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...and our children, and our grandchildren. Yes, OP...we ARE paying for your mistakes. Where did the money from your HELOC go? That's what I'm interested to know.
Again off topic and unimportant...if you care to start your own topic feel free.
I would think that anyone coming to this forum and even suggesting that they should walk from their mortgage would be getting hit with food and rightfully so. What do you think they should get? A round of applause?
A mortgage is a contract,nothing more.
It seems some feel homeowners should lost EVERYTHING so to feel bad about giving their house back...
Can you sell off the land to pay your debt? If so you need to stepup and pay your debt.What your saying is I used equity in my house to buy land and improvements ;how want to skipout on the debt on the home.No different than AIG;if everyhting had gone right. you were too leveaged just as they were.Your problem is that your not too big to let fail.Sorry for your luck.
Actually we can simply stop paying on the house...but that is a last resort.
For the Holier than Thou types,better get used to millions of more defaults and homes being given back....it is going to get even worse in the next year or so....
It seems some feel homeowners should lost EVERYTHING so to feel bad about giving their house back...
If they've lost it through no fault of their own, they have my sympathy. If however, they took equity out of their home to purchase something else...then no.
Well we relisted the house yesterday,it is going on the MLS and we have already dropped the price....LOL
Yesterday he thought to start at around $225,000...called this morning and after some more research and time we are putting it on the market at $199,000 and he thinks we might be able to sell it for $175,000.
Oops made a mistake with the starting price,edited post from $195,000 to $199,000
Less than what we owe but such is life.
Funny thing is we bought the home in 1998 for $100,000,and in the intervening years put in new windows,new HVAC,new carpet,refinished the hardwood floors,tiled both bathrooms including travertine marble in the master,granite countertops in the master as well as in the kitchen,all new appliances and new cabinets in kitchen,installed crown molding,new bigger deck on back,entire house repainted inside and out,resprayed ceilings.......all told spent probably $50,000.
Well in this case the primary lender stipulated that to even begin to help us we would need to put the house on the market for no more than what we owe for ninety days and after that they would be able to discuss matter with us...
Also if you sell a house for less than you owe,you simply must pay the difference if nothing is worked out ahead of time of the closing.
Even tried to discuss this with our second mortgage holder(Wachovia) to see about how we could take the difference between what is owed and what it sell for and take on that debt ourselves...sadly it seems nothing can be discussed without there being a firm offer...
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