My Personal Housing Crisis

[gourimoko]

2. I'm not sure making the repairs is even doable at this point. The house has been condemned by the City.

It's a wrap at that point.. Best of luck with your short sale bro.

 

[Cratylus]

Yeah, if the house has been condemned by the city, that pretty much seals it.

Ignore everything I said.

 

[The Voice]

He should just declare bankruptcy and rebuild his credit. He won't be able to buy a house for 3 years, but this time he probably learned to do his homework.


Sent from my iPhone using Tapatalk at your local pub.

 

[Man Called X]

Should've burned it to the ground the night of all the damage.

 

[Scrote Squad]

He should just declare bankruptcy and rebuild his credit. He won't be able to buy a house for 3 years, but this time he probably learned to do his homework.


Sent from my iPhone using Tapatalk at your local pub.

What homework do you surmise that I didn't do last time?

 

[RonG]

You don't have to file bankruptcy that is horrible advice. Short sale or foreclosure is the way to go. Keep the rest of your credit intact.

 

[Lee]

You don't have to file bankruptcy that is horrible advice. Short sale or foreclosure is the way to go. Keep the rest of your credit intact.

This a million times over.

Your situation is why the foreclosure laws exist as they cant come after you personally once done.

You will recover, buy house in 3 years through fha and buy again. Your situation happens but not common, have helped 2 home owners in a similar situation buy again in a 12 year 4,000 loan career.

Hope is not lost.

 

[Scrote Squad]

You don't have to file bankruptcy that is horrible advice. Short sale or foreclosure is the way to go. Keep the rest of your credit intact.

I guess that I'm a little confused on the process then. If they foreclose, can't they sue me for the unpaid portion of the loan?

@Lee Would appreciate your input too.

 

[Lee]

I guess that I'm a little confused on the process then. If they foreclose, can't they sue me for the unpaid portion of the loan?

@Lee Would appreciate your input too.

No, that is the protection of foreclosure. Look up your state, but if the loan is purchase money, ie done for the purchase only, not a cash out, in all 50 states, you cant get personally sued. It stays on your credit for 7-10 years depending on state, but you are in a no win situation.

 

[natedagg]

@Lee - shouldn't he talk to some sort of expert in the field? Not a knock on you, but if it were me, I would:
-Call some RE attorneys.
-Call some Short Sale specialists.
-Call some Foreclosure specialists.
-Read a bunch of nonsense online with enough half-truths to understand enough so I don't get fleeced.
-Determine who the best fit is between groups 1-3.
-Schedule calls with enough of that type of expert until I found one that I trusted.

 

[Lee]

@Lee - shouldn't he talk to some sort of expert in the field? Not a knock on you, but if it were me, I would:
-Call some RE attorneys.
-Call some Short Sale specialists.
-Call some Foreclosure specialists.
-Read a bunch of nonsense online with enough half-truths to understand enough so I don't get fleeced.
-Determine who the best fit is between groups 1-3.
-Schedule calls with enough of that type of expert until I found one that I trusted.

He can, if you have a trusted source pm him, issue is most short sale and foreclosure specialists are crooks so I don't trust any of them all though some are good.