"Walking away" from a house??

Grede? I deal with them alot and been to the liberty plant. Nice place.

Jensenman wrote: 93gsx, you were extremely rude in your original post. Dr Boost, don't play the game. Ease up unless you both want to be part of Margie's patio. As she has said in the past, just walk away.

Exactly.

Nah we dont sell anything to Holset. Probably supply parts to your suppliers though.

One problem in SE Michigan is that any neighborhood and house worth living in will cost more than $200,000 (at least that was the situation in 2006, when I was buying). Houses that cost less weren't in good condition, or in poor neighborhoods/school districts. If you bought one of these houses, they will be on the market for 18 months before selling--not a good investment. And for the privilege of living in SE Michigan, your taxes could be over $1,500 per $100k of value.

Sure, a $15/hr job will make it look like you're working, but if you have a mortgage around here, it won't pay the bills. And anyone hiring for a $15/hr job isn't going to hire an overqualified person just to have them quit in a few months for a better paying job. They'd rather hire someone else who made $15/hr in their previous job (and there's thousands of them around here).

To the OP, call your mortgage company right now, and let them know the sit you're in. I've heard that some lenders will let you miss a few payments, just to add them on to the end of the term. Foreclosures cost the lender up to $15k each, so they may allow for a short sale it it's within reason. Be sure to "stage" your house properly, and get it on the market now--that part shouldn't cost anything, and who knows, you may luck into a buyer.

To the hater, will you please buy my house? I want out, and you seem to have extra disposable income.

Kramer wrote: Sure, a $15/hr job will make it look like you're working, but if you have a mortgage around here, it won't pay the bills. And anyone hiring for a $15/hr job isn't going to hire an overqualified person just to have them quit in a few months for a better paying job. They'd rather hire someone else who made $15/hr in their previous job (and there's thousands of them around here).

Exactly! I think that's why I didn't get the job at the dealership yesterday. I can do that job in my sleep but the service manager knows darn well that I'm not in it for the long haul.

Kramer wrote: To the OP, call your mortgage company right now, and let them know the sit you're in. I've heard that some lenders will let you miss a few payments, just to add them on to the end of the term. Foreclosures cost the lender up to $15k each, so they may allow for a short sale it it's within reason. Be sure to "stage" your house properly, and get it on the market now--that part shouldn't cost anything, and who knows, you may luck into a buyer.

That's the plan. IF they will do that, it would be a huge help and would be better than foreclosure for either party. I still have an excellent credit rating and would like to see that still be the case a year from now when all this is waaay behind me.

Kramer wrote: To the hater, will you please buy my house? I want out, and you seem to have extra disposable income.

Sounds like you are on a good path, Dr. Boost.

Being "overqualified" is a very legitimate problem. I've been facing that for over 3 years.

It's very likely you'll have to look to other industries, and identify your transferable skills. I know MI is a one horse economy, but there are certainly other successful businesses that are growing. They are probably small, possibly in research or experimental fields, likely sell a lot of their products to the government or outside of the country (at least out of state), and may utilize a lot of young, inexpensive labor.

These companies exist, and they are looking for maturity in their staffing.

Forget looking for jobs on the internet. Forget the DOL. Both are a waste of time.

Look for very high profit industries (health care, pharmaceuticals, etc.). Ask your local bankers who they like to loan money to.

Then beat on doors. A lot of doors.

I'd be very careful with the "walking away" thing. It is no where near as clean as it looks.

I have said this before but it bears repeating. The majority of open jobs are never advertised. The majority of job seekers are watching the want ads. Most jobs are filled by referrals from current employees, friends or family. You need to network, network, network.

In my entire working life I have gotten exactly one job through something other than a network contact. That was a career fair where I had a chance to chat with the recruiter directly.

jensenman said:Ease up unless you both want to be part of Margie's patio.

teh funn4y.

Excellent. You guys keep doing my job for me, I'll just sit back and count the money.

One... one... one...

Margie

Re: Overqualified

I could be wrong, but why not downplay a bunch of the resume to overcome this problem of being overqualified.

Leave off education at High School, just mention Company, years worked and simple, yet true, but maybe not official, job title.

Then when the real opportunity comes, call in, and hope for the best.

Good luck with you.

-James

I did that- dumbed down my resume. Didn't really work.

As Type Q said, you are going to HAVE to meet them face to face.

People will pay the better wages for maturity. But not until you talk directly with them.

I have heard that the economy in MI is looking up. Check out what is coming to MI and strong here. I think that the medical industry would be a strong place to look and there is plenty of that!

I believe the word is "pwned".

Datsun, you are my hero. I owe you a beer. I didn't even pick up on the "color" of his color before you called it out.

Ouch.

This thread exemplifies what I've been feeling about the board lately.

Seems alot of a$$hole's have shown up, or just started being a$$holes.

The entire tone of the board has changed.

All right damnit everybody hold hands and sing kumbaya! http://www.youtube.com/watch?v=p3MiD_U4CHQ

Here I'll try and do my part to be turn this thread around.

http://www.aam.com/index.php?s=35

http://detroit.craigslist.org/lbg/828758252.html

http://elearn.mrs.state.mi.us/vr/mmjfs/ http://msn.careerbuilder.com/JobSeeker/Jobs/JobDetails.aspx?job_did=J3I2GZ659L8N6GWD8Q1&cbRecursionCnt=1&cbsid=4a8c61c52951435f9a344f73f8433dfc-274567740-R0-4

Best of luck!

Thanks RX!!! I already have 2 resume's in to AAM but I hadn't heard about that job fair. I'm there!!

Could you approach your lender about an interest only loan?

93gsxturbo wrote: Nah we dont sell anything to Holset. Probably supply parts to your suppliers though.

most likely, we got tons of guys in that area doing center sections and t/hsg's.

dean1484 wrote: Could you approach your lender about an interest only loan?

I think opening up a dialog with your lender would really help. There was that recent releif act that went through, and as far as I know not many are taking advantage.... Do it up.

and best page for jobs I've found is www.indeed.com <--- searches everything for jobs.

Dr Boost ,

Now that I have got some sleep I will elaborate on my comment above. Do you have PMI? Do you have some type of mortgage insurance that covers you in this type of situation? We all hate to go this round but dam it it is why you purchase it. Yes pride is involved here but in the long your credit is the most important thing here.

BTW how is your Credit? I don't want a number just the overall. If it is decent get to your lender! This will give them options. The key is to get to your lender before they come to you. If they are coming to you the odds are it is to late and your credit is in the dumpster or at least to a point where the options are very limited. But if things are decent and they consider you a good customer they will be much more likely to work with you on your terms. If they come to you because the parents are late or behind there will be a much different tone.

But first off GET TO YOUR LENDER AS SOON AS POSIBLE. Time is not your friend in this one! After reading this whole thread I can see that you are a hard working responsible guy with a family. "Just an average Joe" Trying to make it and at the same time being responsible to your obligations and commitments.

Getting to the lender NOW is key as you will have options. It will probably cost money to convert a loan to a interest only or there may be a fee to put your payments on hold. Also I am sure you understand that these "solutions" will come back and affect you on the back end but the key here is NOT TO HURT YOUR CREDIT. The market will turn around and you will either be able to get out of this or you will stay there and be able to RE-FI when things are better.

I have babbled on long enough. I know things will get better! it is just getting past the here and now. Best of luck!!

^^^

I do not htink this is the way that PMI (Private Mortgage Insurnace) works. It is not like "lease gap" insurance on a car where if it is totaled and you owe more than it is worth, the insurance covers the rest.

I think, and I could be wrong, PMI only covers the bank, not the homeowner if the owner does not make the payments.

I think you first have to loose the house before PMI is good for anything.

Went to college (for 6 yrs, paid for by buying and selling cars), lived in a E36 M3hole (in picture with Sable) with $200/month rent (and saved every penny I could, and bought and sold cars, and do vinyl decal work and am a competant mechanic and farmer on the side) while I worked as a tech writer for John Deere Dubuque Works for 2 yrs and then bought a house straight cash in Wauwatosa from a friend of my grandparents who moved to a retirement home (so I got it for a hell-damn-fart good price) when I changed jobs. Want any more info?

Besides, believe what you want, I can sleep soundly at night knowing I wont be stealing from the pockets of honest taxpayers because I made a bad decision.