Has anyone else here been personally touched by a foreclosure? By that I mean yourself or a family member or close friend.
I talked to one of my sisters last night and she told me their mortgage holder has advised them that the foreclosure process has begun on their home in AZ. Sad, but it does not surprise me.
That is sad. I'm sorry to hear about anyone loosing their home. I haven't heard of anyone I know yet...but give it time. :(
I have been watching real estate sites such as Realtor.com (http://www.realtor.com/realestateandhomes-search/Surprise_AZ/beds-2/baths-1h/price-70000-120000?sby=1&pfbm=4) looking at some areas of AZ. Click that link to see what kinds of prices these newer houses are going for...
You can't always tell which houses are bank owned but you know there must be many people who are under water, and still others who have lost a job. Those folks may have to walk away from a $200K mortgage on a house that might sell for $85K.
Scary! This is what happened in the Midwest during the dust bowl. My grandparents walked away from their 160 acre homestead farm in South Dakota and headed west. They didn't stop until they got to Wenatchee, WA and the whole family got jobs picking apples.
Make them produce the note
This is a strategy that has been working to give home owners more time or in some cases the foreclosure gets thrown out
it is worth a try
http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/
No. Nobody I knew qualified for a traditional mortgage and sub-prime mortgages scared them to much. I am sorry to here of your trouble.
I am sorry your sister is going through this. I fear that there will be more of this happening. :(
Quote from: Windpower on February 27, 2009, 04:09:00 PM
Make them produce the note
Yes, it is a delaying tactic, but didn't help her out.
Quote from: John Raabe on February 27, 2009, 02:12:37 PM
I have been watching real estate sites such as Realtor.com (http://www.realtor.com/realestateandhomes-search/Surprise_AZ/beds-2/baths-1h/price-70000-120000?sby=1&pfbm=4) looking at some areas of AZ. Click that link to see what kinds of prices these newer houses are going for...
Surprise, Arizona
Surprise indeed!!
Heres my story, the short version.
3 years ago, my wife at the time quite paying the mortgage and utility bills. I don't know the reason but she drank heavily and I think gambled a lot more than she let me believe. She took my check book and forged my name and drew out all my money. I had a few hundred $ in overdrafts. New years day I find an eviction notice on my lawn. It gave me 5 days to be out. Nice surprise! The wife didn't seem to know anything about it. Nothing was opened on sunday. Monday nothing was opened because it counted as the new year day. Banks not opened attorney and mortgage company closed. day 3 lawyer want to see any paper work that lead up to the foreclosure. The EX-wife burnt everything. bank statements and all! Lawyer says, It's a done deal. Thing is, We only owed around $70,000 and I could have drawn that out of the 401k on a hardship withdraw but, too late for that. Day 4, called the sheriff to see if he would work with me. He Say's Sorry.. He can't do anything but see that were out. I rent a storage unite and pack it full of tools and My valuables. The rests goes to the dump Around 8 pickup loads. Day 5, no money and on the street. I answer an add in the little nickle for a cabin for rent. I draw money out of the 401k and give the guy first last and damage deposit. I move in. The Ex moves in and won't leave. Sheriff say she's still your wife. Give the attorney $2500. and file for devoice. She leaves. Get a visit from someone and they want to know who I am... Turns out I rented a place from someone that doesn't own the house. I have 20 day's to be gone. First ,last and deposit no way to collect but to file a small claim. Rent another place and sign a year lease for more money than I can afford. first last and damage deposit. Anyway thing are now going great and on track. Credit is going to be trashed for awhile tho.
As far as looking on the good side, I have plenty to be thankful for.
OMG frank, i am so sorry for your turmoils. if you need to talk, you can e-mail me. i know this is in the past but you have my address.
dan
Thanks Dan, I've moved on to better things. I'm rebuilding My life and Things are going good.
I still have a lot to be thankful for.
Holy crap Frank. That is a sad story. Glad you seem to be surviving. :)
That's frightening Frank. Sorry to hear it but I hear wife stories all the time like that.
Don, sorry about your sister!
Bad things are here and coming. I hope everyone pays very close attention to every detail in their life.
Don, no, I haven;t had it happen to anyone in my family but my son found his wife had been paying the mortgage late. A little like Franks story but he wasn't foreclosed on, he just didn't get the refinance to a lower rate he was looking for.
Hey Frank...you've have some tough stuff going on. I'm so grateful for friends who tell me say "knowledge acquired" when all hell is breaking loose. Try to be positive and trust some good can come from knowledge acquired.
Sorry to hear about others going through tough times.
My sister and her family have been foreclosed on in Florida. Too late for them. They are now renting a house, and lost any equity they had and are in their 50's. Honestly, they were over-extended, and their business went badly.
My business is going badly too, but my husband works a job that is unrelated and keeping us afloat.
I wish I was in a situation without a mortgage right now. If and when the economy recovers, I will once again think about selling everything and living on the road in an airstream. I hope I don't decide to do that though.
I like having dirt, trees, animals, and a garden.
Christina
"My grandparents walked away from their 160 acre homestead farm in South Dakota and headed west. They didn't stop until they got to Wenatchee, WA and the whole family got jobs picking apples."
This is a Twilight Zone moment. My maternal grandparents abandoned their farm in South Dakota in 1933 and headed west. They didn't stop till they got to Yakima and the whole family got jobs picking apples.
Word about the jobs must have made it back to the Dakotas.
My brother rebuilt a house that had a small kitchen fire about 3 years ago? I mentioned at the time that it may not be a good idea as the market looked like it was going into the crapper.
He had to gamble with a chance at a small fortune though.
$4500 per month payments and he let the bank have it back - no buyers and the real estate agent was flim-flamming him some too. At least his credit to rebuild was unsecured loans.