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In addition, since washington is a community state she would indeed get 50% even though she has invested NOTHING. Not money nor time nor labor. Doesn't matter. After giving the house away for a ridiculous lowball price, paying commissions, liens, closing costs, fines, fees, etc.,etc.,etc...The ex gets half of the piddly left which leaves me with................NADA!!! I'm the only one who stands to lose thousands of dollars in upkeep, maintenance, and upgrades. Everyone else just stands in line with their hand out. But somehow I'm the a**hole here? I say screw em all. Freaking leeches.
If you have "equity" then you are asking too much.
The whole premise of the OP is that he can live there for 8 months or so
whilst not making payments. Let's say a decent place would cost $1,000
per month. If they live there for 8 months, they might be able to save $8k.
If their "equity" is $50k, then this is a dumb decision if they could lower the price even $40k and get out clean.
Quote:
Originally Posted by virtuousman
We even priced it $50k below neighborhood comps
The thing is; "comps" is what houses in the area have sold for recently. It is not what other places
are listed for in the area. Listing a house "$50k" below a delusional price might still be delusional.
Also, if you have a house worth $108k and a mortgage of $100k, you do not have any equity
in that house. You have zero equity and that's only if the house is perfect and ready to sell.
"Equity" measured in the single $thousands is effectively zero. Unless one has a few tens of $thousands, one has, effectively no equity. In many areas, even having a
theoretical $100k in equity, is effectively zero equity once selling costs are factored in..
I suspect that there is negative equity in this situation or the squatting idea would not be floated.
Note that in many cases, squatting is a good idea, but there aren't enough facts to go on here to decide.
You sound like a lovely person. Go ahead and make the rest of society responsible for your bad decisions. Buy your trailer, then head North or South (you pick), cross the border and remain wherever you are able to pitch a tent for good.
BH - unless the gov't bails out little Joe Smith society is not responsible for VM's default, if that's what he chooses. Only the lender and dare I say shareholders will take the loss. If that includes you, bwahahaha...
Try taking a walk in someone else's shoes. I'm sure you have faced problems but like many on here, you will only insults at people.
See "we" (VM maybe...definitely me) deadbeats need to stick together in the face of this assinine behavior by people...well people like you.
Virtuous, if you are with a credit union, 8-9 months tops. If you are with a big box lender, request copies of your deed, title, loan docs, etc. Sit down with an attorney and review them. Meanwhile, stop paying!!! it truly is the only way to get a "lenders" attention.
Example of another industry debacle...friend of a friend just won her initial lawsuit against BoA here in So Cal. Appears BoA falsified signatures and then illegally (1) cut off an existing loan mod program and (2) locked the 'homeowner' out. They get to move back into the house next week and are awarded damages.
My mom (a real estate broker) went to a "class" on short sales just yesterday to see what tips she could pick up. They had reps from BofA, Wells Fargo and Chase there to answer questions. All three of those banks said that they are in the process of setting up departments to file charges against anyone they can prove did a strategic default (aka those who COULD pay the bill, but chose not to and let the house foreclose, or sent in the keys). So if you defaulted on your loan without a legitimate hardship, they intend to not only collect the debt if they can, but even file charges.
My mom (a real estate broker) went to a "class" on short sales just yesterday to see what tips she could pick up. They had reps from BofA, Wells Fargo and Chase there to answer questions. All three of those banks said that they are in the process of setting up departments to file charges against anyone they can prove did a strategic default (aka those who COULD pay the bill, but chose not to and let the house foreclose, or sent in the keys). So if you defaulted on your loan without a legitimate hardship, they intend to not only collect the debt if they can, but even file charges.
Scare tactics by the giants of finance.... There is nothing they can do about someone not paying their mortgage. Whether they can afford it or not.
There are too many variables.
Nice to see the big three are guarding the hen house. Can't wait to see them all collapse into the sea of greed they created.
BH - unless the gov't bails out little Joe Smith society is not responsible for VM's default, if that's what he chooses. Only the lender and dare I say shareholders will take the loss. If that includes you, bwahahaha...
Try taking a walk in someone else's shoes. I'm sure you have faced problems but like many on here, you will only insults at people.
See "we" (VM maybe...definitely me) deadbeats need to stick together in the face of this assinine behavior by people...well people like you.
Showing your ignorance again Dave - not only do we pay the banks in increased fees and reduced interest on savings, we pay in other ways too - all of your neighbors who are now seeing their property values tank even more thanks to you setting the new low comp, the increased cost and work involved for anyone now wanting to buy property, the reduced tax income to the government since you've given your bank yet another tax writeoff.
Showing your ignorance again Dave - not only do we pay the banks in increased fees and reduced interest on savings, we pay in other ways too - all of your neighbors who are now seeing their property values tank even more thanks to you setting the new low comp, the increased cost and work involved for anyone now wanting to buy property, the reduced tax income to the government since you've given your bank yet another tax writeoff.
I was going to comment, but you have summed it up beautifully.
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