Ontopic Foreclosure

i mean yeah.. what ZRH said.

that's why pro athletes still finance their houses right ZRH? dudes get hundreds of millions of dollar salaries and still have mortgages.

but obviously i don't know too much. :case:

There are no tax breaks for mortgages over here any more. Whilst a mortgage is still cheap money, it's not as cheap as when it was tax deductible.
 
There are no tax breaks for mortgages over here any more. Whilst a mortgage is still cheap money, it's not as cheap as when it was tax deductible.
Only the interest is tax deductible here. You can claim depreciation on buildings over a 27 year lifespan.

Mostly it's about capital budgeting and typing it out is like blahhhhhhh
 
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Not every ortgage has government underwriting, FHA loans are the ones that do. (I'm sure there's more, but conventional loans don't)
I didn't say all, but we benefit greatly from federal underwriting. It would be close to impossible to buy a house without federal programs.

Government National Mortgage Association
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Federal Agricultural Mortgage Corporation
Rural Housing Service (Not sure if they underwrite or just make arrangements for guarantees)
U.S. Department of Veterans Affairs

Three of them are government sponsored corporations but they wouldn't be able to operate without tax money.
 
I still say you have some work parties Case. In one of my old houses (YES IT WAS A HIPPIE COMMUNE BUT WHATEVER) we all got together to do our own repairs, some people had some actual skills (carpentry, electrics etc) so we'd just listen to them and do what they said. Redid the roof, windows, all sorts.

I mostly painted. But then that's my appropriate skill level. :D
 
I still say you have some work parties Case. In one of my old houses (YES IT WAS A HIPPIE COMMUNE BUT WHATEVER) we all got together to do our own repairs, some people had some actual skills (carpentry, electrics etc) so we'd just listen to them and do what they said. Redid the roof, windows, all sorts.

I mostly painted. But then that's my appropriate skill level. :D
Unfortunately, DJ's tend to not hang out with carpenters. :( Nor IT guys. LOL
 
shali this thread made me sad :(
i hope you guys can figure this problem up soon as i assume time will make it worse.. i wish i had some advice for you but I dont :(
im renting a little house these days as it honestly is way cheaper than owning at the moment and my situation..

i really wish you had won big brother!! ugh.
 
Unless he refinanced other things into it recently, I find it hard to believe 8 years worth of payments won't yield equity.

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.
 
Another option: you could find someone with shit credit and owner finance it to them. basically, they move in and make your mortgage payments, you report it to a credit agency every month they're on time so their credit rating goes up high enough for them to take out their own loan and pay off your current mortgage for the deed.

you take on the risk of them not paying then you have two mortgage payments or your credit goes to shit, but you'd already be into a second mortgage hopefully so who cares if house #1 goes back right? for this to work you'd have to qualify for another loan with your current credit.


... just did my siding & replaced all my windows, including trim, for like 7k. me and my brother did the work, cousin helped out too. stop getting raped on house repairs, and put some dirt around your foundation if you have water damage. also vinyl gutters are cheap and while they may not be ideal, they're good enough and you can buy & install them yourself for a few hundred bucks probably. Aluminum aren't that much more... only gets expensive when you get seamless ones done (and that's just because you have to pay the installer who has the press to stamp out the roll aluminum into proper length gutters), or I've seen some high dollar copper ones put in.


SOUND advice here.
Blood, sweat and tears before hiring out. A home is never without repairs and some contractor is always standing by, waiting to rape you right up your little starfish with repair costs. Repairing this stuff is all about labor and research, but you can save a shitload of money and gain back that much in pride. :)
 
Guess what I'm in the process of doing -.-

There is one caveat with this though. You are usually NOT allowed to participate in the auction if you are the previous owner or if the previous owner was a living relative. You also usually need to put 10% of the total assessed value down in cash at the auction.

This is correct. And this law is put into place under FTR Regulations to prevent fraud.

We have had homeowners come through our program, accept our buyout offer, based on the appraised value of their home, then try to buy it back when it's relisted in our inventory dept. The reason they do this is because they get all sorts of bonuses from their agencies, (be it Dept of Defense, NRCS, Customs Border Patrol, etc...).

Non gov't contractors could fraud the system by well the obvious...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...