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Has anyone had to foreclose?
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Anonymous
| Army Air Force Mutial Aid might be another good resource if your husband doesn't want to got to JAG. I believe they are totally independent so it might be more confidential than JAG. You should definitely look at what resources you have as a military family because there may be more options out there for you that you aren't aware of. |
Anonymous
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jsteele
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There's that famous right-wing "support for the military" again. There is no plan under consideration that would help these folks. That's sad because it seems greed had nothing to do with their getting into this situation. |
Anonymous
| Also try the National Military Family Association www.nmfa.org or the Association of the United States Army www.ausa.org. |
Anonymous
| OP here again -- my husband retired from the military and now has a job with a security clearance. So, we definitely don't want to mess that up. I'm looking for a part time, second job and we will continue to drop the rental price on the homes until we get someone in there. It just gets soooo overwhelming sometimes that I just want to walk away. Especially since we can't afford to have a family now. However, we did make the choice to purchase the homes and we now have to face the consequences. Thanks for all the good advice. Hopefully, the market will at least improve to the point that we can sell with little loss (we have very little money available to bring to the table) or break even. |
Anonymous
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I am sure you have done this.... but in case you have not,
sit down and understand the annual cost of holding these properties. For example: Property #1 - Monthly mortgage *12 Taxes *12 HOA *12 Utilities *12 etc Next, what is your income OR tax savings for each: Rent *number of months a year you are able to rent the property Put some assumptions there that are very conservative and get a good picture as to what the cost of each of these properties is. (eg - if property is not currently rented, that it will take 6 months to find a renter as opposed to 2 months, that you will be able to rent it at $800 a month as opposed to $1000 - you get the picture. By doing this, you will see what the real cost is of holding these properties. ANd when it may makes sense to just sell and bring some $ to closing to just be done with it. For example, if you need to bring $20K to closing, but it costs you $2K a month to hold the property, in 10 months it is a break even. Good luck |
Anonymous
| maybe you could try stop paying for three months then get the lenders to work with you. it seems that that's the only proven way (from others experience) you get their attention and help. i don't think it's going to hurt your credit by skipping two payments. |
Anonymous
Of course skipping two payments hurts your credit! You go to 30+, then 60+ on the credit report for these items and your credit score drops. Sorry PP, but that is stupid advice! |
Anonymous
| I wonder why people have starting confusing the words "home" and "house". This OP keeps referring to all these "homes" she owns. Sounds to me like she has "houses". Weird... |
Anonymous
| You are correct - a home is the place where you live, a house is the structure. The OP probably views each of the three houses as a "home" since it seems they lived in each one at some time. |
Anonymous
What is weird is that you need to get a life. |
Anonymous
| Not a finance person here, but...what about trying to rent the empty houses with some kind of "rent-to-own" incentive? It may help distinguish your property if there's a glut of rentals in the community, and could help you find someone to possibly take over the mortgage (even if you have to take a financial hit at least you've simplified your finances/liabilities). Again, not a finanical person here, so PLEASE seek advice from someone who is actually qualified to provide sound advice on real estate/finances. |
Anonymous
do you know that for a fact or were you just repeating what you're told? i don't see why you need to call people stupid either way. remember this - next time you're wrong or uncertain about something... yes, it's me calling you stupid. i was once 60+ day delinquent on a credit card and they told me nothing would be reported until it's 90 days. and indeed it never showed up on my credit report. |
Anonymous
| I am not the PP. While I hope that the OP wouldn't blindly trust some random people on an anonymous board without double-checking all the facts, I think it's also doing everyone a disservice by posting things that you are not sure are 100% true - and if you only know of something because of your specific circumstance, mention it as such. The fact is, once you are late paying a bill, the creditor *can* report you. And when a delinquency is reported, it definitely can (and will) hurt your credit score. Credit card companies usually don't report until it is late by a few cycles, but even that can vary (for example, my CC reports once it's 60+, not 90+). Mortgage companies may or may not do that. |
Anonymous
| We are in a somewhat similar situation but have been renting out two houses in another state (one of which is a duplex) for over 3 years. Not my first choice, but we have been making it work. Please email me offlist if you think I might be able to give you some advice - or at lease sympathy. cassimw@yahoo.com |