HELPPPP EVERYONE!!! I just want to give my house away!!! (sale, foreclose)

[ChristineVA]

Originally Posted by jmking

You are correct. I grew up my entire life in DC and the burbs, DC, Maryland and for last 20 years in Fairfax. I bought my home in the 90s, a nice 2400 sf, 2 car garage in a very nice developement for $216,000. Presently 2 bedroom condos go for that price. As the prices climbed through the years I've felt for the younger folks and wondered how in the hell can they afford these prices and was told by many people upto 5 years ago "beware when these mortgages balloon all hell is going to break lose." However, at the same time federal wages have climbed in many cases, in my opinion higher than the private sector. Many federal jobs pay 6 figures or close to it including benefits. Many-many couples in this area do work for the fed making 6 figures easily, driving the price of homes.

I also bought in the 1990s (house was $220,000) and I have a very comfortable mortgage of $1400 (includes taxes). I also work for the Federal Government and, yep, they pay pretty well. That was not always the case which is why I stayed in a private company until the Feds "equalized" pay.

I really don't know how some of the people who are in their late-20s to early 30s and just starting out in their careers are affording homes. My guess is that they are falling for the "oh you can afford this much" sales pitch that puts their mortgage payment at roughly 50% of their take home.

[sls76]

Originally Posted by Skapov

As far as the tax savings, as renters we always got the standard deduction anyhow ($10,900 this year) and people always forget to subtract that amount from the interest to compare the TRUE tax savings.

Yes, but if you can afford a $3000 mortgage I would think you pay over $5k in state income tax, not to mention personal property tax and charitable contributions (the average American household gives about 2%). Most Northern Virginians buying a home with a $3k mortgage would likely already be pretty close to having deductions that exceed the standard deduction before the deductions for interest and property tax. So you're really not subtracting out $10,900 to compare the TRUE tax savings, you're subtracting out $10,900 less the sum of your other deductions.

[athousandlogins]

I really don't know how some of the people who are in their late-20s to early 30s and just starting out in their careers are affording homes.

Either we're moving way the heck out there and spending half the day commuting, or we're renting.

Personally, my husband and I have readjusted our thinking - we are not okay with commuting for several hours a day, so we simply don't consider it necessary to own a home right now. Would it be nice? Of course. It would be nice to have a Mercedes, too, but that doesn't mean we need one. Renting isn't ideal, but it keeps a roof over our heads without driving us into payments we can't afford.

Yeah, some days it really doesn't feel "fair." We have awesome credit, we have savings, we've done everything "right," and we're still priced out of owning even a modest home anywhere within an hour of my husband's job. Still, we suck it up; we'd rather live within our means and keep renting than buy into the myth that one MUST be a homeowner to be a successful, financially secure individual.

[elle2121]

First off I am sorry to hear all of what you are going through. The only thing I can think of is to speak with your bank. I know my father contacted the bank and they made a payment plan for him. The key is to write a hardship letter and show that you are unable to afford these payments.
Now as far as shortsale and foreclosure both yes will affect your credit. However I am not sure how long your credit will be damaged for. AMERICA is based on credit...as long as you have it you will get anything you want for the most part. If EVERYONE who is loosing their home is going to have bad credit I would hate to see what its like in a few years. Credit is always something you can work back on.
I wish you the best of luck... perhaps maybe you can get some roomates in and help pay for the mortgage?

[rpmhigh]

Originally Posted by VEIK

Bank of America, Wells Fargo extend foreclosure moratoriums - Dallas Business Journal:

Sorry everyone that I took so long to answer. And thanks for the link VEIK . It gives me some hope to save my house. I will be posting more details later about my situation after I get off my job. If anyone has dealt with this problem I would also like to hear your oppinion thanks everyone.

[mojo_1979]

Originally Posted by sls76

Yes, but if you can afford a $3000 mortgage I would think you pay over $5k in state income tax, not to mention personal property tax and charitable contributions (the average American household gives about 2%). Most Northern Virginians buying a home with a $3k mortgage would likely already be pretty close to having deductions that exceed the standard deduction before the deductions for interest and property tax. So you're really not subtracting out $10,900 to compare the TRUE tax savings, you're subtracting out $10,900 less the sum of your other deductions.

This is a very good point that is overlooked even more than the standard deduction alone when discussing the tax benefits of homeownership.

[rpmhigh]

First of all thanks everyone for your support and comments. I could have rented the house before and save all this problem in the past. However, I am currently 8 month late on my payments and I feel that my house is one step away for foreclosure. I spoke to my lawyer again and he said he could do the process for 2000 dollars. Which for me at this point I don't want to spend money for a process I could do myself. So I decided to called BOA again asking them what steps to take for the deed in lue process and when I spoke to them they seem to be eager to put my house into the deed in lue department and begin the process right away. Today I will be writing a hardship letter explaining my situation and why I want to turn in my house but first I will be watching on TV tonight what President Obama will say. If I find something to work on!! I will act fast and save my house but if not the bank can have my house by the end of this week. I always being responsible with my bills and I hate to know that this is happening to me. Anyways I ask myself this questions several times last year and this year I want to end this nightmare and rebuild my life again. Times were good back then and paying a mortgage was possible but the banks are not willing to help their clients to save their houses in this economic recession. Like I said before if anyone had experience this type of problem I will like to hear your story thankss!!!

rpmhigh

[A-BIG-NOTHING]

i have a quick question.......
the OP said that he's late on his payments by 8 months......what happens if tomorrow morning, he can all of a sudden afford his payment (new job, etc.).

Does he:

a. have to start paying his monthly payment and basically problem solved....
or
b. have to start paying his monthly payment AND pay the 8 months worth of payments and THEN problem solved


ps. i'm really sorrty to hear about your troubles......

[5stones]

first if you are having problems DO NOT wait 8 months to contact the bank etc...
YOu should have been in the office talking to a loan officer the first month you saw you were in trouble.

Did you put ANY money down when you bought this house?
Did you do an intrest only loan?
Did you do a Balloon paymant loan?

And why is it the banks fault if you could afford your payments previously? you entered into a contract with the bank saying you knew the terms and you would pay them everymonth. Same if you were renting, you get behind on your rent HOW is that the land lords fault? should he lower your rent when you had signed a contract saying you would pay X ammonut?

AGAIN I must say.... HOME OWNERSHIP is a privledge NOT a RIGHT. Everyone does NOT have the RIGHT to own a home.

Again the banks didn't hold a gun to anybodys head and make them sign for a loan.

I do feel bad that you are in this situation but my sympathies lie elsewhere.

[HEATHER72]

My question is... how can someone be 8 months late on paying their mortgage and not have already been foreclosed on?