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Author Topic: Questions about stop paying mortgage bills, foreclosure, etc?  (Read 1676 times)

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Offline baddabing

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Questions about stop paying mortgage bills, foreclosure, etc?
« on: August 26, 2015, 10:20:43 AM »
If you stop paying your mortgage, how long before they will actually evict or kick you out.

My house was bought for 140k, now it's only worth around 100k.

I want to run away from it, is it a wise thing to do?

Who's done it?


« Last Edit: August 26, 2015, 10:32:02 AM by baddabing »

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Offline VillainousHero

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #1 on: August 26, 2015, 01:00:01 PM »
I wish they would devalue my house...make it worthless so my taxes would go down.  I live next to the rail road tracks...geez. ..



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The real villain is looking at you.  The last hero was just not true.  If everything works out in the end.  It's because all things make amends.

Offline VillainousHero

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #2 on: August 26, 2015, 01:15:41 PM »
Any I stopped paying for my house, only because I was broke and plastic maxed...still plastic maxed, but am working again. 

I contacted my mortgage company first about my hardship, they said they won't do anything unless I actually failed two consecutive payments...wel l when that time came they said they would send some paperwork for me to fill out.  I repeatedly followed up on where's that paperwork... Another two months finally past and speaking to a pretend supervisor finally got them to overnight the paperwork... Meanwhile they were adding all these fees to my mortgage.  I offered some payment, but they refused unless I could pay the whole delinquent amount. 

Yeah they started the foreclosure process on me, cuz they want my property.   They weren't going to lose any money, just me.  Well finally my father decides he will help out...but now I owe the old guy.  Not sure when I can pay him back, but he will expect me to pay for all funeral costs...when that time comes.

If I had a worthless property, I'm sure they wouldn't be so quick to try to swipe it from me.



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The real villain is looking at you.  The last hero was just not true.  If everything works out in the end.  It's because all things make amends.

Offline SummerBerry

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #3 on: August 28, 2015, 11:56:12 AM »
It depend because I know my area or the homes on my street are build 2007.  4 models and they are sold for 350-380k.  Market crashed and dropped to half in 2010.  We purchased our home for 180k but it was sold 380k in 2007.  You won't find many 1st time homeowner anymore.  They all foreclosure their home or short sale.

It take anywhere from 6 months to a year to get evicted or go into foreclosure.  My neighbor across the street been trying to sell their home for 300k when market value is just 240-260k.  I never saw them have open house. Its already in foreclosure so they just waiting to get out. I have another neighbor who is still living and paying mortgage but is listing their home on the market for 400k as make me move method.  My Chinese neighbor next door purchased the house when attending UC Merced for 160k cashed out just a few months before we moved next door.  He graduated this past May along with all his roommates that have been living with him for a while.  He told us there is nothing here for him and he's moving to LA where his parent have a import/export business and a home.  His parent listed it for 259k and it sold over the summer.  We now have 4 new UC Merced student who just moved in on Tuesday because school started on Wed. 

When we was house hunting no new home construction was going on but now we have a few area where the empty lot been sitting there for a while is picking up again but new home are anywhere between 300k up even single level 3 bedroom.  I don't know how people are going to be able to afford home in Merced when there is hardly job or anything.  Renting is high too for a city most people think cost of living is cheap but wrong if they search and look around........ ...  Most home on my street 2nd homeowner is actually just investor from Bay Area renting it out for the 3 bedroom $1100 and the 4 bedroom $1300-1400.  If they are still 1st homeowner trying to rent it out they want almost as much as their mortgage and who is going to rent at that price.




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Offline Snowdrop

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #4 on: August 31, 2015, 04:03:25 PM »
If you stop paying your mortgage, how long before they will actually evict or kick you out.

My house was bought for 140k, now it's only worth around 100k.

I want to run away from it, is it a wise thing to do?

Who's done it?
Some I heard of can be as soon as three months and some can be as long as two years.  I am not sure if foreclosure delay is still the same as it was when the housing market crashes.  If I were you, I would not foreclosed it unless if I have money to buy another home.  Also if you did not make any down payments.  House market value will rise again. 



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Wherever you may be, I wish you well.

Offline nightrider

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #5 on: September 11, 2016, 12:44:47 PM »
I wish they would devalue my house...make it worthless so my taxes would go down.  I live next to the rail road tracks...geez. ..

lol Don't we all?

baddabing,
If it's just you, being unemployed for sometime, and your assets are untraceable. Dumping the house would be ok. But just know that renting a place cost just as much as owning one too. I'm a simple person, so for me personally, if that's how much my house' market value is, I wouldn't care but wish that it be even lower so I don't have to shell out so much in taxes. Cause you know why? I have no plans to sell. It only benefits you if you plan to sell. If you don't plan to sell, you're better off with a devalued house. So in your case, if you're looking to cash in on your house it would be bad but if you're not looking to sell, it's considered a BLESSING FORTUNE.

For those that have bought their property at the peaked value. Only way out is to live with cockroaches and mice; the ghettoest neighborhood one can find. Otherwise, you're stuck with a 30yr life sentence and in noways better off than folks on welfare.



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Offline moonangel

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #6 on: September 12, 2016, 10:59:27 AM »
If you stop paying your mortgage, how long before they will actually evict or kick you out.

My house was bought for 140k, now it's only worth around 100k.

I want to run away from it, is it a wise thing to do?

Who's done it?

Our neighbor did what's called a Loan Modification where they were to fall back two payments so they'd look like they weren't making payments thus qualifies them for this program.  I'm not sure exactly how it works but in the end, the neighbor sold their house for a loss 'cause they had other issues to deal with unrelated to the house...or maybe it's all tied together but it was more of a personal issue.




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Offline moonangel

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #7 on: September 12, 2016, 11:01:47 AM »
Any I stopped paying for my house, only because I was broke and plastic maxed...still plastic maxed, but am working again. 

I contacted my mortgage company first about my hardship, they said they won't do anything unless I actually failed two consecutive payments...wel l when that time came they said they would send some paperwork for me to fill out.  I repeatedly followed up on where's that paperwork... Another two months finally past and speaking to a pretend supervisor finally got them to overnight the paperwork... Meanwhile they were adding all these fees to my mortgage.  I offered some payment, but they refused unless I could pay the whole delinquent amount. 

Yeah they started the foreclosure process on me, cuz they want my property.   They weren't going to lose any money, just me.  Well finally my father decides he will help out...but now I owe the old guy.  Not sure when I can pay him back, but he will expect me to pay for all funeral costs...when that time comes.

If I had a worthless property, I'm sure they wouldn't be so quick to try to swipe it from me.

You are lucky to have your dad to help.



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"In all our searching, the only thing we've found that makes the emptiness bearable, is each other." Carl Sagan

Offline Sifu

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #8 on: September 12, 2016, 02:41:48 PM »
Banks trying to kick you out no longer give you 6 months from what I hear.  They want their money and they want you out ASAP so they can sell it to the next person.



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Offline nightrider

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #9 on: September 12, 2016, 07:58:01 PM »
Our neighbor did what's called a Loan Modification where they were to fall back two payments so they'd look like they weren't making payments thus qualifies them for this program.  I'm not sure exactly how it works but in the end, the neighbor sold their house for a loss 'cause they had other issues to deal with unrelated to the house...or maybe it's all tied together but it was more of a personal issue.

Loan mods are a good plan for folks with high mortgage rates but there's always a catch isn't there? You still be paying for a long time not to mention fees for the mod. The banks always wins, no matter what kind of deals you strike with them.



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Offline moonangel

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #10 on: September 13, 2016, 11:54:22 AM »
Maybe it started off as high interest rates but I don't think that's the case anymore.  I don't believe that the nurses, IT people, and business owners who live here would be okay with a high interest rate on a house that is over $400K.  They would be paying like $3000 a month for their house and I doubt they'd do that.  It's mostly that they lost their jobs.  We had another neighbor (not next door) who did the loan mod too and it worked out for them.  The husband lost his job.  I believe they did the loan mod like 3 years ago and they are still living there.



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"In all our searching, the only thing we've found that makes the emptiness bearable, is each other." Carl Sagan

Offline nightrider

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Re: Questions about stop paying mortgage bills, foreclosure, etc?
« Reply #11 on: September 13, 2016, 07:06:11 PM »
Yes, loan mods do help home owners whom has fallen behind their payment whether a spouse lose a job or just simply can't keep up. It's design to lower bills so people can continue to stay in their homes.  But I don't think people can get that nowadays, knowing that the economy has made a come back.



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