Upside Down Mortgage

Posts Tagged ‘mortgage company’

I purchased my home a little less than 2 years ago in Long Beach, California. I paid $255,000.00. I am now upside down because the house is now worth $210,000. The payments went from (114 HOA) from 1700 to 2000 per month in February. But, I don't really like the neighborhood. Lots of section 8 renters are moving in and playing loud Mariachi music and selling drugs. Police won't do anything. It is a terrible place and I did not know what I was getting into.

I have gone to Austin, Tx twice and really would like to move there. What should I do?

I am a teacher with a Master's Degree, but this is all that I could afford. I don't want to be a slave to the mortgage company and pay for something that is not worth it. I also am not above dinging my credit.

I don't feel sorry for ditching this place. The banks were bailed out of their poor choices. I am simply a school teacher who thought I was doing the right thing by buying a home. I will not continue the cycle of being a middle class person living in poverty...I'm going to take the advice of seeking legal council. The originator of my loan sold it to ( I'm quoting someone from their own company) pennies on the dollar. If they don't negotiate with me jut because I pay my bills, I'll take the 7 year mark and live in a tent in the friggin forest.

It makes me sick looking at people in my neighborhood that have like 8 kids and live in my same building on section 8 and I work like a dog and come home at 5:00.

Rant rant...boo hoo.. for real thanks for the advice everybody.

By the way, I tried calling and telling the police about the noise laws. They almost laugh at you. No joke.

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Here are the facts about my situation. My sister is divorced and the house and mortgage are in her name. She does have equity in the house and is not upside down on it (not yet anyway). She has moved out of state and the ex is still living in the house.

The agreement was that he can live there as long as he makes the payment on time until he finds something else or the market gets better. Everything looks good on paper until payments are late and communication becomes poor.

My question is can a person just call the mortgage company and say " I no longer want the house you guys take it" realizing there is probably $20,000 in equity in the house?

I realize that walking away from that much money is hard to do but my sister has decided that peace of mind and a clean start is worth it. Any advise would be greatly appreciated.

I have a problem and I need to see if someone can help me or at least has the answer or know where to get the information. This is my situation. In August, I moved out of my house. I moved to another state to be with my mom since she has health problems.

The problem to is that I am already in a payment program with the mortgage company for my house so that my mortgage won't get behind. I have no equity in the house because I had only been in it a year and I have no money to add for resale. I don't want the house to go into foreclosure because this will destroy my credit and I will not be able to borrow again (so people told me) so does anyone else know something that can be done? Please?