[Ana&Steve]

I have been bugging my mortgage lender for months to rework my loan into smaller monthly payments. Last month they told me to call in Feb as there would be changes at that time.
So apparently they aren't lying. I saw several articles about it and I called yesterday (yea I got the run-around 1st and was on hold for an hour and was transferred six times:mad:) and it turns out we now qualify for a rework! I'm glad we never went delinquent or we wouldn't have, which is ironic because the only way to qualify before was to be at least a month late.:roll
So I still have to wait for paperwork and all but we're on the right track. If all goes well we would have the ability to rent the house out and have the rent pay most or all of the mortgage thereby giving us real options for moving to NZ :D
I hope this will prove helpful to others in the same boat!

[victoria24]

take note ponies...

and edit:

FTSE 100 ends +2.1% at 4164.46, after a day of a mixed fortunes with stocks reversing earlier losses following upbeat US pending home sales data for December

[MichelleD]

Wow - well I didn't know that, and have taken the other route.
I missed my last mortage payment so that I can try to sell my house under the short sale agreement.
I move to Auckland in 2 weeks and after 8 months on the market my house has still not sold.
I was really suprised that the only way to do this was to not make a payment, and it really went against my morals, seeing that I always pay everything on time. I have watched my house lose $100k since I bought it 4 years ago, and after so much work trying to sell it before I move it seems that the US economy is going to get the better of me.
I hope the rework answer helps you keep your house until better times.
For me, I guess I will be renting for a very long time to come.

[Mrs Pony]

I actually just emailed my bank to see about just handing over the deed... or other options...

Short sale... maybe...

Unless they can lower the payment by $300 we're not going to be able to rent this place out. If we didn't have the damn HOA it wouldn't be soo bad. We would have to charge $1300 a month just to break even at the moment and there is just no way we're going to get someone in here for that much... everything else is going for about $800 and apartment complexes are starting to give X months free rent now...

My hope is gone...I've been worried about this condo issue for months... This place is going to give me an ulcer!:wah

[Ana&Steve]

Arggg HOA no way! Sorry it's been so stressful Renee, I hope the bank can help you!

[Brian]

I'm renting my place for a $100/mo loss, most of that is the fees from the rental agent. I figured that was the best long term solution - either housing prices will jump again and I can sell or the rents will rise over time and the mortgage will get paid off.

[Ana&Steve]

I'm renting my place for a $100/mo loss, most of that is the fees from the rental agent. I figured that was the best long term solution - either housing prices will jump again and I can sell or the rents will rise over time and the mortgage will get paid off.

I am hoping that our mortgage can be lowered enough to have a $100-200 loss a month...what we're at now would be $900+ a month loss!
Yes, we'd like to sell when prices improve as well. We can't sell now as we're upside down by 100K:eek: Stupid market.

[Mrs Pony]

yea... damn HOA's! I will never live in a place that has that again! and all it covers is cutting the grass (not landscaping) and the roof that was repaired a few years ago... It IS the cheapest i found though... only $220 a month... still... UGH!

Hiring a leasing company would cost even more! but my parents have offered to watch over the place... so IF we can get renters that would be a HUGE help!