1. #1

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    Unhappy Possible foreclosure...repercussions?

    I need some advice....

    Background

    I'm a 28 year old with 3 years of experience as an EMT and 3 years of experience working as a civilian for the Navy in training technology (including first aid and BLS courses) . I'm married and stable with great credit and no questionable criminal history or background. I bought a home about 2 years ago from a shady developer and ran into all sorts of problems (existing undisclosed leans, water damage, mold, material defects) all of which I've had to pay for or deal with myself with no help or legal response from the "gentleman" who sold me the place.

    I've gotten all the way to the interview portion of the hiring process for a department in my wife's home town, but now I'm dealing with a possible foreclosure in my future. None of my mortgage payments are delinquent and my credit is great. However I'm getting ready to move across the country (in continued pursuit of the badge ) and that, combined with the other unavoidable circumstances not of my doing listed above, could cause me to fall behind on the mortgage of the house that I'm leaving. It's been on the market for more than 8 months without drawing any interest. It's currently listed for less than the payoff in hopes that the lender will approve a short sell. However, my lender is in no hurry to work with me until I become delinquent.

    The Dilemma

    The department has already requested permission to pull an employment credit report, so for now all should be great. My interview is coming up at the beginning of November so I'm sure nothing would show up before then. But also, hiring won't actually happen until after the first of the year. What if it all hits the fan between my interview and [potential] hiring and my credit takes a nosedive due to this? Will this ruin my opportunity at getting my dream job?

    Thanks in advance for any advice you may have.
    Last edited by coopndex; 10-11-2007 at 04:46 PM.

  2. #2
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    Bones42's Avatar
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    Do I have this right? You are willingly going to not be able to make the payments on your house as you travel across country to try to get a job there? And your asking us if that is Ok?

    Disclaimer - I am not on a hiring board. But to me, if you are leaving behind your responsibility for making payments, that's telling me a little about you. Again, I'm not on a hiring board.
    "This thread is being closed as it is off-topic and not related to the fire industry." - Isn't that what the Off Duty forum was for?

  3. #3

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    Quote Originally Posted by Bones42 View Post
    Do I have this right? You are willingly going to not be able to make the payments on your house as you travel across country to try to get a job there? And your asking us if that is Ok?
    No, you don't "have this right". I wouldn't be able to keep up the payments whether I was going or not, in large part due to the fact that I've had to pay legal fees, repair bills, and incurred other costs related to the property. I've simply tried to work with the lender before I fall into delinquency because I can see that it's a very good possibility. It's not like I saw this as a great opportunity to get out of paying my mortgage.

  4. #4
    It looks hot in there
    PureAdrenalin's Avatar
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    Just sell the bloody house and be done with it. Even if you take a hit on what you sell it for..get out of it if it's going to cause you all of this trouble.
    'Adversus incendia excubias nocturnas vigilesque commentus est"

    www.vententersearch.com

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    It's been on the market for 8+ months. The market here is completely stagnant. I've submitted all the paperwork to the lender for short sale approval, along with other options. But, as I said, they really won't even look at the paperwork until you're already late because they have so many people do deal with.

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    Or why not just rent out the house until its sold?

    Or contact your local housing authority and have them inspect the house and they will approve it for families that get government help on housing and the government will pay you monthly whatever the rent costs to keep the family there... here in Newark NJ they call it Section 8 ...

  7. #7
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    Its not always that easy PureAdrenalin....My place has been on the market for over a year with out even an interest from anyone. The housing market right now sucks at best
    Buck
    Assistant Chief/EMT-B

  8. #8
    It looks hot in there
    PureAdrenalin's Avatar
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    Oh, I'm quite aware..and that's why I'm not buying a house.
    'Adversus incendia excubias nocturnas vigilesque commentus est"

    www.vententersearch.com

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    Actually buying right now would be a great idea. Selling is not. We need a bigger house and have found one a few blocks away that we both really like but we cant seem to give ours away and 2 mortgage payments dont sound very apealing
    Buck
    Assistant Chief/EMT-B

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    Do everything in your power to get rid of the house. Spruce it up to attract attention, give your real estate agent a bigger percentage so he / she will be more motivated....... something. Anything.

    Worst case senario is the bank takes it away from you. Not being in the house owning business, they sell it as quick as they can which means cheap. They can then come after you for the rest. You will then have no house and still have a good chunk of delinquent debt and a foreclosure on your now destroyed credit rating

    You gave them the power to do this when you signed the papers.

    Work with the bank as much as you can. They don't want to foreclose unless they have to. They make loans, they do not want to deal with real estate unless they have to.

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    Savage / Hyneman 08'

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    http://www.daveramsey.com/

    one of my favorites

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    Quote Originally Posted by HazardousDan View Post
    Or why not just rent out the house until its sold?

    Or contact your local housing authority and have them inspect the house and they will approve it for families that get government help on housing and the government will pay you monthly whatever the rent costs to keep the family there... here in Newark NJ they call it Section 8 ...


    Thats acutally a good idea. My family used to be landlords and if you can get it okayed for Section 8 or DSS (what they call it in NYS) its one of the better ways to rent. The state handles the rent so you're check is always on time, and if you have problems with the tenants you just have to threaten to talk to their social worker about it and they'll straighten up pretty quick.

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    Quote Originally Posted by coopndex View Post
    It's been on the market for 8+ months. The market here is completely stagnant. I've submitted all the paperwork to the lender for short sale approval, along with other options.
    I was in a similar situation about 15 years ago. My wife and I bought a house and rented our condo. Couldn't sell it as the best price I could get was about $30,000 less than I owed. With the rent, it cost us $200 a month for three years just to have someone live there.

    Watch out for the short sale. If, for example, you owe $120,000 and the bank short sales the house for $90,000 and forgives the mortgage balance, you get a 1099 form for $30,000 in "income" and owe taxes on that amount.
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