RH Wants To Protect His Daughter's College Fund From Strategic Default
I would like to do a strategic default, however, I'm concerned that BOA will be allowed to take my daughter's college fund, which is only $17,000, and also pursue me relentlessly for years. Is this true for residents of North Carolina? Our home, which we paid $385,000 for three years ago is now worth $290,000, which is less than we owe. We can just about afford to stay and pay all of our bills but this could change if our income goes down even slightly...READ MORE
AR Wants To Protect His Retirement
Enjoyed your book, but it doesn't address retirees walking away from a home. What assets can a bank pursue if I'm retired & walking away from a home I own in NJ? I've been told retirement money (401K, pension, social security, bank accounts) are Teflon from all except the IRS. Is this accurate? Please clarify...READ MORE
KC Is Prepared to Strategically Default But Not Sure
I read your website on Strategic Default and would like to put forth our situation to hear your opinion. We purchased a condo during the condo conversion craze in So. Florida in 2005. Purchase price for a 2/2 in a highly sought after area was $178,000. We put 20% and did a 7 year libor interest only. We pay our taxes separately each year...READ MORE
My wife and I currently live and own a home in Oregon. It's small and we are ready to move on. We owe about what the house is worth so selling it has not worked. Due to our income and low debt we have qualified for a home loan on another house and plan to buy it and move there. We would rent out our current house, and if we run into any financial trouble, just stop making payments on the rental and focus on keeping our new primary residence...READ MORE
Clueless Is Concerned About What The Lender May Do If She Pays Off A Loan From Her Parents While Pursing A Short Sale On Her Underwater Home
Hello. My husband and I are currently in an "underwater" mortgage. Our loan was for $262,000, which we have paid down to $253,000. The general consensus of realtors, is that we should be able to get between $215,000 and $220,000 for our home. Our mortgage is with Bank of America. We hare hoping they will forgive this amount and allow us to complete a short sale. My question is in regards to a savings account that we have...READ MORE
Walking Away From The Old To Start Something New
I have a house in Michigan that I have owned for 10 years as a primary residence. My company is relocating me to Pennsylvania. I have a first mortgage that is $120,000.00 and an equity line of credit balance of $38,000.00. I have had a couple mortgage brokers out to the house, sent out by the relocation company, that have come up with a $50,000.00 number on my house. Basically $108,000.00 upside down on my house. I have a short window to find a new place to live and do something with my house. Obviously I'm not coming up with the difference to make the Michigan deal go away...READ MORE
Underwater In Phoenix
In addition to my primary residence in the Bay Area, I have 3 rentals, 2 in Phoenix and one in San Diego, an inheritance which is free and clear. As a single unemployed woman paying 3 mortgages, with declining earning power offset by inflationary prices, I feel trapped, overwhelmed and weighted by paying into a black hole - - I will be dead before I see this as a positive investment. It doesn't make sense to me to keep paying, but I am so frightened to lose my 800 credit score and for unseen consequences down the road..READ MORE
BB Wants To Know How To Handle Second Liens
Hi my name is BB and I live in Nevada. I have owned my house for 10 years and Zillow gave its value as about $221,000. I have a first of $217,000 and a second of $224,000. I am thinking of either going into foreclosure or trying a short sale. In either case the first would get paid and the second would not. I also own two rental properties that are worth more then I owe...READ MORE
JH Seek Advice For Her Son - How Do You Start The Strategic Default Process?
My son has a home in Davenport, Florida which he paid $189,900 for in 2005. It is now worth about $70,000 according to a respected Realtor in the area. How can he start the "strategic default" process? He
has a first and a second on the house and quit making payments on the first in October, 2009 and on the second in February, 2010...READ MORE
WW Wants To Know The Consequences From Walking Away From Old Home For A New Home
My wife and I have been trying to sell our home for nearly a year. We have had little or no traffic no matter how much I lower the price. We CAN afford the payments, it's just that the home has become way too small for our family size...READ MORE
8. Mr. D Is Lost In Mortgage Sea
9. CS In Oregon Needs Guidance
10. J Considers Selling Deed To His Property
11. JS Can't Pay A Student Loan & Sallie Mae Is Taking Her Tax Refund
12. Underwater and 90 Years Old
13. MK Doesn't Care About His Credit, He Doesn't Want To Owe Money To The Bank
14. KU, An Active Duty Coast Guard Member, Has A Home Defect. Should He Default?
15. LM Demands A Principle Reduction On A Ginnie Mae Loan
16. BD Wants To Walk Away But Unsure If It Affects Husband's Credit Score - posted
17. JJ Is A Senior Citizen Seeking To Protect His Wealth From A Bad Investment
18. LB Wants To Know What They Can Take From Their Home When Walking Away
19. GR Wants To Walk Away To Move Closer To His Parents
20. DF's Questions & Answers Is A Must Read!!!
21. PL Wants To Know If It Is Too Early To Strategically Default
22. SU Needs A Reputable Professional To Stop The Loss In Savings
23. KL Wants To Strategically Default In Colorado : Can The Bank Come After Him
24. BSE Wants To Walk Away from Two Properties in Vegas
25. TM Is In A Classic Strategic Default Conundrum...What To Do? What To Do?
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