All Forum Posts by: Dismayed Homeowner

Well, I really appreciate all the info here everyone.

It's a shame we are going to lose it after this long. However, we can see the light through the trees and just cannot afford to stay.

As for the equity line, YES Most of that has been for home improvements. Block wall, Tough Shed, additional parking in front, new air cond, installed a Master Cool. It was not blown on 60" flat screens and such, hell, we haven't taken anything from it for a year and have made steady payments on it and the mortgage. In 18 years, we've never missed one.

As for WHEN to move, we don't know. I just talked to the bank and asked what they could do if anything and we just do not have enough income at this time to do it. My wife’s earning potential is not enough that it would make a lot of diff, and I have been out of work for 6 months on STD now moving onto LTD and losing 40% of my pay.... :cry: I'll probably end up on SS disability.

We saw this coming several months ago. We were just hoping things would work out differently and maybe I could go back to work. We could handle another months payment, but beyond that, It would be cutting us pretty close, and maybe NOT have enough for deposits and such, to move to another place?

I read up on the "Debt relief Act" sounds like it would help some. I mean, they cannot get blood from a turnip and that’s why I was considering a lawyer. Maybe filing for Bankruptcy, because of this hardship, if they do attempt to collect it. I don't want to screw anyone here, just things have finally hit rock bottom on us.....

We hadn't thought of trying to find a buyer though. Houses are pretty depressed here in Phoenix though. Hell, when I took out this equity line in 2005, the house appraised at $236, now it's at $120....GEEEEEEEZ. WHO'D OF FIGURED??? :cry: We are not that far underwater NOW, so may be best to jump on it before it goes any farther...HUH?

If we wait, and do not make payments, the price will go higher, due to late fees lawyer’s fees and such. We've raised both The kids one 16 another 19, so they could handle the move. YES, they are both still at home. One just moved back in, in Jan, due to his Job loss...... :cry:

ANYONE INTERESTED IN THE HOME, HEY, CONTACT ME......WE WOULD BE INTERESTED IN RENTING, sure beat the HECK outta packing the last 18 years worth of CRAP up and moving...LOL. :oops:


Keep the idea's coming, I learn quick. Just don't want to cause any problems with the Bank over this, but have no choice at this point, we will probably have to move out come the end of Aug, mid Sept, this year.

Gary

Hi Motiv8td - We've pretty much detached ourselves already. Just cannot afford it.....

As for the lawyer, we t hought this just to cover ourselves as we know nothing about the process, We do not want taken advantage of?

This "homeowners relief act" you mentioned, seems like it is more for taxes on the excess then "debt" forgivness?

So if the short sale, comes up short, it would be forgiven? This was our concern and why I mentioned looking into a lawyer. Would I have to go Bankrupt, on that balance?

Thanks for the info, anything anyone else can help with, would be appreciated.

BTW - no my last name is not law......LOL.

Hello all,

I have NOT yet talked to an attorney, however I have talked to the bank that holds our Mortgage and Equity loan about this situation.

Due to a job loss and my having to go on disability, we can no longer afford to stay in our home. The mortgage holder tried everything they could (We believe) and there is just nothing they can do, due to the imbalance of our income VS our bills.

We hate to lose the home, we've been here for 18years, but just see NO WAY we can afford to stay. We owe nothing to anyone else, just this mortgage and equity line.The only option they offered was a short sale on the property, which I suppose is OK, however not sure exactly How this works? We understand, we cannot afford to stay.

We are current with the payments now, but see missing payments on both the Mortgage and equity line starting in Aug. Should we go ahead and start missing the payments and let the process unfold, or would it be best to agree with the bank and let them do a short sale ASAP?

I do not understand HOW this works though. If the house sells for less then we owe, am I still obligated for the Balance? We had an appraisal done just last month (trying to refi the loans) and turns out we are approx $18K, underwater.

If I agree to the short sale, are we going to have people tramping through the house while we are still here? Do we need to move out immediately or what? I do not particularly want people coming in and out of our home, while we are packing, trying to get out?

I have a little money saved, and could go find a cheap rental right NOW, but would it be better to wait? Can I legally leave and get a rental at this time?

As I mentioned, we have NOT talked with an attorney, just trying to get some advice before I have to do that....IF I HAVE TO???

Thanks in advance for any input......

Gary