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I have a short fuse with people who are not responsible for themselves, lol!)
That's why.
I already knew you were studying to be an agent....it's probably going to be a tough road as you will need a lot of patience and probably a VERY LONG fuse.
It does not sound like you committed mortgage fraud to me. If the place you lived was unsafe for you and your children then you did the right thing by moving away.
Renting it could be an option, but if you can neither rent it or sell it due to the neighbors harrassment, then walking away from that home is unlikely to effect your current home. I would not allow these people to ruin you financially. Do what you need to do to protect your family.
It sounds like contacting the press might help.
Good luck and I am sorry that you have been put in this position - you are right that most of us have no idea how that must feel.
She/he is YET to commite mortgage fraud as they are still current on both mortgage, right? Family should ALWAYS come first. Look into renting it or short sale. Walking should be your last option. You did the right thing by moving. Now that your families safety has be squared away (priority #1), work on what to do with the old home. Again, walking should be your last alternative. What are the consequences besides a battered credit? Is your state a non-disclosure state? Can the old lender come after you for the balance?
I already knew you were studying to be an agent....it's probably going to be a tough road as you will need a lot of patience and probably a VERY LONG fuse.
Yeah, that's what I thought you were getting at, lol! I am working on it. The good thing is I can speak freely here and when I have a client censor myself a bit. BUT I really won't work with people who are irresponsible...I would rather turn down business in the beginning and struggle than be known for someone who will work with shady people. I am hoping to establish myself as someone clients can trust.
We are current on both mortgages and the home has been on the market for more than a month. The home is extremely well priced. Like I said, we are not in it to make any sort of profift; we are already well in the red. I have been told by the lender that we cannot short sale or do a deed in lieu (which I understand is practically as bad as a foreclosure - credit wise) until we are three months delinquent. So, in a way, it seems we are damned if we do, damned if we don't. It's as though the lender doesn't want to deal with the smoke, they'd rather intercede in the event of fire.
We are cautious about renting (have even considered Section 8, an option that would make the homeowners in the well-to-do subdivision shriek in horror) because we do not want potential renters subjected to the harassment of the neighbors, which we do not put beyond them. As they may act out 1) if the tenants are non-white or 2) just in order to keep us tied to the drama, since we would still be legally owners of the home.
We just want out, period. And that is why we are willing to take a big loss on it, just to unload it.
As a sidebar, if potential realtors like twinmma think people like me are irresponsible, she should possibly consider another line of work. People who are potential home buyers may face a range of issues or have certain concerns for myraid reasons; a failure to be sympathetic to violations of the Fair Housing Act doesn't bode well for someone entering the profession.
I'm with Shelly on this one. I certainly wouldn't pass judgement on you, that's for sure.
I know what it's like, the absolute disruption, that someone can cause. Do what is best for you and your family.
We are current on both mortgages and the home has been on the market for more than a month. The home is extremely well priced. Like I said, we are not in it to make any sort of profift; we are already well in the red. I have been told by the lender that we cannot short sale or do a deed in lieu (which I understand is practically as bad as a foreclosure - credit wise) until we are three months delinquent. So, in a way, it seems we are damned if we do, damned if we don't. It's as though the lender doesn't want to deal with the smoke, they'd rather intercede in the event of fire.
We are cautious about renting (have even considered Section 8, an option that would make the homeowners in the well-to-do subdivision shriek in horror) because we do not want potential renters subjected to the harassment of the neighbors, which we do not put beyond them. As they may act out 1) if the tenants are non-white or 2) just in order to keep us tied to the drama, since we would still be legally owners of the home.
We just want out, period. And that is why we are willing to take a big loss on it, just to unload it.
As a sidebar, if potential realtors like twinmma think people like me are irresponsible, she should possibly consider another line of work. People who are potential home buyers may face a range of issues or have certain concerns for myraid reasons; a failure to be sympathetic to violations of the Fair Housing Act doesn't bode well for someone entering the profession.
I said I was sympathetic to your situation. if you go back and read what I wrote I said I feel for your situation. I just don't agree with your solution to the problem. If you solve your problem that way, by walking away, you are just adding to the problem of the mortgage crisis.
A few things:
1. a month is not a long time on the market. (we were on 7-8 months for a wonderful home with great neighbors)
2. Many people have to sell for less in this market. (we lost $25K...we just wanted out so we swallowed the hard pill)
oh, and I LOVE my family more than anything. If I were in your situation, I would have gotten out of dodge too. But I would not have bought another home until I sold my first...I would have rented. And I would be fighting tooth and nail to take some sort of action against your neighbors. I love my family THAT much-to teach my children right from wrong. I would teach them by setting an example: that you fulfill your obligations and you do everything humanly possible to do just that.
As for my entering the real estate business...I have no doubt I am doing the right thing and that I will be successful at what I do. I have integrity and honesty and I follow our social rules.
Yes, family comes first and I think you did the right thing by getting out of that situation immediately. Just don't agree with your method to unload your property...somehow it will cost me, as a taxpayer!
As a sidebar, if potential realtors like twinmma think people like me are irresponsible, she should possibly consider another line of work. People who are potential home buyers may face a range of issues or have certain concerns for myraid reasons; a failure to be sympathetic to violations of the Fair Housing Act doesn't bode well for someone entering the profession.
I work in real estate lending. And I believe you are being very irresponsible. The Fair Housing Act has nothing to do with your situation-it does not eliminate your obligation to pay your mortgage--->period. There is no clause in the law or your mortgage contract or otherwise that says "If X does Y you don't have to pay". If you have been somehow harrassed or any civil law has been violated, then your redress is against the parties you believe have "injured" you. You have no redress vis a vis paying your mortgage or not. What is relevant is YOU have an obligation to pay the mortgage--not just up and deciding you want to walk away because the situation is bad. And I suggest consulting with a lawyer-in some states they absolutely can take your second house as well as an "asset" to satisfy your obligation. Which would then make your life even more difficult if they are financed with 2different banks. My vote: do the right thing and pay both mortgages until you can sell, and be prepared to cough up whatever any shortfall is.
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