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twaski's Advice

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  • 10 Contributions
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  • 4 Helpful

twaski wrote:

Tried to negotiate payment, can't make next payment.... foreclose? Short Sale?

Response
Colorado.   Haven't missed a payment yet.  Bank wants me to lower my expenses, so I don't have negative income.  Then they will take a look at lowering my payment.  If my income covered my expenses, I wouldn't be calling... hmmmmm?
January 21 2009
(0)
Tried to negotiate payment, can't make next payment.... foreclose? Short Sale?
Soooo.... your at the point where your bills are more than your income.  House has been on the market for almost 2 years.  No equity.  No showings.  No offers.  Down to the bottom line price.You want to do anything you can to preserve your credit status, so you call the bank to negotiate your payment.  They want a letter of hardship (single mom, self employed now looking for employment, can't cover bills).  They also want income and expenses.  My income is less than my expenses.... so hello... that's why I want to try to negotiate my payment!  Yes, add the deficiency on to the principal.  I bought it... I want to pay for it, just need to lower the payment to keep my head above water. The bank won't consider modifiying my payment if my expenses are more than my income.  Well I wouldn't be calling if it were the other way around!So now, after working your entire adult life to have incredible credit... you have to miss a mortgage payment.  I'd rather jump off a cliff, but I've maxed the credit cards trying to keep up. Should I try the short sale route?  Do I pay taxes on the difference between the sale amount and loan amount?  I know the credit ding is less, but at this point, I couldn't get a loan anyway, so do I care?Will the bank consider a short sale if you haven't missed any payments?Once you stop making your payments, how long before the bank kicks you out?  I have two small children.  Need to prepare. Any further advice on lowering your payment?Now
January 20 2009
(0)

Suggestions on how to get out of house

Response
Albatross1 - I'm experiencing the same issue.  Huge mortgage, self employed, on the market for over 1 year, no savings.   I am weighing my options.... rent, short sale, foreclose.  A question to put out there is...... What exactly is the impact of a short sale over foreclosure on one's credit?  Is one worse than the other?  If a short sale is a 3 year ding, but you're saving a ton by getting out of big mortgage and you really can't qualify for a loan due to employment (regardless of credit) - is it a terrible choice?    
October 29 2008
(0)

Determining value of the house you want to sell

Response
What do you do with foreclosure comps?  Do they count?
September 14 2008
(0)

Interior Designer's House For Sale - Custom Decor is Amazing or is it too Custom to Sell?

Response
I should update the pics.  All of the ivy, accessory stuff was taken out long ago.  Sounds like I should "vanilla" a bit.  I figured that was the next step.  I've updated the lighting in the master bath.  The carpet is a light beige, not white.  Spotless...   Thanks for the replies.... please send buyers! 
September 02 2008
(0)

Interior Designer's House For Sale - Custom Decor is Amazing or is it too Custom to Sell?

Response
Agreed... they're already down.  Thx
August 12 2008
(0)

Before you sell your home read Freakonomics, I wish I would have!!!!

Response
These poor agents (my mother being one of them) are selling their souls!  Many are cutting their commissions and dealing with the most ruthless buyers yet.  Crazy offers, unreasonable requests, thousands of contracts and then backing out at the last minute.  I hope anyone selling has done their own research on their property values.  I think most agents are eager to make any reasonable sale.  The buyers are pushing the envelope on rediculous requests I think. 
August 12 2008
(0)

Interior Designer's House For Sale - Custom Decor is Amazing or is it too Custom to Sell?

Response
and to boot..... settled in the divorce last year for 80K more than I have it listed for now!  Brutal market!
August 12 2008
(1)

Interior Designer's House For Sale - Custom Decor is Amazing or is it too Custom to Sell?

Response
There is a home 5 doors down listed for $100K over mine.  I am the lowest in the area for the s.f. 
August 12 2008
(1)
Interior Designer's House For Sale - Custom Decor is Amazing or is it too Custom to Sell?
I am an Interior Designer and unfortunately, must sell my home.  I've spent 7 years customizing every detail...Stone walls, stone mantle, concrete counter tops, cherry floors....  Anyone who enters is in awe, yet I can't sell.  Should I change the the finishes on the walls.... Make it more vanilla?  The cost of my design efforts are more than any a buyer can duplicate on their own.
August 12 2008
(2)