Anyone been through a foreclosure? - Mountain Buzz
 

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Old 08-02-2006   #1
 
Join Date: May 2005
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Anyone been through a foreclosure?

I'm still up to date on my payments for the time being...but I hate my house, am sick of working two jobs, no one will buy it for what I owe (far less than it's appraised value), and now I have a major plumbing issue that will cost me thousands to repair, which I can't afford. I'm curious what all is entailed in a foreclosure...aside from the bad mark on my credit. Does it cost thousands in court costs and legal fees? If the house sells for less than I owe at an auction, am I still responsible for the remainder? Any help would be much appreciated.

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Old 08-02-2006   #2
cma
 
Boulder
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Never done the foreclosure thing, could you rent it out for what you are paying for your mortgage? Or if you could rent it at a slight loss and move somewhere else cheaper so that you aren't really paying anymore per month you could claim it as a loss on taxes year end and save a bunch that way as well, you may want to talk to an accountant about this possibility. There may be other options other than foreclosure, I would investigate them all before you go down that road.
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Old 08-02-2006   #3
JBL
 
Gnarnia, Colorado
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If you can avoid foreclosure, do it. You don't want it on your record as it will haunt you for a very long time. There are some good resources on the web and lots of information.

http://www.hud.gov/foreclosure/

Good luck.
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Old 08-02-2006   #4
 
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A forclosure is a forced sale of the mortgage. The mortgage leins your home as collateral for the promissary note you signed when you got the home loan. You would still be responsible for the remaining balance owned on your promissary note plus the costs of the forclosure.

If you can't take in roomates or get the place rented, you'd still be way better off selling it at a loss and preserving your credit. Plus, you'd get much more selling it on your own than if the bank came in and held a fire sale.

Forclosure should always be the last resort.
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Old 08-02-2006   #5
 
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Englewood, Colorado
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Avoid it. Under the law you will have to pay all the court costs and attorney's fees for the mortgage company, which is thousands of dollars, and the stain on your credit is really bad.

I have some friends who are in a similar bag, upside-down to the tune of $56K on a condo. The HOA management is terrible and there have been lots of foreclosures in the area, driving down values, and people not paying HOA fees have made the fees for the rest of folks skyrocket to over $400/mo. Because the values have all dropped, the folks not paying HOA fees are also upside-down, and they know that the HOA will not foreclose on its lien because of that. My friends are saving up $56K to buy their way out of the mortgage. It will save them money in the long run because they won't get killed on the APR for their next home, but it's a horrible situation. Good luck to you.
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Old 08-02-2006   #6
 
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Sorry to hijack your thread, but it looks like you got the info you needed.

I have heard of several other people in similar situations as you. Making ends meet is tough. I have sympathy.

What gets me is that so many people still vote Republican. It is just amazing at the disproportionate distribution of wealth in this country. I'm sure someone will say they earned it, but is 100 times your income really right? You would not believe the amount of money the very wealthy have.

I occaisionally float in the wealthy circles and so many of them don't fairly earn their vast wealth. I won't begrudge them their first $5 million and I'll even pass on their second $5 million, but beyond that it really gets too much. These guys are not super smart, they didn't have a super great idea, they aren't entrepreneurs who worked 80 hour weeks for 10 years. Often they are just lucky.

It's hard to say what is fair or right and wrong. But, I think the best way to look at it is that we want to provide incentive for people to work hard and take initiative. Does making $50 million really provide that much more incentive than making $5 million? We need to provide more incentive to the rest of us.

We are leaving the middle class behind in the great America we are building. I'm not proposing communism or anything radical. Let's start by not giving tax cuts to the wealthy.

Ah, but I forgot, the Republicans are for preserving the integrity of marriage and other Christian values.
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Old 08-02-2006   #7
cma
 
Boulder
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Quote:
Originally Posted by basil
Sorry to hijack your thread, but it looks like you got the info you needed.

I have heard of several other people in similar situations as you. Making ends meet is tough. I have sympathy.

What gets me is that so many people still vote Republican. It is just amazing at the disproportionate distribution of wealth in this country. I'm sure someone will say they earned it, but is 100 times your income really right? You would not believe the amount of money the very wealthy have.

I occaisionally float in the wealthy circles and so many of them don't fairly earn their vast wealth. I won't begrudge them their first $5 million and I'll even pass on their second $5 million, but beyond that it really gets too much. These guys are not super smart, they didn't have a super great idea, they aren't entrepreneurs who worked 80 hour weeks for 10 years. Often they are just lucky.

It's hard to say what is fair or right and wrong. But, I think the best way to look at it is that we want to provide incentive for people to work hard and take initiative. Does making $50 million really provide that much more incentive than making $5 million? We need to provide more incentive to the rest of us.

We are leaving the middle class behind in the great America we are building. I'm not proposing communism or anything radical. Let's start by not giving tax cuts to the wealthy.

Ah, but I forgot, the Republicans are for preserving the integrity of marriage and other Christian values.
F'ing LAME. I do not endorse the current admin but none of his problems are to blame on Republicans and the wealthy elite. Why don't you try going after the real estate agents and Mortgage brokers that over the last few years have been handing out dicey ARM loans and jacking up home values to make up for the loss of income on percentage points. Nobody should be getting an ARM when interest rates are at the lowest they have ever been and have been slowly on the rise yet brokers are still telling people it is the way to go, now they are pushing interest only loans on people that are so strapped they can't get a regular loan, I hate to see what that will bring in the future. The current Democrats in congress have been just as bad:

http://www.cnn.com/2006/US/08/01/dob...st2/index.html
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Old 08-02-2006   #8
 
Join Date: Jan 2006
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Basil your a douchebag. Why is it that everyone always has to be a victim. People should take responsibility for themselves. If you tax the rich what do you stand to gain? Nothing you will not see any difference. Will that make you feel better knowing that the upper class that pays the majority of the taxes? Well thay already do. Stick it to the man I guess?

Additionally why is it that everyone is so concerned about the middle class? What about the lower class? I don't ever hear about the lower class is getting crunched so more.

The foreclosure thing sucks. However this boils down to a few things. One there are a ton of people acting as brokers that are out for a quick buck. If you are looking at refinacing or buying your home, get a few quotes and maybe some refrences. There is lisencing going into effect for mortgage brokers in 2007 however there will still be loop holes. Just like always if it sound to good to be true it probably is. Ask them what their yield spead is and see what they say. If its around 1-2 pts total your proably ok. Some brokers can make over 10,000 to 15000 per loan.

2nd is people have the tendency to buy over their means. Just because you qualify for a 600,000 home doesn't mean you can afford it. Keeping up with the jonses dosen't pay your mortgage payment.
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Old 08-02-2006   #9
&d
 
gunnison, Colorado
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two things that are f'd up about the truly wealthy: the money usually just piles up, and their gain is usually my loss, if not someone elses.
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Old 08-02-2006   #10
cma
 
Boulder
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Quote:
Originally Posted by &d
two things that are f'd up about the truly wealthy: the money usually just piles up, and their gain is usually my loss, if not someone elses.
Just like Warren Buffets and the Gates' or the Carnegies and the Rockefellers and so on. Just think of all of their money that was wasted on something stupid called charity..

http://www.msnbc.msn.com/id/13815771/

http://abcnews.go.com/GMA/MellodyHob...2118501&page=1

http://www.carnegie.org/sub/about/pessay/pessay00.html

IkayakNboard.. sorry that your problem has become a lame political rant.
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