I'm starting my short sale process of my townhome in Vegas. Step 1: default on loan.
I can't even begin to explain how irritated/frustrated I am by this. I have an 860 credit score and haven't been late on a payment in... well, ever! And now I am choosing to stop paying my mortgage because my house has lost $100K and it will be years and years to gain this back and I'm leaving Las Vegas. [sigh]
I found out once your lender agrees (if they will) to do a short sale with you, short sales are going within days in this city. Yep, these damn investors are going to gobble up everyone's misfortune.
Anyone want a good investment property in Las Vegas? I have a fantastic, little place! OR if anyone wants a washer/dryer/refrigerator, come get it!
8 comments:
Maybe I will buy it. Would this be a conflict?/
Sorry about your perfect credit, but you don't have many options....
That is terribly frustrating... I am so sorry!
Your place IS darling - too bad you can't keep it.... I was curious how this all went down. I have a feeling something similar might be in my not-too-distant-future. Gulp. Good luck!!
p.s. - the post title totally made me chuckle...
Totally sucks! Sorry!!
I thought Obama was going to take care of all this??!! What happened to the trillions of dollars we gave (flushed down) the banks?
It's pathetic the "choices" we have to make these days. So sorry! I've been debating the option of refinancing to get a lower interest rate. But I'd get a better deal by being irresponsible and getting behind on payments. Why can't people who play by the rules get the better deals?!?
The good news is you get to live with EW now! :)
We had to do that with an investment property. We, too, had a nearly perfect credit score. We've never been late and took great pride in our score. It killed us to have to do that but we didn't have any other choice. That is great that your short sales are going so quickly. We had an offer that fell through because the bank was taking too long. Then we put it back up and got another offer, $65,000 lower because the market dropped more, and the bank foreclosed on it after it had been in the short sale process for 3 months. The 2nd mortgage bank wouldn't accept it, even though they were technically the same company as the 1st. It didn't make any sense and they lost a lot more money and we gained a foreclosure. It sucks! I hope yours works quickly. At least it's just in your name and you'll have your honey's credit to help you pretty soon.
That really stinks! None of it makes sense! But think of it this way...You're getting married! La La La La La La (you are supposed to sing that if you didn't get the La La part) I am so excited for you and the sneak preview of your dress is quite the teaser. I can't wait to see the real thing! ENJOY!
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