Comments on: Losing A Home As a Short Sale No Better Than Foreclosure http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/ Just another WordPress weblog Wed, 07 Jan 2009 04:34:05 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Dave Perry http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/comment-page-1/#comment-618 Dave Perry Fri, 12 Dec 2008 14:31:12 +0000 http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/#comment-618 I have a slightly different situation. My wife and I purchased a second "investment" home in Florida. This home was a complete failure. We paid over $320,000 and now it is worth only $150,000. The builder totally ripped us off. We have good credit, but the rent income from this home does not even pay half of the expenses to keep it, even at the lowest interest rates, and the taxes are very high too. So it is costing us $1000 per month to keep something that is so far underwater that you can compare it to paying for life support on someone who is totally brain dead. We have good credit now, but is it worth it to keep throwing away $1000 per month, or risk loosing some of our credit for a few years. We have no problem paying our primary home mortgage and other bills. but is our credit going to be ruined so bad, only based on one bad item out of 15 other items on our credit report that are in perfect standing, payed on time etc. Can I compare this to getting one or even 2 F's on a test, when all my other grades are A's? Please email me with any info. Thanks I have a slightly different situation. My wife and I purchased a second “investment” home in Florida. This home was a complete failure. We paid over $320,000 and now it is worth only $150,000. The builder totally ripped us off. We have good credit, but the rent income from this home does not even pay half of the expenses to keep it, even at the lowest interest rates, and the taxes are very high too. So it is costing us $1000 per month to keep something that is so far underwater that you can compare it to paying for life support on someone who is totally brain dead. We have good credit now, but is it worth it to keep throwing away $1000 per month, or risk loosing some of our credit for a few years. We have no problem paying our primary home mortgage and other bills. but is our credit going to be ruined so bad, only based on one bad item out of 15 other items on our credit report that are in perfect standing, payed on time etc. Can I compare this to getting one or even 2 F’s on a test, when all my other grades are A’s?

Please email me with any info. Thanks

]]> By: Eastside Real Estate Buzz is Honored by Real Estate Undressed « Eastside Real Estate Buzz http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/comment-page-1/#comment-364 Eastside Real Estate Buzz is Honored by Real Estate Undressed « Eastside Real Estate Buzz Thu, 09 Oct 2008 05:45:45 +0000 http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/#comment-364 [...] The FHA Mortgage Center: Don’t allow your home to go to foreclosure or a short sale without contacting an FHA loan rep. [...] [...] The FHA Mortgage Center: Don’t allow your home to go to foreclosure or a short sale without contacting an FHA loan rep. [...]

]]> By: Lisa Strange http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/comment-page-1/#comment-308 Lisa Strange Fri, 19 Sep 2008 15:49:46 +0000 http://www.fhamortgagecenter.com/fha-blog/losing-a-home-as-a-short-sale-no-better-than-foreclosure/#comment-308 I am currently doing a loan modification. To no avail our lender is horrible. Our pmt is going up and they are asking for 7000.00 to do this. I need some sound advise. We have been in our home for 7 yrs. They have placed 2 of our pmts in suspense so we were delinquint unknown to us until I started asking questions. Our lender is Saxon mortgage. It is literaly making me sick health wise just trying to keep my home for my family. Our loan was not what was disclosed to us in any way. saxon is unwilling to do anything,but the above solution which is hurting us worse. pls advise me on my options. Our credit has suffered tremendous with this situation. We are good law abiding citizens and we work hard, I need help and desparatly need sound advise. lisa Strange I am currently doing a loan modification. To no avail our lender is horrible. Our pmt is going up and they are asking for 7000.00 to do this. I need some sound advise. We have been in our home for 7 yrs. They have placed 2 of our pmts in suspense so we were delinquint unknown to us until I started asking questions. Our lender is Saxon mortgage. It is literaly making me sick health wise just trying to keep my home for my family. Our loan was not what was disclosed to us in any way. saxon is unwilling to do anything,but the above solution which is hurting us worse. pls advise me on my options. Our credit has suffered tremendous with this situation. We are good law abiding citizens and we work hard, I need help and desparatly need sound advise. lisa Strange

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