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TeriArnold

Advice

  • (5 Contributions,
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underwater home - what to do? short sale, foreclosure, keep?

Response

Did you see the 60 Minutes program on the guys who started JUST WALK AWAY ?  It was really interesting and I'm not saying that it is 'right' either but what about the big banks getting bailed out and then were they hthere to help Americans and work with the HAMP Program , etc.?  Heck NO!  The banks are only thinking of one thing and we know what that is. I dont think I would feel any guilt if I did just walk away.  I'd probably try for the short sale instead.  Bye!

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underwater home - what to do? short sale, foreclosure, keep?

Response

Wow!  All of the replies I received were excellent and I got to hear from a friend from my past...Hi Terry!  I do have a lot to think about in order to get a firm hold on exactly what will be best and most feasible for me in my current situation and with several 'unknowns' thrown in.  I'm going to focus on what situation will offer me the best solution for the least amount of stress.  I appreciate all of your replies. Talk to you soon! (Wish me luck on my decision making process).

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underwater home - what to do? short sale, foreclosure, keep?

After viewing and re-viewing 60 minutes story JUST WALK AWAY I have to admit that my eyes were opened to the fact that even though I love my home (purchased 8/08) it has gone down drastically in value/price.  I need to make a decision based on a few new facts: in search of employment - current job ended however I am 55 and could feasibly retire ., Why should I stay in my home which I really can't afford any longer or at least not right now plus I have HOA payments.  I really love my home. I've read not to get too attached to a home...that it is better to make a good financial decision for myself and my future.  I am going to apply for ther HARDEST HIT STATES funds which can help the unemployed for up to 1 year until a new job is found but what if that doesn't work out?  Wouldn't I be better off going for a short sale at least 120 days before foreclosure is set to occur and doing a deed in lieu of foreclosure and perhaps receiving some monies that I've heard many mortgage (and or banks...I'm not sure) are offering sellers to opt for a short sale.  I'm confused and mixed with that is a little fear.  Even though I feel I can find another job, I'm not sure I want to.  It might be nice to live with a little less and not have so many financial burdons.  I'm wondering if there are any other non-real estate folks out there experiencing my issues AND of course I'd love to hear from the pros as well.  Life might feel a little sweeter even if living meant living in a nice rental home or apartment considering I am at retirement age (barely) and I probably won't be able to make any money off my home in my lifetime.  It is a sad commentary on life today.  The American Dream has become an albatross around the American publics' neck.

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Is it a good idea to hire a professional to help one get through modification process ?

I've tried to educate myself on the various types of loan mods, etc. out there, laws pertaining to only Ca., which mortgage companies (if any) are truly trying to work with their clients to obtain the HAMP, FHA insurance (to pay down principal-badly needed with an 'upside down mortgage like the one I currently have., what to expect, what mortgage companies want to see, how to get the mortgage companies to respond in a timely fashion, but I still don't feel I can adequately represent myself.  I know there are companies that will help out for a fee (I've been told about 500-900) for the services of You Just Walk Away, and if they can negotiate for me ,.etc. it seems it would be well worth the money.  I'm tired of the stress and beginning to think I really just want to stay in my house even though it is an upside mortgage.  I can afford the mortgage but I did get behind when I had surgery.  What is the opinion out there?

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how can I determind how much my house is worth

I was told to go to the Zillow website and just type in my address to see the value of my home but I can not find exactly where this is on the website.  Can someone help?

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