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Old 08-25-2008, 11:02 PM
cob cob started this thread
 
22 posts, read 59,728 times
Reputation: 18

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hello to all
it is getting scarry up here in california
does anyone know what happens when you have a rental and you cant
keep up with the payments so i am deciding to just walk away. I know it is not the right thing to do but if I dont start know it will be later. its sad to let go even though I put 50 thousand down but I have to do whats best for my family.
has somebody been throught this in california and how did you deal with this.
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Old 08-26-2008, 01:21 AM
 
Location: New Mexico
45 posts, read 100,779 times
Reputation: 77
Yes, others have gone through similar circumstances.

In 1989 I bought a house in California. Moved to the Midwest in the mid 90's and turned it into a rental which didn't work out.

Would up selling it in the late 90's for a 50 thousand dollar cash loss of my down payment also.

Worse yet, after I sold it - found I hated where I moved to and began a sinking spiral of sadness.

Finally, life went on. Wound up leaving the bad place I had moved to and am starting over in another state.

It was HARD. Lost most of my savings in that house. Couldn't afford to go back to California. It was awful. But, I got through it!!

Life doesn't end. It goes on and it get's better. Losing all that money was a bitter lesson, but it wasn't the end of the world.

We found another state to live in, and although we are not living as nicely as we did in California - we are doing OK and enjoy where we are and are making progress each day towards our goal of enjoying our new city, and fixing the house up, etc.

I still get MAD at myself for being stupid. But, am able to snap myself out of it because I like where I am at so much.

Lesson I learned: it's just money and it is not the end of the world. Although, it sure seemed like it at the time.

But, in the end - it all worked out and we would much rather be where we are now than in the house that we sold for a loss in California.

Oh, please note - I am not addressing the concept of walking away from a property and it's consequences.

For me, it was a loss of equity and the down payment of over 50K. The bank did not lose a penny, and it was not a short sale.

I am only sharing my experience of selling a house with a 50K loss and losing my shirt! And that life did go on for me.
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Old 08-26-2008, 04:07 PM
 
Location: Broward County
2,518 posts, read 9,693,157 times
Reputation: 1333
SAVE YOUR MONEY and stop paying if eventually, you say you will no longer be able to. You live in a non-recourse loan state. The worst a foreclosure will do is ruin your credit for 2-3 years, after that your score will improve significantly and life will go on and you will be happy. Learn from your mistakes and good luck.
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