Sorry about the strong language. Our hopes for a moderate hit on our house has turned into a nightmare. What we were offered was soo low, we are more willing to foreclose then spend a lifetime paying off a house we no longer own. I prepared for emergencies by having a healthy savings account, paying off student loans fast, and paying out most bills for 6 months. We never wanted to be in need, God willing, but now it looks like we might consider joining the masses and ruining our credit, unless someone pays our asking price which is already making us fork out 10's of thousands of dollars.
Tuesday, October 12, 2010
THE MARKET SUCKS
Sorry about the strong language. Our hopes for a moderate hit on our house has turned into a nightmare. What we were offered was soo low, we are more willing to foreclose then spend a lifetime paying off a house we no longer own. I prepared for emergencies by having a healthy savings account, paying off student loans fast, and paying out most bills for 6 months. We never wanted to be in need, God willing, but now it looks like we might consider joining the masses and ruining our credit, unless someone pays our asking price which is already making us fork out 10's of thousands of dollars.
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I don't know what kinds of laws Oregon has, but from what I understand, when you short sell most banks do not expect you to pay off the remainder of the loan. Some will try to work out payback plans, but others don't even bother with it. You're credit gets a little messed up, but not as much as it would with a foreclosure. And, if the bank does try to ask for more than you can afford to pay, you can ALWAYS refuse and counter-offer. Hope this helps. Best of luck to you!
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