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Posted by Maxalot on November 22, 2006, 8:10 am
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>>I have a question regarding my home in Michigan.
>>
>> In May I was laid off from my job unexpectedly (automotive engineer).
>> We refinanced the house and took out the equity ($50000) to pay off
>> bills to free up cash to make sure we could pay our normal living
>> expenses.
>>
>> I have recently been offered a job out of state, but with the soft real
>> estate market in Michigan I am concerned that the house will not sell
>> anywhere near the appraised value if at all.
>>
>> What are the implications of forfeiting the house back to the lender?
>> Will this hurt my ability to buy a house in the new location? If the
>> house does sell for less that what we owe how is the excess handled?
>>
>> Any help would be appreciated.
>>
>
>Well you are not alone,
>The ex-wife of my brother did something like this, and then she gave the
>house to my brother without letting him before hand. My brother is now
>stuck with his ex-wife debt, this debt washed his portion of the house that
>she was supposed to pay him off after their divorce. I warned my brother
>ahead of time, he didn't know anything about rule and law of loan. She
>didn't know how to read and write but she wasn't totally stupid. The 2nd
>loan was based on 18% interest, for 20 years on top of the 1st one. My
>brother is about to make another mistake, he likes to refinance every 2-3
>years for fun. I told "stop stop your stupidity." Oh mine, now you know
>Gemini thinks too fast, acts too fast. Next time go with Venus Taurus.
All of this is the outcome of actions by our politicians, IMHO.
BOTH parties actions and inactions, NAFTA, collapse of unions and high wages,
outsourcing of manufacturing and information systems, folks buying Japanese,
Korean, and now Chinese cars. 90% of Walmart merchandise is made in China.
Yep, service jobs are great! They pay less, have fewer benefits, and pretty
soon, there will be no businesses to serve and no people buyng new houses and
new cars, taking vacations and just plain spending money. There will be none to
spend.
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