Sub-Prime Fallout

aimeecc · 01-28-2008, 10:11 AM

A friend of mine defaulted. The bank messed up. He knew he was behind on payments, but had moved, house was on the market but not selling... He talked to billing over and over and they set up an arrangement for reduced payments, blah blah blah. Then he got a notice from a different department that the house was now in short sell status. Sold right from under him. I guess the default department doesn't talk to the billing department or something. He was angry, but didn't have the time or energy to fight it.

I'm buying a home and staying far away from any adjustable rates... And praying the market doesn't continue to decline. I'd hate to buy it and find out 6 months later its going for $50k less.

classicman · 01-28-2008, 10:21 AM

Quote:

Originally Posted by aimeecc

A friend of mine defaulted. ...~snip~...The bank messed up. He was angry, but didn't have the time or energy to fight it.

Must be nice to be in that position.

Quote:

Originally Posted by aimeecc

I'm buying a home and staying far away from any adjustable rates... And praying the market doesn't continue to decline. I'd hate to buy it and find out 6 months later its going for $50k less.

There are many in that exact situation right now. Part of this issue is just that. People cannot sell a house to cover what they still owe on it.

aimeecc · 01-28-2008, 01:54 PM

Quote:

Originally Posted by classicman

Must be nice to be in that position.

If it were me, I'd fight it. He and his wife now have ruined credit and live in a small apartment. You bet I'd fight it. But his personality is more of the happy go lucky, 'let it be' kind.

I'm somewhat worried the agent who met us at a home we want to make an offer on doesn't really have our best interests in mind. I'm not sure about any obligation to her. No papers were signed.

lookout123 · 01-28-2008, 02:25 PM

she can fight it if she bothers to keep in touch and finds that you've bought a house she found for you while using another agent... but it is an uphill battle for her.

if you haven't signed anything with her and you don't trust her to really cover all the important details of the transaction, find someone new immediately.

01-28-2008, 02:25 PM	#4
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	she can fight it if she bothers to keep in touch and finds that you've bought a house she found for you while using another agent... but it is an uphill battle for her. if you haven't signed anything with her and you don't trust her to really cover all the important details of the transaction, find someone new immediately. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

01-28-2008, 10:11 AM	#1
aimeecc Super Intendent Join Date: Jan 2008 Location: Arlington, VA Posts: 249	A friend of mine defaulted. The bank messed up. He knew he was behind on payments, but had moved, house was on the market but not selling... He talked to billing over and over and they set up an arrangement for reduced payments, blah blah blah. Then he got a notice from a different department that the house was now in short sell status. Sold right from under him. I guess the default department doesn't talk to the billing department or something. He was angry, but didn't have the time or energy to fight it. I'm buying a home and staying far away from any adjustable rates... And praying the market doesn't continue to decline. I'd hate to buy it and find out 6 months later its going for $50k less.

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