Update : mortgage advice woes and another Shooting

[Popeye the Sailor]

Thanks for all the advice.

I need to look into all the renting legal mumbo jumbo. I hear renting can be another pain in the arse.

So here are my options

1.) Live here and deal with it. Forget about starting a family. hopefully the relationship will make it etc.
2.) Rent it out and move closer to work. Being a landlord prob wont be fun.
3.) Short sale and Hope its a non recourse loan so most likely your credit wont be affected.
4.) Walk away and Hope its a non recourse loan and hope your credit wont be affected. Douche baggy thing to do...

Renting to Section 8. Not sure if I want to deal with that. I may not have a choice since you prob cant discriminate but I am in this situation because of section 8 Imo. But who am I to judge people =(

Section 8 is rather nice, as your money comes from the government, which is more dependable than the average tenant. I've been a landlord for years-it can suck, but it's typically worth it. Lemme know if you want advice.

[ROBsS4R]

Section 8 is rather nice, as your money comes from the government, which is more dependable than the average tenant. I've been a landlord for years-it can suck, but it's typically worth it. Lemme know if you want advice.

Yeah for sure.... Thanks.

I will grab dinner with you one night and we can talk it over.

[remy]

Yeah for sure.... Thanks.

I will grab dinner with you one night and we can talk it over.

Make sure MrI pays. It was his idea you eat free anyhow. 

[ROBsS4R]

Make sure MrI pays. It was his idea you eat free anyhow. 

Sushi it is then!!!

[DanTheMan]

Section 8 is rather nice, as your money comes from the government, which is more dependable than the average tenant.

government will pay the majority, the renters will still have to come up with their part 100-500 or whatever they qualify for.

[Popeye the Sailor]

Yeah and it helps if you're an asshole. I can teach this skill.


If you can't actually be one, you can always go through a property management firm, who will take 15% of the rent, but also maintain the property and deal with the tenants. AKA you'll just receive a check every month. I have never done this myself though, so I can't vouch for it.


If you can manage to negotiate the mortgage down and knock a good chunk of the principal off, you can end up making a tidy profit every month. Put that towards the rent of your apartment or a down payment on a new place.


Save save save. The economy sucks.

[ptam]

As MrI says, from my personal experience the bad credit route isn't as easy as people make it out to be and it is a long road to recovery.

From my experience, doing the landlord thing isn't all that bad, you just have to make sure you take your time picking the tenants and you've got a little bit of cash reserve for repairs for things.  It is strange how things break all of a sudden.  I did look into the Section 8, and there are + / -.  My understanding is that the person has too many complaints about them, that they would be excluded from the program and like MrI says, it's a check coming from the government, so it can be more reliable than the average person.

[somegirl]

As MrI says, from my personal experience the bad credit route isn't as easy as people make it out to be and it is a long road to recovery.

I'd be as worried trying to start a family with the credit issue hanging over my head for the next several years as I would living in a questionable neighborhood.

Yeah and it helps if you're an asshole. I can teach this skill.

He really can.

[desmoquattro]

I'd be as worried trying to start a family with the credit issue hanging over my head for the next several years as I would living in a questionable neighborhood.

Kids can shoot back...if you train 'em young enough

[remy]

Just a thought on the neighborhood... I live in the Bushrod Park area of Oakland (North side of Temescal) and about 6 or 7 years ago this neighborhood really turned around. It used to be really, really bad after dark and a number of neighbors and the local police really helped to close down some of the shadier homes and get some better folks to move in. Now it's a great little section of Oakland and I don't feel too worried (any more than I should in Oakland) riding my bike home late at night.

My girlfriend and I only rent, but we still like to get involved in the local community and see if there are things being voted on, such as section 8 housing, new buildings, etc. that we can maybe help influence one way or the other.

[Popeye the Sailor]

You can refinance!

http://www.usatoday.com/money/economy/housing/2009-07-01-govnt-foreclosures_N.htm

[ROBsS4R]

You can refinance!

http://www.usatoday.com/money/economy/housing/2009-07-01-govnt-foreclosures_N.htm

I am not a charity case enough to qualify for a Home Affordable modification and I don't Qualify for refinancing either.

I just read some more information about it. This loan program is a complete joke...

First you need to have a existing loan with Fanny may which I may have however...

Second I do not qualify since I am way under water. They are only refinancing loans that are with in 105% if the original loan.
Since I am 50% under water they wont touch me... Useful program huh? Also this is only good for your primary loan.

[ROBsS4R]

And yet another shooting

1 block away from me. School is under lockdown. Another Child was shot.

Here is a photo of my neighborhood. Looks are deceiving.



I give up. I am out of here one way or another. I guess it just takes a few years for a area to go to shit when the economy goes bad.

[TCK!]

Yeah not only was there kids shot in the drive by but when the guy fled the scene he hit and ran over a bunch of kids I'm hearing.

My co-workers wife works security at the schools here.

[r_ciao]

Lots of good advice so far and I've got nothing to add.
I hear your pain.
Sucks, but good luck getting through it.
Nice that you have a conscience and aren't committed to contributing to the real estate meltdown.
Stay safe and ride safe.  Plus best of luck on your relationship.  Hope it works out for you.

Ciao!