Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
A: There are a number of schools of thought and approaches to deciding whether to continue making your mortgage payments while you're selling your home on a short sale, and your ultimate decision will require you to weigh a number of factors and see where your personal calculus of your own values and interests comes out:
A: There are a number of schools of thought and approaches to deciding whether to continue making your mortgage payments while you're selling your home on a short sale, and your ultimate decision will require you to weigh a number of factors and see where your personal calculus of your own values and interests comes out:
Right..I understand..But I have completed short sale already (job loss for both of us...so couldn't avoid)
yes..I read it.
I am aware of Fannie/Freddie restrictions about loans after short-sale/foreclosure.
The intent of my question, despite whatever is written/said in the guidelines, has anyone went through the process for a new loan and was able to get it approved or kicked out. What are your experiences?
Although short sells have been around for ages the vast majority of short sells completed (let's put that number at greater than 99%) have been done after 2007 because of the mortgage and forgivess act and the tax implications before this act was passed.
That being said there are very few people who have purchased a home shortly after a short sale (unless they didnt missed any payments).
So if you were already in default the waiting period is now 3 years.
Question. Why the hurry in trying to finance another home? Home prices are not going anywhere in most of the country.
Although short sells have been around for ages the vast majority of short sells completed (let's put that number at greater than 99%) have been done after 2007 because of the mortgage and forgivess act and the tax implications before this act was passed.
That being said there are very few people who have purchased a home shortly after a short sale (unless they didnt missed any payments).
So if you were already in default the waiting period is now 3 years.
Question. Why the hurry in trying to finance another home? Home prices are not going anywhere in most of the country.
That is a good question.
Some of the thoughts we have are
---Interest rates are not expected to stay this low after 2 years
---We live in NOVA and DC Metro area house prices have held up nicely duing the bad crash..so I don't know if the prices in this area is going to drop any further or hold onto current levels.
---I feel bad for the kids. I want to see them live freely in a SFH with a backyard before they grow up and move away.
---And my rent is too high.I feel it is waste. Off course my commute is drastically cut down but long term I don't want to rent.
OK..so looks like I can't get a loan backed by Freddie or Fannie for 3 more years
Unless I buy with all cash which is theoretically possible and hence I am buying powerball ticket every week
Although prices have held up very well (especially inside the Beltway). People (especially many of my friends) are very concerned for their jobs there.
Of all the housing bubbles, DC areas is probably the biggest bubble to burst IF defense contracts start being cut with government downsizing.
DC suffered a 10-15% decline after the cold war ended (along with some parts of California becaus of defense cut backs).
That's why you shouldn't be in a hurry to buy a home there.
People always say DC has the best job prospect in the country. True.
But once the money gravvy train starts getting cut, it will be big trouble.
Although prices have held up very well (especially inside the Beltway). People (especially many of my friends) are very concerned for their jobs there.
Of all the housing bubbles, DC areas is probably the biggest bubble to burst IF defense contracts start being cut with government downsizing.
DC suffered a 10-15% decline after the cold war ended (along with some parts of California becaus of defense cut backs).
That's why you shouldn't be in a hurry to buy a home there.
People always say DC has the best job prospect in the country. True.
But once the money gravvy train starts getting cut, it will be big trouble.
It is a good point about govt. downsizing and defense contracts.
I think by upcoming elections we will know whether the are going to cut down on defense spending(which I doubt)
May be they will cut down other govt spending which is a possibility and I am sure that will impact some parts.
People outside of DC don't realize how much money gets thrown around with defense contracts.
My wife's college roommate is 28 years old with a degree in psychology. But she makes over 100k for a defense contractor for "border security intelligence"
I am like saying WTF? They pay her friend that much money for border safety?
And she's just a contactor employee. Can you imagine what the owners are pulling in? But she's not sure she will have a job if administration starts cutting back.
It's hard to keep paying the mortgage when the average homes are close to $500k in the DC area once government starts cutting back. The average household in Fairfax county is already close to $100k.
Let's see how long that lasts once government realizes they don't have money. And that's why I feel DC is the biggest housing bubble of them all that has not crashed.
You have a lot of highly overpaid contractors there. They know it too.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
read this today
