| Mortgage Forclosure The forum for everything related to Mortgage Forclosure |
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12-18-2009, 05:52 PM
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Mortgage foreclosure: should we just stop paying?
We bought our house in 2006 (it was built in 2005). We presently owe over $260,000 on our mortgage.Our house is now worth no more that $160,000Real estate values have collapsed in our neighborhood (there and several vacant houses on our street). We have an Adjustable Rate Mortgage. Our mortgage payments will increase in Feb., 2010.We can rent a house on our street for half the cost of our mortgage payment.We are both employed. We have no credit card debt.We do not need credit. We do not especially care if our credit report gets clobbered by failure to make mortgage payments.Our neighbor has failed to make mortgage payments for eleven months. He received a foreclosure notice in the mail. A lawyer told him that he can still live in the house for at least four months longer (without paying anything).Our State laws prohibit a lender from suing a homeowner who defaults on the mortgage.If we stop paying our mortgage, we will be able to save at least $20,000 in the next year. Then we can move across the street and rent. Then in three years we can get an FHA loan and re-buy a house at a fair price.So why not just stop paying our mortgage? What do you think?
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12-18-2009, 08:36 PM
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In you position, i would probably do the same thing...Quit paying and save some money for a year til they throw you out.Of course no one can predict what the real estate market will be like in 4 years...The same house could be worth more than 260k in 4 years....or what the mortgage rules will be at that time.
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02-18-2010, 03:57 AM
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Re: Mortgage foreclosure: should we just stop paying?
You may want to get a bit more education on your options before you walk away. I know this is frustrating and you want to give up because you think there is no end in sight. I promise you that NO does not mean NO! We pride ourselves on keeping the homeowner in the home and fighting the housing crisis. We over free education in various ways! We may even be able to provide assistance. We are one of the only for profit organizations in the country working directly with lenders and borrowers to renegotiate the terms of your exsiting loan. We have been around for 8 years now. Want more information check out our site To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. we are able to help people all over the country
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