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Originally Posted by THANKS2U  ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
You have A house under contract to live in ? What does that mean ??
Are you saying the bank and you have a contract for you to RENT YOUR OWN HOME FROM THE BANK AFTER THEY FORCLOSE ? Explain please
You are trying to do the right thing ?
There is NO RIGHT OR WRONG in this market and in this backstabbing Mobster Banking Institution Economy.
There is only the mindset that the banks must help us all and if they do not help you, then drag your feet, mortgage free, for ALAP / As Long As Possible.
There is NO REASON not to get into the mindset of moving on with your life by saving YOUR MORTGAGE MONEY ... Moving on while you are Staying in your house mortgage free with the moving on process.
Definately move on in yoru mind, move forward, but do it YOUR WAY not the banks way.
Keep on negotiating and negotiating and stay in your house for ALAP, mortgae free and save your money.
Negotiating and Negotiating and saving your money, is the true way of moving on, without getting screwed over by the banks.
Always have back up plans of course, in case they manage to foreclose, but the chances of the bank actually foreclosing while you occupy the house and are negotiating on your own with bank and or have a free service company like NACA or any other HUD approved agency helping you to stop forclosures and also going through your BK, which automatically stops all foreclosure process, until the BK is discharged, are very slim...
Simply follow all your legal rights to stay in your home and prevent them from foreclosing until YOU DECIDE that you could care less that they forclose, as you have saved enough money to make it worth your while to move on when you want to move on and out of the home, in peace and stength, not in desperation and weakness, forced upon you by these Banking Monsters / Mobsters
Much success |
Damn you!
I go back and forth on this.
I keep trying to talk myself into dragging this out another year or two and like you said, put the money in a safe place. Quite honestly, I don't know that the amount of money is worth it. While our despair is not as "deep" as portrayed in the letter, this process has taken its toll and it gets old. I realized from day 1 that this was a business decision and have approached it that way. However, the better half of me, my wife, looks at our home a different way and this has a been a difficult process for her.
I should have clarified more on our next step. We have leveraged my parents to purchase a house in their name as an investment property. It is a short sale and should close in the next 90-days. It is a fantastic home and one that we would be happy to call home for a long time. We will rent from them with the option to buy. The loan being sought is transferable. If we go this route, we are set. If we decide to do something else, then they will just rent the place as it will have positive cash flow. This is not a done deal, but looks pretty good.
I go back and forth on what doing the right thing is. I am responsible for the situation my family is in and I will own up to that. Who I am and my value system says that I need to attempt to do what it right and make adequate amends. That said, I understand that no one is going to be patting me on my back in 3-years saying I did the right thing. No way no how am I going to saddle my family with a large debt. I don't have a problem of repaying the bank a portion of the money I owe them. But, I know that they are a leading reason that I am in the financial mess I am today as well.
I'd be happy to walk away from this mess break even and be able to continue life. We have saved the money each month that we did not make our mortgage payment (now 11-months) minus expenses covered while unemployed for a few months, and can use that to settle. Some cash would come from family to settle. I'd hate to declare bk, but it has to remain an option on the table.
Thanks for the feedback and challenging my direction.