[sierramadre44]

Originally Posted by David702

Quick update,

Good news!

My bank finally gave me a loan mod. I'm now paying half of what my mortgage was originally at. This is one of the best news I've had all year.


Cheers!

Congratulations! That's wonderful. I'm happy for you.

[PhillyPhilsPhan]

It wasn't MY mistake. It was MY bad luck. Geez...you people are really harsh, aren't you? You telling me that anybody who bought too early in the housing slide was stupid/wrong/bad and anybody who bought at exactly the right time is smart/right/good? My lease was up, the market seemed good, almost EVERYBODY was saying "now's the time to buy" and I did. Now my financial life has to be ruined to save some rich banker's ass? That's a pretty warped view of the world. Are you a banker?
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It does seem like you are an honest person who did get some bad luck. It doesn't look like you were buying a McMansion with a 1% teaser rate for the first year or any of that nonsense, and it looks like you are making a good faith effort to pay the mortgage. The market may come back, although it will take time. It seems like everything is rigged in favor of the banks, and it was their greed (along with everyone else, including the borrowers) that got us into this mess in the first place. Just hang in there, if you are having trouble now making the payments then by all means attempt to renegotiate now, not later.

[jfkIII]

Originally Posted by PhillyPhilsPhan

It wasn't MY mistake. It was MY bad luck. Geez...you people are really harsh, aren't you? You telling me that anybody who bought too early in the housing slide was stupid/wrong/bad and anybody who bought at exactly the right time is smart/right/good? My lease was up, the market seemed good, almost EVERYBODY was saying "now's the time to buy" and I did. Now my financial life has to be ruined to save some rich banker's ass? That's a pretty warped view of the world. Are you a banker?
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It does seem like you are an honest person who did get some bad luck. It doesn't look like you were buying a McMansion with a 1% teaser rate for the first year or any of that nonsense, and it looks like you are making a good faith effort to pay the mortgage. The market may come back, although it will take time. It seems like everything is rigged in favor of the banks, and it was their greed (along with everyone else, including the borrowers) that got us into this mess in the first place. Just hang in there, if you are having trouble now making the payments then by all means attempt to renegotiate now, not later.

The Quote button...learn it...live it...love it.

[Karci186]

I'm joining the club, I'm walking away from my house!

Here's a good article on why most American's are deciding to walkaway.

Report Sheds Light on Why Homeowners Walk Away - Developments - WSJ

[Matty23]

Hi David:

I am in the same situation as you are, sometimes people don't understand and see us as criminals because we walked away from our house, but who cares what they think. We must do what is best for our family. I've been reading a lot on the subject, The bank will send you a 1099 if everything goes right you will be able to write-off http://www.irs.gov/pub/irs-pdf/p4681.pdf‏ Read this will be helpful. I am walking away too, and will be moving to TX by Jan 2010 my husband and I both lost our jobs, my mother passed away did not have any other option, we inherited some money and saved up some money from not making payments, so will be able to put down some money on a new home there, we know will be a challenge to get a loan but everything is possible, Also for those out there judging people my huband served the military for 30 years our credit was impeccable and we are decent people.

Good luck to you David.

Sincerely,
M23

[telmz1]

I put 20% down, got a 30 year fixed rate, and still $300K upside down in Mountain's Edge. Out of say the 50 houses in my section of the subdivision, 35 have been foreclosed on in the last 3 years. About 10 of the 15 have received a notice of default in the last 6 months according to the county records.

I don't think I have a choice but to throw in the towel and join the club.

[GailMI]

Originally Posted by telmz1

I put 20% down, got a 30 year fixed rate, and still $300K upside down in Mountain's Edge. Out of say the 50 houses in my section of the subdivision, 35 have been foreclosed on in the last 3 years. About 10 of the 15 have received a notice of default in the last 6 months according to the county records.

I don't think I have a choice but to throw in the towel and join the club.

Where do you find these records? I'd like to check them out for my condo complex. The only info I have to go on is empty windows and foreclosure notices that I see posted....

[telmz1]

Originally Posted by GailMI

Where do you find these records? I'd like to check them out for my condo complex. The only info I have to go on is empty windows and foreclosure notices that I see posted....

Enter the address and find the parcel # here: Search By Location Address

You can also find out the history of sale prices and/or how much the foreclosure next to your home was purchased by its new owner.


Then enter the parcel # here and search for default, trustee sale, etc: Clark County, NV COUNTY RECORDS