U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-16-2015, 03:31 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361

Advertisements

Like I said, I lost my job; my fault that I didnt post that in the original posting.
Reply With Quote Quick reply to this message

 
Old 06-16-2015, 03:32 PM
 
15,406 posts, read 8,707,463 times
Reputation: 13783
Quote:
Originally Posted by SmartMoney View Post
Everyone gets illness and job loss when losing a home.....I believe where some have issue is by your own account, this was a strategic FC and bankruptcy. You made a bad financial decisions and can't wait to jump back in. Everyone here would choose their family over a Wall Street bank, including myself. That's not the point. The point is you give the appearance (remember, its all about perception) of someone that thinks there is nothing wrong with foreclosure and bankruptcy. And there lies the issue.

I can assure those readers, the only option for you will be FHA (you make too much for USDA). Who knows, maybe a few years (4) of paying PMI will be an incentive to purchase within your means. Because, while 2nd chances are earned, I have yet to see someone obtain a 3rd mortgage after two FC in succession.

Good luck to you - but be careful who you share your history with. I've seen taxes audited after openly discussing these adverse events.
Yup. It appears the OP wants all the reward and none of the risk. Now, they see prices rising and want to get in on the reward.

I lost my job in California (not going to argue with you on which state got hit hardest), and had to sell after my divorce. I, however, chose to continue paying the mortgage, at great sacrifice, until the house sold. It cost me my entire retirement, and I had to borrow money from family to come up with the difference to my ex (I lost $250,000 in value).

Now, I have a new home, bought 1 year after selling the other one. Luckily, our market is on fire now, and I've increased equity on that purchase.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 03:35 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Wanted all the reward? What reward? Buying a house? How is that somehow a big reward? We depleted what little savings we had to pay until the money ran out, we tried everything, loan modification, etc. Banks wouldn't help us out at all, not even defer payments until I found a similar job that paid decent (at the time I was only making about $36/37k - remember this is going on 7 yrs now that I got laid off and began the situation). BK didnt go through until Jan of 2014.

A applaud you for doing what you did to keep up w/ payments. I wouldnt borrow money from family to keep my promise to a bank.

I'll be able to buy again in a yr or two at the most. I've done what I had to do at the time, after losing my job, etc. It sucks, we went through a lot, depleted savings, etc. Even hired an attorney to try to do this the best way we knew how. Also, we bought this house in our mid twenties, so its not like we really knew what we were doing to begin with.

Last edited by StreetSmarts; 06-16-2015 at 03:46 PM..
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 05:50 PM
 
109 posts, read 111,469 times
Reputation: 145
Quote:
Originally Posted by StreetSmarts View Post
Wanted all the reward? What reward? Buying a house? How is that somehow a big reward? We depleted what little savings we had to pay until the money ran out, we tried everything, loan modification, etc. Banks wouldn't help us out at all, not even defer payments until I found a similar job that paid decent (at the time I was only making about $36/37k - remember this is going on 7 yrs now that I got laid off and began the situation). BK didnt go through until Jan of 2014.

A applaud you for doing what you did to keep up w/ payments. I wouldnt borrow money from family to keep my promise to a bank.

I'll be able to buy again in a yr or two at the most. I've done what I had to do at the time, after losing my job, etc. It sucks, we went through a lot, depleted savings, etc. Even hired an attorney to try to do this the best way we knew how. Also, we bought this house in our mid twenties, so its not like we really knew what we were doing to begin with.
A bank willing to loan you hundreds of thousands of dollars is a reward, one in which my opinion you don't deserve again. You didn't do what you had to do to relieve your debt or you overextended yourself in the first place, which isn't excusable just because you were in your twenties. Stop making excuses, save, and buy something you can actually afford, even when times are tough, so the rest of us aren't having to pay for your future bankruptcies and foreclosures via higher mortgage rates, fees, etc passed on.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 08:15 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Quote:
Originally Posted by Dad0118 View Post
A bank willing to loan you hundreds of thousands of dollars is a reward, one in which my opinion you don't deserve again. You didn't do what you had to do to relieve your debt or you overextended yourself in the first place, which isn't excusable just because you were in your twenties. Stop making excuses, save, and buy something you can actually afford, even when times are tough, so the rest of us aren't having to pay for your future bankruptcies and foreclosures via higher mortgage rates, fees, etc passed on.

i'm gonna bite my tongue and not write what i'd like to. so anyhow...

how old are you, dad 0118? did you ever lose your job? what would you have done in my shoes, because obviously the banks are far more imprtant in my decision-making than my family should be? dont deserve to buy a house again? wow, after losing all of my income and not being able to get a job in my field, get a job offer out of state and do what i need to do to start over so we move there? that is a good excuse. in the future , when i buy a home again in a yr or two, i'll make sure that i dont eve get laid off again and that the economy doesnt take a big dump.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 08:34 PM
 
109 posts, read 111,469 times
Reputation: 145
Quote:
Originally Posted by StreetSmarts View Post
i'm gonna bite my tongue and not write what i'd like to. so anyhow...

how old are you, dad 0118? did you ever lose your job? what would you have done in my shoes, because obviously the banks are far more imprtant in my decision-making than my family should be? dont deserve to buy a house again? wow, after losing all of my income and not being able to get a job in my field, get a job offer out of state and do what i need to do to start over so we move there? that is a good excuse. in the future , when i buy a home again in a yr or two, i'll make sure that i dont eve get laid off again and that the economy doesnt take a big dump.
I get it... Well kind of. Why didn't you just sell your house and move? Why not just live off your savings you built up prior to buying that house?I'm assuming you were upside down in your mortgage because of a low downpayment. That's a risk that you chose to take without being in a job field secure enough to backup the risk, or the necessary skills to not be valuable enough to your company for them to not let you go. You are married correct? Did your wife's pay alone plus you getting a low paying job not cover rent plus bills until you found something better? Again, you overextended yourself and it didn't work out. Not trying to attack you, but facts are facts. Im not going to play the sympathy card and say poor you - you put yourself in that situation by taking a RISK.

All that aside, that's not the worst part. The worst part is that you don't seem to see why someone would be hesitant to give you another loan given your past. You have proven you can't do what it takes to pay up on your obligations. Homeownership is earned, not a right. My advice to you given your past and your attitude - RENT or save up to where there is a 0% chance you will put yourself in that situation again. I'm not hopeful you will follow my advice given that you are buying cars on credit just a few years after your financial meltdown and also seem to think you are ready now for another mortgage. Best of luck to you though.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 08:56 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Quote:
Originally Posted by Dad0118 View Post
I get it... Well kind of. Why didn't you just sell your house and move? Why not just live off your savings you built up prior to buying that house?I'm assuming you were upside down in your mortgage because of a low downpayment. That's a risk that you chose to take without being in a job field secure enough to backup the risk, or the necessary skills to not be valuable enough to your company for them to not let you go. You are married correct? Did your wife's pay alone plus you getting a low paying job not cover rent plus bills until you found something better? Again, you overextended yourself and it didn't work out. Not trying to attack you, but facts are facts. Im not going to play the sympathy card and say poor you - you put yourself in that situation by taking a RISK.

All that aside, that's not the worst part. The worst part is that you don't seem to see why someone would be hesitant to give you another loan given your past. You have proven you can't do what it takes to pay up on your obligations. Homeownership is earned, not a right. My advice to you given your past and your attitude - RENT or save up to where there is a 0% chance you will put yourself in that situation again. I'm not hopeful you will follow my advice given that you are buying cars on credit just a few years after your financial meltdown and also seem to think you are ready now for another mortgage. Best of luck to you though.

Because the value dropped from $300k to $135k.

I wasnt upside down because of a low down pyment. I was in the hardest hit area of the country.

I'm sure you got let go before. And if you were in my field, you would've been laid off too.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 09:09 PM
 
109 posts, read 111,469 times
Reputation: 145
Guess you got me - nothing you could do. Poor you.

And no, I haven't been let go, I work hard to where I make myself be in a position to where I would be one of the last to go, or to where I would at least see it coming and plan accordingly. Also not in a field that was 100% wiped out (there actually weren't any btw), but even if I was I have worked hard enough to where I would be able to land a job that would just pay the bills.

Again, it's all about planning and not setting yourself up for failure when the bad times come - and they always do.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 09:28 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Quote:
Originally Posted by Dad0118 View Post
Guess you got me - nothing you could do. Poor you.

And no, I haven't been let go, I work hard to where I make myself be in a position to where I would be one of the last to go, or to where I would at least see it coming and plan accordingly. Also not in a field that was 100% wiped out (there actually weren't any btw), but even if I was I have worked hard enough to where I would be able to land a job that would just pay the bills.

Again, it's all about planning and not setting yourself up for failure when the bad times come - and they always do.

No, not poor me. I do fine, thanks. I never asked for sympathy. In fact, I just refinanced my vehicle and got 3.8%. And my credit score is back up to 700. I've bounced back and I'm proud of it.

Look, you're probably many yrs older than I am. Good for you, you've never been let go in your life, and dont know what its like to lose your job having just bought a house and had a baby. Congrats. I can assure you, if you worked on projects in the real estate development field, you would have been let go.
Reply With Quote Quick reply to this message
 
Old 06-16-2015, 09:45 PM
 
Location: MID ATLANTIC
7,609 posts, read 17,676,484 times
Reputation: 8107
I cannot begin to tell how many buyers I talk to that tell me their FC was 3 years ago. And then we get the address and look it up, only to find the bank didn't put the property into the bank name until just 6 months ago...............and that is the date we start the countdown from....6 months ago. So, what they thought was their time to buy again, now they actually had 2.5 yeas to go. Know your dates!
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top