The American Dream?

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The American Dream?

Posted by TATIANA on

So a couple of years ago I made the huge mistake, I now know that, and bought a condo in Las Vegas. Bad, bad idea......! The condo is now worth substantially less than what I bought it for, I now have what they call "an upside down loan". I even have an ARM! Yeay, I am so lucky.
It will take forever for the condo to appreciate so I can sell it for what I bought it for, meaning no profit at all. I just want to get rid of it, it is a headache, a brick around my neck.
When I got it I knew several people that had bought a house or a condo and were then sitting back, watching their property appreciate. So I thought I would "be smart" and stop "throwing away money by renting". HA! I sooooooo wish I was renting and saving all the money I feel I am throwing away on this stupid deal.
I also dealt with a shady lender, this too I figured out afterwards, introduced to my little condo buying deal by my real estate agent that I thought was looking out for my best interest. This is called "predatory lending" I now know. It is funny how you learn things afterwards. And it is also funny that there are so many dishonest people/creeps out there, just conducting their business.
This whole homeownership deal that they call "The American Dream" became my "American Nightmare".
So what now? Foreclosure.....? What do you think? Any advice? Tatiana NEEDS your assistance!



BTW do you need to be reminded that YOU NEED TATIANA?!!

  • Comments: 3
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  1. C on :

    T,

    Sorry to hear about your "American nightmare" - foreclosure or not depends on how much longer you can potentially hold on. If you dont have much buffer, then time to foreclose - at the same time try reporting against the lender/agent - might get some help since people are sensitive to this now.

    -Chak

  2. Your Friend E on :

    Do you still own the other home? If so, I'd say get whatever you need together now with good credit (if you need to refi that other homeloan or carloan or whatever do it now) and then ditch that condo loan and let them forclose. That's what I would do if I were in your situation and I owned another home.

    If you don't have another home, then think about if you like the condo? Can you live there for 10 years? If so, just keep it and try to ignore your bad luck. If not, decide if you want to buy or rent right now and figure out where and how. Then ditch the condo.

    In my opinion, don't try to do a short sale. The banks are being assholes about them and it's really not worth all the hassle to you to deal with, so if you decide to ditch it, really ditch it.

    **I am not a lawyer, banker, doctor or anyone who you should take advice from. My ideas could be completely wrong.**

  3. Ulrika on :

    ooh stackare. That is horrible. Vad jag har lärt mig är att behålla det tills det är tillbaka i sitt ursprungsläge. Men det är ju inte alls något roligt svar. Förstår verkligen att du ville köpa ditt egna hem. Det enda man hör hela tiden här i stockholm är i alla fall att bostadsrätter aldrig går ner. Bättre att betala till sig sälv än till någon annan. Men det är aldrig någon som säger vad man ska göra när ens hem tappar så mycket i värde. Hoppas verkligen det löser sig vännen. Håller tummar och stortår för dig. Puss Puss

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