[airics]

Originally Posted by David702

No, the real reason is because I'm getting laid off, but thanks for making assumptions. You know what they say about ASSUMPTIONS right?

If it was based on the home value, i would of walked away 8 or so months ago.

point is you are not laid off yet.. my buddy was laid off from cc in construction.. he was installing glass, he was out for 6 months.. they called him back this week

[SVTLightning]

I wish all these people that are reading the OP's mind would help me play some poker sometime! I wish I could tell what people were really thinking over the internet!!!

I would do the exact same thing, do what you can to make the situation the best for you and your family in the long run.

I don't care what you guys say, you would do the same thing (or some even worse) to protect and care for your family any way you can. If you say you wouldn't, well, I am glad you arent married to me or anyone in my family then.

[AnnPedi614]

Originally Posted by bradly

See people. This is what happens when you buy a house you CAN NOT afford. So Wake up America!!

If you have the money (saved) (in cash..whatever), and a locked in job.

Really? I bought a house I could afford but now my husband has been out of work for 8 months and we are about done with our savings. He got a job but it is only paying 1/3 of what he was making before. So you see when we bought our house with a conventional mortgage we could afford the payments. Not so much now. Since we had over 6 months worth of payments saved we figured if anything happened we would be fine then the economy took a nose dive. Do you really want to tell people that it is there own fault they could be losing their homes?

[AnnPedi614]

Originally Posted by David702

Thanks yellowsnow,

Everyone, just think if it happen to you, what would you do?
If you have a home and could currently afford the payments, and now, you were told you were going to get laid off. Now, what are you going to do?

Keep paying the mortgage or save the money for your family?
What comes first? A family that loves you or a bank who knows you by a loan number?

...
...........

That's what I thought.

David your best option is to try and find another job before you get laid off then if you can't you will get unemployment for atleast 6 months and at that point is when I would stop paying if you have to. It is a fact that the banks won't work with you until you stop paying your mortgage, I know because I just had friends who went through this. We are in the same spot you are and trying to figure out what to do. Good Luck.

[AnnPedi614]

Originally Posted by David702

No, the real reason is because I'm getting laid off, but thanks for making assumptions. You know what they say about ASSUMPTIONS right?

If it was based on the home value, i would of walked away 8 or so months ago.

David you may be getting laid off, in the meantime look for another job. Think about it, your credit will be ruined for quite sometime if you just stop paying now. Give it time you don't know for sure if things will work out or not. Surely there is another job out there somewhere. I have been there done it, we have had a rough 8 months. Good Luck.

[Fastrudy]

The OP didn't purchase the home with the intent to defraud.

Few people do, the intent to defraud came later

Now since he/she has had to accept the fact that they are going to lose the home

Not written in stone

the question becomes how do I salvage what I can from the disaster?

How about your character?

For most people, walking away isn't an easy decision

At least the first time. Stealing becomes easier after the first time.

Is there a law or something that forces people who live in Las Vegas to abandon their ethics?
Or is it just a general principle that most people in Las Vegas justify....sort of like honor amongst thieves? I hope to retire there one day, but I am not going to alter my ethics just to fit in.

[RCCCB]

Originally Posted by las vegas drunk

Your best option is to quit paying your mortgage right now. Then, after 2 or 3 months of being late, they will be willing to work with you. It is unfortunate, but this is the only way to get the bank will to bargain with you. Then you can either try to short sell it, or refinance it. I would also suggest contacting Olecapt as he is more knowledgeable about this than I am.

Banks aren't going to work with people who have no ability to pay the mortgage, all that would do is start the foreclosure process IMO.

[MyYahoooo]

Hey Airics,

"The point is that the law says they can" ?? Really?
Are you an attorney?

I'm not, but I read my facts before I open my mouth.
http://www.leg.state.nv.us/Statutes/...200914page1330

[RCCCB]

Originally Posted by las vegas drunk

This is not necessarily true. I agree with you that he should talk with his bank first, but take action if they deny refinancing the house. My best friend bought a house in the year 2000 for $90,000. By the year 2005, it had more than doubled, and he sold it for $190,000. He made $100,000 in profit. He then bought a house for $225,000 six months later in 2006. His house then tumbled down to $129,000 not too long ago. He tried to short sell it or refinance it, but they would not do it. He was given professional advice to intentionaly not pay his mortgage for 3 months, and try again. After doing this, the bank now went for it, and he got the house refinanced to $129,000, and his mortgage went from approximately $1,400 to $800 a month.

Doesn't make sense, most banks won't run around making 100k gifts.

[Daddys///M3]

Originally Posted by Fastrudy

The OP didn't purchase the home with the intent to defraud.

Few people do, the intent to defraud came later

Now since he/she has had to accept the fact that they are going to lose the home

Not written in stone

the question becomes how do I salvage what I can from the disaster?

How about your character?

For most people, walking away isn't an easy decision

At least the first time. Stealing becomes easier after the first time.

Is there a law or something that forces people who live in Las Vegas to abandon their ethics?
Or is it just a general principle that most people in Las Vegas justify....sort of like honor amongst thieves? I hope to retire there one day, but I am not going to alter my ethics just to fit in.

Don't turn this into a "Las Vegas is shady" thread. You know full well that this stuff is happening everywhere.

As for the OP, you don't make the decision to walk away due to being laid off in a couple of months. You will still have to pay rent somewhere, won't you? If you are out of work how will you afford that? I would think that priority number one right now would be to secure employment, and if need be work multiple jobs to pay the nut.

That said, you are looking at anywhere from 4-6 months to be evicted after being served with a notice of default, which should likely take around 2-3 months from your first overdue payment. I know people that have been in there homes for over 12 months without a house payment.