Registration is now open for our Wholesaling and Fix & Flip Bootcamps. Register Now!

Hide this

Forum Rules · Advanced Forum Search

Jump to Category View All

Click a category below to view different forum categories.

BiggerPockets

General Info

Rss10 BiggerPockets Q&A, Site Questions, & Announcements

964 topics, 7692 posts — Last Post 02/09/12, 05:05AM

Rss10 BiggerPockets Exclusive PRO Area

10 topics, 73 posts — Last Post 02/06/12, 09:15PM

Rss10 New Member Introductions

4490 topics, 25660 posts — Last Post 02/10/12, 08:46PM

Rss10 BiggerPockets Success Stories

142 topics, 1632 posts — Last Post 01/28/12, 09:34AM

Rss10 BiggerPockets Real Estate Investing Summit

16 topics, 560 posts — Last Post 02/10/12, 04:23PM

General Real Estate

General Real Estate

Rss10 Buying Real Estate

1194 topics, 9011 posts — Last Post 02/10/12, 10:11PM

Rss10 Selling Real Estate

303 topics, 2364 posts — Last Post 02/10/12, 10:05AM

Rss10 Renters

189 topics, 1529 posts — Last Post 12/28/11, 05:55AM

Rss10 Get Foreclosure Help - Help Stop Foreclosure Forum

218 topics, 1728 posts — Last Post 02/02/12, 10:07PM

Rss10 Home Owner Association (HOA) Issues & Problems Forum

105 topics, 662 posts — Last Post 02/09/12, 09:42AM

Rss10 Do it Yourself

312 topics, 2699 posts — Last Post 02/09/12, 07:25PM

Reviews & Feedback

Rss10 Real Estate Deal Analysis and Advice

1554 topics, 12278 posts — Last Post 02/10/12, 02:00PM

Rss10 Real Estate Guru, Book & Course Reviews and Discussions

677 topics, 6765 posts — Last Post 02/10/12, 06:51PM

Rss10 Ask About A Real Estate Company

309 topics, 4634 posts — Last Post 02/10/12, 03:12PM

Real Estate Investing

Real Estate Strategies

Rss10 Wholesaling

2406 topics, 18098 posts — Last Post 02/10/12, 10:20PM

Rss10 Rehabbing and House Flipping

1478 topics, 12679 posts — Last Post 02/09/12, 11:27AM

Rss10 Real Estate Development

190 topics, 1025 posts — Last Post 02/10/12, 10:14AM

Rss10 Pre-Construction & New Home Construction

85 topics, 530 posts — Last Post 01/10/12, 07:04PM

Rss10 Innovative Strategies

328 topics, 2304 posts — Last Post 02/10/12, 06:41PM

Rss10 Tax Liens, Notes, Paper, & Cash Flows Discussion

435 topics, 2411 posts — Last Post 02/10/12, 02:29AM

Rss10 Rent to Own a.k.a. Lease Purchase, Lease Options

341 topics, 2086 posts — Last Post 02/07/12, 07:38PM

Rss10 1031 Exchanges

58 topics, 316 posts — Last Post 12/17/11, 05:10PM

Foreclosure Investing

Rss10 General Foreclosure & Pre-Foreclosure Forums

1096 topics, 6537 posts — Last Post 02/10/12, 11:07AM

Rss10 HUD, VA, and Tax Sales

197 topics, 1221 posts — Last Post 02/10/12, 12:34PM

Rss10 REOs

922 topics, 7646 posts — Last Post 02/10/12, 02:54PM

Rss10 Short Sales

1220 topics, 10050 posts — Last Post 02/09/12, 06:26PM

Landlord & Tenant Forums

Rss10 Rental Property Questions & Landlording Issues

2940 topics, 26276 posts — Last Post 02/10/12, 12:51PM

Rss10 Land & Farm Investing

116 topics, 728 posts — Last Post 01/29/12, 06:46PM

Rss10 Mobile Homes & Mobile Home Park Investing

391 topics, 2864 posts — Last Post 02/10/12, 02:32AM

Real Estate Dealmaking

Rss10 Make Deals, Find Partners, Mentors & BirdDogs, etc.

3648 topics, 13401 posts — Last Post 02/10/12, 09:40AM

Rss10 Promote Your Real Estate Buyer's List

152 topics, 669 posts — Last Post 01/23/12, 12:35PM

Rss10 Property Wanted

626 topics, 3019 posts — Last Post 01/19/12, 02:47PM

Rss10 Seeking Financing, Money, or Loans

1218 topics, 7344 posts — Last Post 02/03/12, 11:21PM

Rss10 Tax Liens, Notes, Paper, & Cash Flows Dealmaking

273 topics, 1990 posts — Last Post 02/10/12, 02:30AM

Rss10 Bulk REO Discussion and REO Dealmaking

845 topics, 5917 posts — Last Post 02/02/12, 04:20PM

Investor Basics

Rss10 Starting Out

4060 topics, 29631 posts — Last Post 02/10/12, 04:18PM

Rss10 Investor Psychology

289 topics, 4281 posts — Last Post 01/26/12, 07:52PM

Rss10 General Real Estate Investing

3057 topics, 20771 posts — Last Post 02/10/12, 12:54PM

Rss10 Real Estate Investor Marketing

868 topics, 7048 posts — Last Post 02/10/12, 09:17PM

Commercial Real Estate

Rss10 Commercial Real Estate Investing Forum

718 topics, 3839 posts — Last Post 02/10/12, 09:28PM

Rss10 Multi-Family and Apartment Investing

141 topics, 1347 posts — Last Post 02/07/12, 05:47AM

Rss10 Office Investing

3 topics, 36 posts — Last Post 11/15/11, 02:42PM

Rss10 Industrial Property Investing

3 topics, 12 posts — Last Post 07/05/11, 10:41AM

Rss10 Retail Property Investing

6 topics, 42 posts — Last Post 02/10/12, 10:19AM

Rss10 CRE Financing and Lending

17 topics, 188 posts — Last Post 01/26/12, 05:55PM

Rss10 CRE Syndication and Fundraising

25 topics, 208 posts — Last Post 02/10/12, 12:57PM

Rss10 CRE Property Management & Leasing

2 topics, 11 posts — Last Post 12/11/11, 05:05PM

The Business of Real Estate

Real Estate Technology and the Internet

Rss10 Technology, Social Media, Real Estate & The Web

244 topics, 2017 posts — Last Post 02/10/12, 01:23PM

Rss10 Real Estate Blogs & Blogging

23 topics, 278 posts — Last Post 02/10/12, 11:01AM

Business Basics

Rss10 Goals, Business Plans & Entities

400 topics, 3913 posts — Last Post 02/10/12, 07:12PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Rss10 Tax, Legal Issues, Contracts, Self-Directed IRA

1210 topics, 8251 posts — Last Post 02/10/12, 10:52PM

Rss10 Credit & Credit Repair

177 topics, 1444 posts — Last Post 01/25/12, 06:56AM

Rss10 Property Insurance

117 topics, 753 posts — Last Post 02/10/12, 11:33PM

Rss10 Bankruptcy

21 topics, 110 posts — Last Post 12/09/11, 10:01AM

Loans, Mortgages, Credit Lines

Rss10 Private & Conventional Lending Discussion

1244 topics, 7159 posts — Last Post 02/10/12, 11:23PM

Rss10 Creative Real Estate Financing

623 topics, 3989 posts — Last Post 01/30/12, 05:35PM

Real Estate Professionals

Real Estate Professionals

Rss10 Real Estate Agents

611 topics, 3290 posts — Last Post 02/09/12, 06:32PM

Rss10 Bankers, Lenders, and Mortgage Brokers

351 topics, 1252 posts — Last Post 02/03/12, 06:47AM

Rss10 Contractors

117 topics, 626 posts — Last Post 02/08/12, 10:17AM

Local Real Estate

International Real Estate

Local Real Estate

Rss10 Local Real Estate Networking

573 topics, 3013 posts — Last Post 02/07/12, 04:58PM

Rss10 Americans & International Real Estate

138 topics, 499 posts — Last Post 12/24/11, 07:44AM

Rss10 Foreigners Buying in the USA

54 topics, 281 posts — Last Post 01/18/12, 09:33PM

Rss10 Canadian Real Estate

25 topics, 117 posts — Last Post 02/06/12, 05:17PM

Marketplace

Real Estate Marketplace

Rss10 Mortgages & Lending

388 topics, 1730 posts — Last Post 01/23/12, 02:23PM

Rss10 Residential Property, Land, & Farms For Sale

756 topics, 1414 posts — Last Post 12/26/11, 01:22PM

Rss10 Real Estate Events & Happenings

113 topics, 453 posts — Last Post 01/11/12, 05:36PM

Rss10 Commercial Properties for Sale or Lease

223 topics, 668 posts — Last Post 02/10/12, 10:59AM

Rss10 Domains & Website Reviews

44 topics, 334 posts — Last Post 11/15/11, 09:55AM

Rss10 Classifieds - Promote your Website, Newsletter, or Product

582 topics, 2646 posts — Last Post 02/10/12, 04:56PM

Off-Topic

Off Topic

Rss10 Off-Topic

1769 topics, 18862 posts — Last Post 02/10/12, 08:00PM

Rss10 Housing News & Real Estate Market

647 topics, 6308 posts — Last Post 02/09/12, 08:59AM

BiggerPockets Resources

Forums » Get Foreclosure Help - Help Stop Foreclosure Forum » Upside-down in house. Is foreclosure an option?

Upside-down in house. Is foreclosure an option? Subscribe to Upside-down in house. Is foreclosure an option?

4 posts by 4 users

Signup

Tag Tags: foreclosure refinance upside-down


Renessa Ramos

Homeowner · Winter Park, Florida


Forum_avatar_avatar-puglover39

Icon_minipost Aug 22 '09, 04:28 AM

upside down in home, current on payments contacted lender about refinance no response. Wanting to purchase another home with husbands VA loan and just go to foreclosure with current home. What are some of the consequences if I go this route besides a hit on my credit. (Current home only in my name) Thank You for any advise!

Edited: 06/26/2010 at 09:27AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Aug 25 '09, 03:50 AM

If you and your husband try to buy the new house together, the new lender will require that you qualify for both the old and new mortgages. If you husband has sufficient income to qualify for the new house, he might be able to buy it on his own.

Current guidelines are that you cannot get a new mortgage for five years after a foreclosure. Your credit will be badly damaged. If you have income and other assets, the lender may come after you for the deficiency judgment.

Why do you want to be rid of your current house? The price and payments were OK when you bought, so what makes them not OK now. Anyone who buys a new car is underwater the minute they drive off the lot. Why do you want out of the house you already have?

Edited: 06/26/2010 at 09:29AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Lana Cole

Residential Real Estate Agent · Chicago-land, Illinois


Forum_avatar_avatar-lana

Icon_minipost Aug 27 '09, 09:03 AM

Hi,

I would definitely suggest you to find a competent foreclosure savvy Real Estate Agent to Short sell your home.

As you already know foreclosure is very bad for your credit plus your Lender/Bank might decide to file for a deficiency judgement.
Try to clear your credit as much as possible.

Lana,
[LINK REMOVED]

Edited: 06/26/2010 at 09:31AM by Moderator : links in signature, please.


Dick Green

Residential Real Estate Broker · Conroe, Texas


Forum_avatar_avatar-dcg123

Icon_minipost Aug 27 '09, 12:46 PM

Why allow it to foreclose? How upside down are you? Compared to what? To buy another house?? Try thinking of some profitable options. There's a lot of them available to you.

What's the rental market like in your area? I would think that a 6% vacancy rate is a good rental market.
http://realestate.aol.com/Winter_Park-FL-real-estate

In a market like your's......I'm sure that there's someone running around town with a lot of money but maybe questionable credit, who needs a place to rent.

Edited: 06/26/2010 at 09:31AM


Sign up