Selling the house?
- Thread starter Shalimar
- Start date
Dharma1521
Soooo do I look as young as I look?
Dharma1521
Soooo do I look as young as I look?
Mean Mr. Mustard
Always shouts out something obscene
Who said I'm telling anyone that I can't afford to pay it? That's obviously the assumption, but still.
And I'm no lawyer here, but maybe I have a cancer treatment that I might need to pay for, or I'm adopting an abused child. Those are all much more important things to do with the money than paying a mortgage.
I think the 2 concerns I would have would be:
* Putting the mortgage in a joint account. This leaves a pretty accessable paper trail proving you do have the means to make the mortgage and aren't necessarily a "hardship case"
* April's qualification for a mortgage. You're putting a lot of faith in the fact that she is going to get approved for a mortgage. Have you tried getting her pre-qualified or approved already? With ours we had to show where all of our downpayment and mortgage payment money came from, this meant tax returns, w-2's, paystubs, bank statements, and we had to give supporting evidence for all deposits in our bank accounts...
I mean if this works, that's great for you and all, but I think that for me, I'd be concerned about the joint account and the mortgage approval and would want to cover my ass in those cases before proceeding with the plan.
Just a thought.
We've been thru the home buying process before so we aren't newbs. Plus if it doesn't work we will buy a 30k house. Right hon?
I know this DJ guy that's got a house for sale. Just don't park on the street though.
Well of course you've been through it before 
All in all it's a great plan, it's just if I was in that position, those are the two areas I'd be sure to cover my ass.. I don't know if it would matter in the end at all or not.
We've got friends who stopped paying on their house and started renting closer to work at a substantial reduction in payment. They moved out of their house about a year ago and still haven't been foreclosed... and couldn't be happier.
All in all it's a great plan, it's just if I was in that position, those are the two areas I'd be sure to cover my ass.. I don't know if it would matter in the end at all or not.We've got friends who stopped paying on their house and started renting closer to work at a substantial reduction in payment. They moved out of their house about a year ago and still haven't been foreclosed... and couldn't be happier.
Syrup Beaver
pants log
Oh but if you're a landloard and do that you're obviously the anti-Baconallah.
Well of course you've been through it before
We've got friends who stopped paying on their house and started renting closer to work at a substantial reduction in payment. They moved out of their house about a year ago and still haven't been foreclosed... and couldn't be happier.
They should have continued living in it until they were kicked out.
Well I think they were looking to change schools too because they didn't like the district their kids were in... the new place is also a fraction of the commute so they're saving a lot on auto expenses as well.
It makes me wonder what will get them sooner, the mortgage or the property taxes. Property taxes are a big deal up here. Ours is in the 7-8k range.
* No joint account, as I won't be able to qualify for a mortgage, due to my credit hit. The mortgage will be in her name this time. (Yeah, yeah, yeah, I don't care.)
* If, for some odd reason, she wouldn't qualify, we could simply move back into an apartment and STILL be putting away at least $1,200 into a savings account for a house (after they kick us out, whenever that is).
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The thing I would be worried about is that Florida is a deficiency judgments state. Which means the lender can sue you for the amount the lost on the sale of the property. I know for a fact in Lee county they are processing alot of these suits. I had to do some work at the county office and they have been running their court system 24/7 since December processing these suits to complete them all prior to the EOY. I was upgrading the system at 3am and they had the court full on.