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  #1  
Old 11-20-2008, 01:57 AM
punjabi77 punjabi77 is offline
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Default Pending 485 and file for foreclosure

I had bought a house 2 years back thinking that i will sell it after couple of years and make money. I know many people might have done that. I didnt knwo that having a house will become a burden for me wrt moving to a different place in search of a job. I do see jobs in cities outside my state and was thinking of applying for those jobs. My problem is that if i sell my house, i will have to pay from my own pocket.
Having a house in this market has become a pain as it has made me immobile with respect to good job offers.
I was thinking that incase i find a job in a different state and cannot travel back home frequently and also renting is not a good option then should i leave the house to the bank for foreclosure?
Will this affect my GC process. I have no plans of buying a house in coming years.
What might be an outcome of foreclosure, keeping in mind that i am wiating for my GC process.
If anyone had an experiecne like this or may know someone, please share ur thought..
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  #2  
Old 11-20-2008, 01:43 PM
lord_labaku lord_labaku is offline
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Default

I dont think it will affect your GC at all. But it will greatly affect your credit history. That being said....foreclosure probably is the easily viable option when you have a large negative equity & have to sell the house.

Wonder why we are in this real estate mess??
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  #3  
Old 11-20-2008, 02:40 PM
lskreddy lskreddy is offline
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Default

I am sure you must have thought a lot before the 'foreclosure' came into your mind. Here is an advice. If there is not too much that you will have to put out from your own pocket, then it is better to take the hit and move on.

If you do foreclose, it might not be the best for credit history as well as in some random cases, job search. Jobs usually do a background check and that includes credit check in some cases as well. I hope it has no bearing but in some cases can. I don't think it will have any impact on your GC. Even if you don't have plans to buy a house, there are far more things that can impact. None of us want to live on credit but in US it is almost a necessary evil. Car, credit cards and the other nine yards that come with it also become scarce for the next few years. So, tread carefully.

Have you discussed with your bank? Foreclosure is a huge hit for the bank and they may be able to work with you on what you owe.

All the best.

Last edited by lskreddy; 11-20-2008 at 02:42 PM.
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  #4  
Old 11-20-2008, 02:55 PM
gccovet gccovet is offline
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Default

Quote:
Originally Posted by punjabi77 View Post
I had bought a house 2 years back thinking that i will sell it after couple of years and make money. I know many people might have done that. I didnt knwo that having a house will become a burden for me wrt moving to a different place in search of a job. I do see jobs in cities outside my state and was thinking of applying for those jobs. My problem is that if i sell my house, i will have to pay from my own pocket.
Having a house in this market has become a pain as it has made me immobile with respect to good job offers.
I was thinking that incase i find a job in a different state and cannot travel back home frequently and also renting is not a good option then should i leave the house to the bank for foreclosure?
Will this affect my GC process. I have no plans of buying a house in coming years.
What might be an outcome of foreclosure, keeping in mind that i am wiating for my GC process.
If anyone had an experiecne like this or may know someone, please share ur thought..

Rent your house using Property management compnay. Why? While you are away from the state your house is, property mgmt. company will take care of renting your house as well as maintain everything, you will get less money and might have to shell out some money out of your pocket to pay mortgage.
In above case,
1. talk with your mortgage lender, see if they are willing to lower your monthly mortgage (e.g. by spreading it for 40 years instead of traditional 30 yr. loan)
2. Search for reputed Pro. mgmt. comp in your area, talk with them and see what are your chances of ending up a tenant.
3. I would suggest you to think twice before going for foreclosure as previous poster suggested.
4. If you decide to go for foreclosure, make sure you landup in a job before you go for the proceedings.
5. There are different types of foreclosures, research on which one will be less impact to you.
http://ezinearticles.com/?Foreclosur...ere?&id=494111

Good luck.
GCCovet.
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Last edited by gccovet; 11-20-2008 at 02:57 PM.
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  #5  
Old 11-20-2008, 03:40 PM
kumar1 kumar1 is offline
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Default

Do things in this order -

1. Find a job first.
2. Secure a good apartment at new job's location.
3. If you need a better car buy one right now.
4. Get some credit cards.
5. Let your home go to foreclosure.

It is a financial decision. Every once in a while, most of us go to different stores and ask them to match the price for the item that we had purchased earlier. If they do not match the price then we return that item. Don't we? Do not get sentimental. Just walk off! Your credit history would get screwed but if you plan it the way I said above, you will be fine. Good luck.

And it won't affect your GC.
__________________
Came to US in 2001
First Labor - 2002 (BEC, job loss)
Second Labor- July 2005 EB3-I
I-140 - Approved
I-485 - July 2007 and pending
Filed 2nd labor in 2009
Filed 2nd I-140 in 2009
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GC in 08-2010 almost 10 years after coming to the US.
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  #6  
Old 11-20-2008, 04:16 PM
little_willy little_willy is offline
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Default ????

Correct me if I am wrong. If a person has a good paying job and if he decides to foreclose, isn't he responsible for the loss incurred by the bank. It is a different case if you have no income, but just because you lost money because of a wrong decision, how could you walk away free with just a dent in your credit history. Maybe I am missing something here.

BTW, I am not judging OP in any way, just curious with how foreclosures work as they make headlines everyday now.
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  #7  
Old 11-20-2008, 04:26 PM
punjabi77 punjabi77 is offline
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Default

Quote:
Originally Posted by little_willy View Post
Correct me if I am wrong. If a person has a good paying job and if he decides to foreclose, isn't he responsible for the loss incurred by the bank. It is a different case if you have no income, but just because you lost money because of a wrong decision, how could you walk away free with just a dent in your credit history. Maybe I am missing something here.

BTW, I am not judging OP in any way, just curious with how foreclosures work as they make headlines everyday now.
Thanks for the feedback so far from people on this group.
Answering to the question about making bad decision and having a good job..well it is not my bad decision that has brought down the whole market but the banks and stupid people who took loan and didnt knew the consequences of ARM loans and then started filing for foreclosure.. because of those foreclosures the property rates have went down and i cannot get what i paid for the house.
if this whole mess was not there then anyone can find a good job and sell his house, if not profit then atleast with no loss..

i hope u got my point..
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  #8  
Old 11-20-2008, 04:41 PM
RDB RDB is offline
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Default Is Renting not an option?

I am sure you have already tried this, but is renting it out not a good option? Even if you rent it out for half the price than your current monthly mortgage amount and if you get a salary hike of approx that much difference, won't it be better? For e.g., let's say you are paying $2000 monthly mortgage payment and you rent it out for $1000, the difference is $12000 per year (out of your pocket) - would this be approx. equal to the amount of salary increase you are getting if you get a new job?

Quote:
Originally Posted by punjabi77 View Post
Thanks for the feedback so far from people on this group.
Answering to the question about making bad decision and having a good job..well it is not my bad decision that has brought down the whole market but the banks and stupid people who took loan and didnt knew the consequences of ARM loans and then started filing for foreclosure.. because of those foreclosures the property rates have went down and i cannot get what i paid for the house.
if this whole mess was not there then anyone can find a good job and sell his house, if not profit then atleast with no loss..

i hope u got my point..
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  #9  
Old 11-20-2008, 04:42 PM
kumar1 kumar1 is offline
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Default

Little_Willy,

Yes, it is that simple. If you just walk away from your home, bank can only touch your home and credit history. They can not go after your automobile\gold\savings\other property....anything. You are not missing anything. That is why we are seeing so many people around us just walking away from their homes. Thank God I rent but if my property's value go down 200 k in 2 years, heck I would walk away with a smile on my face. No strings attached.

Walking away would have been difficuly had you put 20% down, i.e. involving your hard earned money in the deal. In that case you would have waited to see the market and hoped that it would revive. If put 0% down and bank has given you 100% loan, then it is the bank who has taken all the risk. You have practially no risk in that deal. Just like cloth....return it to the bank. Hey....you don't have to even clean it up...like you do in the case of apartment move. ;-)

0% down, ARM, interest only.....when all these goodies were floating around, it was hard to resist.


Quote:
Originally Posted by little_willy View Post
Correct me if I am wrong. If a person has a good paying job and if he decides to foreclose, isn't he responsible for the loss incurred by the bank. It is a different case if you have no income, but just because you lost money because of a wrong decision, how could you walk away free with just a dent in your credit history. Maybe I am missing something here.

BTW, I am not judging OP in any way, just curious with how foreclosures work as they make headlines everyday now.
__________________
Came to US in 2001
First Labor - 2002 (BEC, job loss)
Second Labor- July 2005 EB3-I
I-140 - Approved
I-485 - July 2007 and pending
Filed 2nd labor in 2009
Filed 2nd I-140 in 2009
Ported the PD
GC in 08-2010 almost 10 years after coming to the US.
*****************************
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  #10  
Old 11-20-2008, 05:27 PM
sledge_hammer sledge_hammer is offline
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Default

Worst advice I have seen so far. It is morons w/ no scruples like you that have brought us into the mess we are in...

Shame on you!

Quote:
Originally Posted by kumar1 View Post
Do things in this order -

1. Find a job first.
2. Secure a good apartment at new job's location.
3. If you need a better car buy one right now.
4. Get some credit cards.

5. Let your home go to foreclosure.

It is a financial decision. Every once in a while, most of us go to different stores and ask them to match the price for the item that we had purchased earlier. If they do not match the price then we return that item. Don't we? Do not get sentimental. Just walk off! Your credit history would get screwed but if you plan it the way I said above, you will be fine. Good luck.

And it won't affect your GC.

Last edited by sledge_hammer; 11-20-2008 at 05:39 PM.
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  #11  
Old 11-20-2008, 05:50 PM
thepaew thepaew is offline
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Default You may be on the hook for taxes

Let's set the questionable ethics of this idea aside for the moment.

I think that any loss that the bank occurs is treated as income on your part by the I.R.S in case of a "short-sale" as it is considered "forgiven debt". Also, in some states, a second "piggy-back" mortgage is a "recourse" loan - that would mean that they can come after you for that portion.

In case of a "sheriff-sale" there are no taxes owed - except for any second mortgage, HELOC, etc.

Think it through - you may have trouble renting a place or finding a job.

Quote:
Originally Posted by punjabi77 View Post
I had bought a house 2 years back thinking that i will sell it after couple of years and make money. I know many people might have done that. I didnt knwo that having a house will become a burden for me wrt moving to a different place in search of a job. I do see jobs in cities outside my state and was thinking of applying for those jobs. My problem is that if i sell my house, i will have to pay from my own pocket.
Having a house in this market has become a pain as it has made me immobile with respect to good job offers.
I was thinking that incase i find a job in a different state and cannot travel back home frequently and also renting is not a good option then should i leave the house to the bank for foreclosure?
Will this affect my GC process. I have no plans of buying a house in coming years.
What might be an outcome of foreclosure, keeping in mind that i am wiating for my GC process.
If anyone had an experiecne like this or may know someone, please share ur thought..
__________________
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DC Rally
Monthly Financial Contributer

Last edited by thepaew; 11-20-2008 at 06:04 PM.
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  #12  
Old 11-20-2008, 07:06 PM
kumar1 kumar1 is offline
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Default

You are not the only one who thinks this way! Do you want to stuck with your house...paying 600k mortgage for 300k worth house? It is stupid people like you who would, I won't!

Those who are walking away are smart. Banks are stupid to finance 100%. If you go bankrupt, govt won't bail you out. If banks go belly up, govt would give 750 billion!

Keep your emotions checked. Do not talk like you haven't returned anything in Wat Mart if you found same item 25 cents cheaper somewhere else.

Quote:
Originally Posted by sledge_hammer View Post
Worst advice I have seen so far. It is morons w/ no scruples like you that have brought us into the mess we are in...

Shame on you!
__________________
Came to US in 2001
First Labor - 2002 (BEC, job loss)
Second Labor- July 2005 EB3-I
I-140 - Approved
I-485 - July 2007 and pending
Filed 2nd labor in 2009
Filed 2nd I-140 in 2009
Ported the PD
GC in 08-2010 almost 10 years after coming to the US.
*****************************
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  #13  
Old 11-20-2008, 09:34 PM
qasleuth qasleuth is offline
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Default

Kumar1, You have a reputation of "beyond repute" on this forum and one of the leaders who people expect to lead us. Is this the ethical/moral standard you live by ? Disgustingly shameful. And are you one of those people who throw empty cups in a trash can over here but chuck it onto the streets when you go back to your home country ? I bet you are. You rent and have no idea about what you are talking about yet doling out useless/dangerous suggestions.

Paujabi77, I will not get into moral/ethical dialog with you (inspite of your comments like "i will sell it after couple of years and make money")

Actually you should consider yourself in the same group as these so called stupid people, cannot exclude yourself as a smart person just because you did not take an ARM. Any decent website/article/source of info will tell you that you cannot buy a house if you are planning on staying for less than 2 years.
"well it is not my bad decision that has brought down the whole market but the banks and stupid people who took loan"

Here is some real advice:
Letting your bank forclose on you or filing for bankruptcy is not a decision you take lightly asking people on the forum for advice. Your credit score can go down by as much as 300 points affecting you financially over the next few years which you perhaps have not really thought about. Just because you have existing loans (like credit cards) on a low rate does not mean they are 'locked'. Banks can hike the rates periodically based on your current score often to as high as 32 %. This is not pennies but can be hundreds of dollars in interest. Ever got harsh calls from collectors ? Ever got evicted from your place of residence ? Ever got denied when you try to rent ? Try living only on cash for a few weeks and see how it feels without credit. I have not gone through any of those thankfully but have seen and heard horror stories. Consult a professional or do research on your own before making a decision.

Quote:
Originally Posted by kumar1 View Post
You are not the only one who thinks this way! Do you want to stuck with your house...paying 600k mortgage for 300k worth house? It is stupid people like you who would, I won't!

Those who are walking away are smart. Banks are stupid to finance 100%. If you go bankrupt, govt won't bail you out. If banks go belly up, govt would give 750 billion!

Keep your emotions checked. Do not talk like you haven't returned anything in Wat Mart if you found same item 25 cents cheaper somewhere else.

Last edited by qasleuth; 11-20-2008 at 09:52 PM.
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  #14  
Old 11-20-2008, 09:43 PM
n_2006 n_2006 is offline
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Default Wow

How come others are stupid and you are not? They did the same thing what you did. They also thought they can make some money by selling their house in few years. They are stupid because they took ARM loans? Or foreclosed before you? Did you thought about consequences before buying the house?

Yep. You are wise. All others are stupid.

Quote:
Originally Posted by punjabi77 View Post
Thanks for the feedback so far from people on this group.
Answering to the question about making bad decision and having a good job..well it is not my bad decision that has brought down the whole market but the banks and stupid people who took loan and didnt knew the consequences of ARM loans and then started filing for foreclosure.. because of those foreclosures the property rates have went down and i cannot get what i paid for the house.
if this whole mess was not there then anyone can find a good job and sell his house, if not profit then atleast with no loss..

i hope u got my point..
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  #15  
Old 11-20-2008, 10:29 PM
kshitijnt kshitijnt is offline
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Default

Quote:
Originally Posted by qasleuth View Post
Here is some real advice:
Letting your bank forclose on you or filing for bankruptcy is not a decision you take lightly asking people on the forum for advice. Your credit score can go down by as much as 300 points affecting you financially over the next few years which you perhaps have not really thought about. Just because you have existing loans (like credit cards) on a low rate does not mean they are 'locked'. Banks can hike the rates periodically based on your current score often to as high as 32 %. This is not pennies but can be hundreds of dollars in interest. Ever got harsh calls from collectors ? Ever got evicted from your place of residence ? Ever got denied when you try to rent ? Try living only on cash for a few weeks and see how it feels without credit. I have not gone through any of those thankfully but have seen and heard horror stories. Consult a professional or do research on your own before making a decision.

First of all I am not affected by foreclosure and nor do I own a property.

Now let me say this: What is the fault of Punjabi if his house price went down by $200K? He has a load which is not only more than his house value, he is also paying an interest on that loan. It is true that he has got into hot water but how many years will it take to make $200 K? Most of us are not millionaires here. It is true that he will suffer for a few years but I dont see why giving up the house is not an option. Why would he continue to pay interest and principal when his house may not get to the same value in his lifetime? I think foreclosure is a small price to pay in that light.
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Can I file 485 when H1 ext. is pending? anil All other Green Card Issues 19 06-15-2007 03:35 PM
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