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I'm gonna lose my house, now what?

 
Anonymous Coward
User ID: 279319
United States
08/08/2007 11:10 AM
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Re: I'm gonna lose my house, now what?
why pay all that money to live in a ghost town...
stay as long as you can and pocket your monthly payments
then hit the road a day before eviction
ButchHowdy

User ID: 216592
United States
08/08/2007 11:10 AM
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Re: I'm gonna lose my house, now what?
Come to Brevard County where it sux less.

We still have some infrastructure, Space Industry, government industrial complex, and tourism.

I will even owner finance you in a beautiful home I personally restored:

[link to spacecoast.craigslist.org]
Anonymous Coward
User ID: 176812
United States
08/08/2007 11:22 AM
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Re: I'm gonna lose my house, now what?
that's right op, take the advice of other posters and negotiate with the bank. port charlotte is overrun with investment properties and at least you live there and want to pay. tell the bank these facts and demand a deal (professionally, of course). it's worth a shot.
 Quoting: Anonymous Coward 276453


Exactly, there are more people in this situation than you probably realize.

The banks would rather re-negotiate and work with you than take your house. There are too many houses....banks don't really want to deal with that.

Get down there and negotiate.

If the first person doesn't have the right attitude go to the next and so on.

If that doesn't work start call local, state and federal housing authorities and congressmen, state senators....spread the pain around.
Anonymous Coward
User ID: 276543
United States
08/08/2007 11:24 AM
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Re: I'm gonna lose my house, now what?
WE now pay 2400$ a month on 7.9% on our ARM of 285K. OPTION ONE the mortgage arm Of H&R Block sends us a letter last week telling us our mortgage will reset in FEB --3 points to 10.9% I havn't done the math yet but we were asked to call if we would have a problem. We called and were told they could probably help us. We have never been late or missed a payment but my wifes credit score is 620---they are looking for about 660. he said he'll call back soon in about a hour (monday) so I tell the wife to call them since now its 6 hrs later. He's still working on it and is very busy and I'm shittin a brick. We live in a nice area of Long Island NY. She was told to call again today but this shit is scary.
Anonymous Coward
User ID: 279301
United States
08/08/2007 12:04 PM
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Re: I'm gonna lose my house, now what?
I just sold my house for double what I paid for it in South Tampa, I must rock... 3 years - doubled in value.

No housing issues here...

5a
Anonymous Coward
User ID: 279301
United States
08/08/2007 12:06 PM
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Re: I'm gonna lose my house, now what?
Sorry people, if you did not get a fixed rate loan... the housing issues are your own fault... that was NOT A SMART THING TO DO, and those people are now the people paying for those dumb decisions.

FIXED RATES! ONLY WAY TO EVER BUY A HOUSE! HAVE YOU LEARNED?!
Anonymous Coward
User ID: 276543
United States
08/08/2007 12:20 PM
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Re: I'm gonna lose my house, now what?
Now I have !! I have never owned a house before... But the decision on the house I live in was made by my wife--before she was my wife--about 2 yrs ago----and we just married in June. Think I was set-up ???
Anonymous Coward
User ID: 279348
United States
08/08/2007 12:26 PM
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Re: I'm gonna lose my house, now what?
If you have to do a doc only loan -- which I just did, you can refi with a 5 year fixed/50 year ballon finance. This has a prepayment penalty at three years. So you can refi again in three years if your situation or the market is better....Here is the deal with all those forclosures. With these type of loans people do not stay on top of the dates that they have to start paying more for the ballon. If you refi BEFORE that date you are fine. So in this case one MUST refi within 5 years.
Anonymous Coward
User ID: 279348
United States
08/08/2007 12:30 PM
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Re: I'm gonna lose my house, now what?
Also, think about this -- most people do not stay in their homes a number of years anymore like they did in the past generation. 5 years max it seems - so the 5 year fixed is good enough....then sell or refi again.
Anonymous Coward
User ID: 276543
United States
08/08/2007 12:38 PM
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Re: I'm gonna lose my house, now what?
My wife is working with the lender --OPTION ONE---since our only choice if not refi is to sell and hope to get what the mortgage is. It seems as if they want to do something but what that will be I don't know...We do know that the 2400 we pay now is almost our max. We could hang on at even 3K but would have to sacrifice alot and that would just be hanging. She was afraid to tell me and WAS TOLD at the time that this was the BEST thing for her and the amount would PROBABLY GO DOWN if anything. I took her word. Now I'm trying to find out everything I can and not make cry at the same time. OPTIONONE did make it known that we were not the only people calling.
Anonymous Coward
User ID: 176812
United States
08/08/2007 12:39 PM
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Re: I'm gonna lose my house, now what?
Now I have !! I have never owned a house before... But the decision on the house I live in was made by my wife--before she was my wife--about 2 yrs ago----and we just married in June. Think I was set-up ???
 Quoting: Anonymous Coward 276543


Stop it.

Thousands of people made this mistake in the past few years. You couldn't turn on the tv w/o seeing ditech and lending tree ads zero down bs.

sounds like she had no choice with college and legitimate expenses.

if you want to stay married you better get down there and help her fix it. your name probably isn't on the mortgage if you just got married. it takes paperwork to add you. but still, if my mate was not going to help me fix a legitimate finanacial situation i would be wondering about why I was in that relationship.

fix it
mathetes

User ID: 278515
United States
08/08/2007 12:45 PM

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Re: I'm gonna lose my house, now what?
OP, don't listen to those who say "just walk away" The rules have changed! The new BK rules are vicious and can take up to a year to go thru also if you short sell or are foreclosed on check this out! Say your house is mortg. for 100,000 and you sell or it is auctioned for 70,000 the bank can 1099 you for 30,000 PROFIT! Also they can get a judgement against you for the 30K, so you can lose your home and still owe!
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
Anonymous Coward
User ID: 276543
United States
08/08/2007 12:54 PM
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Re: I'm gonna lose my house, now what?
Every penny I earn go's to keep this house running. I give money to my official stepdaughter when I can --fix the cars Whatever I can to save money. My credit is not so good -so actually adding my name would make it worse I was told. An earlier divorce had ruined my credit. This girl was my high school sweetie-whom I hadn't seen in 25yrs. Whatever happens it happens to both. Hell I just finished telling the minister for better or worse . I only take what I need for the week--don't drink, smoke ,gamble. We usually try to save for 1 vacation a year. This year we got married in VEGAS.. Marriage, honeymoon and vacation for under 2000$. Were both 46 so win or lose we do it together. Just so ya know. I was kiddin before.
Anonymous Coward
User ID: 5174
United States
08/08/2007 12:54 PM
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Re: I'm gonna lose my house, now what?
Gosh, whoever could have seen this coming?

Shocked, I'm.
jlazarus

User ID: 279345
United States
08/08/2007 12:58 PM
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Re: I'm gonna lose my house, now what?
OP, don't listen to those who say "just walk away" The rules have changed! The new BK rules are vicious and can take up to a year to go thru also if you short sell or are foreclosed on check this out! Say your house is mortg. for 100,000 and you sell or it is auctioned for 70,000 the bank can 1099 you for 30,000 PROFIT! Also they can get a judgement against you for the 30K, so you can lose your home and still owe!
 Quoting: mathetes

Good point. And If they give a 1099 for the 30k, you owe taxes on that as well.

OP, you need to negotiate. And (maybe I missed this) but what about your credit? If the wife's is 620, what's yours? You can refi that house with YOUR NAME as well, and if your credit is higher that helps (they will average it).

Or, better yet, if your credit is good and your income will cover the ratio for the note/living expenses, then refi it in your name only. She can still be on the deed as an owner, but the loan can be in your name only. If you have a great score, this could really be good in terms of getting a fixed - and mayber lower - rate.
I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein
jlazarus

User ID: 279345
United States
08/08/2007 01:00 PM
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Re: I'm gonna lose my house, now what?
just read the part about your credit. i think you posted that as i was typing. sorry to hear that.

still, try to negotiate what you can. lenders do NOT want excess empty houses. it's not in their best interest.
I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein
Anonymous Coward
User ID: 2108
United States
08/08/2007 01:01 PM
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Re: I'm gonna lose my house, now what?
whatever, if you are "forgiven" any portion of a mortgage or all of it,,,guess what,,,the bank sends the little pink notice to the IRS,,,and they then "tax" you on the forgiven part of the mortgage, claiming that it was untaxed INCOME to you......then,,,you get chased by the IRS all of your life...........we are so screwed.....
 Quoting: me too 279288


OMG. What a nightmare!
hf
Anonymous Coward
User ID: 2108
United States
08/08/2007 01:10 PM
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Re: I'm gonna lose my house, now what?
Don McAlvany predicted all this would happen about 3-4 years ago on a Coast to Coast interview.
Anonymous Coward
User ID: 2108
United States
08/08/2007 01:13 PM
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Re: I'm gonna lose my house, now what?
Tuesday, August 12th, 2003.


Recap
Financial Forecasts
"Debt is the Achilles' heel of the American economy," said Don McAlvany (mcalvany.com), the guest on Tuesday night. As the editor of the McAlvany Intelligence Advisor, he analyzes financial developments and their effect on personal finances.

"We are headed for a great world depression," worse than the one of the 1930's, "as the debt pyramid is now unraveling," McAlvany said. He believes we are at the beginning of a long-term drop in the standard of American living, and that China and Asia will be the dominant economic force of the 21st century. Pointing a finger at the Federal Reserve, he said that artificial stimulations of the economy to try to keep the prosperity of the 90's going, were akin to the needs of a drug addict.

"There are ways to protect ourselves," the first being to get out of debt, he said. McAlvany also advised getting out of the stock market entirely, and investing in gold and gold stocks, as well as starting a home business as a sideline. The currently strong real estate market however, is very vulnerable. There's a "giant ice pick" ready to burst that bubble, he warned.

[link to www.coasttocoastam.com]

a couple clips are still available if you have C2C Streamlink.
Tommy.Luciferi

User ID: 211344
United States
08/08/2007 01:16 PM
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Re: I'm gonna lose my house, now what?
NOW YOU PAINFULLY LEARN THE LESSONS OF BEING DUMB :)
Anonymous Coward
User ID: 234974
United States
08/08/2007 01:16 PM
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Re: I'm gonna lose my house, now what?
whatever, if you are "forgiven" any portion of a mortgage or all of it,,,guess what,,,the bank sends the little pink notice to the IRS,,,and they then "tax" you on the forgiven part of the mortgage, claiming that it was untaxed INCOME to you......then,,,you get chased by the IRS all of your life...........we are so screwed.....

**************
damn
 Quoting: dude in florida

**************

That's true...it happened to me in 1989...an agricultural property that we had used as a tax writeoff went broke due to a fraudulent management company (owner was a coke addict we later found out, inhaled our whole $$$). Anyway, the bank forgave the loan on the property, but a few months later the IRS was after us for (see above) and it was a mess. They had a lien on me for ten years, and the amount originally owed to them jumped from about 14,000 up to *57,000* during that ten year period because of penalties and interest.

I think it's illegal to leave the US if you are having IRS problems, so there is no *escape*...so you had better try and deal with this NOW, even if you have to live in the garage and rent out the rest of the house to help make the mortgage. Try and hook yourself up with some internet income...you could set up several online businesses...it's not that hard...use google to look for ideas. Also, you could look into getting grant money.

You had better start scrambling, you need some income fast. Are you making a large car payment? Sell it, get a $3,000 toyota or honda, or better yet, buy yourself a van as you may soon be living in it. Cut back hard on all your expenses. See if there are foodbanks in your area, tell them you are on the edge of homelessness.

If worse comes to worse, I hear Cartagena is a good place to live and hide out...
Anonymous Coward
User ID: 279403
United States
08/08/2007 02:35 PM
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Re: I'm gonna lose my house, now what?
Don't ruin your credit for 7 or 10 years, it'll be of a pain in the ass than you know.
 Quoting: Anonymous Coward 279322


That's a myth,Most of the people who file have already ruined their credit by carring to much debt,The Debt to Income ratio will ruin your credit as fast as Bankrupcy or
forclosure.After you become debt free thru BK your credit scores will Improve.
It will stay on your credit report for 7 to 10 years,but there plenty of lenders who will extend credit.After 2 years you can get a Mortgage at the going rate.
GET OUT OF DEBT!!!...Thats the best thing you can do,you can rebuild your credit with no problem
Anonymous Coward (OP)
User ID: 278592
United States
08/08/2007 02:45 PM
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Re: I'm gonna lose my house, now what?
WELCOME TO THE MEAN STREETS OF AMERIKA, PANZY ASS?

NOW WE CAN RAID YOUR CARDBOARD BOX THAT YOU WILL BE LIVING IN, AND TAKE BACK THE REST OF THE GOODS YOU COLLECTED OFF OUR BLOOD AND SWEAT, WHEN YOU WERE WILLING TO STEP ON OUR BACKS, YA MIDDLE CLASS SOCIAL CLIMBER.
 Quoting: Anonymous Coward 237207


Learn how to spell when you try to insult, there, sport! You are a wussy, that couldn't fight his way out of a wet paper bag. Now listen to your mommy, and get off the computer, and quit spending so much time spanking your monkey! Get a job at 7-11 or Ihop as a bathroom attendant, if you can pass the IQ test! 5aI'm surrounded by idiots! 5a
Anonymous Coward
User ID: 186317
Costa Rica
08/08/2007 02:46 PM
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Re: I'm gonna lose my house, now what?
Burn it


I got in on my first house on an ARM, the payment is $2400 a month and the house is worth 50k less then when I bought it, and I owe 35k more n it now than when I bought it. I know I'm screwed, there is mortgage insurance on it. What are the scenarios good and bad that could happen if I just walk away?
 Quoting: Screwed the Pooch 278592
Anonymous Coward
User ID: 276543
United States
08/08/2007 02:56 PM
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Re: I'm gonna lose my house, now what?
I would have liked to be able to help my wife with getting a new mortgage but after downloading and printing my credit sheet(s) It looks like from my divorce we had alot of credit debt in 02- 03. So the cards were cancelled and in 04-05 I settled for less with each company. According to these papers they are not DUE to come off the report --the earliest one is NOV-07 the latest is NOV-08. So it does'nt look good and I owe my dentist 400$ (that prick) he could'nt wait. All I have now is 1 credit card for 1000 worth of credit that I chrge something and pay off every month..How long is the average charge-off left on a report ????
dude in florida

User ID: 8760
United States
08/08/2007 03:14 PM
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Re: I'm gonna lose my house, now what?
Don't ruin your credit for 7 or 10 years, it'll be of a pain in the ass than you know.


That's a myth,Most of the people who file have already ruined their credit by carring to much debt,The Debt to Income ratio will ruin your credit as fast as Bankrupcy or
forclosure.After you become debt free thru BK your credit scores will Improve.
It will stay on your credit report for 7 to 10 years,but there plenty of lenders who will extend credit.After 2 years you can get a Mortgage at the going rate.
GET OUT OF DEBT!!!...Thats the best thing you can do,you can rebuild your credit with no problem
 Quoting: Anonymous Coward 279403


i wanted to file for bankruptcy in january but i pulled out at the last minute. here's why, in florida you only get to keep $1000 of personal property. that's some bullshit. not to mention that dumb ass lawyer didn't know for sure if i was gonna qualify for ch11 or 13 because income-wise i was in a gray area (i dunno) also, i had 3 loans that were secured by personal property one of them being my vehicle. i still owe money on my vehicle. i also had just gotten back over 5k for my income tax return and they said i would lose that too. i decided to take the loss of what i had paid the lawyer (1400) and continue with my life and try to pay off those bills. it's been a struggle but i couldn't stand the thought of losing so much at one time. i just changed my withholding last month to a 7 which put 500 more dollars back in my pocket each month. i will still get a good tax return because i'm already over what i had to pay for the year. the only thing i can complain about right now is that i can't get a good rate to finance another vehicle and i'm driving a fuckin gas guzzler. i can't wait to get out of this thing.
Anonymous Coward
User ID: 276543
United States
08/08/2007 03:31 PM
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Re: I'm gonna lose my house, now what?
Thats what my new wife tried to fix 2 yrs ago--kids college--2 car loans--and about 6 maxed out credit cards --so she took a new mortgage for more Paid off everything even got stiffed on a car loan for her son--At least all the cars work and paid for ,we don't overspend on anything since we can't. I repoed her Sons Jeep took it home running like shit. He hadn't made a payment in months. Its running nice and its clean so if someones car breaks we have some back-up. But the poor house took it on the chin--poor baby
Anonymous Coward
User ID: 131494
United States
08/08/2007 04:06 PM
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Re: I'm gonna lose my house, now what?
I got in on my first house on an ARM, the payment is $2400 a month and the house is worth 50k less then when I bought it, and I owe 35k more n it now than when I bought it. I know I'm screwed, there is mortgage insurance on it. What are the scenarios good and bad that could happen if I just walk away?
 Quoting: Screwed the Pooch 278592



good, I don't feel sorry for you

thats the way she goes
Anonymous Coward
User ID: 279450
United States
08/08/2007 04:10 PM
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Re: I'm gonna lose my house, now what?
Lost my house a year ago.Now I might buy another one using a VA loan.No problem getting credit.I think Ill end up just fine unless hillary or some neo con wins the election.Vote ron paul
Anonymous Coward
User ID: 131494
United States
08/08/2007 04:13 PM
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Re: I'm gonna lose my house, now what?
Lost my house a year ago.Now I might buy another one using a VA loan.No problem getting credit.I think Ill end up just fine unless hillary or some neo con wins the election.Vote ron paul
 Quoting: Anonymous Coward 279450



STFU about ron paul

I hope u go bankrupt

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