foreclosure

[ELVIS]

i have toted the note on a second house for 12 of the last 26 months. what are the details if i just stop paying ?

i have lost close to 20k over the last 24mos dealing with this 2nd house. all in an effort to do the right thing, but i am really getting tired of it.

does anyone know if i can be sued by the bank ?

 

[THE KOD]

i have toted the note on a second house for 12 of the last 26 months. what are the details if i just stop paying ?

i have lost close to 20k over the last 24mos dealing with this 2nd house. all in an effort to do the right thing, but i am really getting tired of it.

does anyone know if i can be sued by the bank ?

...........................................................

It depends on which state you live in. Some states only allow them to fawk up your credit rating. Other states allow liens on your other property, garnishments, and other collection harrassment.

there is no easy answers to this.

 

[MadJack]

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It depends on which state you live in. Some states only allow them to fawk up your credit rating. Other states allow liens on your other property, garnishments, and other collection harrassment.

there is no easy answers to this.

i don't know about that :nono:

best to get a lawyer that specializes in foreclosure/bankruptcy.

is there any equity in the property?

 

[MadJack]

i've even read where some people are getting to keep their house without paying for it because the bank going for foreclosure can't produce the mortgage because the loan was sold and sold again and sold again. i think that happened in Ohio and the judge ruled in favor of the home owner.

 

[IntenseOperator]

auction :shrug:

 

[justin22g]

i've even read where some people are getting to keep their house without paying for it because the bank going for foreclosure can't produce the mortgage because the loan was sold and sold again and sold again. i think that happened in Ohio and the judge ruled in favor of the home owner.

go see if you can find the deed....

 

[ageecee]

why are you paying 2 notes for 2 houses?

 

[MadJack]

in Ohio and the judge ruled in favor of the home owner.

i should have made that plural because it was a *mass* foreclosure vs many people and the bank (deutsche bank?) could not provide proof of lein and the judge threw them out of court.

 

[MadJack]

why are you paying 2 notes for 2 houses?

because he bought 2 houses? :shrug:

when i moved here before my old house sold i had two payments too.

a neighbor of mine built another house in our sub-division (wanted bigger), couldn't sell their house, couldn't afford the new one because of that and really got fuked.

people should be careful :shrug:

 

[BADTODABONE]

Back in the 80's bust, a friend of mine bought a house, no money down, '82 or'83 at the peak. Walked away in '88, hired an attorney ($500.00 back then) for the 'sale' and credit protection. IRS tried to get him for the *gift* from the mortgage Co......sold so many times, the IRS couldn't even find it....that's what he told me.

 

[THE KOD]

Back in the 80's bust, a friend of mine bought a house, no money down, '82 or'83 at the peak. Walked away in '88, hired an attorney ($500.00 back then) for the 'sale' and credit protection. IRS tried to get him for the *gift* from the mortgage Co......sold so many times, the IRS couldn't even find it....that's what he told me.

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I am not following that

he got away with walking from the mortgage ?

 

[BADTODABONE]

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I am not following that

he got away with walking from the mortgage ?

Yup...so he said and he bought another house a few years later. 80's and before the computer:shrug:

 

[ELVIS]

i own 2 houses. one has been rented, but is a piss poor investment at best. i own one car, and will soon own the other. i am very fortunate because at this time both mort payments are in my mo budget.

at the same time, i am getting hosed and pissing away money.

i am aware that the irs can charge me income tax after the home is sold by the bank. the difference between what is owed and what they sold it for. i am taxed for this i am pretty sure. there will be no profit so there is no capital gains tax.

however, in some instances (it is a recourse loan)the bank can go after the borrower for the difference - i have to determine what type of loan i have.

this mortage has been sold at least once by one bank to the other.

i am growing weary of paying for both, dealing with tenants, and losing money. 20k in 2 years is an a$$ fucking.

home improvements,etc just pile up.

 

[WhatsHisNuts]

Elvis: Why don't you try to rent it out? I thnk foreclosure is a bad idea. If you can get someone to rent the other house for a few years, the market might rebound enough for you to sell it.

 

[WhatsHisNuts]

Okay. I see you just mentioned that you are renting one out. If you are getting rental income, that has to be covering the majority of the note, even if you are taking a hit on it. I'm lost. I don't see why you would take the foreclosure route if you have a lessee.

I made a terrible deal and got screwed on a rental property. I found a tenant that covers a little more than the mortgage, but I lose when you factor in insurance and property taxes. Either way, I'm going to roll with it and wait for the market to rebound or the rental market to drive prices higher.

 

[hedgehog]

i have toted the note on a second house for 12 of the last 26 months. what are the details if i just stop paying ?

i have lost close to 20k over the last 24mos dealing with this 2nd house. all in an effort to do the right thing, but i am really getting tired of it.

does anyone know if i can be sued by the bank ?

cut the price and sell the property

 

[ELVIS]

i have contacted realestate agent and am prepared to sell at a reasonable loss.


gmrozz, i had a tenat, but he is gone. it took me 10 mos to get a tenant the last time. i have interviewed 4 people this time - no renter yet. entering mo #2 of no income for that property again.....

 

[BADTODABONE]

i have contacted realestate agent and am prepared to sell at a reasonable loss.


gmrozz, i had a tenat, but he is gone. it took me 10 mos to get a tenant the last time. i have interviewed 4 people this time - no renter yet. entering mo #2 of no income for that property again.....

Is Memphis that depressed?

Fl is.

 

[WhatsHisNuts]

gmrozz, i had a tenat, but he is gone. it took me 10 mos to get a tenant the last time. i have interviewed 4 people this time - no renter yet. entering mo #2 of no income for that property again.....

What happened with the 4 candidates? Now isn't the best time to be real picky, especially if you are staring down foreclosure. Drop the rent if you have to increase demand.

 

[MadJack]

run a 2 or 3 table poker game in that house.

$3/$6 limit
$1/$2 NL
$2/$5 NL

pay somebody to run it for you.

2-3 nights a week and that will be taking care of both mortgages plus a lot of other chit.

ask around. i'm serious.