I need to foreclose on my home. Can my wages be garnished ? (escrow, property tax)

[mbmouse]

Originally Posted by filo74

I cannot afford my condo in Coral Springs anymore. Taxes went up, HOA fee's went up....I lost my job and had to get a lower paying one. I cannot do it anymore. My lender is Lehman brothers(Aurora loan services). I am a single female with no dependents. I have heard mixed answers when I asked this before somewhere else. Can the lender, upon winning a judement, go after me and actually garnish my wages ?? Any help is greatly appreciated.

Can I offer a possible other option than foreclosure? Why not do a lease purchase on the condo which turns it into an investment property and source of income? You would ask the potential leasers for a 5% down payment and x amount a month (make sure that amount at least covers your mortgage payment) and anything over becomes income. Then in 1 to 2 years, they buy the condo from you using the payments to you every month on time as part of the qualification for purchase. This is very attractive to buyers right now as a lot of them in FL are hesitant to buy or can not qualify for a mortgage right now. You could then rent something cheaper.
Like I said, it can be a great alternative to foreclosure.

[filo74]

Thanks for all the tips people ! here is the deal..I paid 240K for this 2/2 condo and closed in december 2006. Just to give you an idea....my friend is a realtor and he checked the MLS and there are 42 condos in my community currently on the market. About 35% of the 2/2's are going for 150K. Isn't that incredible ?? After that, they range from 165K-220K for the same 2/2 I have. The only difference in mine is that I gutted it out and gave it a new kitchen, bathrooms...it looks very nice inside. The other 2/2's I saw on the MLS look horrible...straight out of the late 80's with dusty carpet everywhere and nasty looking kitchens.

I was thinking of a short sale.......but someone mentioned that I have to be behind on my payments before they even consider a short sale ? I wonder if this is true or not. I think I need to call my lender and explain to them again that I really cannot afford this place anymore due to the increase in the mortgage and the HOA fee's. We will see...I will keep you all updated.

[Bill Keegan]

Originally Posted by filo74

<SNIP>
I was thinking of a short sale.......but someone mentioned that I have to be behind on my payments before they even consider a short sale ? I wonder if this is true or not. I think I need to call my lender and explain to them again that I really cannot afford this place anymore due to the increase in the mortgage and the HOA fee's. We will see...I will keep you all updated.

You do not need to be behind in your payments for the lender to consider a short sale. I guess some lenders might have such a requirement, but from what the people at some of the bigger lenders in the nation told me, that's not the case.
Would you prefer to keep the place, if the payment was affordable to you? Will your lender consider a refinance, because of the increases you mention? I know many banks are sending out letters to holders of ARMs, offerring to refinance at a rate lower than what it's projected to be after the next adjustment.

[filo74]

If the place was worth living in, I would put up with the struggles and headaches, but I hate the place. I hear noise constantly from upstairs...there are loud and rude kids running around everywhere. I have no private backyard, the fitness center is a sex hall for kids that have nowhere to have sex. I hate this apartment.


I just read today that Aurora loan services just pretty much went belly under...its all over the internet. I'm tired of living here..I want to foreclose and go rent somewhere with my boyfriend. I am paying 2,360 for a small 1,000 square foot condo. I should have never bought. All around me are RENTERS...low class renters. It's like Monkey Jungle here. It was never like that...now it is.

[RoaminRed]

Originally Posted by filo74

It's like Monkey Jungle here. It was never like that...now it is.

[70Ford]

filo74
Member
Join Date: Jan 2008
21 posts, read 1,656 times
Reputation: 10




---What a funny question, back when I was married, my wife and I were getting ready to close on our new home...

*************************

filo74

---I'm tired of living here..I want to foreclose and go rent somewhere with my boyfriend.---

***********
That's interesting....

[SKB]

Originally Posted by 70Ford

filo74
Member
Join Date: Jan 2008
21 posts, read 1,656 times
Reputation: 10




---What a funny question, back when I was married, my wife and I were getting ready to close on our new home...

*************************

filo74

---I'm tired of living here..I want to foreclose and go rent somewhere with my boyfriend.---

***********
That's interesting....

This is also as interesting from filo74

" Again, I am a single female with NO DEPENDANTS. Does this qualify me as "head of household" being that I have no dependants."

Just goes to show you really should not put to much stock or effort into responding to most of these posts unless you are 100% sure on who you are talking to.

[nic529]

I do not understand the concept of "wanting" to have your home foreclosed on. That is a stupid thing to do. There are other ways. There are so many people who are trying desperately to save their homes. People who feel this way obviously don't understand the ramifications of doing this. Good luck trying to find someone who will rent to you if you go through with this.

[Mom2Feebs]

Originally Posted by filo74

If the place was worth living in, I would put up with the struggles and headaches, but I hate the place. I hear noise constantly from upstairs...there are loud and rude kids running around everywhere. I have no private backyard, the fitness center is a sex hall for kids that have nowhere to have sex. I hate this apartment.


I just read today that Aurora loan services just pretty much went belly under...its all over the internet. I'm tired of living here..I want to foreclose and go rent somewhere with my boyfriend. I am paying 2,360 for a small 1,000 square foot condo. I should have never bought. All around me are RENTERS...low class renters. It's like Monkey Jungle here. It was never like that...now it is.

Believe me, where you live right now is a much better situation than FORECLOSURE!!! Do NOT allow yourself to be foreclosed upon. You can change your situation--if you want to move, rent your place out and go rent or buy something else, but DO NOT be stupid. Look, I'm not trying to hurt your feelings, but apparently you don't have any family or friends around you or else they'd be telling you the same thing. If you are current on your mortgage, use your condo as an investment property, get into something else (even if you have to have a roommate) and chalk this up to a very expensive lesson learned that you will not make again.

DO NOT GET FORECLOSED ON--IT WILL RUIN YOUR LIFE FOR THE NEXT 10 YEARS! A foreclosure is the worst thing you can have on your credit. It will follow you everywhere you go.

Good luck.

[SKB]

Originally Posted by Mom2Feebs

Believe me, where you live right now is a much better situation than FORECLOSURE!!! Do NOT allow yourself to be foreclosed upon. You can change your situation--if you want to move, rent your place out and go rent or buy something else, but DO NOT be stupid. Look, I'm not trying to hurt your feelings, but apparently you don't have any family or friends around you or else they'd be telling you the same thing. If you are current on your mortgage, use your condo as an investment property, get into something else (even if you have to have a roommate) and chalk this up to a very expensive lesson learned that you will not make again.

DO NOT GET FORECLOSED ON--IT WILL RUIN YOUR LIFE FOR THE NEXT 10 YEARS! A foreclosure is the worst thing you can have on your credit. It will follow you everywhere you go.

Good luck.

I am curious to your take on exactly how will this person's life be "ruined" for the next 10 years if they end up as a REO?

Short of negative information being placed on the credit report for the next 7 years (bankruptcy stays 10 years) How is this person's life ruined?

I see it as a personal liberation of being shed a monkey from off of a back.

I see it as a chance for someone to get their finances in order, save up some money and start working on building their credit score back up again.

I see it as a chance to read some valuable books, such as The Millionaire Next Door, The Wealthy Barber, The Richest Man In Babylon.

I see it as a chance to re group and look back and reflect on what went wrong and how you now have a chance to start over and rebuilt with a more solid base.

The more time that goes by the less of interest this REO will be on a credit report It will be the up to date and current debt that will be of importance.

Taking a few years off from having to own property would be a good idea for anyone that is going to go through a REO because of the credit bubble. I am sure many people will be rather "gun shy" anyways for a number of years after going through it.