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Old 02-20-2014, 10:11 AM
 
792 posts, read 2,013,034 times
Reputation: 803

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Quote:
Originally Posted by Spring Hillian View Post

Scrupulous people have kept up with their payments even though the property they bought is not worth what they paid for it or they are involved in selling the property in a short sale.
Short sales are the most idiotic, self destructive thing that any homeowner can do.

You lose the house, you get nothing to show for it and your credit is still ruined. The only reasons realtors push these so hard is because the get a commission on the sale. And banks love them cause they don't have to go through the hassle and cost of pursuing a foreclosure. And they pat the homeowner on the head and tell them what a fine , upstanding citizen the are for doing the 'right thing' by getting a short sale.

You are much better off to hire an attorney, fight it in court and live in the house for free as long as possible. During that time, you can save tens of thousands of dollars to put down on your next home. Your credit is just as ruined by a foreclosure as it is a short sale.

As an example, you must wait 2 years after a foreclosure to buy a house through FHA and you must wait 1 year after a short sale.

But if you get to live in the house for 3 or 4 years during the foreclosure and save a ton of cash, it doesn't take a rocket scientist to see which option puts the most cash in the homeowners pocket.

And when/if the defiency judgement comes, you bankrupt against it and wipe it out. within a few years, your still back to square one. The only difference, you'll have a lot more money in your pocket than if you just short sale and make the banks and realtors happy.
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Old 02-20-2014, 10:38 AM
 
792 posts, read 2,013,034 times
Reputation: 803
Quote:
Originally Posted by PriusH8r View Post
I have a family member down here who is going on year SIX without paying,
.
Wow, that is awesome!!

I hope I can get 6 years. We just passed the 3 year mark.
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