@Anonymous wrote:
Since you already have a house, I guess there is no problem in having so many credit cards. Congratulations.
Yes, just purchased the home on Sept 22nd. Still have my old home but may have to do a short sell on it..so thats why I am kinda hording cards right now because I wont likely apply for anything other than an auto loan for the next 2 years.
Awesome! Congrats on the new home and the new TL's of credit!
@godscountry wrote:
@Anonymous wrote:
Since you already have a house, I guess there is no problem in having so many credit cards. Congratulations.Yes, just purchased the home on Sept 22nd. Still have my old home but may have to do a short sell on it..so thats why I am kinda hording cards right now because I wont likely apply for anything other than an auto loan for the next 2 years.
Is it not possible to rent the home out and cover the mortgage until the value returns? If not have you looked at a HARP 2.0 Refinance that will grant a prinicipal reduction to the current fair market value? Make sure you have explored these options before proceeding with a short sale. Don't forget that Congress has failed to extend the Mortgage Tax Relief Act. So any resulting deficiency will become a taxable event - a 1099 will be issued to you at the end of the year that the sale occurs and it will not be a 1099-C, and that is on top of taking the hit on your credit.
With you qualifying for a new mortgage and a cache of credit cards it will appear to your lender that your doing a "strategic default" and not that you indeed have a valid hardship. So, on second thought you'll be lucky if just end up with a 1099. They may instead ask you to agree to a promissiory note for the deficiency as you are not in economic straits and its just that your property is underwater.
How do I know these things? I have worked in the default servicing space for many years with the three Top Banks/Servicers. I also have been a Real Estate Broker for 10 years and did my first short sale for a client in 2005.
@I_need_720 wrote:
@godscountry wrote:
@Anonymous wrote:
Since you already have a house, I guess there is no problem in having so many credit cards. Congratulations.Yes, just purchased the home on Sept 22nd. Still have my old home but may have to do a short sell on it..so thats why I am kinda hording cards right now because I wont likely apply for anything other than an auto loan for the next 2 years.
Is it not possible to rent the home out and cover the mortgage until the value returns? If not have you looked at a HARP 2.0 Refinance that will grant a prinicipal reduction to the current fair market value? Make sure you have explored these options before proceeding with a short sale. Don't forget that Congress has failed to extend the Mortgage Tax Relief Act. So any resulting deficiency will become a taxable event - a 1099 will be issued to you at the end of the year that the sale occurs and it will not be a 1099-C, and that is on top of taking the hit on your credit.
With you qualifying for a new mortgage and a cache of credit cards it will appear to your lender that your doing a "strategic default" and not that you indeed have a valid hardship. So, on second thought you'll be lucky if just end up with a 1099. They may instead ask you to agree to a promissiory note for the deficiency as you are not in economic straits and its just that your property is underwater.
How do I know these things? I have worked in the default servicing space for many years with the three Top Banks/Servicers. I also have been a Real Estate Broker for 10 years and did my first short sale for a client in 2005.
I am exploring all the options I can currently. Renting is the first option. Its virtually unsellable at this point, not just underwater. The neighborhood went down fast....while the HOA steadily increased. With a Refi even, my HOA would be around 60-70% of what the mortgage payment would be. I spoke to someone recently and their HOA is the same amount as their mortgage. So its like paying double. I dont have an issue with the bank, only the HOA.....who threatens to sell the property to satisfy any lien that may be placed against it.
@DrZoidberg wrote:
@godscountry wrote:
@Anonymous wrote:
Since you already have a house, I guess there is no problem in having so many credit cards. Congratulations.Yes, just purchased the home on Sept 22nd. Still have my old home but may have to do a short sell on it..so thats why I am kinda hording cards right now because I wont likely apply for anything other than an auto loan for the next 2 years.
I mean to each their own but I would have waited to do the auto loan before racking up 20+ inquiries. Or at least only did 1/5 of the apps.
I got outta hand with the spree. I wasnt planning on doing an auto loan, but it is a possibility. I am starting a new business and was going to buy a vehicle in cash. The auto loan idea comes in if I want to spend a lil more and get a lower rate. The auto loan was, and likely still is low priority for the next year....only an option.
@elim wrote:any regrets on any of the apps?
yes, I went too far with the apps. I didnt need anything from Synch.