this month the pmt goes from 700 to 1800

[Tom_Mi]

I knew it was coming. This isn't just a loan reset, they added in last years' prop taxes that I wasn't able to pay, and setup an escrow.

I know a guy at a local bank who's an underwriter. He told me "generally" he'd work with me to get another place, since my bk was due to rentals crapping the bed, and not just silly spending. The problem is, we didn't talk "specificially" about divesting my house...and we need to have that talk quickly.

I'm going to call him this week and see if he can "look past" the surrender of my house. If he's cool, I'll stop pmt and start saving hard.

[Stilltheone]

WOW, I didn't know they could do that. We only have half of this year's taxes paid for and are hoping to finish the rest by the end of this year. But, if we don't, are they going to add that onto our mortgage?!?!?

[Tom_Mi]

they'll pay the taxes and setup an escrow, and they've amortized the last year over a year, so it's like 300/mo. (which will go away after the year, but it's still ugly).

They'll also setup homeowners and add it to your payment.

[Tom_Mi]

So, I called my underwriter friend. He said that his bank (a small one that self-funds) doesnt' concern itself much with FHA's foreclosure timeline stuff.

He says they're more concerned with: Is the trouble over, do you have a good downpayment, and can you make your payment?

He even...hesitantly...suggested that I "could" go so far as to sit tight in the house, not pay, and save for up to a year.

I've thought about it a bit. I'm going to sit tight in the house, not pay, and save for up to a year.