Deleted
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Post by Deleted on Mar 25, 2019 17:08:43 GMT -5
House has $130k equity. Value $311k.
We laid all we owed like $25k Huh? owing 25K and 181K are not the same thing.
And you wonder why you can't get an answer LOL. ETA: You never actually said you owe 181K, but you never said how much you DO owe, so I'm just guessing. I'm also guessing you owe a LOT more than 25K, even if it's less than 181K.
I think the 25K is the amount they were behind when they didn't pay for 18 months, so they were caught up, but who the hell knows....
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debthaven
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Post by debthaven on Mar 25, 2019 17:10:45 GMT -5
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NastyWoman
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Post by NastyWoman on Mar 25, 2019 17:51:29 GMT -5
House has $130k equity. Value $311k.
We laid all we owed like $25k Huh? owing 25K and 181K are not the same thing.
And you wonder why you can't get an answer LOL. ETA: You never actually said you owe 181K, but you never said how much you DO owe, so I'm just guessing. I'm also guessing you owe a LOT more than 25K, even if it's less than 181K.
I think the 25K is the amount they were behind when they didn't pay for 18 months, so they were caught up, but who the hell knows.... Now be nice with your answers or there may not be any more updates and I am addicted to this thread like others are to day time soap operas
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TheOtherMe
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Post by TheOtherMe on Mar 25, 2019 19:14:15 GMT -5
I think the 25K is the amount they were behind when they didn't pay for 18 months, so they were caught up, but who the hell knows....
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tloony
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Post by tloony on Mar 25, 2019 20:29:10 GMT -5
House has $130k equity. Value $311k.
We laid all we owed like $25k Huh? owing 25K and 181K are not the same thing.
And you wonder why you can't get an answer LOL. ETA: You never actually said you owe 181K, but you never said how much you DO owe, so I'm just guessing. I'm also guessing you owe a LOT more than 25K, even if it's less than 181K.
Whaat ?
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TheHaitian
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Post by TheHaitian on Mar 25, 2019 20:31:59 GMT -5
I believe it was swamp that said (change a bit to fit this current situation): “if a bank will not loan them money” that should tell you everything you need to know.
I took some liberties with her statement but you guys get the gist. She is playing coy here and only giving tidbits of the details but the bank that refused the loan had access to her credit, income, history...
There is a reason she was denied.... and she knows why she does not want to give up the house (same reason my next door neighbor is not):
- she cannot afford her neighborhood anymore - she cannot afford to refinance and buy her husband (or ex) out - but she can afford the current low mortgage that is the “saving grace”.
But it is not a true picture, the lies / illusion that she can still afford the place because she can afford the low “mortgage payment” will come crashing down one day because:
- there is more to owning a house then the mortgage (ask me, 5k damage from a pipe bursting in the basement!).
- a husband (ex) that will grow impatient waiting for his share of the equity.
NEVER TRY TO HOLD ON TO THE FAMILY HOME AFTER A DIVORCE is a wise rule to live by but one many divorce woman do.
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tloony
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Post by tloony on Mar 25, 2019 20:33:35 GMT -5
House has $130k equity. Value $311k.
We laid all we owed like $25k Huh? owing 25K and 181K are not the same thing.
And you wonder why you can't get an answer LOL. ETA: You never actually said you owe 181K, but you never said how much you DO owe, so I'm just guessing. I'm also guessing you owe a LOT more than 25K, even if it's less than 181K.
I think the 25K is the amount they were behind when they didn't pay for 18 months, so they were caught up, but who the hell knows.... Right! We paid it to not get forcloser. So we passed it. Now paying mortgage. And it’s not any shit gov help. Refinancing for 2% was done a long time ago. BEFORE we haven’t paid for 18 months. Now it all good. You guys don’t know everything!
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travelnut11
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Post by travelnut11 on Mar 25, 2019 21:02:42 GMT -5
Why do I keep opening this thread? It makes my head hurt.
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gs11rmb
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Post by gs11rmb on Mar 26, 2019 8:30:21 GMT -5
Why do I keep opening this thread? It makes my head hurt. And yet I want to know more...
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Post by Deleted on Mar 26, 2019 10:07:57 GMT -5
Right! We paid it to not get foreclosed. So we paid it. Now paying mortgage. And it’s not any shit gov help. Refinancing for 2% was done a long time ago. BEFORE we haven’t paid for 18 months. Now it all good. You guys don’t know everything! Thanks for the clarification. One thought on why it might still be fair for your Ex to get half the proceeds when you sell even though you (and BF) may be paying the mortgage for years: your Ex's money is locked up until you sell. He can't take it out to make a down payment on another place or invest it for his retirement. He does deserve a fair return on the money when he may have to wait for years to get it. (I'm assuming that your agreement says that he gets half when you sell, but you can sell whenever you want to even if that's 20 years from now). I know men who have had that arrangement as part of the divorce settlement. DH's Ex had to sell or buy him out when the kids were out of college, and he had to rent for 10 years till he got the proceeds. Another friend had to wait longer than that- there was no deadline- and it was probably 20 years before she sold and she'd let the house fall into disrepair. The guy I'm dating now divorced in 2012 and the Ex-wife can stay in the house as long as she wants. He gets half the proceeds when she sells but in the meantime he's living in a crappy apartment. So- they're definitely giving something up and should get a fair share of the proceeds.
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TheOtherMe
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Post by TheOtherMe on Mar 26, 2019 11:45:46 GMT -5
I still can't find when mortgage rates were 2% unless part of a government settlement for toxic loans. That is from Freddie Mac going back to 1971.
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tloony
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Post by tloony on Mar 26, 2019 12:21:22 GMT -5
I believe it was swamp that said (change a bit to fit this current situation): “if a bank will not loan them money” that should tell you everything you need to know. I took some liberties with her statement but you guys get the gist. She is playing coy here and only giving tidbits of the details but the bank that refused the loan had access to her credit, income, history... There is a reason she was denied.... and she knows why she does not want to give up the house (same reason my next door neighbor is not): - she cannot afford her neighborhood anymore - she cannot afford to refinance and buy her husband (or ex) out - but she can afford the current low mortgage that is the “saving grace”. But it is not a true picture, the lies / illusion that she can still afford the place because she can afford the low “mortgage payment” will come crashing down one day because: - there is more to owning a house then the mortgage (ask me, 5k damage from a pipe bursting in the basement!). - a husband (ex) that will grow impatient waiting for his share of the equity. NEVER TRY TO HOLD ON TO THE FAMILY HOME AFTER A DIVORCE is a wise rule to live by but one many divorce woman do. I M not even going to pay attention to all this wall of text because it as true as global warming... I just want to say that my friends BF who has a successful business for over 30 years...that man sold the house and went on around the world trip and came back and his business keep doing well WAS DENIED LOAN BU HIS BANK! So I am not even paying attention to all this ‘assumptions’f Thanks for the post anyway
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binl1908
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Post by binl1908 on Mar 26, 2019 12:43:15 GMT -5
Back in the early 2000's my SIL/BIL -after missing a few payments- had to refinance their mortgage with $0 equity. Somehow they finagled it so that my FIL "owned" the house (paperwork only - nothing out of his pocket.) and they (he) got a special mortgage ( I think it was called a "Payment Option ARM"- BIL's sister was in the refinance business) where you had three payment options : 1) full payment with payoff in 30 yrs about $1400 a month, 2) interest only - you had to pay the lump sum after 30 yrs - about $1100 a month, or 3) reverse equity payment ~ $700 month where you owed more on the house than the previous month. After a couple of years of this I looked into it at my FIL's request and he "owned" the 150K house but now owed 170K to the bank. BIL had only been paying under option 3 (while telling FIL they were paying under option 1). Well this led my FIL to a forced eviction of his daughter and SIL, the rest of the family cleaning out (2 dumpsters) and "staging" the house. Luckily he cleared 160K at the end as the market improved in the year it took him to sell. Only cost him about 10-12K total. Daughter and SIL divorced. So there were some types of mortgages available that would never be paid off. Could have been "2%"..... You had to look deep into the fine print to see what you actually owed at any time.
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Post by Deleted on Mar 26, 2019 14:53:29 GMT -5
Back in the early 2000's my SIL/BIL -after missing a few payments- had to refinance their mortgage with $0 equity. Somehow they finagled it so that my FIL "owned" the house (paperwork only - nothing out of his pocket.) and they (he) got a special mortgage ( I think it was called a "Payment Option ARM"- BIL's sister was in the refinance business) where you had three payment options : 1) full payment with payoff in 30 yrs about $1400 a month, 2) interest only - you had to pay the lump sum after 30 yrs - about $1100 a month, or 3) reverse equity payment ~ $700 month where you owed more on the house than the previous month. <snip>
So there were some types of mortgages available that would never be paid off. Could have been "2%"..... You had to look deep into the fine print to see what you actually owed at any time. Yes, those were truly toxic but they appealed to the buyer whose only concern was the monthly payment. They all started with a low "teaser" rate and 2% was typical. After a year or so they could be adjusted to market rates (sometimes with a cap on the increase) but you could keep paying as if the rate held at 2%, meaning your principal that you owed to the bank increased every month. Really sad that your SIL and BIL lied to your FIL about the payments they were making.
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tloony
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Post by tloony on Mar 26, 2019 15:08:59 GMT -5
I have all the paperwork. Withbdaye when mybmortgage will be paid OFF! I was refinanced by my mortgage bank.
And I want to ask guru Haitian...
Would you rather sell the house that cost $1250 per month and 2 renters can make it FREE FOR YOU OR sell the house and pay $1500 for appartment?
I am open for brilliant suggestions.
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swamp
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Post by swamp on Mar 26, 2019 15:11:48 GMT -5
what are the taxes and utilities for the house? Do you have a reserve for repairs? The only cost isn't the mortgage.
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Post by Deleted on Mar 26, 2019 15:50:26 GMT -5
what are the taxes and utilities for the house? Do you have a reserve for repairs? The only cost isn't the mortgage. And what about insurance? I have NEVER heard of a lender who didn't require to be named as additional insured as long as they had a mortgage interest, including primary and HELOC lenders. BOA is additional insured for me even though I have zero balance outstanding on the HELOC. Since it sounds like the area is experiencing rising home values, it's a reasonable assumption that taxes are rising too.
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Deleted
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Post by Deleted on Mar 26, 2019 16:01:15 GMT -5
what are the taxes and utilities for the house? Do you have a reserve for repairs? The only cost isn't the mortgage. If something breaks you put your name on "the list" and the city gives you the money. Keep up swamp.
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Deleted
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Post by Deleted on Mar 26, 2019 18:25:04 GMT -5
Group, I think she is under this program (only 2% loan I can find): www.thetruthaboutmortgage.com/some-homeowners-will-receive-permanent-2-interest-rates-as-a-result-of-bank-of-america-mortgage-settlement/Based on her post history, it wouldn't surprise any of us she had a self-declared earnings (when she had the grocery store) loan through BOA. The settlement seems to have been for anyone caught up in that loan type, so a savvy broker would have gotten them qualified, even though she didn't lie on the original income. TLoony - The board is always interested in any programs that give people below market rates (which 2% is). They also are very educated on all the variety of loan options, so we want to know so we can give good advice to OPs so they can make the best decision. Also, other readers can benefit about learning of programs that exist that can save them money. I'll take a shot at this: Would you rather sell the house that cost $1250 per month and 2 renters can make it FREE FOR YOU OR sell the house and pay $1500 for apartment?
Well, with $130K on the line, if I couldn't afford the house at $1250/month on my own, taking my share of $65K and renting for $1500/month gives me 43 months before I'm homeless. In reality, longer as that $1250/month doesn't pay for repairs, property taxes or the $65K you owe your ex-husband that can force a sale (or cause a foreclosure if he doesn't help pay and you don't find renters/boyfriend to pay). Renters are a huge risk, they can stop paying rent, move out or even worse require eviction (scam you for free housing). They can also damage your house so your $130K in equity disappears tomorrow and suing them won't yield any money (they are judgement proof). I think you realize this as that is why you want your ex to stay renting in the house. Only you can decide if the risk of keeping the house is worth the potential losses. Only you can decide do you want to become a landlord. The board simple points out risk, experiences, and general articles (like most divorce articles saying don't keep the family home as you no longer have a joint income to support the costs).
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Deleted
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Post by Deleted on Mar 26, 2019 18:27:04 GMT -5
what are the taxes and utilities for the house? Do you have a reserve for repairs? The only cost isn't the mortgage. If something breaks you put your name on "the list" and the city gives you the money. Keep up swamp. Thanks - I really need this and is why I keep stalking the thread.
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TheOtherMe
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Post by TheOtherMe on Mar 26, 2019 18:57:57 GMT -5
@logicnow That was the only information I could fine on 2% loans.
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Deleted
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Post by Deleted on Mar 26, 2019 20:17:14 GMT -5
She says her loan is with Chase though.
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TheOtherMe
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Post by TheOtherMe on Mar 26, 2019 20:21:54 GMT -5
She says her loan is with Chase though. That was the reason I didn't post the article. But nothing makes sense .....
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tallguy
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Post by tallguy on Mar 26, 2019 20:56:19 GMT -5
Were you really expecting it to?
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Post by The Walk of the Penguin Mich on Mar 26, 2019 22:22:30 GMT -5
No.
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TheOtherMe
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Post by TheOtherMe on Mar 27, 2019 8:47:02 GMT -5
Were you really expecting it to? Could not resist
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NancysSummerSip
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Post by NancysSummerSip on Mar 29, 2019 19:13:42 GMT -5
Why do I keep opening this thread? It makes my head hurt. It's like slamming shots of Jaegermeister. Or eating ghost peppers. It's a challenge, and it's addicting, until that throbbing pain in your head gets going, like a thousand-car freight train hitting your cerebral cortex. You KNOW that decoding the Loony is a losing game, but you keep coming back, hoping this time, finally, you'll break through AND THE LIGHT OF WISDOM AND UNDERSTANDING WILL BE YOURS. Actually, most of us do it because it's interesting to see someone pick up a bigger and bigger shovel and keep digging a bigger and bigger hole for themselves. We keep thinking they'll disappear down that financial sinkhole, but noooooooooo, they pop back up somehow.
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Post by Deleted on Mar 29, 2019 19:53:43 GMT -5
Why do I keep opening this thread? It makes my head hurt. It's like slamming shots of Jaegermeister. Or eating ghost peppers. It's a challenge, and it's addicting, until that throbbing pain in your head gets going, like a thousand-car freight train hitting your cerebral cortex. You KNOW that decoding the Loony is a losing game, but you keep coming back, hoping this time, finally, you'll break through AND THE LIGHT OF WISDOM AND UNDERSTANDING WILL BE YOURS. Actually, most of us do it because it's interesting to see someone pick up a bigger and bigger shovel and keep digging a bigger and bigger hole for themselves. We keep thinking they'll disappear down that financial sinkhole, but noooooooooo, they pop back up somehow.
POTD!
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tloony
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Post by tloony on Apr 4, 2019 18:34:26 GMT -5
I actually have a choice between woman with kids or a couple who will pay my mortgage. Husband just moved out.
If my bf is going to have ability to move to my state with child - I’ll be fine in July!
If he isn’t moving - renters will continue to pay the mortgage. So what about the shovel?
And btw my roof and interior will be paid by my insurance company. Just thought you wanted to know..
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NancysSummerSip
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Post by NancysSummerSip on Apr 5, 2019 18:46:30 GMT -5
I actually have a choice between woman with kids or a couple who will pay my mortgage. Husband just moved out. If my bf is going to have ability to move to my state with child - I’ll be fine in July! If he isn’t moving - renters will continue to pay the mortgage. So what about the shovel? And btw my roof and interior will be paid by my insurance company. Just thought you wanted to know.. If your bf decides to just leave one day, you'll be picking up that shovel...again. If you take on renters, and they decide to leave suddenly one day AFTER trashing your place, you'll need that shovel...again. And what happened to your roof and home interior that you are getting insurance money? Did your XH trash those for good measure before leaving? I tell ya, just when I think I finally have all the puzzle pieces in this picture laid out, Loony finds a few more random bits from somewhere and tosses them in. It's like trying to play Monopoly on a roller coaster using Lego components. It's just that kind of . It's whack-a-mole meets Groundhog Day and they both say WTF?
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