Posted by 101livescan on 6/16/11 10:24am
Msg #386455

When Does it Make Sense to Walk Away from Your Home

Tonight on CBS Evening News, there will be a piece on American home mortgages, and when it is wise for HOs to walk away from their overencumbered homes! What are the reprecussions other than tanking your credit score, recovery options. More rich people are walking from their mortgages currently.

I hope I can get home to see it...

Reply by Shoshana/AZ on 6/16/11 10:48am
Msg #386462

Speaking for myself, I can say that there is a lot of grieving going on. I was working with WF for 21 months trying to get a loan mod and then all of a sudden I got my foreclosure notice.

Reply by 101livescan on 6/16/11 11:19am
Msg #386463

My heart goes out to you and your husband. These are very stressful times. It can be a relief to get out from under the overwhelming debt. I rent from a group in Santa Barbara, Transcon Development Corporation. They are buying up foreclosures in Scottsdale area and renting back to people who lost these very homes with an option to buy. If you're interested, I can put you in touch with the individual who is driving this project.

Don't forget to negotiate cash for keys, usually is 1% of home's current market value, whatever that is.

Reply by jba/fl on 6/16/11 11:55am
Msg #386471

My heart hurts for you as well - so many in this country are experiencing things they previously only read about long ago. Coping with loss of home is huge....I truly wish you and others well.

Reply by Shoshana/AZ on 6/16/11 12:47pm
Msg #386478

Thanks to all olf you for your kind words

Even though we are living in a beautiful house now with solar tiles on the roof, it still is hard for me. God has truly taken care of us. I am spiritual and I know that whatever happens happens because God wants it so. I have quite a few friends who lost their homes very recently. None of them are homeless. I feel very blessed.

Reply by Glenn Strickler on 6/16/11 3:39pm
Msg #386496

Re: Thanks to all olf you for your kind words

Really distressed to hear that. Keep doing what you believe to be right and things will work out. WF has worked with people in my neck of the woods, so perhaps your situation is not over yet. I can't believe they would want another foreclosed house in their inventory. They may blink yet.

Stay faithful and thing will work out. All the best.

Reply by Shoshana/AZ on 6/16/11 3:56pm
Msg #386499

Re: Thanks to all olf you for your kind words

Thanks Glenn. It was auctioned off last November. We are more than OK now. It's just my emotions. It doesn't appear to affect my husband.

Reply by MW/VA on 6/16/11 6:03pm
Msg #386518

So sorry to hear that, Shoshanna. I'm confused, though,

because I thought you bought a new home recently? Maybe I'm confusion you with someone else?

Reply by snowflake/PA on 6/16/11 11:27am
Msg #386465

Shoshana: sorry about what you are going through, but you aren't alone. My boyfriend tried for over 24 months for a loan mod with WF as well. House was listed for 3 years with no buyers. He finally packed up in October and vacated. And, I have to move back in with my mother, hopefully temporary, as my landlord keeps raising my rent and my workload is down. Everybody is having to make adjustments. It's tough out there.

Reply by nunu on 6/16/11 11:35am
Msg #386467

i struggled for two years in a previous business before filing bankruptcy (the most difficult decision of my life). Wish i had done it much sooner and my advice is to commit to a decision and if its a walk then do not regret it. The stress is unbearable and if there is no way of making it work then MOVE ON. My sympathies are with everyone struggling to do the right thing and sometimes it just does not work.

Reply by HARRY_PA on 6/16/11 11:43am
Msg #386469

My heart goes out to all who find themselves in these situations. May God guide you through these challenges.

Harry

Reply by Shoshana/AZ on 6/16/11 12:48pm
Msg #386479

Yes, a lot less stress now. n/m

Reply by LateNight/CA on 6/16/11 3:36pm
Msg #386495

I opened a pack and ship store 2-1/2 years ago, and we had to close it in December of last year and file bankruptcy, both for the store and personal bankruptcy, so we can try to keep the house. Our only regular income now is my federal retirement, and it is about $750-800/month less than our living expenses. We exhausted our savings trying to keep the store open, so I'm doing whatever I can, including notary work, to pay the bills. We go to court for the BK hearing next month, then we can start over. Wasn't what I envisioned for my retirement, but we have our health, our home (at least for now) and our children and grandchildren. If it turns out we lose the house after all, our daughter has said we can live with them until we get back on our feet.

Reply by Shoshana/AZ on 6/16/11 4:01pm
Msg #386500

I Know somebody else in CA who was in that situation of having to close a pack & ship store. My husband has a Phd and is working in a nasty call center for $10/hour. They don't even want you to leave your phone to go to the bathroom if it's not your break!

Reply by Larry Adams on 6/16/11 4:47pm
Msg #386503

Shoshana, there are quite a few pack & ship stores closing nationwide, and more that aren't closing yet are for sale. I'm actually working for the new owner of my store, which still isn't making money but they have a lower overhead (no loan, no equipment lease, which was what forced me out of business). The pack & ship industry is almost as cutthroat as the printing industry. One of my neighbors had a long established print shop and was forced to close it a couple of months ago.

Even if I hit the lottery and could afford to take the store back, I don't think I would... might do it somewhere else though.

Reply by BrendaTx on 6/16/11 6:58pm
Msg #386532

Shoshana, thank you for being human, genuine, and for

sharing something here that is probably helping someone a lot right now.

Reply by Shoshana/AZ on 6/16/11 8:48pm
Msg #386546

Aw shucks.....

I know that there are lots of people in the same position. If you want to better yourself, you have to think outside the box. My husband's job is only temporary. That's what keeps him going to work everyday to this insane place of business. They are so crazy that they reprimanded someone for missing work 3 Sundays in a row. Sunday is his day off! They are trying to harass people to quit so they don't have to pay unemploymewnt!
Once we build our new business, he can quit!

Reply by jba/fl on 6/16/11 9:04pm
Msg #386547

Gumption!

Grit and determination, one step at a time, one day at a time. You are proof it works - as are others. You are the kind of people I like to point to and say, "That's how it's done."

Reply by Linda_H/FL on 6/16/11 9:06pm
Msg #386548

Re: Aw shucks.....

"They are so crazy that they reprimanded someone for missing work 3 Sundays in a row. Sunday is his day off"

Sounds like the post office...

Reply by Shoshana/AZ on 6/16/11 10:06pm
Msg #386559

Re: Aw shucks.....

Nope! Not the PO! LOL!

Reply by 101livescan on 6/16/11 10:35pm
Msg #386560

Re: Shoshana, thank you for being human, genuine, and for

Though we walk through the shadows of death.....

It seems that way sometimes, but actually, I DO BELIEVE, everything happens on course, we are simply conduits...who knows when and where and how we're going to end up at the end of the journey. The most important are our friends, family and support groups. I have a minister friend who lost his son to drugs, his wife to another man, his church to politics, and is now working in hospice care in Palm Springs. He's my hero...things, image and "position" don't mean a darned thing. It's how you come out in the end of all the upheaval that counts.

Change, while challenging, is good for the soul. Take a minute to read Ken Blanchard's WHO MOVED MY CHEESE. It's been my mantra for years. Change is great!