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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: California Home Situation - please help Posted by JK (the other JK) on April 21, 2009 at 1:32 PM In Reply to: California Home Situation - please help posted by NK on April 21, 2009 at 1:22 PM : Situation Purchased home in 2005 for $485,000, we currently owe approximately : $480, on an 80/20 REFI. House is now worth in the low to mid $300,000s. We can : no longer afford our payments, and have decided we would rather just lose the : house. : We missed our first payment this month and have been getting phone calls from the : second lender 1-2 times a day (i have never answered). The first lender has called : once or twice only. : I would like to know the best course of action to get out of my home without owing : any money, I dont care about my credit really, I just dont want to have to be : responsible for the bank's loss. : Also, what is my best course of action in terms of their calls, should I call them : back? Should I ignore them? For how long? : I am not going to require them to KICK me out of the house, I have enough income : to live elsewhere, I just cant afford this house anymore. Should I call them and offer : dead in lieu? or short sale? or what? : thanks-NK Based upon the info you have provided Short Sale may be the best bet. Short Sale, Foreclosure & Deed-in-Lieu will all have a major negative impact on your credit, but Short Sale will allow you rebuy via Fannie Mae / Freddie Mac guildelines after two years versus five years with a foreclosure. Follow Ups: short sale stats Kristine-CA 5:55 PM, 04/21/09 (6) Re: short sale stats JK (the other JK) 6:12 PM, 04/21/09 (4) Re: short sale stats Kristine-CA 6:27 PM, 04/21/09 (3) Re: short sale stats JK (the other JK) 9:12 PM, 04/21/09 (2) Re: short sale stats CC in OC 9:09 AM, 04/22/09 (0) Re: short sale stats Dan Williams 9:06 AM, 04/22/09 (0) Re: short sale stats Kristine-CA 5:59 PM, 04/21/09 (0) Re: California Home Situation - please help NK 1:40 PM, 04/21/09 (7) How to stop the bank from calling CC in OC 9:15 AM, 04/22/09 (0) Re: California Home Situation - please help JK (the other JK) 1:47 PM, 04/21/09 (5) Re: California Home Situation - please help NK 1:59 PM, 04/21/09 (4) Re: California Home Situation - please help JK (the other JK) 2:14 PM, 04/21/09 (3) Select an effective negotiator... CC in OC 9:19 AM, 04/22/09 (2) Re: Select an effective negotiator... JK (the other JK) 10:01 AM, 04/22/09 (1) If JK says it... CC in OC 10:13 AM, 04/22/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Situation Purchased home in 2005 for $485,000, we currently owe approximately : : $480, on an 80/20 REFI. House is now worth in the low to mid $300,000s. We can : : no longer afford our payments, and have decided we would rather just lose the : : house. : : We missed our first payment this month and have been getting phone calls from the : : second lender 1-2 times a day (i have never answered). The first lender has called : : once or twice only. : : I would like to know the best course of action to get out of my home without owing : : any money, I dont care about my credit really, I just dont want to have to be : : responsible for the bank's loss. : : Also, what is my best course of action in terms of their calls, should I call them : : back? Should I ignore them? For how long? : : I am not going to require them to KICK me out of the house, I have enough income : : to live elsewhere, I just cant afford this house anymore. Should I call them and offer : : dead in lieu? or short sale? or what? : : thanks-NK : Based upon the info you have provided Short Sale may be the best bet. Short Sale, Foreclosure & Deed-in-Lieu will all have a major negative impact on your credit, but Short Sale will allow you rebuy via Fannie Mae / Freddie Mac guildelines after two years versus five years with a foreclosure. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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