Detroit Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
**Kbaby**
I read below about you going through a Short Sale. I recently had to short sale my condo and it was pretty hard. All the paperwork and waiting was killer. The sad thing was how much they appraised the condo for. It came in at $36k and I bought it in 2003 for $107k. $36k is a car!! However, I'm glad I did it - it was draining me financially. Also, it only affected my score by 50 points.
Let me know if you have any questions and good luck!
Re: **Kbaby**
Same here.
Best decision we ever made.
Katie... we bought ours for 124k and it went for 35k and mine was a single family house.
Thanks!
We have been trying hard for a year and a half (since we moved to MI) to eep our place in CA until the market comes back. We have been renting it out at a HUGE loss every month, and our tenants decided to move out. The rental market has gone down as well and we just can't keep up with it anymore. It sucks.
It's good to hear people who have had 'good' outcomes with the whole thing. That is great that it only hit your score by 50 points. Did you have to stop paying your mortgage during the process?
Holy crap! 35k for a single family house - that's crazy!
Unfortunately, yes! That was hard. The bank (GMAC Mortgage) wouldn't talk to me until I stopped making payments and then we could start the short sale process.
Yes we stopped paying (they wouldn't talk to us otherwise)
Katie... and that was in Farmington Hills. We didn't care what the price ended up being, it made no difference. We were just happy to be rid of it.
Yea, I think we are in a pretty good situation to get it approved because of the move. Fingers crossed!
I have read that it is possible to do it without stopping mortgage payments, but I have never met anyone who has successfully done it. It makes sense that you would have to stop paying, it just is stinky. We have stopped, but I still like to check with other people who have gone through the process. It makes me feel better.
I moved out of state w/ DH and had to write a hardship letter. It may have made things move faster. Also, the bank forgave my mortgage and I walked away free and clear. But, unfortunately I didn't know that until the closing - which made things even more stressful. I'm sure everything will work out for you!
Mcvay - I can't wrap my brain around a single family home in Farmington Hills selling for 35k. So crazy!
Haha! I remember back in school that there would always be 2-3 Katie's in my class and I told my mom to change my name!
This post just prompted me to check on the status of our condo that we foreclosed on (shortsale was a no-go) last January. It was sold for an obscenely low amount and I am now going to throw up.
I detest real estate period.