Foreclosure next door

[dogmom]

good luck with your sale...things will work out ok, sometimes not in our timeframe, though..hang in there..

[Philip T]

Originally Posted by cjones15

Our option was for him to either take the new job or be unemployed! Taking the new job was the only choice. The new job is very stable and we have no concerns of it evaporating. We have no reason to stay in the town we are in currently. There are no jobs for my husband (aerospace engineer) and our family is in a different state. We have no ties to this area at all.

I hear you. I am an EE and bounce all over the country and beyond on projects. Week ahead Louisiana, last week Texas, week before California. On and off the kids go along and we make a vacation road show out of it. Of course we all look forward to be unemployed between projects, as that is part of the Work Hard / Play Hard way.

Since you are not married to any area, I agree with you getting rid of the house. Personally I would even take a loss on it and not look back.

But seriously consider the jobs and corporations are often not what is presented -- same as the home ownership was not. You have to be a little savvy anymore. None of the big aerospace companies -- Boeing, Lockheed, etc., are what they present to be.

[PencilMeIn]

I can give you a little sliver of hope. My husband had a job relocation last fall '07. I was very leary about selling the house. On one side, there was a house for sale way below the comps....the owners had bought it quite a few years back and it was a profit to them at that price. And at the same time, the house behind us was in foreclosure.....a young couple who did a total makeover but were in over their heads....they took all the appliances, ect. Both houses sold just about the same time that we were listing ours. I was very concerned that we would only get lowball offers since those two just sold at much lower prices and we had only lived in the house for two years. However, our 2nd offer was within our negotiating range and we took it. Sometimes things do work out.

I know it must be tough especially with the kids. Hang in there.

[8 SNAKE]

Originally Posted by dogmom

Are people so stupid as to walk away from a home just because the value has dropped. If you can make the payment, there are too many advantages to home owning that I think the majority have not thought about.. for one, there is still the tax benefits, two, if you aren't making a mortgage payment, you still have to pay rent somewhere, and why make someone else rich? It's getting harder and harder to even pretend to be optimistic in this market..what the heck is going on...is it a panic?

It seems that a lot of people that are able to afford their mortgage, but still walk away are buying new homes before defaulting on their first mortgages. They assume that they'll stay in their new homes long enough that the ding on their credit report won't hurt them much. Many also feel that the credit ding is more than worth the price difference that they'll get on their new home purchase.

I don't agree with the practice, but it seems to be growing in popularity.

[drjones96]

Originally Posted by 8 SNAKE

It seems that a lot of people that are able to afford their mortgage, but still walk away are buying new homes before defaulting on their first mortgages. They assume that they'll stay in their new homes long enough that the ding on their credit report won't hurt them much. Many also feel that the credit ding is more than worth the price difference that they'll get on their new home purchase.

I don't agree with the practice, but it seems to be growing in popularity.

I have never defaulted on anything in my life but I've actually ran this senerio in my head a few times. I hate it. If you have to sell and your house and it is the only thing keeping you from leading a better life and the one thing holding you back from being with your family....

The house was bought with good intentions. No payments were missed...or even late. And it was a sensable purchase; well within the means of income. And I'm getting screwed on the deal because of stupid people who don't understand how an ARM works and how much money they get in their paycheck on Friday. And also thanks to the lenders out there that didn't bother to look at how much money their clients were making before giving them ARM's. Thanks a lot people. You've f-ed us all with your greed.

[dogmom]

Originally Posted by drjones96

I have never defaulted on anything in my life but I've actually ran this senerio in my head a few times. I hate it. If you have to sell and your house and it is the only thing keeping you from leading a better life and the one thing holding you back from being with your family....

The house was bought with good intentions. No payments were missed...or even late. And it was a sensable purchase; well within the means of income. And I'm getting screwed on the deal because of stupid people who don't understand how an ARM works and how much money they get in their paycheck on Friday. And also thanks to the lenders out there that didn't bother to look at how much money their clients were making before giving them ARM's. Thanks a lot people. You've f-ed us all with your greed.

I can honestly say I had never thought about anyone doing that..how the heck are these people getting mortgages with the mortgage they already have...is it more of the same..no qualifying, no income verification? On the other had I can see how someone would want to do that...the situation would have to be dire, but again times are tough out there..