Loan Modification Forum - LoanSafe.org - View Single Post - I most certainly welcome foreclosure stories in Nevada

Pinery67 · 12-05-2008, 02:25 PM

I'm new to this but reading the stories being told on this site, I am sad and amazed. So often the comment is that people always paid their bills, mtge, etc Had good credit ratings but caught up in this economy and sad RE market!

Our story is different and not quite so sad. We did NOT buy and bail but it might look that way until you know the details.

In 2006 we bought a beautiful lot in Pahrump, NV. Our intention was to build bt we were living in an expensive Motorhome and had to get rid of it first. We thought it was a temp. situation so we did not mind paying 11,000 down and paying interest only of 8.25%. It would only be for a few months. By the time the MH was sold we could not get a construction loan and builders were not making any concessions either. We paid 87500 for the lot. With our DP nd interest pmts we have almost 30M invested but it is now worth less than half of what we paid.

Fine, some poor soul lost a very nice house to Fannie Mae and we bought it right. But we can't afford to keep making interest payments on the lot and the loan baloons in June 2009. We can't pay the 78M that we owe. No way!

Talked to the bank (Flagstar) first they wanted to give us 5% for 5 years. When we turned that down they claim they will just foreclose and get a judgment and take our earnings. Our only ncome if from Soc. Sec. and my pension from the City of Mpls. MN.

I'll take the credit hit, but can they really take my pension?

12-05-2008, 02:25 PM	#8 (permalink)
Pinery67 Junior Member Join Date: Nov 2008 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: I most certainly welcome foreclosure stories in Nevada I'm new to this but reading the stories being told on this site, I am sad and amazed. So often the comment is that people always paid their bills, mtge, etc Had good credit ratings but caught up in this economy and sad RE market! Our story is different and not quite so sad. We did NOT buy and bail but it might look that way until you know the details. In 2006 we bought a beautiful lot in Pahrump, NV. Our intention was to build bt we were living in an expensive Motorhome and had to get rid of it first. We thought it was a temp. situation so we did not mind paying 11,000 down and paying interest only of 8.25%. It would only be for a few months. By the time the MH was sold we could not get a construction loan and builders were not making any concessions either. We paid 87500 for the lot. With our DP nd interest pmts we have almost 30M invested but it is now worth less than half of what we paid. Fine, some poor soul lost a very nice house to Fannie Mae and we bought it right. But we can't afford to keep making interest payments on the lot and the loan baloons in June 2009. We can't pay the 78M that we owe. No way! Talked to the bank (Flagstar) first they wanted to give us 5% for 5 years. When we turned that down they claim they will just foreclose and get a judgment and take our earnings. Our only ncome if from Soc. Sec. and my pension from the City of Mpls. MN. I'll take the credit hit, but can they really take my pension?