California payday loans online
And plus if the RE market crashes I would rather be stuck in the new location with a little cushion than the old location underwater and basically back where I was in 2010 when I left a house to buy another and let the first go after renting it a bit. Timing wasnt the best but you never know, I might be able to sell this current one before the cards tumble.
I am thinking a few steps ahead to decisions that I hope never have to be made. I just (late last year) did a cash out refinance on my current home and used that money to put down on another. I think I will be able to sell the current house (going to list shortly) for a descent price and get a little equity still out of it. My understanding is that the same process applies as any other loan, except I took cash out, so the lender COULD file the foreclosure as a judicial and seek a deficiency judgment.
However, that is unlikely given that most are non-judicial foreclosures and the lender would therefore not california payday loans online be able to seek anything after that. Im not sure if what you did makes any financial sense at all.
You refied the old house but used the money to buy another house?
And you already went through the previous market collapse in 2008-2010 when you lost that house. I very bad credit personal loans learned my lesson when I was in the same situation.
Filed bankruptcy but stayed in my house with no intention of selling , refi or moving in the next 10 years at least. Houses are a place to live, not an investment for most people. I hate to say this but the current environment is not to blame for your troubles.
Markets go up and down and we are just at the beginning of a down market in housing and stocks. California may be differant than other states, but you have to realize that from the previous down market and not repeat it. Unless you absolutely can afford this new house and sell the old one, you should probably back out and take the limited losses now. The risk is too high that you could lose both houses. However I am not interested in what you think I should do, or what lessons I should have learned. In fact, I think I did pretty good with online installment loans direct lenders the crash in 2008. I had a house that I was upside down in and I went and purchased another and rented the upside down house.
If they are strictly places to live, then who cares what your rate is or what you pay?
It is not ONLY an investment because yes you have best short term loan to live somewhere, but we could easily live in apartments and never buy houses, we buy houses because ownership is said to have a financial benefit and stability.
If you read my post, it was not meant to spark a philosophical discussion about what someone SHOULD do, it asked perceptions about what someone COULD do. I am not looking for support or reassurance, I am looking for FACTS about what is possible. However I am not interested in what you think I should do, or what lessons I should have learned.
In fact, I think I did pretty good with the crash in 2008. I had a house that I was upside down in and I went and purchased another and rented the upside down house. It got wrecked and beat up and I collected rent and let it go. I purchased the new house in 2010 and made a lot off of it because it was purchased at a deep discount. So that equity I did not allow to just evaporate like I did before. I did a cash out refi and put the money in a savings account to use for the down payment on a new house. I still have equity left to sell and maybe have about 40 or 50k leeway. Maybe I have to drop the price, maybe it gets so bad I cant sell.
I started this in October and the market has been great.
No one could have predicted this odd event, so sure I assumed the risk of something odd happening while I did this. If they are strictly places to live, then who cares what your rate is or what you pay?
It is not ONLY an investment because yes you have to live somewhere, but we could easily live in apartments and never buy houses, we buy houses because ownership is said to have a financial benefit and stability. If you read my post, it was not meant to spark a philosophical discussion about what someone SHOULD do, it asked perceptions about what low apr loans for bad credit someone COULD do. I am not looking for support or reassurance, I am looking for FACTS about what is possible. You buy a house, raise a family and then downsize to california payday loans online a smaller house when you retire. Invest your money in the stock market, not in your house.
And I agree with you that home ownership does give you financial benefits and stability that a rental apartment can not. Your last sentence sums it up well for you and what you consider an acceptable level of risk: It sounds like we both made it through the 2008 crisis but in different ways. I certainly look at housing much different than I did back then and will even tell you that I thought exactly like you when I bought my first house almost 30 years ago. However, when you get older, risk tolerance changes and I could not go through it again. You brought out different views, very important ones. Jzone is more humble and conservative in payday loan future decisions. Where as, OutsickToday is seeking opportunities at a risk and actually took advantage of the previous situation. But the bottomline is everyone background and situation are different. One may have family depending on them to have a shelter. Other may have rich relatives to retreat when all is gone. But high on the list, if it is true with what damage the Corona virus can do, we will all need to be humble and conservative.
I used some people help from here and I appreciate it a lot. The rate is calculated for a 20 years amortization.
Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Hello All, I am still here and see some of familiar names, still. My 10 years are passed already, wow,,,1500 installment california payday loans online loan after postponing I dont know how many hundred times loans for people with very bad credit we have another sale date on this Wednesday. ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW... What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure.