Foreclosure - Miami,FL

Updated on June 04, 2010
E.B. asks from Miami, FL
7 answers

This might be a bit personal to ask on here.... but what the heck I need "outside the box" opinion.
Should we walk away or should we fight it. We got our foreclosure notice yesterday. Was expecting it and yet have called and called and called and called to see about mortgage counseling with the loan "Bank of America". To what it seems they're not willing to really work with anyone.

So now that reality has stroken, should we save it or should we walk away? Let me give you the scenario. We live in a townhome community. My asociation costs right now are $425.00 a month. My mortgage is $1050.00 a month. It's a 2 2.5 townhouse. The association increases each year. We have two boys and one on the way. Where am I going to have the room to have five people live there? That's my major question, is it worth fighting for? Yet, what consequences is my husband going to face in the end? he's on the financing I am only on the Title. I am stuck and don't know where to go...

What can I do next?

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So What Happened?

I guess I should have been more detailed. We stopped paying in January because my husband had an accident and I was the only source of income. I curretnly owe $108,0000.00 on the townhouse, my house is currently appraised at $48,000.00. My HOA fee's were only to go up upon notice as someone said, nope they don't notice us at all. It's because of Hurrican Season that people take advantage of insurance and file false insurance claims. OUr community in that community and there's about 10 all together is the only community that has had such a large increase in HOA Fees. I'm not trying to pocket any money here as what I think some of you think is happening. My hubsand was out for three months. I even sent into the bank a letter that I was the only source of income and paid $600.00 a month towards the mortgage costs. And then ontop of that, my husband works on commission only, for a Dealership. So the commission lately has not been that great. We have no credit card debt I have probably owned one credit card in my entire life and paid it off years ago. why have it if you can pay for it by cash. we are litterlly on a paycheck to paycheck living right now. I have been told by so many people that BOA does not want to work with anyone. So it' sbeen tough to even get a call back from them.

More Answers


answers from Washington DC on


My advice may be harsh but I am going to talk to you like I would a friend who needs a reality check.

Is your family worth fighting for? It sounds like you are living above your means and not thinking about your future and only living in the now without regard to how your actions right now will affect you and your family.....

1. Foreclosure means the chances of you being able to purchase a home in the future will be VERY LOW.
2. You might not be able to rent either.

1. You need to figure out how you got in this mess in the first place.
a. You knew the cost of the mortgage - why haven't you paid it?
a.1. was there mitigating circumstances that kept you from paying it?
a.2. when you couldn't get a hold of BofA via phones - did you try certified mail? Anything to prove that you are trying to resolve this?
b. You knew the cost of the HOA and knew that it would go up every year and didn't budget for that? WHY?
2. If you can afford to walk away from it - what are you expecting to happen? Are you expecting to be able to rent an apartment? Or just go buy another home? Do you realize that having a foreclosure on your credit report will negatively affect your from renting a home or even buying in the future? THINK about your expectations - what do you think will happen if you walk away? That you won't owe the $$$ anymore? That everything will be fine? You have money saved up to place a deposit on a rental - IF you will even be able to rent at all!!! MANY land lords run a credit check and they see foreclosure - even in this market - they may not approve you.
3. If you have a two bedroom house and two kids already - yet you are bringing another one into the mix? What were you thinking? It sounds like you outgrew the house after the second baby came along. Sounds like you need bunk beds and a crib in one room.
4. If BofA will not work with you - find a mitigator. If you walk away from this you will not be able to rent or do much of anything as your credit will be shot, if it's not already.
5. If your husband has a job with a clearance - he had better go talk to the security officer and let them know what's going on so he doesn't lose his clearance.
6. You CAN sell your home. Just because you have a foreclosure notice doesn't mean you can't sell. It just means that you might not walk away with any money and MAY have to owe the bank money if it's a short-sell.
7. You can contact another company that deals in high-risk mortgages - you might end up paying more.
8. Consider bankruptcy - if there is job loss, etc. that has caused this - file bankruptcy - but keep in mind - you are looking at a mortgage payment AND HOA fees costs in order to do this (the fees for filing is $399 and the lawyer fees are usually $1500 and up) the longer you wait - the worse it gets.
9. if you both have jobs and have been putting money into an IRA - consider taking that money out to become solvent again. Yes, you will have to pay taxes on that and you will have to pay a penalty for early withdrawal - but really - you want to be homeless or do you expect to apply for welfare?

The bottom line - in my opinion - if you can't afford the house - sell it while you still have that option.

You need to live within your means. If you have credit cards - stop using them. GO TO A CASH ONLY basis. No, it's not easy - but it's worth it. We have been credit card free for 4 years. The first year was hard - but man - it's sooo great only getting electric, gas, etc. bills every month in the mail. It's great knowing that we have money in savings and whatever I buy is MINE not a loan from my future earnings.

You have to learn to live within your means - and not use credit cards to get by. This will set a great example for your children and make your life easier. No, I am not stating that you have to pay cash for a home - that's not it - it's about not keeping up with the Jones'. IF you don't need two cars - sell one. Use coupons when shopping. Make a list of what you need and stick to it. Make a list of where you need to go and go in order so you don't waste gas running all over town, criss-crossing, etc.

Need money now? Do you have high value items? Have a yard sale to get rid of the excess. Things are of high value - sell on craigslist or ebay. Craigslist is free. Ebay has fees involved.

Find a better paying job to get more money in the door on a regular basis.

Believe it or not, I'm sorry you are going through this. THINK about what you want for your and your family's future. Make a road map of your goals - what you want and what you need - remember your needs (are the basics, NOT keeping up with the Jones') are the most important - you NEED food, a roof over your head, clothes on your back. Then make a plan on how you are going to get there.

Shop for clothes for the kids at Goodwill - they outgrow them so fast - why spend retail on them? If you aren't a model - don't buy brand name clothes - shop at Wal-Mart if you HAVE to have new clothes. If not - make do with what you have.

There are many ways to shed the excess and get through this. This isn't a pity party. You have five minutes to pout and then get to work. This is your family we are talking about.

2 moms found this helpful


answers from Killeen on

I have to be harsh right now. I read some of your other questions. It sounds like you had the money, but just chose to spend it on other things.

I went through bankruptcy 4 years ago and bought my first house in May of 2009. It is possible to come back and you are looked upon more favorably it the eyes of the creditors if you pay something, and not nothing. If you just try to ignore it and hope it goes away, really only makes it worse for everyone.
Check and see if you could even find a place to rent. With just one income and no money in the bank, and a lot of debt you may have some trouble even finding another place to go.
I don't know much about foreclosures, but either way, you will have trouble in the future renting or owning.
It is good that you are not on the financing becasue when applying for things in the future, you should apply and not him. My house is only in my name and not my husbands becasue his credit wasn't good enough to qualify.

2 moms found this helpful


answers from Pittsburgh on

What would you do? Where would you go?
Can you afford to bring it up to date? How much equity do you have in your town home?
Why would you just walk away after what has been invested?
Foreclosure will definitely affect your future home purchases with higher interest rates for a mortgage.
Many people have lived in closer quarters than that with more people.
If you can by any means fix this, I would. Is it too much $$ per month? Is that why you're i foreclosure? Hard to answer the question with only a little info. Sorry. Good luck!

1 mom found this helpful


answers from Dallas on

I just did what HHINTX did and went back and read some of your other questions. Why the heck would you spend $600 for a party a few weeks ago when you knew you were losing your home? it DEFINITELY sounds like your priorities are out of whack. So no matter what advice people give you, you have to own up to your decisions. If your hubby is on commission and was injured why the heck spend money on a party instead of basic living necessities????

as someone who has been in the mortgage industry for years, let me tell you Bank Of America is one of the ONLY lenders that will work with people to stop foreclosure, HOWEVER you have to start the process before you get the notice. When you start missing payments and get overdue notices is the time to call the Lender NOT when you receive the notice of Foreclosure. By then it's often too late because you are so far behind. Honestly I would say walk away. Yes, it's not going to look good on your credit, but neither would missed mortgage payments. You are better off to not try to go the bankruptcy route, with the new bankruptcy laws it will not be as simple as filing and getting to keep your house. Obviously your DTI (debt to income) is more than you can handle, so let the foreclosure happen and find something else that does not put you in such a bind to pay your mortgage/rent. I would suggest not going the HOA route although in Florida that may be hard, but just get an apartment for now that you can afford. It will probably be crowded, but quite frankly you can't expect to go from foreclosure to a 5 bedroom house. Right now you need to focus on reworking your budget to what you can afford. Your housing should NOT be more than 30% of your income as a rule. So if you bring in 4K a month do not get something more than $1200. This is something that people do not seem to get, they try to get the bigger home with the more expensive payment and end up in your situation.

Good Luck and seriously start trying to save for a deposit now since whoever you lease from is going to need 12 month housing payment history and yours is not good, so they will most likely require first AND last months rent. This is what we do with ALL the people renting our homes that have bad payment history.

1 mom found this helpful


answers from Minneapolis on


1 mom found this helpful


answers from Oklahoma City on

It seems to me that some people on here need to understand that this is a place for help, not judgement. Grow Up and use the old adage if you don't have something nice(or helpful) to say, DON'T!

Ok so if you owe 108K and it is only worth 48K let it go! How would you ever be able to get out of that hole? You will never be able to sell it for what you owe and the myths about bankruptcy and forclosure are just that, especially in today's economy. I filed a little LESS than two years ago and my DH and I will be closing on July 1st on our dream home. Granted we worked very hard to get to where we are right now, it is possible. I have faith and do not think that God will put me a bad situation that I cannot find a brighter path to. Look at all your options and consult with your Husband and make a plan.
Everyone thinks that banks are so sweet and fluffy and want to help everyone keep their home, but really they are about making money I do not believe for one second they are not getting a HUGE kickback from the Federal Government for all of the properties that they 'own'. Just my opnion on that.
Good Luck!



answers from Minneapolis on

If you do choose to stay there is a program right now called making home affordable that would take your current loan and modify it to a lower payment. Here is the website It is a government program so your bank has to work with you. They may still try to jerk you around, but if you let them know that you mean buisness.

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