$8/hr? Are you serious????

[skylinet]

I apologize I didn't read further back, but please tell me you haven't walked away from your home yet. Sticking your head in the sand is the worst thing you can do. Call up a real estate agent and try to short sell it. Your credit is not effected as bad and the house should show as paid. I have a short sale listing in PSL right now and we are getting a lot of traffic.
short sale are a real pain but it is worth it for everyone. Please before you walk away try and short sell it...
if you have questions about a short sale feel free to dm me.

[LingLing]

Originally Posted by kjb131313

Integrity and personal responsibility will not pay my mortgage or my bills at this point.

Just you know that many employers will check your credit report, especially for higher paying jobs of larger established companies. Higher pay means more responsibility and employers can't afford someone who will walk away under stressful situations.
Integrity and personal responsibility will definitely pay your bill for the rest of your life.

[kjb131313]

No I have not walked away yet from my condo. 3 years ago it was appraised at $200,000 and now it is appraised at $80,000. I put down $50,000 so my mortgage is roughly around $142,000. I know employers check your credit. But to simply sit here for the rest of my life in fear of that is ridiculous. I don't know what I'm going to do. I haven't decided. All I know is I used to be so afraid of a ding on my credit. Now...it just doesn't seem that bad as the months go by and I see what a mistake I made.

[skylinet]

Originally Posted by kjb131313

No I have not walked away yet from my condo. 3 years ago it was appraised at $200,000 and now it is appraised at $80,000. I put down $50,000 so my mortgage is roughly around $142,000. I know employers check your credit. But to simply sit here for the rest of my life in fear of that is ridiculous. I don't know what I'm going to do. I haven't decided. All I know is I used to be so afraid of a ding on my credit. Now...it just doesn't seem that bad as the months go by and I see what a mistake I made.

whew, you can try to do a loan mod. These really aren't working well though. But it will lower your payment to a more affordable amount. Short selling it will at least remove the property from your name and give you the oppt. To move. It will knock your credit, but not nearly as bad or for as long as walking away from it.

[LingLing]

Originally Posted by kjb131313

No I have not walked away yet from my condo. 3 years ago it was appraised at $200,000 and now it is appraised at $80,000. I put down $50,000 so my mortgage is roughly around $142,000. I know employers check your credit. But to simply sit here for the rest of my life in fear of that is ridiculous. I don't know what I'm going to do. I haven't decided. All I know is I used to be so afraid of a ding on my credit. Now...it just doesn't seem that bad as the months go by and I see what a mistake I made.

I totally understand what you are going through. I probably will think the same way if I am in the same situation.
However, be careful with the suggestion that investors, realtors, bankers, Greenspan, and everyone else are greedy and bad so you should learn from them and just walk away. If you do that, your credit limit will shrink. You can't start your own business unless some “greedy “investors will support you regardless of your credit. Your opportunity in life will shrink. You are still young. So be careful.

[skylinet]

Originally Posted by LingLing

I totally understand what you are going through. I probably will think the same way if I am in the same situation.
However, be careful with the suggestion that investors, realtors, bankers, Greenspan, and everyone else are greedy and bad so you should learn from them and just walk away. If you do that, your credit limit will shrink. You can't start your own business unless some “greedy “investors will support you regardless of your credit. Your opportunity in life will shrink. You are still young. So be careful.

Maybe I am reading your post wrong, but if you are telling her to walk away from her house that is one of the worst things she or anyone else can do. Her credit will be ruined for years, she will have problems doing pretty much anything credit involved, renting a home, finding a job, getting a new car.

If she short sells her home her credit will no doubt take a hit (roughly 100-200 pts.) but it will be nowhere near as bad as foreclosing on her home. Her home will show up as sold on her credit unlike the big red flag she will have if she forecloses on it. She could even buy a new place in a couple years.

If she was happy where she was she could try and do a loan mod, even though most of those aren't working, or she could take on a roommate. It sounds like she doesn't like to live in PSL anymore though.

As far as being greedy and bad... A short sale normally takes 5-7 month, commission on a 100,000 condo is roughly 2500. After splitting that with a broker it's around 1800. Divide that over 5-7 months. Which on a short sale is paid by the bank... There is nothing greedy about wanting to help someone with their situation.

If you are going to give someone possibly life changing advice at least have some idea of what your talking about.

[LingLing]

Originally Posted by skylinet

If you are going to give someone possibly life changing advice at least have some idea of what your talking about.

I totally agree with you. You don't know what her future plan is. If she does a short sell, her credit may be able to recover in four years. However, she needs to be fully prepared and will hire a lawyer (around $5000 for the whole process) to deal with the mortgage company so it will not haunt her for the rest of her life. It is not that simple.
If not careful, the bank can go after her for the balance. I guess you will sign a contract with her to pick up the balance if you represent her. If you do so, you are my hero and I will hire you to short sell several properties for me.
And yes, I recently bought two short sell condos for our company to use for recruitment. It is a lengthy process.

I hate to waste my time to argue with a realtor like you. But Kjb is a fellow dog lover!!! I just want her to aware pro and con of her choice.

[kjb131313]

LOL!!!! Yes I am a dog lover!! Toby is now 10 months old. I still have to get over to that dog park. I really don't know what I am going to do. I still am receiving unemployment and my parents are helping me here and there so I am not completely drowning yet but I'm not sure how long I can hold out. Like I have said before, I really do like PSL. It is a welcome change from Boca. But I'm not sure if it is where I need to be. Before I make any decisions, I will look at all my options.

[stevep111]

What happens when you can no longer support the dog? Will you make it a stray or send it to the shelter to be adopted or put to sleep? Knowing you are in this situation why would you ever take on a dog? Isn't it enough that you are sponging off of the Tax Payers but now you may be putting a dog's life at risk?

I really mean this in a good way but I hope very soon that you reach bottom so you can finally rebuild yourself. You are already there but you don't realize it yet. The best option is to get a job. Any job. Show some respect for yourself for once. Again I mean that in a good way I am not saying this to attack you but get you motivated. If you don't you will be homeless soon and have bad credit and will end up moving in with your parents again and sponge off of them. That would not be fair to them either.

[2goldens]

Enough!
Thread closed.