Ontopic Foreclosure

not make payments on their mortgage loans, let it go into foreclosure...save up those payments, then buy it back in auction, and not have to deal with a full foreclosure or short sale...

this sounds incredibly familiar but I just can't quite place where I've heard it before :fly:
 
Shali, I really feel your pain. Dan and I intended to move out of this place a while ago, but one day I was walking through the kitchen and realized we had a waterfall inside our kitchen window which is a floor to ceiling window that spans almost the entire back wall of our kitchen. They had failed to clean out the gutters for long enough that water was just flowing down the back wall of our house rotting the wood siding and warping the wood. We live in a condo so we called the condo association who told us they didn't have the money to fix it since people in our neighborhood weren't paying their association fees. That was June. Finally a couple weeks ago they started addressing the problem. I'm sure there is significant mold and water damage but the condo association will probably only do the bare minimum repairs so there is no further damage. It is beyond frustrating. Our only recourse would be to apply for permits, have the repairs done on our own, and then sue the condo association whom we already know doesn't have the money. Anyway, it sounds like we have similar damage to our homes and similar worries about it all. Hope things work out for you.


I don't understand all this 'home loan' stuff. Why don't you just use savings to buy a house?

I don't know about you, but I'd have a real problem saving up $300K in cash if I also had to pay for a place to rent in the meantime.

Not every ortgage has government underwriting, FHA loans are the ones that do. (I'm sure there's more, but conventional loans don't)

This. I think using gov't underwriting should be a last resort since they actually wind up being more expensive loans.

Other poor people. ewwwww

plumbers and HVAC guys mainly.

My dad was an HVAC guy and we didn't hang out with carpenters and electricians, only other HVAC guys and a plumber. Of course my dad was the upper crust of HVAC. He was an air balancing engineer.

this is Florida you're talking about. Every file that we get from FL is a short sale, by at least $50k. It's really depressing.

Isn't it that way in much of the country that's not awesome like here or Cali or NYC?