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my house is.....

aramisviaramisvi Member Posts: 4,589
edited April 2008 in General Discussion
officially up for sale. yup...due to economic times and the fact that we got royally screwed on property taxes (went from $700yr to $2000yr in 18 mo) we staved off foreclosure and have set up a short sale. now we have to find a new place....but better to find a new place than having a foreclosure on the ole credit report....lurking for 7 years. this way, we rent a place for a year, then we can get a new house loan.
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    William81William81 Member Posts: 24,586 ✭✭✭✭
    edited November -1
    Hope everything works out for you and yours...
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    remingtonoaksremingtonoaks Member Posts: 26,251 ✭✭✭
    edited November -1
    sorry to here, but proud to see someone cares about their credit
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    Old-ColtsOld-Colts Member Posts: 22,700 ✭✭✭
    edited November -1
    Sorry you are going through difficult times; I wish you well and hope your plan works out!

    If you can't feel the music; it's only pink noise!

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    ruger41ruger41 Member Posts: 14,647 ✭✭✭
    edited November -1
    pal of mine is going through the same thing--he bought a house 7 years ago in Clovis, CA for $350,000 and with taking out a 2nd mortgage and a divorce coming he is screwed too. He tried selling it but has had not one offer as nobody is going to pay $500,000 to get him out of a mess. He did what too many people did-use the house as an ATM. Before the housing bust his house was appraised at $625K and had he sold it then he would have been fine.
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    CaptplaidCaptplaid Member Posts: 20,296 ✭✭✭
    edited November -1
    Good luck friend. SOunds like you are making the smart decision. There is no glory in going down with the ship.


    I still cannot understand paying that much for a house loan +500,000. How the heck do people make the monthly payment?
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    aramisviaramisvi Member Posts: 4,589
    edited November -1
    i have no idea how anyone can make that kinda payment...we were having a hard enough time swingin $1100 per month
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    SCorversSCorvers Member Posts: 2,063 ✭✭✭✭✭
    edited November -1
    I wish my house payment was 1100 a month. You doing the right thing, Aramisvi. Keep your chin up and eyes forward.
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    jhimcojhimco Member Posts: 2,075 ✭✭✭✭✭
    edited November -1
    Those damn property taxes can get you. That's why I always pay a little extra into my escrow account. If there is any leftover they can give it back to me. But $1100 a month is cheap and $2000 for taxes is very reasonable.
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    slipgateslipgate Member Posts: 12,741
    edited November -1
    Good luck with that. Is the bank eating the short amount?

    The guy in CA is fine, CA is one of the states where the bank is not allowed to go after the deficiency.

    Here is the latest scam that the builders are doing around here:

    Many people are upside down on their mortgages, many in the $200k-$300k range or more. So the builders are getting them into new houses by giving them a 1 year guarenteed rental program for their old homes. This program pays them monthly the difference between the rental amount and the mortgage amount.

    1. They buy the new house from the builder
    2. The builder's rental program makes sure they can qualifiy for a mortgage
    3. after the year, the seller defaults on the original loan with no worries since they are already in a new house
    4. the bank eats the loss

    Pretty good scam huh? What a great country!
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    zipperzapzipperzap Member Posts: 25,057
    edited November -1
    You should look into starting a California Prop.13 thing ... in each and every state!

    http://www.hjta.org/node/320

    Sorry to hear of your miseries.
    [:0]
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    chollagardenschollagardens Member Posts: 4,614 ✭✭✭
    edited November -1
    zipperzap said "You should look into starting a California Prop.13 thing ... in each and every state!"

    +1
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    rmeyerrmeyer Member Posts: 566 ✭✭✭✭
    edited November -1
    Where I live you can't rent for $1100 a month unless it's an apartment in a bad neighborhood.
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    moonshinemoonshine Member Posts: 8,471
    edited November -1
    Where I live you can't rent for $1100 a month unless it's an apartment in a bad neighborhood.

    get out of there.
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    n/an/a Member Posts: 168,427 ✭
    edited November -1
    Aramisvi,
    Just a piece of advice, although you may not want it.

    If an additional $100 a month makes or breaks your ability to make said house payment, perhaps you over extended your finances. You should look for something that you could afford in "hard times" . You never know what could happen in the future.

    This is by no means to belittle you. You don't want to end up in difficult financial situations right?

    Wish you both better luck in the future.
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    mango tangomango tango Member Posts: 3,833 ✭✭
    edited November -1
    $2000 would be God sent, try paying $9900!
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    Locust ForkLocust Fork Member Posts: 31,674 ✭✭✭✭
    edited November -1
    You may actually find something at a real bargain because of what all is going on. I have heard of several people that are buying better houses at a steal.... Maybe this little cloud has a huge silver lining (I hope it does.) Keep your chin up!
    LOCUST FORK CURRENT AUCTIONS: https://www.gunbroker.com/All/search?Sort=13&IncludeSellers=618902&PageSize=48 Listings added every Thursday! We do consignments, contact us at mckaygunsales@gmail.com
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    Colonel PlinkColonel Plink Member Posts: 16,460
    edited November -1
    Tough decision.

    Sounds smart, though.

    Drive on.
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    aramisviaramisvi Member Posts: 4,589
    edited November -1
    well, when we bought the house, for 3 yeaqrs, we could handle it...but things in our development weren't and still arren't concrete. we're still fighting new builds going in. i 2 months, they've build 5 new houses and are selling them nearly $30,000 cheaper than our house is appraised at currently. with the new additions, we keep getting assessed twice yearly and each time our taxes go up....since the turn of the year, we went up another $200 and they haven't finished the houses going in yet....i make $9.25 per@ 40 hrs...crystal makes $11.55 per@ 40+ per...our bills are current and simple, but we do have some minor debts to pay off (dentist bill, 2 credit cards equalling around 2k total ...). the bills are managable, but when we had to start deducting from them to make the mortgage...well then the cycle began of skipping a bill, then paying double...we just couldn't keep doing it...so we paid all our bills current and skipped mortgage...bad call i know, but that's what we did....but we couldn't double that payment next time...so they started forclosure....we contacted a foreclosure specialist and now our house is for sale....foreclosure has been halted and the bank will eat the difference. plus we'll make some money at closing...about 2k

    on the plus side...it went up on monday, and on wednesday we have a showing... hope things go ok.
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