[olecapt]

Originally Posted by bb702

Re: "So go do a short sale and make them turn you down."
If we know we would be declined for a short sale, then what would the purpose of going through listing the house, finding a buyer, etc to just be declined and end up forclosing anyway? Will eventually being declined for a short sale be beneficial or just a waste of time?

Who says you are going to be turned down?

This is a tactical ploy. If you win it you are done. If you lose it will help you down the pike.

When you end up in mediation than can't claim you should go to a short sale...they already turned that down.

[007 license to sell]

I posted this on another blog as well, I have been recently been informed by lenders that short sales aren't better for the credit than a foreclosure. IN fact it can be worse, now when a buyer wants to get a loan after 3 years which is the same wait time as a foreclosure, the bank will want to have a buyer show why they did a short sale. If it was because of financial hardship or if the buyer did do a strategic walk away purely because the home was upside down and the buyer had the money at the time to pay the note.
If it was the later getting a loan will be much harder for a long time.

Fannie Mae has instituted new guidelines Fannie said that borrowers who default when they are able to pay won’t be able to get another Fannie Mae mortgage for seven years. The current wait is five years. While that might sound like an empty threat, in an environment where Fannie Mae and Freddie Mac are providing most home financing, it may have some teeth. I have been told by lenders their banks are looking to do the same thing.

[bb702]

So is strategic defaulting still an option or a huge risk since NV is a deficiency state? Has anyone heard/used youwalkaway.com ? Is the need for an attorney a must when approaching this idea?

[007 license to sell]

Originally Posted by bb702

So is strategic defaulting still an option or a huge risk since NV is a deficiency state? Has anyone heard/used youwalkaway.com ? Is the need for an attorney a must when approaching this idea?

I suggest to get an attorney in any case of a short sale or a foreclosure. Even though a realtor may be versed in how to do these types of sales they aren't attorney's and the laws are changing constantly. I suggest you contact a real estate attorney the first consultaions are usually free and go with questions.

In the mean time here is an article on what is starting to happen with strategic defaults.

This was addressed on Rachel Maddow show it was pretty eye opening.

http://www.msnbc.msn.com/id/26315908/ns/msnbc_tv-rachel_maddow_show/#38176276

[bb702]

Has anyone used this website or services? Any positive or negative feedback? How about using them vs. a real estate attorney?

Foreclosure Help & Foreclosure Assistance Through The Foreclosure Process | You Walk Away - Strategic Default Help - Foreclosure Protection - Strategic Default Assistance

[intrepidnomad]

Question here.
How is not paying your mortgage defrauding the bank? I thought when you acquire a loan from the bank, you sign an agreement basically stating that if you don't pay your loan, the bank takes back the house, no?

[intrepidnomad]

Originally Posted by barocko7

Hi,
I really feel for you & your family, before you make a "criminal" decision, please go to your Bank, speak with them n`tell them the situation you are confronted with, ask them to help you in finding an option which would both help you and the Bank.
Your Bank can work with you in finding a suitable solution, but it would be unwise and downright criminal to do what you mentioned.

You owe it to your family, NOT to become criminal in the first place. Be open & honest when visiting your Bank. If I were you, I`d take my family with me when visiting the Bank, show them that you are an honest man and ask for their assistance in solving the problem.

What's criminal is the banks loaning money to people whom they know don't qualify. That's criminal.

[intrepidnomad]

Originally Posted by David702

Hey guys,

After months and months of thinking, I finally decided to let my house go. I was just recently told that in a few months after my project is finished, I will be laid off. My plan is to stay here mortgage free until the bank kicks me out and save what i can.

Anyone know how long this process takes? I heard up to 9 Months.

And when they serve me with the eviction, how many days will I have before I must move out? My goal is to live here as long as I possibly can.

Any ideas?

Thanks..

After rereading your post, I can see why it might have infuriated some people. You come across a little too glib about losing your home and mention you're going to try to live there without paying the mortgage as long as possible. If I misinterpreted your post, I apologize. It sounds like arrogance amidst the desperation.

[David702]

Wow, i had no idea how many people read my thread.

Well, another update, it's been about 18 months since the short sale was final and I've been told that I can get a loan to purchase another house (depends on bank), which I'm not interested in right now.

Things are looking good, was able to save a little bit of money from my job for a down payment.
There Is Life After Your Short Sale (http://www.kaperproperties.com/LifeAfter.htm - broken link)

BTW, my FICO score is now 715.

[ScoopLV]

Color me dumbfounded. It almost sounds like you're proud. "Hey people, I gamed the system with zero consequences!"

That might not be how you feel. But the post sure reads that way.