Time for a short sale

[Reaper]

I've been going back and forth with Chase Home Finance without any luck as they have been cutting my options off one direction at a time. Even the programs that Michigan has, Chase is not participating in, nor do they have to. Ever since my layoff from my job going to Laredo Texas every week, I have struggled to make the money needed to stay on top of my bills. This is my 4th job this year, trying to get a good pay package. So far its not producing and by the time it does, I will be too far behind. I have only been making 50-60% of what I made last year, so that is a huge cut. The trucking industry is struggling because the economy has forced companies to pay cheaply for freight, and the industry has paid less for its drivers.

So I have consulted with someone to do a short sale on the house to get out of it before things get out of hand. At least with the short sale, I can get into another mortgage in 3 years vs a foreclosure keeping you from getting a house for 7 or 10 years. Its likely that it will take 9 months to a year before I have to be out of this house as the process is long. Its a bummer too as I really like the area and the neighbors. But I need to be able to live and the way I am struggling is not living. Hopefully I shall have a party or two here before its gone. Anyway, that is all.

[Lillylu29]

I am so sorry to hear friend. Things will get better within time.

[Hellion]

High cost of living,layoffs and shit paying jobs in America.why this is happening all over,and banks don't care.

I do hope the best for you,if you need help with anything let me know.

[the_fairy_gothmother]

yeah my parents are in the same boat. ugh. same bank too

[Class-Punk]

That sounds shitty. I hope things work out for ya.

[prick]

Im sorry to hear this brotha but I know better things are in your future.

[Onyx]

Sorry to hear that but sounds like you are handling things in a logical way and minimizing the damages.

Best wishes on getting into another place and a better situation soon.

So many are having this exact same thing happen.

[angry_darkness]

Banks suck, they will not work with anyone unless it is for their benefit. they are greedy SOB's

[Destroit]

Shitty shit :. My BEST advice is to take whatever money you get and throw it down CASH, buying an entire house without a mortgage. Now is not the time to be picky. I did this and no bank will EVER be able to take my house from me. I am guaranteed to own this house for the rest of my life with no threat of losing it. Trust me, I sleep quite soundly.

I bought it for EIGHT THOUSAND dollars! That's all! You're destined to get more from a short sale than that, so instead of waiting around renting in a black-hole money magnet like an apartment, where you have high costs, fascist rules, and you never own it, buy a seriously cheap foreclosure that doesn't have much wrong with it. You might have to go closer to the city, but for guaranteed financial stability, it's 100% worth it.

So you own this house for three years, the cheap foreclosure, and since you have no payments on it and are saving THOUSANDS a year in hefty rental costs (I would be HOMELESS before I spent more than $400 a month to live in a small box!), you can turn around and get a mortgage on a house you actually want when the time comes. You then can sit on the other property and either sell it when the market comes back around or rent it out (I would recommend renting it, there is not a short supply on suckers who rent, there's always going to be people stupid with money). You might even fall in love with it so much you will want to permanently stay there (as we did with this house) and you have a "free" place to live other than property tax.

Good luck on everything, shitty that you have to lose your place but hopefully you invest more wisely and get something without a mortgage.

Shitty shit :. My BEST advice is to take whatever money you get and throw it down CASH, buying an entire house without a mortgage. Now is not the time to be picky. I did this and no bank will EVER be able to take my house from me. I am guaranteed to own this house for the rest of my life with no threat of losing it. Trust me, I sleep quite soundly.

I bought it for EIGHT THOUSAND dollars! That's all! You're destined to get more from a short sale than that, so instead of waiting around renting in a black-hole money magnet like an apartment, where you have high costs, fascist rules, and you never own it, buy a seriously cheap foreclosure that doesn't have much wrong with it. You might have to go closer to the city, but for guaranteed financial stability, it's 100% worth it.

So you own this house for three years, the cheap foreclosure, and since you have no payments on it and are saving THOUSANDS a year in hefty rental costs (I would be HOMELESS before I spent more than $400 a month to live in a small box!), you can turn around and get a mortgage on a house you actually want when the time comes. You then can sit on the other property and either sell it when the market comes back around or rent it out (I would recommend renting it, there is not a short supply on suckers who rent, there's always going to be people stupid with money). You might even fall in love with it so much you will want to permanently stay there (as we did with this house) and you have a "free" place to live other than property tax.

Good luck on everything, shitty that you have to lose your place but hopefully you invest more wisely and get something without a mortgage.

[dragonluv]

hugs