Hello,

I have heard a lot about those persons who decide to take a sub-prime loan and/or financing for more than the worth of the house.  What hurts is they have no business financing that way.  When they cannot sell or afford the adjusted payment they just walk away, sometimes with large sums of cash.  This then floods the market with under priced homes hurting people like me.

My story is this:  I lived in Michigan where I purchased a house in 1996.  After a few years of living there I took out a home equity line of credit.  This was used to pay a few bills and make upgrades to the home.  Oh, by the way, what I owed on the house was no where near the houses "worth".

In 2006 I decided to move to Virginia since the Michigan economy was failing fast.  My job was intimately tied to the new construction business and I feared lay offs.  I was unwilling to risk my family so I took my new job in Virginia in May of 2006.

I lived in Virginia alone from May 2006 to July 2007.  During this period we vigorously tried to sell the home changed agents three times and dropped the price as far as comfortable.  In all we had 4 showings, one of which was an investor.

In February 2007 I saw the end coming so I contacted by phone and writing my first and second mortgage companies as well as the V.A.  I stated that I would no longer be able to make my house payments as of June 2007.  I received ZERO help from anyone despite repeated attempts for assistance!

So here I am, as of November 2007 the bank has owned the house.  I have heard nothing from them since the foreclosure and have no idea what is going on.

It seems the sins of others have effected me!

I received ZERO help from anyone despite repeated attempts for assistance!

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What kind of help where you looking for? I think it is stated in black and white what would happen if your payments stopped. Perhaps you should have not have bought another house until your first one sold. Was you spouse working? What about help from a family member?

Thanks for the comment,

There are a few things that you first must understand.
1.  I took a job in Virginia because the company put in their offer letter "We will provide housing for you until your current house sells".  Well, needless to say, they did not come through on that promise and put me in a bad situation.
2.  The housing market in Michigan was dropping fast, lay-offs, outsourcing and a sea of foreclosure makes it difficult to sell a house.
3.  The bank now has the house now listed for 45% less than I had it listed and still cannot sell it.  Only they can make that decision so how could I be expected to sell it for more.
4.  No showings = No sale.

The help I needed was in pricing the house to sell, lowering my payment so I could try to afford two households or just plain understanding.  The second mortgage offered a "short pay" but would not give me any information as to how much.  The first mortgage just plain wouldn’t talk to me, when I mentioned "short pay" they wanted an offer that was not there, unless I dropped the price.

No matter how self righteous people are about "you signed the paper" there are times when people need help.  Now, instead of helping me and getting SOME money the bank is stuck!!!  Again, the declining market was caused by other peoples poor decisions, many of those people were the banks who had NO BUSINESS funding the loans they did.  This put the entire housing market at risk for collapse and I have zero sympathy for them; expecially since I recieved none.  Many of those people made ridiculous amounts of money on the deals, except me of course.

P.S. - I have not yet bought a house; however, it is impossible for me to maintain two households on our income.

I hope that things turn around for you...hard working people in this country are now being awarded with "foreclosures"...You are right, many people made alot of money when the market was "hot".  Who is holding those people accountable for their part in what could be the worst economical collapse is history.....

I think the help needs to come from the banks/mortgage companies. They need to trim the fat and get rid of some highly paid executives. Tax payers should not be required to bail out those who can not pay their mortgage or the banks. I do have sympathy for those being forclosed. People have no say when companies merge and lay off employees, or when a family member gets a terminal illness and forces the family in ruins.