My mortgage company is going to drag its feet into a foreclosue

[OCGuy]

Originally posted by: Specop 007

Originally posted by: Codewiz
So because you are a tard, you want the bank to take more risk on you. You say you are going to foreclose. It doesn't matter if your credit is perfect. You said it will happen so why bother with more risk on you?

Huh? Where did I say I was going to foreclose? I said if they dont put a little pep in their step I would, because I cant afford 2 house payments.

Do you have reading issues? You wont be getting another house if you default on the current mortgage. You are not in any sort of bargaining position here.

Now stop trolling.

 

[Specop 007]

Originally posted by: MrWizzard
Well that is a interesting idea, I can see where you win, but I don't see where the mortgage company really wins.....

They win by not losing some 50,000 dollars in a foreclosure process. I win byunloading one house I dont need for one I do.

 

[DeadByDawn]

Originally posted by: Specop 007

Originally posted by: Codewiz
So because you are a tard, you want the bank to take more risk on you. You say you are going to foreclose. It doesn't matter if your credit is perfect. You said it will happen so why bother with more risk on you?

Huh? Where did I say I was going to foreclose? I said if they dont put a little pep in their step I would, because I cant afford 2 house payments.

Then don't buy another house.

duh.

 

[Specop 007]

Originally posted by: mugs

Originally posted by: FP
WTF? I take it your new house will cost less than the old house will sell for right?

So why in the world would the bank want to give you a loan on the new house for more than it is worth? That is like giving you an unsecured loan for the difference. They hold all the risk.

Unless I am missing something I can't imagine why you are surprised the bank doesn't want to give you a free unsecured loan.

This. They're not going to give you a loan for more than the new house is worth.

They might. It simply comes down to the relationship between A and B. If A (Foreclosure) is more then B (Giving me a loan for 10k more then the new place is worth) they might do it. If A is equal to or less then B, no way in hell.

 

[n yusef]

Maybe the bank discriminates against racists.

 

[Codewiz]

Originally posted by: Specop 007

Originally posted by: Codewiz
So because you are a tard, you want the bank to take more risk on you. You say you are going to foreclose. It doesn't matter if your credit is perfect. You said it will happen so why bother with more risk on you?

Huh? Where did I say I was going to foreclose? I said if they dont put a little pep in their step I would, because I cant afford 2 house payments.

Ummm do you think people that move normally foreclose?

No, they move to the new location and wait for their old house to sell. Then once it sells, they buy a new house.........

Oh and to cover the cost of the house, they rent it out.

Just because you want to pressure the bank into something retarded doesn't mean the world operates that way.

 

[AMDZen]

Originally posted by: Saga
Out of curiosity, what is the typical sequence of events during something like this? My brother-in-law's next door neighbor foreclosed on their house almost two years ago and hasn't made a payment since, but they haven't been evicted by the bank yet. Seems like you got nailed hard and fast - why the discrepancy?

Wow so they've been able to live there for 2 years for free basically?

 

[Specop 007]

Originally posted by: Codewiz

Originally posted by: Specop 007

Originally posted by: Codewiz
So because you are a tard, you want the bank to take more risk on you. You say you are going to foreclose. It doesn't matter if your credit is perfect. You said it will happen so why bother with more risk on you?

Huh? Where did I say I was going to foreclose? I said if they dont put a little pep in their step I would, because I cant afford 2 house payments.

Ummm do you think people that move normally foreclose?

No, they move to the new location and wait for their old house to sell. Then once it sells, they buy a new house.........

Oh and to cover the cost of the house, they rent it out.

Just because you want to pressure the bank into something retarded doesn't mean the world operates that way.

This might come as a shock to you, but the world has changed in the past year or two. A lot.

 

[OCGuy]

Troll, troll, troll your boat.



I though IRCS was the mortgage troll.

 

[Mxylplyx]

Originally posted by: AMDZen

Originally posted by: Saga
Out of curiosity, what is the typical sequence of events during something like this? My brother-in-law's next door neighbor foreclosed on their house almost two years ago and hasn't made a payment since, but they haven't been evicted by the bank yet. Seems like you got nailed hard and fast - why the discrepancy?

Wow so they've been able to live there for 2 years for free basically?

My redneck neighbor across the street hasnt made a payment since April, and he's still there. Banks would probably rather the current occupants stay in the house and keep it up rather than foreclose on it and be forced to maintain it for how every many years it takes to sell these days.

 

[Mxylplyx]

Oh, and in response to the OP. You arent getting another home loan if you short sale your house. Your credit will be ruined, and for good reason. You are not a trustworthy borrower if you proceed with a short sale. Also, since you have no money, how do expect to get a new house with no down payment? The days of 100% loans are over. Try this thing called renting, which is made for people like you based on what I've read here.

 

[AdamK47]

Mortgages don't work like auto loans.

 

[Specop 007]

Well I wont pretend to be the end all be all of knowledge in the real estate market.

So what would you guys recommend? Hold the house and sell for profit? I could end up paying on the house for 6 months before it sells....

 

[spidey07]

Originally posted by: Specop 007
Well I wont pretend to be the end all be all of knowledge in the real estate market.

So what would you guys recommend? Hold the house and sell for profit? I could end up paying on the house for 6 months before it sells....

Most folks do a bridge loan.

 

[rsd]

Originally posted by: Specop 007
Well I wont pretend to be the end all be all of knowledge in the real estate market.

So what would you guys recommend? Hold the house and sell for profit? I could end up paying on the house for 6 months before it sells....

Rent it out?

I know I won't be able to sell my current place anytime soon when I want to upgrade, so my only option would be to rent it out.

 

[Specop 007]

Originally posted by: spidey07

Originally posted by: Specop 007
Well I wont pretend to be the end all be all of knowledge in the real estate market.

So what would you guys recommend? Hold the house and sell for profit? I could end up paying on the house for 6 months before it sells....

Most folks do a bridge loan.

Right but a bridge loan functions as short term lending until a more permanent solution is found correct? And then I believe the bridge loan is paid off or otherwise setlled through the long term financing.

So why not cut out the bridge and go right with long term financing with the "bridge loan" already in it? Obviously I have to be missing something in the operation of a bridge loan.

 

[mugs]

Originally posted by: Specop 007

Originally posted by: mugs

Originally posted by: FP
WTF? I take it your new house will cost less than the old house will sell for right?

So why in the world would the bank want to give you a loan on the new house for more than it is worth? That is like giving you an unsecured loan for the difference. They hold all the risk.

Unless I am missing something I can't imagine why you are surprised the bank doesn't want to give you a free unsecured loan.

This. They're not going to give you a loan for more than the new house is worth.

They might. It simply comes down to the relationship between A and B. If A (Foreclosure) is more then B (Giving me a loan for 10k more then the new place is worth) they might do it. If A is equal to or less then B, no way in hell.

Banks have policies on what they will and won't allowI'm not sure that they empower their employees to violate those policies even if it means they will (apparently) save money.

 

[GTKeeper]

I'm surprised as responsible of a borrower you appear to be, that you didn't even put 20% down on your 150k home. If you had 10k equity in it, a sale of 140k wouldn't be a problem now would it? Reap what you sow.

 

[Specop 007]

Originally posted by: GTKeeper
I'm surprised as responsible of a borrower you appear to be, that you didn't even put 20% down on your 150k home. If you had 10k equity in it, a sale of 140k wouldn't be a problem now would it? Reap what you sow.

Last post, first page.

 

[alkemyst]

if you can't pay now, how can you pay with more debt?

 

[Specop 007]

Originally posted by: alkemyst
if you can't pay now, how can you pay with more debt?

I can pay now. I can pay in the future. I cannot pay 2 payments (mortgage and rent/mortgage).

Which means I either forclose or sell my house. Obviously I prefer to sell it. But when it finally comes down to the wire I will have to choose between living in a box and keeping a house on the market for sale, or cutting the line and forclosing and renting something where I'm going.

 

[SphinxnihpS]

I'm fuzzy here. Did I read this correctly?

A. You own a home, and have a mortgage on it.
B. You can't pay for it.
C. You aren't paying for it.
D. You are in foreclsure.
E. You are "offering" them less money than they loaned you, despite the fact that their collateral (your home), is worth substantially less than what it was at closing; they get less payment and have less security in the deal.
F. You are moving to a new city.
G. You would like to buy a home there.
H. Apparently, what you have been shooting up.

>>> You "offer" to have your mortgage company approve you for an ADDITIONAL mortgage in your new city so you can purchase a home there. You "offer" to really (no, you mean it this time), pay them this time, and once your old home is sold, this won't be a problem...

LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL

Why shouldn't they let you go right down the toilet where you belong?

I think you have a bright future on Wall Street.

 

[SphinxnihpS]

Originally posted by: Specop 007

Originally posted by: alkemyst
if you can't pay now, how can you pay with more debt?

I can pay now. I can pay in the future. I cannot pay 2 payments (mortgage and rent/mortgage).

Which means I either forclose or sell my house. Obviously I prefer to sell it. But when it finally comes down to the wire I will have to choose between living in a box and keeping a house on the market for sale, or cutting the line and forclosing and renting something where I'm going.

Oh it's all clear now. You're basically threatening them to either loan you more money or "have fun" getting the money the they already gave you back.

You're a real winner dude!

 

[SphinxnihpS]

And they call me a troll...

(still lolling)

 

[GTKeeper]

Originally posted by: Specop 007

Originally posted by: GTKeeper
I'm surprised as responsible of a borrower you appear to be, that you didn't even put 20% down on your 150k home. If you had 10k equity in it, a sale of 140k wouldn't be a problem now would it? Reap what you sow.

Last post, first page.

Borrow 10k from a friend or family, sell the house, buy the new house, pay back loan.

It shouldn't be hard to get a 10k loan over a short period.