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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!
If you walk away from your current house without any money in your pocket, what will you use to buy another house and how can you buy another house if you've screwed up your credit? No, stated income loans are no longer available and now it sounds like you will be trying to buy showing just your income alone.
The house we have now is in my fiance's name. We have saved up 25K for a new home that will be in my name only . So the credit thing is not the problem here. Just wondering wht anyone in my situation would consider taking such a huge beating month after month.
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!
I say F it. People declare BK, etc. all the time. Buying a home is like buying and running a business-- it doesn't always work out. My mother bought her LV crib for 322 in 05... the houses in the neighborhood now sell for as low as 109.
The only reason you "shouldn't" let it die, is because it will f up your credit. On a positive note, it may take months or years for your mortgage company to foreclose, so you can put your mortgage payment into your pocket, and if you play your cards right, use that money for a down payment on a new home!
A few years of "poor" but workable credit, or a few hundred k down the crapper? You'll never see any appreciation. The bank may eventually sue you, but eh... you should be protected under Nevada's BK laws (so long as your new home doesn't cost more than 125k and you file the homestead paperwork).
Last edited by Sea2LV2Hou; 07-03-2009 at 09:49 AM..
You offered to buy it at what you thought was a "fair" price...
You get the house, and now learn that it is worth less than YOU agreed to pay.
Soooo, now you want to walk away and buy another house.
Yeah, that sounds about right, sc**w the bank, They should have known better than to lend you money, they deserve what they get.
What makes you different than any other "deadbeat".
You are not walking away from the house because you can't afford it, you just don't want to pay for it now.
You are becoming the poster child for what is wrong with "bail outs" and such.
SHAME on you !!!
Sounds like someone is upset that they paid way too much for their house... Buying a house has little to do with morals. It is purely a business decision. He is not asking for a bailout, he just doesn't care to continue a garbage agreement.
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NO sympathy here....sorry.....
