Question about voluntary foreclosure (Phoenix, Chandler: real estate, renters, credit card)

[londonbarcelona]

Originally Posted by artvandelay

Sorry to hear about your 40% investment mistake. Maybe those with the liar loans and 0 down weren't stupid after all, but stupid like a fox. Maybe we with down payments were the stupid ones.

The thing about most of the west and south valleys is that it's tougher than other places to distinguish a good area from bad. I looked at 30 or more homes in 6 different areas/towns, and I could never tell what was good and bad, and my realtor was not much help. With all the intermixes of slummy streets and pretty streets, and mostly sub-par schools, it felt like I never had enough information to make a prudent choice; and that's where my mistake comes in. Some of the nicest looking places were in fact the worst choices.

Live and learn, and try to mitigate the damage. Good luck to you.

You weren't the only one to fall for the false advertising campaigns that many of those communities ran. And I don't think you were stupid for buying in a place you thought was a nice area. The west valley (and places in the east valley like Mesa) is funny like that, you have to know where to go, and it's a crap shoot. At the time you bought, it appeared that Phoenix was going to keeping getting bigger and BETTER. When the market crashed, it happend FAST. Don't fault yourself for not seeing it coming, I don't think many of us did.

[artvandelay]

Originally Posted by londonbarcelona

You weren't the only one to fall for the false advertising campaigns that many of those communities ran. And I don't think you were stupid for buying in a place you thought was a nice area. The west valley (and places in the east valley like Mesa) is funny like that, you have to know where to go, and it's a crap shoot. At the time you bought, it appeared that Phoenix was going to keeping getting bigger and BETTER. When the market crashed, it happend FAST. Don't fault yourself for not seeing it coming, I don't think many of us did.

I actually got a "deal" (as my delusional neighbor told me), meaning I paid $40K less than the appraised value. But I understand how the business works, so I didn't put too much stock in the appraisal. I anticipated the market drop, but not to the extent that it has. I expected a 10 or 15% overvalue, but in 17 months my "estimated" value has dropped about 20%. Since there have been no sales or comps to use, I expect it's more like 25-30%.

I'm looking at a current loss of about $60K without selling costs. I will likely stay put for a little while, but I want to explore my options. I'm glad I don't have an arson mindset.

[MotleyCrew]

Originally Posted by artvandelay

Who said anything about selling? You need a buyer in order to sell. I'd sell if I could. Want a house in beautiful Tolleson?

Anyway, my reason for wanting out is for the safety and benefit of my kids. If I drove a car off the lot, and it started steering itself and the brakes didn't work, sure I would return it. By the way, I don't buy new cars, for the reason you stated, and I definitely wouldn't finance something guaranteed to depreciate immediately.

Your post makes no sense in the context of this thread. I suppose you would stick it out even if yours became the only non-drop house on the block.

Have you tried working with the police department? Just curious if this is even a doable thing where you are. I have heard that the Sheriffs dept is cracking down on drop houses. Wish you the best of luck.

[artvandelay]

Originally Posted by MotleyCrew

Have you tried working with the police department? Just curious if this is even a doable thing where you are. I have heard that the Sheriffs dept is cracking down on drop houses. Wish you the best of luck.

There haven't been any drop houses busted here, but I'd be surprised if there wasn't at least one. The ones that have been busted form a nice circle around my neighborhood though, but none within a mile of my house.

[Venusian_Artist]

I feel for you, man. I'm in a similar situation, just not as bad. I live in Portland, OR, bought a house in a notorious illegal immigrant gang neighborhood (apparently, I was the only one who didn't know,) put no money down on a thirty-year fixed loan, have no kids--wait, I guess it's not the same.

Still, I'd like to get rid of it. If anyone wants an otherwise great house for the cost of what I owe on it, pm me.

[Venusian_Artist]

Originally Posted by artvandelay

There haven't been any drop houses busted here, but I'd be surprised if there wasn't at least one. The ones that have been busted form a nice circle around my neighborhood though, but none within a mile of my house.

Hey, what did you finally decide on your house? I'm about a week away from walking from my property and forcing a foreclosure on my lender.

Like you, I don't have a problem making the payments, my credit score is 829, and the crime is getting to me. Any advice you can give would be great.

[artvandelay]

Venusian,

I'm staying put for the time being. I just saw on Zillow, which I take with a grain of salt, that my house has lost an additional $50K in value, which puts me at about a 28% drop, right around where I expected.

Good luck with your decision. It's not easy for responsible people to come to this decision, but sometimes the consequences of sticking it out are more damaging than the consequences of walking.

[twiggy]

You know my area is going down fast too! We have had so many foreclosures and now have so many rentals like 20 out of the 27 neighbors I have rent now! I hate it. This was such a nice area when I bought the house. Our park has been burned down, thats right, little thugs have burned it down 3 times and now it's tapped off and they won't let anyone play there anymore. Little want a be gang kids all over! Here I am struggling to keep from loosing my house, working my butt off, remodeling so I can put it on a failing market and loosing more and more money everyday. Maybe I should just go! Everyone else has. And now I am paying for it. Literally. Every time someone leaves and the bank sells for pennies my equity leaves too! I now want to move out to a no-where land and rent a farmhouse and forget this Urban sprawling waist land!!!!!!!
Yet, I keep holding on!! Why am I doing this. I feel bad leaving. Why? The bank doesn't feel bad taking all my money for nothing. They are ripping me blind with this arm. I'm going down, I'm going down, may day!!!!!
God Fighter 1 are you on every thread in every town or what!!! You must do great business on here!

[altus2006]

Originally Posted by twiggy

You know my area is going down fast too! We have had so many foreclosures and now have so many rentals like 20 out of the 27 neighbors I have rent now! I hate it. This was such a nice area when I bought the house. Our park has been burned down, thats right, little thugs have burned it down 3 times and now it's tapped off and they won't let anyone play there anymore. Little want a be gang kids all over! Here I am struggling to keep from loosing my house, working my butt off, remodeling so I can put it on a failing market and loosing more and more money everyday. Maybe I should just go! Everyone else has. And now I am paying for it. Literally. Every time someone leaves and the bank sells for pennies my equity leaves too! I now want to move out to a no-where land and rent a farmhouse and forget this Urban sprawling waist land!!!!!!!
Yet, I keep holding on!! Why am I doing this. I feel bad leaving. Why? The bank doesn't feel bad taking all my money for nothing. They are ripping me blind with this arm. I'm going down, I'm going down, may day!!!!!
God Fighter 1 are you on every thread in every town or what!!! You must do great business on here!

Where are you located, twiggy? Your situation is one that Ponderosa and others had warned about earlier this year. It is so hard (if not impossible) to find out which areas to avoid.

I feel bad for all of you that bought in areas that have turned out to be gang infested and with values headed down.

altus2006

[twiggy]

Originally Posted by altus2006

Where are you located, twiggy? Your situation is one that Ponderosa and others had warned about earlier this year. It is so hard (if not impossible) to find out which areas to avoid.

I feel bad for all of you that bought in areas that have turned out to be gang infested and with values headed down.

altus2006

What's strange is that I live in a Chandler suburb by the mall. I never would have imagined it to get this way. The homes look nice, it's in the Kyrene school district. But, renters have a way of not really staying very long and not caring very much. I was a renter once, and I cared but for some reasons I new I could leave easily if I needed too. As a owner I feel like I need to watch the neighborhood more, and take care of my house a lot more, watch my kids and how they respect the neighborhood. I can't believe the foreclosures going on right now, a lot! People use to have to be able to afford to pay 400,000 for a house here, now they can get a bank owned for 200,000. Maybe thats why? I'm not wealthy by any means but I work hard and respect others and make sure my kids do as well!! There seems to be a lot more teenagers around that don't live here, it's strange but there parents are dropping them off in my neighborhood from other parts of town and telling the school they live in the district. These kids wander around my street waiting to be picked up, and they don't get picked up until 5:30, 6:00pm! Who knows why? Maybe people are more depressed now and just don't care anymore. ??????