YorkieTalk.com Forums - Yorkshire Terrier Community - View Single Post - Need advice: Walking away from your mortgage

wookie · 08-28-2008, 02:30 PM

Yes, she's in the bay area.

She's actually very good with money but the problem is that she doesn't make that much of it. Very responsible person and pays cash with everything. I was actually the one that coerced her to open a credit card when she was 18 so she can have some form of credit. She needs tons of advice when it comes to the business world because she doesn't know much. Her cousin was the realtor that helped her get the house, which I told her from the get go that it was a bad idea. But she didn't listen to my advice.

She was paying $4000 a month in mortgage, including escrow (this is not a mansion, its a very small suburban house). She makes like $2000-3000 a month so her boyfriend and his mother was helping her pay it. It got too much for her to handle because she also has 3 kids.

She's not living in the house anymore, the house has been empty for 10 months.

I've just learned that if walking away from your mortgage, it would take like 12-14 months for the foreclosure process to start. I'm still trying to learn more about the foreclosure process.

08-28-2008, 02:30 PM	#4
wookie Donating YT 500 Club Member Join Date: Jun 2005 Location: Bay Area, CA Posts: 1,086	Yes, she's in the bay area. She's actually very good with money but the problem is that she doesn't make that much of it. Very responsible person and pays cash with everything. I was actually the one that coerced her to open a credit card when she was 18 so she can have some form of credit. She needs tons of advice when it comes to the business world because she doesn't know much. Her cousin was the realtor that helped her get the house, which I told her from the get go that it was a bad idea. But she didn't listen to my advice. She was paying $4000 a month in mortgage, including escrow (this is not a mansion, its a very small suburban house). She makes like $2000-3000 a month so her boyfriend and his mother was helping her pay it. It got too much for her to handle because she also has 3 kids. She's not living in the house anymore, the house has been empty for 10 months. I've just learned that if walking away from your mortgage, it would take like 12-14 months for the foreclosure process to start. I'm still trying to learn more about the foreclosure process. Last edited by wookie; 08-28-2008 at 02:32 PM.