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Old 02-08-2009, 11:47 AM
 
2,869 posts, read 4,018,700 times
Reputation: 1989

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Sorry for the job loss- but do not compound your problems by taking on loan debt. The money you have saved might be very useful to wait out the current job market. I had two mortgages for about a year- and even though I could pay one out of savings/an investment account- seeing the account bleed proved to be very stressful. I would not recommned it as you will constantly think about what you could have done if you had the freedom of not paying on a mortgage.

Also I do not see anyone suggesting prices will pop back up so at least you have the assurance that if things work out well for you there will be a similar unit available at a comparable price for the near future. Best of luck.
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Old 02-08-2009, 04:17 PM
 
Location: Your Mom's House
1,251 posts, read 3,059,504 times
Reputation: 766
Quote:
Originally Posted by tullio07 View Post
My lawyer suggested to DO NOT TELL THE BANK and try to close ASAP;

Is this a valid suggestion from a lawyer?

I told him that I d prefer to try our best to keep this deal on and that was
his response; however I feel this move is a little risky ;

pls advice
Dude, dont be a fool. Yes, get a new lawyer. And more importantly, DO NOT close on the home. You have no job, so how long do you think it'll take before you get in over your head & have the bank come knocking on your door?

Just rent for now. Sorry if you dont like the answers, but only a fool would take on a huge loan like that after they just lost their job. So unless you got some other form of income or have piles of cash stashed away somewhere, dont do it.
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Old 02-17-2009, 04:37 PM
 
2 posts, read 3,309 times
Reputation: 13
Most of these guys writing you probably have their own houses or condos which makes it easy for them to make such insensitive remarks as forget it or do not risk it. Homeownership or any kind of ownership is the american dream and it is much desired. Why rent and pay someone elses mortgage when you can own and in my opinion it is more black and white than to tell someone who wants to own to just forget it. If you can afford the mortgage for a year i would say go for it..who is anyone on this board to tell you to give up on your dream of owning property. AS long as you know the risk involved, are confident that you will be able to get a job before the year is through, and are sure they will not verify then go for it...it is easy for these underwriting clowns to string you along and act as you are going to get what you want and then pull the plug just like that....lenders and underwriters defraud borrowers all the time...so i say go get yours, the heck with them
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Old 02-17-2009, 05:04 PM
 
Location: Sacramento
2,568 posts, read 5,839,397 times
Reputation: 1905
Quote:
Originally Posted by homebuyer11234 View Post
Most of these guys writing you probably have their own houses or condos which makes it easy for them to make such insensitive remarks as forget it or do not risk it. Homeownership or any kind of ownership is the american dream and it is much desired. Why rent and pay someone elses mortgage when you can own and in my opinion it is more black and white than to tell someone who wants to own to just forget it. If you can afford the mortgage for a year i would say go for it..who is anyone on this board to tell you to give up on your dream of owning property. AS long as you know the risk involved, are confident that you will be able to get a job before the year is through, and are sure they will not verify then go for it...it is easy for these underwriting clowns to string you along and act as you are going to get what you want and then pull the plug just like that....lenders and underwriters defraud borrowers all the time...so i say go get yours, the heck with them
People who already own homes know what it means to buy your first home. There are so many more expenses that one plans. Moving expenses, furniture, connecting utilities, repair bills, etc...
Also people who have owned more than 1 house(I am on n.5) also know that a house is just a house. They all have their quirks. Certain room has the afternoon sun. That annoying glare on the TV. Etc...
Here is something that bugs me about my current home. There is a long hallway between the front door and the family room. It has a light switch at each end but where is the garage entrance. Smack in the middle. There is tiny hallway at the garage door with its own light. If you come in the house at night you have to turn that light on, walk to one end of the long hallway, turn that light on and then go back to turn off the light by the garage. Picture doing this with 2 little ones underfoot. If they had just put an extra switch by the garage door or linked all the lights together I would be much happier.
They will be other condos. The OP should wait it out maybe in a month or 2, after he finds another job, the condo he wants is available and the price could be lower.
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Old 02-17-2009, 06:45 PM
 
2,252 posts, read 4,312,915 times
Reputation: 3709
Disclosure: I am a renter who would love nothing more than to own a condo but will never have a down payment (I live in NYC) so I am feeling so torn for the OP here.... it's within reach and is probably impossible to think about pulling your hand back.

That being said.... there are real estate folks here (at least from their tags under their nicknames) who have specifically pointed out that this buyer will be committing fraud if he does not disclose this information. What if he gets a closing date and decides to move forward with this only to have the bank do a final verification of employment 72 hours before the closing and is told "s/he hasn't worked here in two months" or however long it's been since s/he was fired. What happens then?

Again, I so sympathize with the OP here in their yearning to own. I have it too. But you really have to step back and reassess the idea of trying to push this through.
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Old 02-17-2009, 09:36 PM
 
682 posts, read 2,274,641 times
Reputation: 342
Quote:
Originally Posted by tullio07 View Post
My lawyer suggested to DO NOT TELL THE BANK and try to close ASAP;

Is this a valid suggestion from a lawyer?

I told him that I d prefer to try our best to keep this deal on and that was
his response; however I feel this move is a little risky ;

pls advice
Is the lawyer going to make the payments for you if you can't find another job quickly enough to make the mortgage payments? If so, get it in writing from him, better yet, have him co-sign the note with you.

altus2006
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Old 02-18-2009, 03:13 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,079 times
Reputation: 952
Quote:
Originally Posted by cleasach View Post
Disclosure: I am a renter who would love nothing more than to own a condo but will never have a down payment (I live in NYC) so I am feeling so torn for the OP here.... it's within reach and is probably impossible to think about pulling your hand back.

That being said.... there are real estate folks here (at least from their tags under their nicknames) who have specifically pointed out that this buyer will be committing fraud if he does not disclose this information. What if he gets a closing date and decides to move forward with this only to have the bank do a final verification of employment 72 hours before the closing and is told "s/he hasn't worked here in two months" or however long it's been since s/he was fired. What happens then?

Again, I so sympathize with the OP here in their yearning to own. I have it too. But you really have to step back and reassess the idea of trying to push this through.
Bingo. Every lender out there that is doing final QC before closing, which of course includes a verbal VOE. Nothing more needs to be said on the subject.
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