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I agree that compassion is necessary and everyone's situtation is different. And I have no idea what the OP's situation is since he didn't exactly explain it.
However....I do believe that many people who are walking away from their mortgage today are doing so simply because they gambled in the housing market and lost. And one day, given the opportunity, they will gamble again.
And should they lose again, we will all help pick up the tab. Wash. Rinse. Repeat.
I have lots of rental homes and will not rent to those with foreclosures or evictions on their credit. In the beginning I listened to the stories and got burned...now I take 620 or higher. I know that there are lots of people that do not run credit though, so you should be fine.
I have lots of rental homes and will not rent to those with foreclosures or evictions on their credit. In the beginning I listened to the stories and got burned...now I take 620 or higher. I know that there are lots of people that do not run credit though, so you should be fine.
I really felt for most of the foreclosed home owners, but I start to feel the same as you...bunch of lyers!
Maybe 1 in 50 can't help it, the rest was just to greedy and even if the mortgage broker changed the application....the mortgage applicant signed it and could have refused it....than there are people who just took another mortgage so a more expensive car, fitness equipment (I guess that branch did very well if I look around, and that is the first to be moved out of the house. )), etc, could be obtained.....no I'm getting mad instead of feeling for these people and think they have no responsibility to even raise their kids with any kind of values and respect.
uh huh so correct. My wife and I both lost our jobs in 2006 me on nov 17(failure to make sales objectives) and hers(OUtsourced to the internet) at the end of the year. We sold our condo and lived off the proceeds till they all but ran out while looking for work . We were 51 and 52, making roughly 75 take home/yr. Now in our market trying to find another job not even another job in the same pay range was unbelievably difficult. Then the mortgage holder when i called to make payment arrangements (30days late on one pymnt 60 dayson another) to send in the 60 day in five days and the 30 day in two weeks later said that was "not acceptable it was all or nothing"! Hmmmm So what happens if I mail the one 60 day anyways? "We will return it" was the answer. In short we filed a ch13 bk to stop the foolishness after much "wrangling" Turns out three months after filing we both got jobs to support it all but not enough to pay it all, so now we are moving(both job relocations better pay better area, and cant get any financing anywhere, even though we are "on time" with all pymnts. Go figure!
Nobody should be criticizing somebody who asks an honest question. I can see criticism if the question asked is "how do I get into a $1,000,000 house with no down payment and an income of $20,000 per year?"
I have heard that many landlords these days will rent to people with a foreclosure on their record, as long as their credit other than their mortgage is decent. So if you're a total deadbeat across the board, you'll have trouble finding an apartment of any quality to rent. But if you fell into trouble with your house, but have otherwise paid your bills, you should be able to find a place.
i agree in part with tristansmommy. it may take you a few applications to find a place to accept you especially if you are already showing late payments on your mortgage. be upfront and honest with them. they dont' necessarily look at the score but a lot of other parameters on the report.
get approved for a place first, then let the house go to foreclosure. if you only have 1 mtg you can give the keys back to the lender which is a little less painful than the foreclosure.
also keep in mind that apartemnts are looking for your rent to be no more than 30%-ish of your income.
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)), etc, could be obtained.....no I'm getting mad instead of feeling for these people and think they have no responsibility to even raise their kids with any kind of values and respect.
