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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: short sale stats Posted by Kristine-CA on April 21, 2009 at 5:59 PM In Reply to: short sale stats posted by Kristine-CA on April 21, 2009 at 5:55 PM Sorry to hear about your house payment troubles. Putting the value of the house aside, what kind of housing payment can you afford? Is your current payment a fixed rate? There may be ways to deal with your lender, if you still have income to make a house payment. Kristine : I feel like short sales are being wagged in front of defaulting borrowers but have seen very little evidence that it is worth their time and effort. Not to mention everyone else's. Are there any stats to show the % of SS in CA that close? Kristine : : : : 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 a Followup: Name : E-Mail : Subject : Comments: : Sorry to hear about your house payment troubles. Putting the value of the house aside, what kind of housing payment can you afford? Is your current payment a fixed rate? There may be ways to deal with your lender, if you still have income to make a house payment. Kristine : : : I feel like short sales are being wagged in front of defaulting borrowers but have seen very little evidence that it is worth their time and effort. Not to mention everyone else's. Are there any stats to show the % of SS in CA that close? Kristine : : : : : : 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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