I am hoping you can offer some help regarding our current situation. Let me preface this by saying that we are active duty military and are forced to move at other’s discretion. We bought our current home a little over a year ago in the Phoenix metro area. We were given orders to relocate and we did not want to lose money on renting a home, so we bought the cheapest house (a short-sale) we could find that would accommodate our family of 6. Now, we are facing orders to move again, soon. We purchased our home for about 200,000 and current market conditions place our current value around 35-40% less than what we owe. We have no problems making our payments, we budgeted well and did not buy beyond our means. However, what can we do? We do not have 70-80,000 to bring to the table if we sell for less than our home is worth. We are considering, when the time comes for us to move, to try a short-sale or let the property go into foreclosure. We are hoping since my name in not on the loan, only my husband’s credit will be affected and we can still purchase another home. Do you have any suggestions for individuals in this specific situation?
Just a note for some comments. Yes, we knew values were falling, that is why we thought we could get a good deal. Was it reasonable to think that the value was going to drop by 40% in one year? You may say yes, looking back now, but at the time, most average home buyers did not. As far as knowing we were not going to stay, you’re right; that’s why we put 10% down. We have always purchased homes when we relocate and either break even (boost to credit score for paid-in-full mortgage OR made money). So PLEASE do not say that people like me are to blame for your problems. We have exceptional credit, put 10% down, used traditional, institutional financing, and bought a home that was 20% below market value for close proximity comps at the time.
I have a home in Indiana in foreclosure. I received a call from this company Loss Mitigation Solutions in Phoenix. They seem very professional and work for an attorney I believe but the proposal they put together seems too good to be true. You know the ole saying and there are so many dishonest people out there especially doing this loan mod thing. Please please can I get some feedback??!!
Sooo in may my wife and i both lost our jobs, and cannot afford our house anymore so we have not been paying our mortgage of 25 and pretty much are giving up to foreclosure… in 2006 we purchased the home for 0,000 and now its not even worth 0,000 we live in the phoenix, az area and have an appointment for mortgage counseling in august, do you think its possible that they could get our mortgage to be less than like 0 dollars, thats our only option of keeping the house. or are they just going to tell us that we are just going to go in foreclosure?… by the way short sale is not an option for us… and we alredy have a pretty low interest rate of 7%….. we have desert schools, does that mean since its a federal credit union that we are not going to have much more time to be evicted?
I currently am going on 4 months behind on my mortgage. I just bought the house a year ago. Due to a recent job loss I put my house on the market to try to avoid foreclosure. I tried refinancing no luck there due to my recent late payments and income loss and I live in Phoenix where the market has slumped. A friend of a friend offered to do a short sale of 0K. I owe 6K. In return, he will rent it back to me for the price of the new monthly mortgage for a 2 year lease, then after 2 years, sell it and we split the profit 50/50. I have an 80/20 loan through the same lender. The short sale will take care of the 1st loan, but not the second and the mortgage company already stated that they will come after me for the remaining debt. I have been getting advice and everyone says it doesn’t sound like a good deal so I should probably just let the house foreclose. What is your advice? Any suggestions you can provide me?
PHOENIX – President Barack Obama’s plan to tackle the foreclosure crisis will spend billion in an effort to prevent up to 9 million Americans from losing their homes.
The plan, which Obama is releasing later Wednesday, is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.
The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.
One of my properties appraised at 0,000 last year. A comp home sold for 5,000 due to foreclosure. My loan is greater than 5,000 and less than 0,000. Do I now qualify for mortgage assistance? If I do, should I take it?
I just want the program to be fair. If I can get a new mortgage from 6% to 4% or less, I will do it in a heart beat.
My home foreclosed on 10/31/07 in Phoenix, AZ. I moved out of my home a week before the foreclosure date. I received a 1099-A form for Abandoment of Property. I owe K+ in taxes due to this! Am I still eligible for the Mortgage Relief Act? I read up on it and it only references 1099-C which is a Cancellation of Debt. I understand that I have to file Form 982 with my tax return, but am I still eligible to do so? How is this going to affect me. Did I hurt myself by moving out rather than being kicked out of my home a week before my foreclosure date? What should I expect to prepare myself for this debt. Can I claim bankruptcy if I’m not eligible for the Relief Act? I owe more in taxes than I grossed last year! Help!!
My wife and I own a townhouse in Orlando, FL. My job in Orlando was ending due to the recession and the job outlook looked grim. I took a job in Phoenix, AZ while my wife quit her job and is having some trouble finding one in Phoenix. We have a professional leasing company find tenants for our town house while we rented a condo in Phoenix. Since my wife isn’t working, we are having difficulties paying our rent plus part of the mortgage (the rent doesn’t cover all of the mortgage plus our HOA fees each month). We thought about a short sale, but then was told that since we are not the primary residents in our townhouse, then a short sale wasn’t an option, which leads us to foreclosure. I don’t really want to do it, but I have lost over 100k in our home in the last 2 years and it’s financially draining on us. What are the steps in foreclosing a home? Do we just stop making payments? Do we advise our lending company first? I always hear of people just walking away from there homes, but there is got to be more to it than that. Any advice would be great.
Sooo in may my wife and i both lost our jobs, and cannot afford our house anymore so we have not been paying our mortgage of 25 and pretty much are giving up to foreclosure… in 2006 we purchased the home for 0,000 and now its not even worth 0,000 we live in the phoenix, az area and have an appointment for mortgage counseling in august, do you think its possible that they could get our mortgage to be less than like 0 dollars, thats our only option of keeping the house. or are they just going to tell us that we are just going to go in foreclosure?… by the way short sale is not an option for us… and we alredy have a pretty low interest rate of 7%….. we have desert schools, does that mean since its a federal credit union that we are not going to have much more time to be evicted?
we both have new jobs. its just significantly less pay
I am interested in a single level foreclosure house (2007), with about 3000 ft^2. No serious damage was found, but needs to repair a broken window (5′ x 8′), instore all fans, and applicances (refregirator, landry, stove etc), half of the cabinets. a couple of doors, and nearly all water faucets.
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