[Hero]

LikeAStone: thank you for sharing your story. I agree at the time, the decision looked to be a good one. Given the same situation and circumstances, I likely would have made a similar decision.

$242,000 x 0.1 + 2.1k/month*3 years is almost 100k. If the lender short sales it for 130k, the difference will only be 12k. I know the math is rough and arguably inaccurate but I hope you get my point.

One option is to short sale and then rent. The rental market is very good for renters even for one with a poor credit score. If you have the means, buying first in NC and then walk away from FL is another possibility. Last option I can think of is to stay in FL. Build the business here, help FL economy, and everything else including home prices will follow.

Jammie: When the banks sold her loan to investment companies, I'm sure they weren't going to share the profits either. Fact is owners aren't the only one to blame. All were in it for the benefits; all ought to share the risks. The OP, IMO has already taken most of the pain... for now.

MrTudo: From 300k to 130k, looks like you found your 50 cents on the dollar.

[**NoodLes**]

And then people wonder why Florida is such a transient state. You buy a house to LIVE in, not as an investment.

[Hero]

Originally Posted by gypsychic

Well, I'm not totally without sympathy for your situation; however, you don't really HAVE to move, you just want to for business reasons. It's not like you had medical emergencies or an accident. I have to agree with those here who feel you need to deal with it responsibly.

I do wish you best of luck.

Moving for business reasons could be a true necessity if it's the means to provide for the family for example.

With business and location, you oftentimes can't have one without the other.

[LikeAStone]

Originally Posted by MrTudo

Bye bye, have a nice trip to north carolina.

Be glad you don't owe me the money. There would be no place for you to hide. You would be made to honor your word and commitment no matter what way you tried to weasel your way out of it.

That didn't take long.

[Dallas Gator]

Originally Posted by MrTudo

Bye bye, have a nice trip to north carolina.

Be glad you don't owe me the money. There would be no place for you to hide. You would be made to honor your word and commitment no matter what way you tried to weasel your way out of it.

Yawn!!! - another tough guy on the internet - likely some geriatric geezer in a double wide...

[desertsun41]

Originally Posted by Jammie

Morally and ethically, you are wrong. You agreed to pay a certain amount for that house when you bought it. If it would've appreciated, you wouldn't share the profits with the bank, would you? So now why should the bank take the loss instead of you?

Ok, that being said~send the keys back. Life is rough and your family doesn't need the extra payment when in fact, you'll be losing ground because it could take years for the price of your house to get back to what you paid for it. (And that's assuming that it will) It's obvious that you are already aware of that.

You seem to be an honest person and are struggling with this. You just ended up in a bad situation that was brought on by others. I'm going to venture a guess that you will find someone who will rent to you. There will soon be thousands homeless if owners refuse to rent to anyone who has let their house go into foreclosure. The trend will somehow have to change and renting will become more lenient. You may end up having to pay more upfront in order to get a rental, but there won't be room on the streets if the rules for renting aren't adjusted. You're one of the families I truly feel bad for. You're in the category of the hardworking people who just wanted a home and weren't trying to live above your means, etc. I hope everything works out for you.

Yes another good point. Rules will have to be eased for renters because all these people with now ruined credit will be homeless and all the landlords will have empty homes.

I suspect landlords and lenders will look at a credit like in the old days, with their own eyes rather then a machine spitting out reject or approve. A lender will see a good credit history but just the one situation leading to the 3 missed house payments and then the short sale or foreclosure.

It's yet to be seen.............

[desertsun41]

Originally Posted by Dallas Gator

Yawn!!! - another tough guy on the internet - likely some geriatric geezer in a double wide...

Oops you responded to the wrong post. You meant to say "tough guy" to post #2 Mrtoto who was the real tough guy. Dont worry we all make mistakes. Some just post them and embarrass themselves.

[LikeAStone]

Originally Posted by Huckleberry3911948

a house, a car, a stock, are not a lose til the sale occurs.

A salient point. Unfortunately, I have invested nearly 6 years of my life and a LOT of cash (mostly investment money) in order to build a growing technology business that now employs 7 people with plans to double that number in the next 12 months. As one of the two main principals at the company, I need to relocate right away in order to secure office space, find a home for my family, start interviewing for additional positions...etc.

I certainly wish I did not have to move, and this is horrible timing given my situation with the market value of the home, but this is a necessary step for the future of this business. I don't pay myself a king's randsom. Neither does my business partner. We have been paying ourselves well below market and sacrificing for years to make this business work. Now that energy is paying off and we are poised to really grow. Do I now balk at our planned relocation because the value of my home plummeted over 100k in 18 months? My business partner's home has jumped 15% in value (in Chicago) since January 2008. He bought for 220k about a year or so before me. His home is now worth $409k.

Does is suck for us that we bought in a market that ended up being a loser? Yes. I am going to cry about it and bemoan my loss? NO. Should I selfishly decide that moving is not in my best interests financially and derail our relocation plans? No. Am I conflicted?...you bet your azz.

[jm51]

Have you looked at having a buyer assume your mortgage? They would take over your remaining payments and in the end get the house. I am not sure if that would be a deal for them or not. I do agree with previous comments about moving, if your companys office has been in Chicago and you have been in Florida, why do you have to move now? I feel your pain with the mortgage company, my husband and I are going through the same thing, if we pay on time they won't talk to us. We simply wanted our adjustable rate lowered to a fixed and they wouldn't do it. I guess the lesson in all of this for all of us is that any investment comes with risk. Good luck.

[LikeAStone]

Originally Posted by desertsun41

...One thing is for sure. The rich will get richer and the poor and the middle class will get poorer.

No doubt there.