Financial Ruin Thread

Rome · August 04, 2011, 06:17:28 PM

Anyone else facing financial ruin?

I've tried to resolve an issue regarding my mortgage but the lender refuses to help us. Therefore it looks like we're headed down the foreclosure highway. I've tried everything to bring us current but the "system" won't allow it.

Hilarious, really.

Ah well...

ice grillin you · August 04, 2011, 06:25:28 PM

Quote from: Rome on August 04, 2011, 06:17:28 PM
Anyone else facing financial ruin?

no

Rome · August 04, 2011, 06:27:50 PM

lol

SD · August 04, 2011, 06:35:24 PM

Quote from: ice grillin you on August 04, 2011, 06:25:28 PM
Quote from: Rome on August 04, 2011, 06:17:28 PM
Anyone else facing financial ruin?

no

Same

Although I'm also not married and own no property...my car is completely paid off. I have one commitment in life and that's my daughter. I have a real appreciation for Clooney's character in Up In the Air. His back pack speal is good stuff.

Ryan: You know that moment when you look into somebody's eyes and you can feel them staring into your soul and the whole world goes quiet just for a second?
Natalie: Yes.
Ryan: Right. Well, I don't.

Diomedes · August 04, 2011, 07:02:30 PM

Quote from: Rome on August 04, 2011, 06:17:28 PMAnyone else facing financial ruin?

No, we're treading water. Not getting ahead, but not falling behind either.

Sorry to hear you're in trouble.

Stop paying your mortgage and stay in the house as long as you possibly can for free and bank that money you would have given to the bank. You'll need it for a security deposit, etc. File every goddamn appeal and delay you can possibly find. farg, once you're credit is ruined, there's no good incentive to do anything more than bleed the system.

Rome · August 04, 2011, 07:04:44 PM

They're just being obstinate pricks and I've had a mortgage with these iceholes for 15 years.

I already spoke to a real estate attorney acquaintance and he basically said exactly what you did, Dio.

Geowhizzer · August 04, 2011, 07:05:14 PM

Quote from: Diomedes on August 04, 2011, 07:02:30 PM
Quote from: Rome on August 04, 2011, 06:17:28 PMAnyone else facing financial ruin?

No, we're treading water. Not getting ahead, but not falling behind either.

Sorry to hear you're in trouble.

Stop paying your mortgage and stay in the house as long as you possibly can for free and bank that money you would have given to the bank. You'll need it for a security deposit, etc. File every goddamn appeal and delay you can possibly find. farg, once you're credit is ruined, there's no good incentive to do anything more than bleed the system.

This is pretty much where we are as well. Taking about a 3-4% hit in my take-home pay because of several laws being passed. Tightening the belt another notch.

Hope for the best for you, Rome.

Diomedes · August 04, 2011, 07:21:30 PM

Quote from: Rome on August 04, 2011, 07:04:44 PMI already spoke to a real estate attorney acquaintance and he basically said exactly what you did, Dio.

If you do it right, you can drag those bastiches out for a very long time. Of course, it requires you to do a lot of paperwork and research and keep extremely good records....but it can be done. I heard a news report of a woman who had been at it for I don't remember exactly how long but ten years rings a bell.

PhillyPhreak54 · August 04, 2011, 07:57:40 PM

I recall reading a story like that too, Dio.

Good luck Rome - sorry to hear about this.

PoopyfaceMcGee · August 04, 2011, 08:53:07 PM

Bam. 25 years.

Diomedes · August 04, 2011, 09:32:31 PM

Quote"They're not going to take this house," says Ms. Campbell. "I intend to stay in this house and maintain it as my residence until I die."

lol...anyone doubt her?

PhillyPhanInDC · August 04, 2011, 09:57:39 PM

My brother went through it when the bubble first popped. He got hurt at work and things snowballed. Sorry to hear about it, but just keep in mind it is a temporary thing, with focus and some work you will be fine again, you're not alone and once you get to the point you are at, you begin to move on and put it all in your rear view.

PoopyfaceMcGee · August 04, 2011, 10:05:51 PM

From that article, it sounds like Florida is a good place to make the process painful as shtein for the lenders.

Susquehanna Birder · August 04, 2011, 10:22:00 PM

I was just outside of Tampa (New Port Richey), and I couldn't believe how low the property values are. Unfortunately for the current residents, it looks like a buyers' market.

hbionic · August 04, 2011, 11:41:30 PM

Quote from: Rome on August 04, 2011, 06:17:28 PM
Anyone else facing financial ruin?

I've tried to resolve an issue regarding my mortgage but the lender refuses to help us. Therefore it looks like we're headed down the foreclosure highway. I've tried everything to bring us current but the "system" won't allow it.

Hilarious, really.

Ah well...

Will they let you do a short sale or have you tried? It's a better option than letting it go completely (depending on your loans and the state you live in: some creditors can go after you for the difference from what you owe and short sell it for, and for lines of credit).

I know, there have been changes to the mortgage industry, but it used to be that if you forclosed, you could get a loan in your name after 3-4 years...now I believe it is 7 years. If you short sale, you should be able to get an FHA loan 2 years after the short sale closes.

Talk to a local realtor and lender and they could confirm this for you. Check with your state association of realtors website and see if there is info regarding the short sales.

You still don't have to pay, short sales can drag out...and you don't have to be crucified for an 'effed up financial situation...7 farging years, that's a joke.