half and is looking to have the bank take the house. I can't pay both halves......

What would a foreclosure mean for me as far as owing the bank on a house that's upside down, buying a home in the future and etc..?

RuSsMaN

You need to get the house sold, period.

No matter if you can't pay credit cards, medical, etc - if you want a house (in the future), you need to keep the note current - same with a car - they tend not to look SO much at other debt - but keep the house and car current even if you have to say the hell with the rest.

I've had people that have had trouble even getting an apartment after a foreclosure - if you can't pay for the roof over your head, what can you pay for? (as lender / landlord sees it).

Can you get it sold? Happy to refer you to a Realtor that will get it done - we deal with this kind of thing here all the time.

Cheers,
Russ

Frank Z

Now she's the Ex again. Jesus H. Tap Dancin' Christ on a surfboard! You need to make up your mind and stick to it Darla.

Get out of the house and move to another state.

PolkThug

Get ahold of the lender ASAP! They will not want you to foreclose and will work with you.

Ricardo

Whatever you do, don't let her use this to bring you back......

rskarvan

Here is a little more practical advice....

Darla, you are nearly as attractive as that pooch of yours. So, waste no time and get some other person to occupy the other half of the bed and the mortgage payment. Life is too short to risk severely **** up your credit just because some significant other is looney-tunes. Alternatively, it should be rather easy for a police-person to find a house-mate. Heck, just put up a photo on the bulletin board at work of you and the doggie in the pool with a note that says "Room-mate needed for help with Mortgage payment". My guess is that you'll have a rent check by the first of January. Problem solved.

Remember, men are smart. They tend to dump chicks before having to shell out $$$ for Christmas, New Years, and Valentines day. All you need to do is "Go Fishing" and reel one in as the Holiday-factor is working in you favor.

jdhdiggs

So your advice is to **** herself out?

I can get with the "get a housemate" thing, but jumping into a relationship to make the rent is just effed up.

Editted to keep the quote uneditied:

rskarvan wrote: »

Here is a little more practical advice....

Darla, you are nearly as attractive as that pooch of yours. So, waste no time and get some other person to occupy the other half of the bed and the mortgage payment. Life is too short to risk severely **** up your credit just because some significant other is looney-tunes. Alternatively, it should be rather easy for a police-person to find a house-mate. Heck, just put up a photo on the bulletin board at work of you and the doggie in the pool with a note that says "Room-mate needed for help with Mortgage payment". My guess is that you'll have a rent check by the first of January. Problem solved.

Remember, men are smart. They tend to dump chicks before having to shell out $$$ for Christmas, New Years, and Valentines day. All you need to do is "Go Fishing" and reel one in as the Holiday-factor is working in you favor.

Frank Z

rskarvan wrote: »

Here is a little more practical advice....

Absolutely......




















The worst advice I've ever seen posted on this forum.:rolleyes:

TroyD

That actually creeps me out.

Read Russ's post....delete the rest.

ICK. I'm actually embarrassed.

BDT

ohskigod

selling the house in this market means your going to take a bath financially. that said, Russ is still ABSOLUTLY RIGHT!!, even with the crushing loss you might take selling the house, wont come close to the beating your overall life will take for a foreclosure.

your partner (you said she "wants" the bank to take the house) is either figuring this will scare you more than her, or is a complete f*cking moron. either is **** you dont need to deal with. This has been a long time coming. you gotta take the big hit to get away from her, (and I know it is a big hit on many levels).

you know, deep down this has got to be done. as much as it hurts, get the house sold and punch out of this relationship ASAP.

Demiurge

rskarvan wrote: »

Darla, you are nearly as attractive as that pooch of yours.

If you're not single, your wife/girlfriend must be deaf. Wow.....

shack

See if you can negotiate a short sale where they will accept as payment in full what you can sell it for or the sales price and a "limited" amount of the deficiency to be owed by you and the other party. Any agreed upon amount and solution must be in writing from the lender. The other option is a Deed in Lieu of Foreclosure. Similar to a short sale but in a short sale you sell the house and in the other you quit claim them the deed with the deficiency amount negotiated. It may be difficult if they think you can over time pay the deficiency amount. You need to negotiate that option away. If they were to obtain a default judgment against you after foreclosure they could be a pain in your **** for a long time…barring bankruptcy.

Bottom line is get in touch with the lender NOW! Work with them to come up with a reasonable solution that they can live with. They don't want to spend the time and money to chase you and any negotiated resolution will be better for you than a foreclosure.

wingnut4772

Frank Z wrote: »

Now she's the Ex again. Jesus H. Tap Dancin' Christ on a surfboard! You need to make up your mind and stick to it Darla.

Get out of the house and move to another state.

She's been the Ex. I have been out since 10/29. There was a whole thread of drama on it:p

All of my friends here are telling me just to let it foreclose. Just to be rid of her fast and furious . To save my money and start over. The house is REALLY upside down and has a room with serious repair issues that work has not even begun on yet.

I have to tell you that it would be worth it to me to have the bad credit for 10 years or whatever to walk away. I am concerned that I will owe the bank the difference of what they end up getting for the house and what I (we)owe. This has been such a nightmare and this person has been so awful and psycho, I would be happy to be free of the whole thing.

bobman1235

Ew, that sucks Darla. My brother is going through a foreclosure right now, and unfortunately his bank wasn't very accommodating - they actually told him to foreclose. I hope they're more helpful for you, but definitely talk to them. Best of luck.

I'm pretty sure once they foreclose you owe them nothing. It stays on your credit for about ~7 years, but no matter what the house is worth, that's your collateral for defaulting, so once they claim it the bank's relationship with you is over.

shack

bobman1235 wrote:

I'm pretty sure once they foreclose you owe them nothing. It stays on your credit for about ~7 years, but no matter what the house is worth, that's your collateral for defaulting, so once they claim it the bank's relationship with you is over.

WRONG!

The NOTE is the governing document....the collateral is there only for the protection of the lender in case of default and in no way limits their abilty to try and collect the face amount of the note. Please don't give this advice to anyone else because it is simply not true.

bobman1235

Sorry. Like I said, my brother is goign through this, and that's what they told him.

shack

wingnut4772 wrote:

I am concerned that I will owe the bank the difference of what they end up getting for the house and what I (we)owe.

You will...unless you can negotiate it away. Even if the lender doesn't collect from you, they can sell the debt to one of the many companies that purchase bad debt for pennies on the dollar and then hound you unmercifully. In some cases this can go on for years and years as there is not a statute of limitation for the debt to disappear except under bankruptcy.

rskarvan

Jeesh... I'm just suggesting that Dara do EVERYTHING that she can to protect her good name. If that means getting a plutonic house-mate to help pay the rent... great. If that means getting into a nice satisfying romantic relationship with another person... even better. The fact is that TWO can live almost as cheaply as ONE. Darla's present circumstance prevents her from going it alone and meeting her obligations.

The worst advice that you can give someone is to walk away from their contractual obligations.

My suggestion preserves Darla's future home-choices and opens the possibility of replacing a bad partner with a good one. Walking away from a financial contract doesn't benefit anybody - especially Darla.

ohskigod

prob is, bad partner still owns half of house, if I am not mistaken.
Unless she will sign a quick quit claim to Darla, and I have a sneaky suspiscion she has a better chance of seeing Jesus than that happenning

PhantomOG

Telling someone to rush into a romantic relationship with the primary goal of bettering your financial position... that's your good advice?

If anything her present situation would hopefully teach one to NOT rush into romantic relationships with entangled finances. Getting a roommate is one thing. The other half of what you are insinuating is completely different and downright disrespectful.

rskarvan

Well then...Darla needs to consult an attorney to explore her options regarding getting out of the Mortgage contract since her co-payer is uncooperative.

Otherwise, Darla just may have to deal with this issue (and her ex) a few years down the road in some sort of collections proceedings.

No disrespect intended... its just that I hate to see anyone remain single when it really is easier for both to make ends meet with a mate. Its not using someone to make rent. Its entering into a loving relationship and enjoying all the benefits associated with the natural give/take.

wingnut4772

I know you meant well.:p

rskarvan

wingnut4772 wrote: »

I know you meant well.:p

Thanks!!!

jflail2

A roommate would suffice. Foreclosure would be the last resort if I were you. I would speak to a lawyer, or if nothing else at least speak to your lender and explain the situation as best as possible. I'd expect they may be willing to work with you (at least to a certain extent) in light of the recent subprime woes.

In other words, don't throw in the towel yet!

shack

Seriously Darla, the sooner you start negotiating with the lender the better off you will be, even without the other party. Lay the entire situation on the table and work with them to solve the issue. Just walking away is a bad idea. Bankers and lenders dislike the unknown. They are prepared to work something out when people are upfront and honest. They want what is owed to them, but they also understand what is and is not reasonable and know what makes sense. Get all of your financial information together....salary, assets and liabilities and sit down and see what they are willing to do. You may be suprised at what you can accomplish.

cfrizz

Follow Shack's good advice Darla! Walking away is not a smart option. **** up your credit for years to come is not good.

F1nut

Listen to Shack Daddy, he knows what he's talking about.

sucks2beme

I read that you aren't in the house?
That stinks. It limits your options. If she was out, you could rent a room as mentioned. You could take it to court and force her to sell. Or make her take full ownership(I know, not likely).
The changes in morgage rules are in the works. If you can get her out, they
may be able to help out. I know they are freezing ARM loans rates and cutting deals to prevent a glut of these from hitting the market.
Talk to the lender, and a lawyer. As long as the lender is talking, you may have a chance to get out without ruining your life. If you just stop making payments, they will come after you for any expenses. And believe me,
foreclosure runs up a lot more money than selling at a loss.

Maurice

In addition to what shack has said, see if your lender will modify your loan. There are soooo many forclosures occuring the banks are being overrun with them. And with the credit crunch, too few buyers. So many lenders are now willing to just modify, which means they will start your loan all over again with a low fixed int. rate. But as shack said, you need to talk to your lender quick, and stay in close contact with them. In the case of a modification (when there is no equity), all your ex has to do is quit claim the house over to you and she will no longer be on title, the house will be all yours and you'll have a fresh start.

Ricardo

I guess part of the problem is that there's two names in the title, and any change will have to be agreed by the ex...right?

sucks2beme

Ricardo wrote: »

I guess part of the problem is that there's two names in the title, and any change will have to be agreed by the ex...right?

Either she needs to get the ex off the loan, or get the ex to take control
and get her off it. Anything but a "tie". It does no good to work with the lender if the ex is working against you.
I hope the insurance money for the home repair is safely banked somewhere?