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Your question was whether you would lose the home you are in, and the best answer is talk to your attorney. I don't see how they could take your home you are living in, if you are current on payments.
I would consider stopping payment on the other house, get 3 months behind, and then do a short sale, if possible. then you can add the deficit amount to your suit. but again, talk to a bankruptcy attorney that handles these issues every day. They are the ones that you should be listening to, not us!!!
Since you've already documented everything, the only other thing I can think of is to go to the press. Or maybe some major political or religious figure in your community. Some sort of investigative journalism or other public exposure might generate enough negative publicity to get more cooperation from the bank.
Something is so wrong with this country and laws is someone can buy a second home and then walk away on the first on purpose. If I ran the world (lol!) I wouldn't let that happen. Heck, I don't really like my neighbors either so I should just go buy a second home and let this one foreclose. So stupid.
Doesn't the "first in time, first in line" rule hold here? I would think the law should make them pay their first loan (on the first house) and then have them foreclose on the second home if they can't afford to make both payments.) And who are the idiots who gave you the loan to buy the second loan if you can't afford two mortgages. God help us all-seriously...someone better get the act together and make sense of all of this terrible real estate crap.
It angers me so much that people can't have self responsibility...what are you teaching your kids? When things get tough, that's okay b/c you can bail. Awful. Yes the neighbors are morally delinquent, but don't stoop to their level.
IMHO "Bad neighbors" while awful is NOT an excuse to "walk away" from a home and a mortgage. You willingly took on a second mortgage before selling/making arrangements to payofff the first or lease it out or whatever? While your situation is undoubtedly upsetting, your actions are irresponsible and a perfect example of a lot of what is wrong with the housing market.
This moral upbraiding is absolutely offputting and ridiculous.
I take it those who are arguing this point have never had their physical safety threatened whenever they ventured outside their home. Perhaps they've never been called racial epithets in front of their children. And maybe they didn't put a moratorium on their kids' outdoor time because who knew what may happen to them if they were outside. Perhaps individuals haven't taken pictures and video of them - and their visitors - whenever they've been outside. Or could it be that their neighbors have never tried to peer into their own windows.
When you can confidently say these are circumstances under which you would live - financial obligation or not - feel free to question my conscience or ethics.
And we met all of the rigorous requirements to get approved for another loan. Our credit is nearly pristine and we make good income. The fact is, I see no point in continuing to pay for a mortgage on a home that will not sell due to the continued antics of racist neighbors. Some things in life are priceless - and not necessarily in a good way. It won't matter what that house is listed for, due to the neighbors' reputation and behavior, no one in their right mind would would purchase that home.
Location: Living near our Nation's Capitol since 2010
2,218 posts, read 3,455,141 times
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Clearly you are in a tough situation. I cant imagine that kind of harassment and it is shameful that your neighbors behaved that way.
That said, I must agree with some of the other posters here. You may not like what folks have to say, but many feel that its simply wrong to walk away from a huge financial obligation. Like so many others here, I think you should pursue other avenues of assistance with the root cause of this problem...either through political means or through legal means.
I honestly do sympathize with the problem and I hope you can find a way out of this mess without walking away from the obligation. Good luck and prayers coming your way.
Something is so wrong with this country and laws is someone can buy a second home and then walk away on the first on purpose. If I ran the world (lol!) I wouldn't let that happen. Heck, I don't really like my neighbors either so I should just go buy a second home and let this one foreclose. So stupid.
Doesn't the "first in time, first in line" rule hold here? I would think the law should make them pay their first loan (on the first house) and then have them foreclose on the second home if they can't afford to make both payments.) And who are the idiots who gave you the loan to buy the second loan if you can't afford two mortgages. God help us all-seriously...someone better get the act together and make sense of all of this terrible real estate crap.
It angers me so much that people can't have self responsibility...what are you teaching your kids? When things get tough, that's okay b/c you can bail. Awful. Yes the neighbors are morally delinquent, but don't stoop to their level.
Oooh, are you still planning on become a real estate agent?
Yes a civil lawsuit is going to take some serious time to work its way through the courts. I would seriously try renting the home to cover your mortgage or a part of it, while you get the investigation and criminal/civil stuff worked out.
The problem with going to the press is that your address will get plastered all over, and it will be the house with the jerks next door. Who wants to buy a house next to jerks? While it would help with your civil suit issues, I can't see how that would solve your immediate problem.
I guess the question is, are you willing to let your credit get trashed due to some jerks? Even if you win a civil case in a year or whatever from now, that won't change your credit history. See if you can get some help to rent the property.
This moral upbraiding is absolutely offputting and ridiculous.
I take it those who are arguing this point have never had their physical safety threatened whenever they ventured outside their home. Perhaps they've never been called racial epithets in front of their children. And maybe they didn't put a moratorium on their kids' outdoor time because who knew what may happen to them if they were outside. Perhaps individuals haven't taken pictures and video of them - and their visitors - whenever they've been outside. Or could it be that their neighbors have never tried to peer into their own windows.
When you can confidently say these are circumstances under which you would live - financial obligation or not - feel free to question my conscience or ethics.
And we met all of the rigorous requirements to get approved for another loan. Our credit is nearly pristine and we make good income. The fact is, I see no point in continuing to pay for a mortgage on a home that will not sell due to the continued antics of racist neighbors. Some things in life are priceless - and not necessarily in a good way. It won't matter what that house is listed for, due to the neighbors' reputation and behavior, no one in their right mind would would purchase that home.
Probably, the best way you could have handled it was to move out and rent an apartment while seeking legal counsel. After you explored all avenues and have figured out what you would do with the house, you would then be free to buy a new one. I see how you needed to get out for the safety of your family...I don't think anyone here should be telling you that you should have stayed (at least I hope not). But I also see how people could be upset that you committed fraud.
Your credit will no longer be pristine once you walk away from your first house. You will have problems buying a car or getting credit for anything else. Should your circumstances change and you have to sell your second house, you will have issues buying a new one.
I think you should continue to pay on the first house and get an attorney to help you figure out how to get the racial issues resolved so you can either rent your first house or sell it.
Oooh, are you still planning on become a real estate agent?
yeah...I am studying...will probably test next month. Why? (It will probably take me awhile to get a client as I have a short fuse with people who are not responsible for themselves, lol!)
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