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In foreclosure, just a vent - Page 3

post #41 of 91
Quote:
Originally Posted by momhugs View Post
No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.
No judgement... right?

You know, there are times I wish that people who think like this could live in this situation for a day or two - with all of the fear, panic, worry and stress that comes with it. I'm sure your opinion would change then.

People DO save during the good times, but one hospital stay could easily wipe out $10,000 or more. My step father was in the hospital for 1 week, and that took their entire savings (over 30K)
post #42 of 91
Thread Starter 
Quote:
Originally Posted by Usually Curious View Post
So sorry. Just wanted to say that we are a family of 8 that moved from a 3000 sqft house to a 1400 sqft house w/only three bedrooms and 1.5 baths. For us, it was a conscious move - less money in taxes and utilities, more land, smaller town. It is possible, w/very little effort, to function in such a small place.

Good luck finding the right rental!
We'd have to squeeze into a smaller place as well. We could make 3 bedrooms/1 bath work.

Thank you all for the kind words and advice, and trying to help. Sure, we probably made some bad decisions along the way, could've done without some things, tried saving more $$$, tried living simpler, but we've learned a lesson.

I'm sorry we're not as perfect as some people are. Some people make mistakes, and learn from them, like we are now.
post #43 of 91
Quote:
Originally Posted by mumstheway View Post
From a credit perspective she's already got a bankruptcy on her credit report so it doesn't matter, a short sale would not help. And, if she did it she would be responsible for the taxes on the difference.
Please correct me if I'm wrong, but from my understanding, with The Mortgage Forgiveness Debt Relief Act and Debt Cancellation (here it is on IRS.gov: http://www.irs.gov/individuals/artic...179414,00.html) from years 2007 through 2012, anyone doing a short sale or foreclosure, will not owe any taxes on the difference.

We considered doing a short sale for our situation, but then we determined that we'd save a lot of money but just letting the house go into foreclosure, so thats why we're choosing foreclosure, but from the tax perspective, we could have gone either way.
post #44 of 91
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post #45 of 91
Quote:
Originally Posted by SunshineJ View Post
((Hugs!)) I'm so sorry! We're trying hard to avoid this exact thing in a few months. Would your lender consider a short sale of the house? That's bascially when you sell it for less than you owe on the mortgage and the lender "forgets" about the rest due. So if you owe $100k on the house, you sell it for $85k and everyone calls it a day. That doesn't help a lot but the credit ramifications are less from what I understand (note: I am NOT an atty or lender, so I would verify how exactly this works, that's just my understanding). If you're going to lose the house, then definitely STOP paying the mortgage any money from this point on and save it. As I said, we're in a similar situation and we hope that if we can pay 6 months rent at once our credit won't have an impact. Good luck, things are getting scary out there!

Be careful with short sales. There are recent reports of banks going after borrowers for the difference between the short sale and the mortgage balance.

I believe the article I read was in the WSJ about a week ago.

I have been out of banking for a while but I remember loans were written with language that allowed the bank to hold the borrower responsible for the unpaid amount. I can't remember the term right now.

When I did loans, the borrowers had to sign a disclosure that disclosed the bank can and would continue to pursue unpaid balances after collateral was liquidated.

I am not saying ALL mortgages have this trait - don't want to scare anyone - just a PSA on short sales.
post #46 of 91
Quote:
Originally Posted by momhugs View Post
No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.


There are many things that put people into foreclosure other than "bad choices" - talk about judgemental, unhelpful and rude. :

OP, I have been through foreclosure many years ago. I left an abusive husband and he quit paying all of our bills - house and two cars were taken back by the bank. It was a very hard time - but I was able to find someone to rent to me - someone who had a heart and didn't care about credit scores. They are out there. I also filed bankruptcy and almost immediately started trying to rebuild my credit and savings.

It's been many years now, and it rarely ever haunts me or comes up. You WILL get past this and be ok. Take it one step at a time.

Just wanted to offer some support from someone who has been there, and made it though ok.
post #47 of 91
Quote:
Originally Posted by Mama~Love View Post
We'd have to squeeze into a smaller place as well. We could make 3 bedrooms/1 bath work.

Thank you all for the kind words and advice, and trying to help. Sure, we probably made some bad decisions along the way, could've done without some things, tried saving more $$$, tried living simpler, but we've learned a lesson.

I'm sorry we're not as perfect as some people are. Some people make mistakes, and learn from them, like we are now.

op - again i'm sorry. I think what you need to be worried about is some places will only rent a minumum amount of bedrooms per person. I know that growing up, my mom could not find someone to rent us a 1 bedroom apt, even though we would have been fine with the lack of space (and it's all she could really have afforded) most landlords wanted us to have at least 2 bedrooms.

I will be praing for you guys. Peace.
post #48 of 91
A short sale *could be* a good option to avoid foreclosure. But if she is in a part of MI with 12% + unemployment, there may be no buyers out there
post #49 of 91
I have a friend who has been living in her home for 8 mos. w/out paying her mortgage. Clearly there is a process and time is now short for her, but eviction wasn't immediate. Believe it or not, it's taken just about this much time to find a decent housing alternative.

OP I hope you and your family find someplace safe to land and everyone does ok. What a terrible stress for you.
post #50 of 91
Quote:
Originally Posted by Mama~Love View Post
We'd have to squeeze into a smaller place as well. We could make 3 bedrooms/1 bath work.

Thank you all for the kind words and advice, and trying to help. Sure, we probably made some bad decisions along the way, could've done without some things, tried saving more $$$, tried living simpler, but we've learned a lesson.

I'm sorry we're not as perfect as some people are. Some people make mistakes, and learn from them, like we are now.

You can totally make that work! I grew up in a house with 7 siblings plus dad and mom, we had that exact set up. It can be done! (heck my mom was 1 of 8 siblings and their house was under 800 sf!)

I have no other advice, except I hope you'll find what you need. We're all rooting for you!
post #51 of 91
Quote:
Originally Posted by Teenytoona View Post
You can totally make that work! I grew up in a house with 7 siblings plus dad and mom, we had that exact set up. It can be done! (heck my mom was 1 of 8 siblings and their house was under 800 sf!)

I have no other advice, except I hope you'll find what you need. We're all rooting for you!

The problem isn't whether the OP could make sucha a msall space work, it's whether she could find a place that would rent such a small space to such a large family....
post #52 of 91
Quote:
Originally Posted by momhugs View Post
No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.
You know, sometimes poop happens. Things happen beyond ones control. It happens to everyone. I know for myself,Ive had cancer a few times and times were hard for my family b/c I could not physically work b/c I was throwing up in the toilet. Esp b/c times are hard right now,( for everyone) I think we need to have more empathy to those who come on these boards b/c they may just not have anyone else to talk to about this.

Blessings to the OP and I wish your family well
post #53 of 91
Thread Starter 
Quote:
Originally Posted by mistymama View Post


There are many things that put people into foreclosure other than "bad choices" - talk about judgemental, unhelpful and rude. :

OP, I have been through foreclosure many years ago. I left an abusive husband and he quit paying all of our bills - house and two cars were taken back by the bank. It was a very hard time - but I was able to find someone to rent to me - someone who had a heart and didn't care about credit scores. They are out there. I also filed bankruptcy and almost immediately started trying to rebuild my credit and savings.

It's been many years now, and it rarely ever haunts me or comes up. You WILL get past this and be ok. Take it one step at a time.

Just wanted to offer some support from someone who has been there, and made it though ok.
Thank you!

Glad you got through it OK . I hope ours goes smoothly too.

Quote:
Originally Posted by vbactivist View Post
op - again i'm sorry. I think what you need to be worried about is some places will only rent a minumum amount of bedrooms per person. I know that growing up, my mom could not find someone to rent us a 1 bedroom apt, even though we would have been fine with the lack of space (and it's all she could really have afforded) most landlords wanted us to have at least 2 bedrooms.

I will be praing for you guys. Peace.
I never thought about that. Hope that doesn't cause us problems .

Quote:
Originally Posted by SleeplessMommy View Post
A short sale *could be* a good option to avoid foreclosure. But if she is in a part of MI with 12% + unemployment, there may be no buyers out there
We're in MN, and the rate is I think 9-10%. Not good.

Quote:
Originally Posted by karne View Post
I have a friend who has been living in her home for 8 mos. w/out paying her mortgage. Clearly there is a process and time is now short for her, but eviction wasn't immediate. Believe it or not, it's taken just about this much time to find a decent housing alternative.

OP I hope you and your family find someplace safe to land and everyone does ok. What a terrible stress for you.
Thank you, I hope it does too.

Quote:
Originally Posted by Teenytoona View Post
You can totally make that work! I grew up in a house with 7 siblings plus dad and mom, we had that exact set up. It can be done! (heck my mom was 1 of 8 siblings and their house was under 800 sf!)

I have no other advice, except I hope you'll find what you need. We're all rooting for you!
LOL, thanks! I know it could, it would be cozy, but I wouldn't care!

Quote:
Originally Posted by vbactivist View Post
The problem isn't whether the OP could make sucha a msall space work, it's whether she could find a place that would rent such a small space to such a large family....
Yeah, I hope that's not a problem .
post #54 of 91
Mollie -

again, I am so sorry you are going through this. I'm sure each of your children are a blessing to all those around them. I think your best bet will be to try and find another house to rent form a private owner. An apartment is where youw ill run into trouble with people per bedrooms.

I will be praying for you. This is going to be a sucky year or so But there is always hope. My family is jsut coming out of a couple of incredibly hard year. Miscarriages, then a baby finally born, but with a serious heart defect, needing two open heart surgeries. My husband lost his job less than a month after that baby was born. Amonth after that, my fil died unexpectdedly I was diagnosed with a chronic automimmune disease It's really sucked. But we are coming out of it, stronger than ever. We are all still here. I know you guys will make it too. Sending you love and light
post #55 of 91
You are not alone my BIL was laid off my sister is a teacher's aide and make like 11,000 a year they are looking for a place to rent they have less children but it is still hard to find as everyone wants to rent and many want to do credit checks!!!! I am so sorry mama I hope it all works out!

post #56 of 91
Thread Starter 
Quote:
Originally Posted by chanibell View Post
You know, sometimes poop happens. Things happen beyond ones control. It happens to everyone. I know for myself,Ive had cancer a few times and times were hard for my family b/c I could not physically work b/c I was throwing up in the toilet. Esp b/c times are hard right now,( for everyone) I think we need to have more empathy to those who come on these boards b/c they may just not have anyone else to talk to about this.

Blessings to the OP and I wish your family well
Thank you, it's very appreciated . I don't have a lot of people I can talk to about this IRL, which is hard too.

Quote:
Originally Posted by vbactivist View Post
Mollie -

again, I am so sorry you are going through this. I'm sure each of your children are a blessing to all those around them. I think your best bet will be to try and find another house to rent form a private owner. An apartment is where youw ill run into trouble with people per bedrooms.

I will be praying for you. This is going to be a sucky year or so But there is always hope. My family is jsut coming out of a couple of incredibly hard year. Miscarriages, then a baby finally born, but with a serious heart defect, needing two open heart surgeries. My husband lost his job less than a month after that baby was born. Amonth after that, my fil died unexpectdedly I was diagnosed with a chronic automimmune disease It's really sucked. But we are coming out of it, stronger than ever. We are all still here. I know you guys will make it too. Sending you love and light
I am so sorry you have had a rough year too. Glad you are starting to pull through . I know we are strong, and we'll make it, but it'll be hard.

I appreciate the positive

Quote:
Originally Posted by SunShineSally View Post
You are not alone my BIL was laid off my sister is a teacher's aide and make like 11,000 a year they are looking for a place to rent they have less children but it is still hard to find as everyone wants to rent and many want to do credit checks!!!! I am so sorry mama I hope it all works out!

Thank you! We are in a very rural area, which makes it a lot harder to find a place.
post #57 of 91
I'm sorry mama!!!
post #58 of 91
If you do try the prepaid rent, please research the landlord as much as possible. There have been tons of stories about renters who have lost their money and have been evicted when the landlord was foreclosed on. I don't know if your state has renters rights, but here in Florida, the poor people are just thrown out, with no way to get their money back.
post #59 of 91
Thread Starter 
Quote:
Originally Posted by cloudswinger View Post
If you do try the prepaid rent, please research the landlord as much as possible. There have been tons of stories about renters who have lost their money and have been evicted when the landlord was foreclosed on. I don't know if your state has renters rights, but here in Florida, the poor people are just thrown out, with no way to get their money back.
Oh yikes, never thought of that! I have a lot to learn I guess.
post #60 of 91
Hugs!!

We had a rough year last year , we moved 4 people into 550 sqft ( if that). One bedroom...and everything we used broke , washer , dryer , cars , camera...I really felt like I lived in the depression. It though was after looking back a great thing we went through. it was hard I washed cloth diapers by hand for 3 months to save up for a washer ( that then broke ).

Anyway a year later things are going well and we have learned SOOOO much. It hard to see the path laid out esp if it looks bleak but you never know what it will lead you to.
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