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Here is the situation in a nutshell. We bought this house here in Vegas in 04 for $318,000. It is 1480 sq. ft. and out mortgage is 2k a month. The same exact house next door to us just sold for $121,000. Needless to say we are ****ed. We have been house hunting lately and have found houses THREE times the size in better neighborhoods for around 240-260K. These same houses sold for $600K three years ago. Now I gotta believe that these houses will show equity in the next year or 2 if they dont already and my house may take 10-15 years to get back to 318K.
Problem is we bought the house 4 years ago on stated income program. We are bartenders who only make 17K a year on paper but in reality make 150K a year combined. Not sure if they even offer a stated income anymore. We are spinning our wheels here. The house is 100%in her name. So the next house would be in my name. Besides ****ing up her near perfect credit for the next 7 years can someone please tell me why financially we souldnt foreclose on this 1st money pit. I am a bit green when it comes to this stuff but I am doing my research so if anyone has any words of advice I would appreciate them. Thanks!
Why? Because people who do this are the problem with the housing market. People just like you bought when the prices were high and even though they can still afford their house, they are "pissed" because they made a poor financial decision and now want to just bail on a committment they made.
Why? Because people who do this are the problem with the housing market. People just like you bought when the prices were high and even though they can still afford their house, they are "pissed" because they made a poor financial decision and now want to just bail on a committment they made.
OR! Corrupt bankers bundled and sold crap as AAA paper in collusion with the ratings agencies and brought the whole system down.
Not everyone that has lost their lively hood and homes were people reaching beyond their means.
There are over 8 million people attached to building those homes that lost their jobs, and homes. Who did not have homes they couldn't afford, until they lost their jobs.
Corruption within gov't and private banking came up with the scheme that took so many down.
It is far from over.
No jobs, no mortgage payments.
The OP is a bartender, not some deadbeat, over reaching, money lover.
Thank god people drink more in a depression, or he would be in foreclosure. Not just deciding whether or not to keep paying for a dead horse.
yeah no one has really been prosecuted except one mid-level finance manager but the Countrywide exec is sitting on a beach drinking away his days as he looks at his 200 foot yacht all while poor to middle class americans fall thru the cracks, subsidize the wallstreeters, just so the same wallstreeters can earn record bonuses in 2010 and have AIG sue BoA for billions which we taxpayers will probably end up bailing BoA out again...
yeah no one has really been prosecuted except one mid-level finance manager but the Countrywide exec is sitting on a beach drinking away his days as he looks at his 200 foot yacht all while poor to middle class americans fall thru the cracks, subsidize the wallstreeters, just so the same wallstreeters can earn record bonuses in 2010 and have AIG sue BoA for billions which we taxpayers will probably end up bailing BoA out again...
did the OP walk away or not?
I didn't see anything in the op's post about being ignorant of the contract or unable to pay for the contract his g/f signed, only that he is pissed their house cost more in 04 than the houses next to it are selling for now. How exactly is that someone elses fault?
I didn't see anything in the op's post about being ignorant of the contract or unable to pay for the contract his g/f signed, only that he is pissed their house cost more in 04 than the houses next to it are selling for now. How exactly is that someone elses fault?
I think you'd have to study why were here. What caused middle class to be gutted in a matter of months.
There are strategic maneuvers that globalists and heads of US banks can implement that destroy lives in a flash.
I would try to short sell it. Don't assume the second property will appreciate in a couple of years. Las Vegas was hit the hardest by the mortgage crisis and will take a long time to recover.
Bearing in mind it's 2 years since the OP, I don't think he's still soliciting advice.
However - in my opinion house prices are where they are in large part due to people doing just this - dumping what they have at the bank's expense so they can buy bigger and better. Every time one more strategic default goes on the market at a lower price than the others for a quick sale, it brings down the comps and continues the downfall even further.
I'm sure that when the first short sale/foreclosure sale happened on the OP's street it wasn't anywhere near as low as $121k. But slowly as more and more owners tried to jump ship prices dropped and dropped as each owner got more and more desperate to get out. If they'd all just sat tight instead of getting itchy about how much more they could have for their money none of them would have had to take the losses they did.
Oh and no I don't have sympathy for someone who's not paying any tax on $133k a year.
The Housing crisis started way back during the Clinton years, and continued until 2008.
Folks "bought" homes that they couldn't afford in the first place with exotic loans.
Fast forward to home builders puttin' up stick houses that were over priced to begin with.....and VOILA!
There ya go....
In order for all of that to happen, the Banks and regulators (joke), had to bundle these loans and rate them AAA.
Which allowed more dollars to be lent, creating this bubble. While having no liability or risk.
It all starts with corrupt bankers, ratings agencies, insurers, and regulators.
No loan gets approved without their system design. Whether people can afford them or not, they are in the driver seat of this crash.
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