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Old 05-02-2013, 04:12 PM
 
560 posts, read 637,661 times
Reputation: 538

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Am I the only fool paying my mortgage ? Been a homeowner since 1994( several houses ) and never been late or missed a payment. What am I doing wrong ? I want a free house or "squat"
Waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaa
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Old 05-02-2013, 04:16 PM
 
2,432 posts, read 2,418,813 times
Reputation: 1562
You haven't paid off your mortgage yet is the problem.
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Old 05-02-2013, 04:40 PM
 
560 posts, read 637,661 times
Reputation: 538
Quote:
Originally Posted by ddrhazy View Post
You haven't paid off your mortgage yet is the problem.
I started with a 30 year then refi to 15 year. I sold house number one and upgraded to house two with a 15 year and have 14 to go. BTW I remember 1994 and having a mortgage broker try to sell me the idea of an interest loan only, I laughed and threw him out of the house. I was only 24, but did not fall for the BS. I knew what I could afford and not afford and it amazes me people fall for it hook line and sinker.
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Old 05-02-2013, 05:34 PM
 
Location: Here and there, you decide.
11,994 posts, read 23,489,943 times
Reputation: 4170
Quote:
Originally Posted by Onlyliveonce View Post
BTW I remember 1994 and having a mortgage broker try to sell me the idea of an interest loan only, I laughed and threw him out of the house. I was only 24, but did not fall for the BS. I knew what I could afford and not afford and it amazes me people fall for it hook line and sinker.
really, my interest only loan is sitting at 2% right now... however, i've always made the payment equal to principle and interest.... If someone (like me) took an arm based on libor and with a maximum cap of 6%, they are sitting pretty.....
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Old 05-02-2013, 06:17 PM
 
1,294 posts, read 1,991,898 times
Reputation: 677
Quote:
Originally Posted by BBMW View Post
Have you tried to negotiate a short sale with the bank?

In point of fact, you should be talking to a lawyer. You could have a lot of options here. If you oppose the foreclosure, you could probably hold it up indefinitely. The fact that they haven't foreclosed already tells me they have a paperwork problem. You could either exacerbate this for them, or help them out. This may be worth something to them. A lawyer could tell you your options.

If you just want you, give your underwaterness, you could just walk away. But I think that would probably be a mistake. One way or another you may have some value in the house.
what's the point of short selling the house when OP's credit score is improving, didn't put any down payment, and have a large negative equity in the house.
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Old 05-02-2013, 06:56 PM
 
244 posts, read 293,084 times
Reputation: 204
Quote:
Originally Posted by BBMW View Post
Yes, that the paperwork has been lost, and, under AB284, they're not going to take the chance on a forclosure without complete, bulletproof documentation.
Or, perhaps banks are either not foreclosing in a timely manner or holding on to foreclosed properties and not putting them on the market causing an artificial shortage of active listings.
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Old 05-02-2013, 07:24 PM
 
654 posts, read 1,069,893 times
Reputation: 483
You dont have to wait to go back East, you can go back now!

Before you do, let me take a crack at buying your house! Contact me!

Quote:
Originally Posted by Guapo Ares View Post
Hello everyone,
Here is my situation. I have stopped paying my mortgage back in May 2011. That is like 24 months ago and my home was scheduled 4 times so far for foreclosure sale, but every time it gets postponed. I don't know why my bank is not selling the home. I want to move back east before July but bank postponed another foreclosure sale until August now.
I also noticed on my credit report that my overal scores are coming back up even dough my house is not foreclosed yet. Bank stopped reporting on my credit last June and ever since then my credit scores are improving. It went down from 760 to 580 and now is back to 680 again. Incredible.
Anyone experienced the same thing with the banks that won't foreclose?
I'm starting to believe that they don't have the right paperwork and maybe they can't take the house back.
I had interest only loan from 2005 that was done at Starbucks with my realtor and no money down.
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Old 05-02-2013, 09:05 PM
 
12,973 posts, read 12,749,568 times
Reputation: 5419
Quote:
Originally Posted by swagger View Post
Am I the only one here who's wondering why we should give advice to someone who is intentionally breaching a contract?

You're the reason we're all stuck in this terrible economy. Thanks.


Sent from my SCH-R530C using Tapatalk 2
I see nothing wrong with terminating a contract via the default provision.

That is why the contract has a default provision.

As long as you pay the price required it is a perfectly reasonable thing to do..

Note that NV has a five year adverse possession statute. So pay the property tax and ride it out.
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Old 05-02-2013, 10:42 PM
 
Location: Henderson, NV
548 posts, read 491,806 times
Reputation: 675
The OP hasn't checked in for an answer since late last night....hmmmm.
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Old 05-03-2013, 10:29 AM
 
10,861 posts, read 9,273,782 times
Reputation: 6547
Then why not foreclose, and rent the property, to get some cash flow, while they hold it off the resale market? At this point they're getting nothing for the property. It's one thing to take it back an hold it, it's another to not bother taking it back. The fact that they're doing nothing makes me think they don't think they can do anything.

Quote:
Originally Posted by VegasVicsezhowdy View Post
Or, perhaps banks are either not foreclosing in a timely manner or holding on to foreclosed properties and not putting them on the market causing an artificial shortage of active listings.
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