What should I do before the next wave of foreclosures in 2012? (Phoenix: rent, credit)

[mistygrl092]

I know they're coming. ARMS are resetting. If we think we've seen nothing, we're about to see something else.

So, in preparation for this, I am doing a lot of work on my house. I am painting, have ripped up all carpet, and am putting down laminate. I can make this house perfect.

I vacillate between just wanting to get out of Dodge and then I think about moving to Portland and renting or buying something else (although truth is I've lost so much money in the crash I can't buy anything outright).

BUT, I can rent and get an income flow. What should I do?

Oops, this should have been posted in the Phoenix forum. Mods, can you please move?

[keninaz]

Unless you have a lot of equity in that home you may be wasting your money if you are going to try to sell it.
You many be surprised on what little your home will bring right now.
Too many homes on the market that are very attractive price wise at this time.
Banks are holding lots of property and if you have the right credit they will sell it to you with good interest rates.
So trying to sell anything today is tough unless you are willing to take a lower price than the property was worth 2 years ago.

[Ponderosa]

Don't worry about it. The world is going to end that year.

[_Charles_]

I wanted to be the one to say the sky is falling but you beat me to it - darn!

[EnicAZ]

The market is deteriorating as fast as in 2008 unfortunately. If you have the chance to walk away do it, before the federal foreclosure laws complicate efforts to walk away.

[Shannon9602]

The world is not going to end that year. Get real! Something drastic may happen that year... but I really doubt the world end.

To answer your question.... I don't know what your situation is but I would do some research about moving to Portland before I make any haste decision. Im from Kentucky and have dreamed about moving to AZ off and on for several years. Each year the winter here is making my decision more and more.

[keninaz]

And I think the older you get the less tolerant of WX conditions in the snow belt you will become.
AZ has many people here in retirement that started out in very cold WX.

[miyu]

What if Arizona runs out of water? What will all those fancy golf courses and lush communities in the middle of the desert do then?

[Kimballette]

The topic of this thread is What should I do before the next wave of foreclosures in 2012?. Please limit your comments to that subject. Thanks.

[Nanny Goat]

Relax and have a cup of chamomile tea, like Peter rabbit did when he got nervous.