Home Purchase Decision

[Ns1]

Originally posted by: spidey07

Originally posted by: SandEagle

correct, and yes im a prick just like 90% of ATOT. my debt to income ratio should help me with this since I have pretty much 0 debt and make decent dollars 🙂

*facepalm*
What do you think a mortgage is?

LOL

 

[SandEagle]

/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

 

[Tweak155]

Originally posted by: SandEagle

Originally posted by: Tweak155

Originally posted by: bignateyk
I don't think anyone will loan you money if you just walk away from your current loan. Unless I am mis-understanding what you are trying to do...

Sounds like getting a 2nd loan THEN walking away from the first loan.

I hope this is incorrect. If it isn't you are a prick.

EDIT:

Wow I left my reply window open WAY too long.

correct, and yes im a prick just like 90% of ATOT. my debt to income ratio should help me with this since I have pretty much 0 debt and make decent dollars 🙂

Then pay for both homes.

Making the bank responsible for you not being happy with your current home is near childish. Kids always want the better option rather than being happy with what they already picked (although this clearly can be the case for almost any person), but what makes this in relation to a child is that they don't care how they get what they want. Tears, screaming, yelling, etc.

 

[DeadByDawn]

Everybody wants their bailout.

 

[rudeguy]

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

so you aren't doing this because you can't afford it...you just want to screw the system and save some cash?

 

[MrChad]

Someone needs to send this thread to Rick Santelli.

 

[waggy]

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

yeah you better talk to one. you are to fucking stupid to do it on your own. no debt? but have a mortgage?


i get the feeling you are just trolling.

 

[geno]

Originally posted by: SandEagle
correct, and yes im a prick just like 90% of ATOT. my debt to income ratio should help me with this since I have pretty much 0 debt and make decent dollars 🙂

Are you high? First you say you're financially responsible, which you have proven in one post you are definitely not, then this? Do you even know what debt is?

 

[ric1287]

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

yeah, be sure to let them know you plan on never paying back the first fucking mortgage you took out. I'm sure the banks will lovvvvve that one and instantly approve you, idiot.

 

[Capt Caveman]

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

And they'll tell you the same thing, idiot.

 

[Blieb]

This thread makes me raf.

 

[rh71]

Originally posted by: Ocguy31
What does it matter if you are upside down if you never sell?

exactly... it will go back up in time... and even if it doesn't, there is no reason for this urgency. If you really do want to move because of the better area/price,... you're kinda stuck here. But don't say it's because you're upside down on this house...

 

[Crusty]

I think we have one of our first candidates for ownage of the year. :Q

 

[rudeguy]

Originally posted by: Crusty
I think we have one of our first candidates for ownage of the year. :Q

oh no...this has been a great year already. This would come in fifth or sixth at the present time.

If this thread somehow ends up keeping him from getting a second mortgage, it would be near the top though.

 

[Crusty]

Originally posted by: NSFW

Originally posted by: Crusty
I think we have one of our first candidates for ownage of the year. :Q

oh no...this has been a great year already. This would come in fifth or sixth at the present time.

If this thread somehow ends up keeping him from getting a second mortgage, it would be near the top though.

That's why I said 'one of' 😛

 

[SandEagle]

Originally posted by: NSFW

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

so you aren't doing this because you can't afford it...you just want to screw the system and save some cash?

well, tbh i'm going to have a hard time keeping up with the payments. gonna be taking a paycut shortly 🙁

 

[SandEagle]

Originally posted by: waggy

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

yeah you better talk to one. you are to fucking stupid to do it on your own. no debt? but have a mortgage?


i get the feeling you are just trolling.

you dont know me or my situation so shut the fuck up

 

[rivan]

Originally posted by: DeadByDawn
Everybody wants their bailout.

I want mine!

Everybody else seems to be getting one on my dime... where's mine!?

 

[OCGuy]

Originally posted by: SandEagle

Originally posted by: waggy

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

yeah you better talk to one. you are to fucking stupid to do it on your own. no debt? but have a mortgage?


i get the feeling you are just trolling.

you dont know me or my situation so shut the fuck up

Is it a Fannie or Freddie backed mortgage? You are going to be able to streamline refinance if you are no more than 5% upside down.

 

[ric1287]

how does a person decide one day to just start a massive troll/deuce thread. Is this entertaining?

 

[blahblah99]

Originally posted by: SandEagle
ok, so with the way the state of the housing market is I need to make a decision and quick.


My situation:

Existing home purchase price 2005: 165,000
Currently owe: 148,000 (27 more years at 5.8% fixed)
Appraised 2 years ago at: 177,000
Took out home equity: 20,000
Owe total: 168,000
Estimate appraisal now: 158,000

so basically, i'm in negative territories here. I am thinking of applying for another home loan and purchasing a 2nd home for ~ 130,000. This home is much bigger and in a nicer neighborhood. It's a foreclosure property. Can I just way away from my first home loan and equity loan?

Before any of you start yapping BS, I am a financially responsible person. Paid off 50K in credit card debt and have tried living within my means. It's unfortunate that we get the short end of the stick in this financial mess. If the stimulus package was to help me out by reducing principal to current appraisal, I'd stay. what do you guys think?

I'll take your house for 80k cash right now.

 

[Dead3ye]

Originally posted by: SandEagle

Originally posted by: waggy

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

yeah you better talk to one. you are to fucking stupid to do it on your own. no debt? but have a mortgage?


i get the feeling you are just trolling.

you dont know me or my situation so shut the fuck up

Classic, just classic.

 

[geno]

Originally posted by: SandEagle

Originally posted by: waggy

Originally posted by: SandEagle
/facepalm

let me talk to an agent and a lawyer. i'll get back with you guys

😀

yeah you better talk to one. you are to fucking stupid to do it on your own. no debt? but have a mortgage?


i get the feeling you are just trolling.

you dont know me or my situation so shut the fuck up

Hey, it works both ways. You can't post here about making a dick move and not expect to catch shit for it. From what you've posted, you sound stupid to the point of trolling. If you can't deal with that, then you've come to the wrong place asking for help.

 

[cHeeZeFacTory]

Originally posted by: rdubbz420
damn, people like you are the ones who caused most of the financial mess we are in now. thanks.

 

[bctbct]

"These are states that also allow non-judicial foreclosure, and/or where non-judicial foreclosure is more common and deficiency judgments can be obtained more easily"

Michigan Minnesota
North Carolina
Rhode Island
South Dakota
Utah
Wyoming


HELOC Subordinance and Recourse

"There are two factors to consider when facing foreclosure:

First, HELOCs are subordinate to primary home loans. This means that the HELOC lender has claim to any money generated by a foreclosure, only after the primary mortgage lender recoups their full loss. The primary mortgage lender will also use up thousands of dollars to sell the foreclosure home. In many cases, this means that the HELOC lender will not see any money when a property is foreclosed upon.

Second, almost all HELOCs are considered ?recourse loans.? The borrower is personally responsible for paying recourse loans in full, regardless of their property?s value. If the lender doesn?t recoup the full cost of the loan during foreclosure, they can sue the borrower for the remaining money owed. The lender may be able to recoup its loss by garnishing the borrower?s wages or even placing a lien on a future property. Collections can continue for up to 20 years. (Note that in some states legal statutes require that all first mortgages are non-recourse. "

Not as easy as you thought. Depending where you live there are many options ofr them to extract the money you owe.