phr7722
New Member
Cash: $ 0.90
Posts: 4
Joined: 02 May 2012
Location: iowa
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hello,
I purchased a house in 04... it is at least 25K under what is owed. I have it rented but its a money pit and the rent does not even cover the mortgage. I am already struggling financially and regret not cashing in '07 on the house. I dont know who to speak with regarding assistance as my situation is not straight forward. I live in 2 different states, so not sure how i can get state assistance. Have two mortgages....and to get assistance you have to default on them. Do i try to whether the storm? the property is in phoenix and I dont see it increasing in value 25k in the near future. Plus, I cringe whenever i have to deal with it. I was helping a friend, signed at the X and next thing i knew i had a house with no money down (money was easy to get and I had good credit) this house has also ruined my credit as i got behind -had surgery and thought it was on autopay. opps. so made up all of those payments and rehabed the house for another rental. Its just an awkward situation all around and i want to get out of it asap.
thank so much for any advice or guidance on what to do or who to deal with.
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Wed May 02, 2012 8:00 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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States don't give assistance to cover your investments - they use the State Welfare funds for the needy.
Why do you think that the house in Phoenix will not appreciate $25,000 in the future? Lots of landlords have houses that fluctuate in value - sometimes they are underwater in their loans, many times the rent won't cover the mortgages, none of that is unusual, that is part of being a landlord.
I don't think that you should be asking the tax payers to bail you out of a rental house that you have owned for 8 years - that hardly seems fair, the tax payers didn't invest in the house, you did.
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Wed May 02, 2012 10:02 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Agree with the poster above. It's immoral to back out of a promissary note that you signed up for because you don't feel like paying it.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu May 03, 2012 2:41 pm |
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phr7722
New Member
Cash: $ 0.90
Posts: 4
Joined: 02 May 2012
Location: iowa
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let me point out the obvious. Clearly, i wouldnt be renting my house if i could afford to live there, clearly i wouldnt be able to receive any support if i wasnt struggling. it wasnt purchased as an investment im renting it to try to not lose it. sorry, it would seem you dont understand someone who is struggling so perhaps its you that is immoral because you choose to only see your situation not someone else. Also, perhaps you should let every other person that has defaulted on their mortgage, car, student loans or credit cards how immoral they are...hmm would seem thats about 90 percent of the population. sorry to point out the obvious.
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Sat May 05, 2012 4:44 am |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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quote:
Originally posted by phr7722
Also, perhaps you should let every other person that has defaulted on their mortgage, car, student loans or credit cards how immoral they are...hmm would seem thats about 90 percent of the population. sorry to point out the obvious.
If 90% is the number of the population that is broke then no I definetly don't want to be like that and as Old Guy stated the tax payers shouldn't be left with the burden for others poor decisions. Sorry!
Risk comes from not knowing what you're doing. (Warren Buffet)
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Mon May 07, 2012 2:37 pm |
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eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
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Considered a short sale?
http://tinyurl.com/5aa73d
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Tue May 08, 2012 8:17 pm |
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