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Short sales and hiring...

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  • Aerohead
    replied
    Housing market here in the Detroit area is HORRIBLE. If you live in a suburb that touches Detroit your home is pretty much worthless. I purchased my home (as a foreclosure) for $87k and I had about $40k - $60k equity at the time. Now? Well, last appraisal BEFORE recent sales of foreclosed homes on my street of $17k put it at $30k - but that was last year. Disgusting. If the banks didn't have to take the foreclosures into account when doing comps I could probably get what I owe for it.

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  • just joe
    replied
    I took "underwater" to mean behind. In that case I agree with Iowa.

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  • Aerohead
    replied
    Originally posted by just joe View Post
    What does the housing market have to do with you not being able to pay your mortgage?
    I think you misunderstand. I can afford my mortgage. But the only way to get free and clear from my house is to sell it. Since I can't get anywhere near what I owe on it due to the local real estate market, my choices are to walk away from it (foreclosure or deed-in-lieu of foreclosure) or find someone who will buy it for less than I owe for a price that the bank will agree to (short sale). The only other alternative is to keep it in my name and rent it out and become a land lord.

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  • just joe
    replied
    What does the housing market have to do with you not being able to pay your mortgage?

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  • Iowa #1603
    replied
    Well, it's not a "forced move" unless you already have a job offer somewhere else and are moving to accept that job.

    In today's housing market a short sale is much easier explained AND ACCEPTED than it would be in better times.

    If you bought a 2 million dollar house a year ago and could only afford a $200,000 house and are short selling ---that would call your repsonsibility into question. Moving to look for/accepting a new job is completly different.

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  • Aerohead
    replied
    Thanks Iowa! I kind of figured everything can be explained, but in the other thread someone alluded to short sales being equivalent to irresponsibility, while others see it as a "forced" move. I see it as a forced move - you can't really move the city where you want to work. And in this state? It's pretty much waiting around until you get laid off unless you have a lot of seniority. And if you're not already a cop? Forget it.

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  • Iowa #1603
    replied
    A short sale will mess with your credit rating.

    I think that it can be explained during an interview and/or background investigation............but if you are bothered by that I would then wait until you are hired before you short sell.

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  • Aerohead
    started a topic Short sales and hiring...

    Short sales and hiring...

    A friend and I are both applying and attempting to obtain LEO positions out of state. Unfortunately, we are both SEVERELY underwater in our mortgages due to the housing market and foreclosures in the Detroit area. We both had equity in our homes when we purchased before the collapse and our only choices are to rent the home, short sale, deed-in-lieu of foreclosure, or foreclosure. I have only found 1 thread during a search and it was for someone becoming a Deputy United States Marshal and the replies were mixed but mostly said that short sales shouldn't hurt for a federal position AFTER the background, but nothing about BEFORE or DURING the background.

    Will a short sale to move to another state to obtain a job in law enforcement effect obtaining that job in law enforcement? I'm looking for multiple opinions here from different agencies (for him, myself and many others). We've both considered renting - especially me because I could break even or even make a few dollars on my home with rent - but the thought of being 12+ hours away and a landlord is a little scary. Also - it's hard to get a mortgage when you already have one. And 2 mortgage and/or rent payments if my renter doesn't pay?

    My thinking: wait until AFTER being hired and possibly after probation. People I've talked to at work are pretty worthless for advice. Most of them are dumping their homes to get bigger homes in better areas but they aren't planning on leaving the department any time soon. I'm trying to be as responsible as possible so their advice of "burn it down" and "walk away" just ain't cutting it.

    And it's kind of hard to go to the guys that do the backgrounds and say "Hey, I want to leave this agency, will doing _________ effect me getting hired at a different agency?"

    As always - thanks for any insight! Sorry for the long post.
    Last edited by Aerohead; 05-04-2011, 11:17 AM. Reason: Holy run-on sentence Batman!

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