Credit Score- Foreclose, Short sale or Deed in lieu? - Loan Modification Forum

Myrsmakeup · 04-07-2009, 02:06 PM

Ok- NACA went to bat for us and was WONDERFUL. They got CW to lower our interest rate to 2 % for the life of the loan. Our dilemma is ..........we are getting the heck out of California. ( thanks arnie ) Taxes and basic cost of livng is way too much. Anyhow- i need to know what the best way is to unload this house with the least effect on our credit score. We went from 780 to 670 in the past 6 months from missed mortgage pymts. We are slaves to the almighty credit score. You have to " spend " money to " get " credit and then when you pay for everything with cash, you STILL get dinged when your trying to live within your means and trying to get rid of credit cards. Ugh....will we ever win??

cobra · 04-07-2009, 03:06 PM

Actually a very interesting subject and very timely.

For me the pressure to have "stuff" and to provide "stuff" to others has become oppressive. Through all this unemployment and mortgage mess I am starting to understand. It has only taken 61 years!!!
The guy who lives simply. Rides his bicycle to work, and sells "cheeseburgers in paradise" may have the answer. It's all about happiness not stuff.... I hear Key West calling........

Food for thought.

Cobra

Cobra

Enough Already · 04-07-2009, 04:53 PM

Good point, Cobra. I'm tired of the stuff too. What's the point - hasn't done much for any of us here on the forum.

Myrsmakeup,
I see you're in CA. Prof Shays is the expert here on the forum. He'll want answers to the following questions:
1. Estimate current market value?
2. Purchase price?
3. Do you have one loan or two?
4. Was the loan created at the time you purchased the home and its entire proceeds used to pay for the home?
5. Have you lived in the home as your primary residence since you purchased it?

ORNV3 · 04-07-2009, 06:01 PM

Totally agree Cobra! Stuff is over-rated! I really just weights you down. If I'm going to spend money on something it is going to be a necessity or an experience from now on. Now more "stuff" for me.

Having good credit just allows you go dig a deeper hole.

Just my opinions.....

04-07-2009, 02:06 PM	#1 (permalink)
Myrsmakeup Member Join Date: Oct 2008 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Credit Score- Foreclose, Short sale or Deed in lieu? Ok- NACA went to bat for us and was WONDERFUL. They got CW to lower our interest rate to 2 % for the life of the loan. Our dilemma is ..........we are getting the heck out of California. ( thanks arnie ) Taxes and basic cost of livng is way too much. Anyhow- i need to know what the best way is to unload this house with the least effect on our credit score. We went from 780 to 670 in the past 6 months from missed mortgage pymts. We are slaves to the almighty credit score. You have to " spend " money to " get " credit and then when you pay for everything with cash, you STILL get dinged when your trying to live within your means and trying to get rid of credit cards. Ugh....will we ever win??

04-07-2009, 03:06 PM	#2 (permalink)
cobra Senior Member Join Date: Jan 2009 Posts: 264 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Score- Foreclose, Short sale or Deed in lieu? Actually a very interesting subject and very timely. For me the pressure to have "stuff" and to provide "stuff" to others has become oppressive. Through all this unemployment and mortgage mess I am starting to understand. It has only taken 61 years!!! The guy who lives simply. Rides his bicycle to work, and sells "cheeseburgers in paradise" may have the answer. It's all about happiness not stuff.... I hear Key West calling........ Food for thought. Cobra Cobra

04-07-2009, 04:53 PM	#3 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 438 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Score- Foreclose, Short sale or Deed in lieu? Good point, Cobra. I'm tired of the stuff too. What's the point - hasn't done much for any of us here on the forum. Myrsmakeup, I see you're in CA. Prof Shays is the expert here on the forum. He'll want answers to the following questions: 1. Estimate current market value? 2. Purchase price? 3. Do you have one loan or two? 4. Was the loan created at the time you purchased the home and its entire proceeds used to pay for the home? 5. Have you lived in the home as your primary residence since you purchased it?

04-07-2009, 06:01 PM	#4 (permalink)
ORNV3 Senior Member Join Date: Jan 2009 Posts: 168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Score- Foreclose, Short sale or Deed in lieu? Totally agree Cobra! Stuff is over-rated! I really just weights you down. If I'm going to spend money on something it is going to be a necessity or an experience from now on. Now more "stuff" for me. Having good credit just allows you go dig a deeper hole. Just my opinions.....

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