Is Foreclosure for You?

I agree with "susetteu". Please do not give up hope on the American Dream. I am 27 years old, bought a house two years ago. I've been very comfortable with my mortgage payments but come middle of next year my interest rate will become adjustable and I am scared to death that I will not be able to make my payments and lose my house. But I haveen been very proactive with my lenders, I have been calling them every couple of weeks asking about new programs that would assist home owners on adjustable mortgages, I have be reassured that they are putting together programs for home owners like ourselves. Not only do you need to be proactive but you will also need to be persistent. If it requires explaining your situation to every representative that you speak to then so be it, this is your HOME and your credit that is in jeopardy. I will be more costly for the lenders to forclose on your home, due to the houseing market, they will not be able to sell your home for 80% of your loan value, so why wouldn't they help you keep your home. Foreclosure is a lose lose situation for all parties.

I agree with "susetteu". Please do not give up hope on the American Dream. I am 27 years old, bought a house two years ago. I've been very comfortable with my mortgage payments but come middle of next year my interest rate will become adjustable and I am scared to death that I will not be able to make my payments and lose my house. But I haveen been very proactive with my lenders, I have been calling them every couple of weeks asking about new programs that would assist home owners on adjustable mortgages, I have be reassured that they are putting together programs for home owners like ourselves. Not only do you need to be proactive but you will also need to be persistent. If it requires explaining your situation to every representative that you speak to then so be it, this is your HOME and your credit that is in jeopardy. I will be more costly for the lenders to forclose on your home, due to the houseing market, they will not be able to sell your home for 80% of your loan value, so why wouldn't they help you keep your home. Foreclosure is a lose lose situation for all parties.

Is Foreclosure for You?
Deciding to walk away or struggle with mortgage payments
This is the title of this article, yet it does not give you any answers. Is foreclosure for me? I couldn't tell you after reading this. We all know what you just explained to us. what we want is a way to deal with it. I too, was a victum of predetory leanding. yes it was partly my fault for believing what "the experts" told me and I didn't ask the questions I didn't know to ask, but everyone has their own story. my husband and I were living comfortably where we were but we want to have one more child, well we had twins. the house got very small, very fast and we needed a bigger place. we were shocked when the mortgage broker told us how much we could afford for a new house, but we figured he was the expert , did this for living, he must know. well, we were wrong, that was one of many bad decisions we made. so who can you blame? I blamed myself at first, but I also think that the lender lead us to believe that we could afford a house that we really couldn't. he made all kinds of excuses to not include my bills and only my husbands and we were so desperate for a bigger house that we believed him. When I read this article, I had hoped that i may get some insight but the author really doesn't have a clue what hes talking about. I think he should have done a little more research before publishing this. When I see titles like this, I'm looking for information, maybe a way out that I didn't think of before. I just spent way too much time reading this and commenting on this than I need to. this is some major time out of my life that I will never get back!

house in N J

i am trying to read all this. i am scared to do bankruptcy because i think thety are scrutinize all my charges, epxenses. but then i think about the people who have been abosultely reckless and retarded with their money, and i think thats not fair. i am tryin gto be careful and these people get off. is that true?

i am trying to read all this. i am scared to do bankruptcy because i think thety are scrutinize all my charges, epxenses. but then i think about the people who have been abosultely reckless and retarded with their money, and i think thats not fair. i am tryin gto be careful and these people get off

This is a sad case. I couldnt help wonder, when I was reading this, WHERE this woman's REALTOR and/Attorney were in this transaction? Then I remembered that in Florida closings are handled by title companies. I am a REALTOR in New York state. We use Attorneys in nearly all real estate transactions here. It would be foolish not to. Also, didnt she get a breakdown and/or monthly estimate of her costs from her lender before or at her closing? I dont understand how she could not have known her taxes were escrowed in her monthly payment to the bank/lender? What a shame. I would STRONGLY urge any new or inexperienced buyers to find themselves a good real estate Attorney and REALTOR before they get into somethign so important in and to their lives! If anyone needs a referral to a local (ANYWHERE IN THE COUNTRY OR WORLD) REALTOR, I can help through my relocations company. JUST ASK, there is no cost for this referral service! www.coldwellbanker.com/for/lisa.brodsky . Good Luck to this poor woman.

What a waste reading this crap. Don't read it.

It is a sad thing to see so many people losing what is the American dream-owning their own home. The nightmare has begun, and indeed, we are all to blame. Education is the key; knowlege is power. In our area, there are seminars available for people who are buying homes, but I don't know how many people avail themselves to this service. Although my husband and I have bought 3 homes in our lifetime we have consulted a real estate attorney each time. It was an extra expense, but we got answers to our questions and answers from someone not involved in the transaction. We are senior citizens who live on Social Security and felt we couldn't afford not to have the protection of a RE attorney.

Who can be blamed for this nationwide problem. It is everyones fault: the lender, the mortgage broker, the real estate agent, and the buyer. It is the almighty dollar. Everyone is in it to make their money and a good percentage of the brokers and realtors do not inform the buyers of the situations they are about to sign themselves into. Also the buyers do not educate themselves and do not account for the worst case scenarios that could happen (market declines, job losses, etc). Everyone is at fault and I hope the consequences are spread to all parties involved, not just the banks or just the buyers. Everyone needs to pay their part. As for a solution, the only thing I can think of is better education for the US as a whole. Real world economics and financing needs to be taught more in our schools. Students who graduate HS should be able to understand how to use credit the right way before the financially enter the "real world". I myself have a house and a condo. I made a mistake, I have a second job now, I have a renter who pays less than my mortgage on the condo, which is better than nothing. My wife and I cut our spending, reduced our bills, and I will not be getting my Plasma for Christmas. For those in trouble, do what you can for now because this will all pass in time. It might be years, but it will pass. Good Luck.

Whose fault is this? It is your fault. It is the lender, the realtor, the mortgage broker, and the buyer. It is the dollars fault. Everyone involved wants to make their money and the buyer wants a house they can't afford or can barely afford until something goes wrong. The buyer, in many cases is not well informed, and takes the brokers advice. "Hey if we qualify, we must be alright with the loan." I believe thre should be more real life economic and financial planning classes in high school. Everyone should be required to understand the basic principles of real world finances before they enter the "real world". For now, the market will continue to decline and foreclosures will grow. I have a house and a condo which I rent for less than my mortgage payment. I picked up a second job, even though it is not desirable. Me and my wife cut our spending and reduced bills such as internet and cell phone minutes, etc. No HDTV for me this Christmas, maybe in a year or two. Educate yourself and educate others. This will pass, it will take time, but it will pass.

Hi, All
Home's and Mortgage Bush and other Leaders Don't care one Bit about use little people and never will.
No matter how much they say they will Thats is why so many people are Hurting and killing people.
? where is are rights as the little People with little money hardly Making it as it is?

Well ramkumar this going on all over the united states not just Florida, Which I do not live in Florida and I was raised where you had to be street smart to live and street smart get you know where in mortgage, stocks, bonds or any Investment . You need someone that know about the Law in what ever Field you are trying to deal in and hope you know them well enough they are trust worthy person and have your best interest at heart and not just money grubbing at theirs. Because this world is very different then 50 to 100 years ago now days its all about the money and self. Where 50 years ago a hand shake would seal a deal and you could trust that deal to be true and fair on both ends. So street smart I don't thanks so Because on the streets someone take advantage of you beat crap out them shake hands and you both go your way or become best friends. In Marketing its dog eat dog and if you don't like you sue them tie everything up in court for years till some stranger decides your fate.
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I wish all you people would understand that florida Good place too live. You have to watch out for the big con too the little one. Houseing in florida is very full . And the are people out there. that well do anything too get your too look they'er way. So there is a lot of con out there.

All you people ho have come to florida. should have look into the houseing . Be for you bought the grant buy. because you got taken. Florida these day can be a big misstake. My wife an I seen it all. A big con. Sorry but that is the way it is people. You have to watch yourself at all time down here. street smart if you know what that is.

I feel for anyone with a mortgage right now. My husband and I have fallen behind on our payments I called and tried talking to the mortgage company. It did not help I tried to explain my husband had got a log on him at work and we were waiting on workmans comp. to start paying and we had no ins. The guy I talk to told me you spending money on other thing like your husbands Dr and not making your house payment. So you must not need a roof over your head. So we got behind I was working on trying to catch it up and they sold our loan to someone else for the 4th time in 4 years. They had aatt. Write me a letter and say they need to talk to me well I had just talk to someone the week before. But I called again they took all finc. stuff on us again and upped the amount we owed from 1800. to 3000 then next person I called said we owed over 5000 to ask about where other charge came they could not tell me. I ask for my appraisal they sent to me and was not even my house listed it said we had ten roof and concrete floor, and lived close to school and fire house and major hwy. and have catfish pond and fruit orchard Take in mind now I have a modeler home with wood siding single roof and live 24 miles from city and have two pear trees and pond. he said place was worth 98,000 3.3 acres land with pond and double wide home and here u be lucky to get 30,000 now at time we bought u could got about 65,000 out it, and we fenced 60,000 because the agent taking care of the loan would not let us have any smaller amount. When I got to asking ? about this I got my title to double wide in mail from them with no mortgage showed on it then today got a foreclosure in the mail showing land for sale with no house listed and my 1650.00 cheek back in mail but they still have my ins. cheek where a tornado hit our house and they would not release cheek to help fix it so I said put ins money on house and I fix. and that is more then enough to catch my house payments up to give us a fresh start again but now I had to get a friend of mine to look at this he aatt. here my point is I hope and pray That everyone is not having the trouble I am having trying to get help with a mortgage and if I never see one again it will be to soon for me.

One last comment. One size does not fit all. Many have lost their income. Those that have lost their jobs did not create this economy, but have to make it through by whatever means are available to them. Good luck to you all.

Of course no one wants to loose their home and we all understand that, but what's a person to do when the rental properties are just as expensive. I would suggest possibly looking for someone who could move in to help out. Maybe a college student or someone newly arriving into the area and are willing to agree to a short term lease. Dont give up.