K

Sherriff's website in your country of interest. There's usually tons of information there and it's FREE!!!! - Fri May 16 2008, 12:57

Kenny,

Ask an attorney. Honestly, that's where you're going to get the best answer.

If it were me, i'd quit paying the HELOC. If you've decided to to stop paying the mortgage then you'll likely need to file for bankruptcy. The bankruptcy will erase the HELOC and the Mortgage. I'd let both go if I were you! - Fri May 16 2008, 12:56

If you're interested in buying foreclosure property check the sherriff's website in your area of interest.

There you will find all of hte foreclosure listings free of charge. There is a TON of information on the net about what pitfalls to avoid when dealing with foreclosures. - Fri May 16 2008, 12:38

"An investment that's good if you buy at the right price and sell at the right price." LOL! Isn't that true of all investments!

Paula - typically has sung the realtor song pitch perfect. We're heard it all before. And if the market was strong someone might actually believe that drivel. Paula i'd be careful bragging about closing $10 million TYD when there are those present who can look it up (and have). But I digress.

Buying is a good investment when/if you can afford to buy. Otherwise renting is the way to go for some. I'm a homeowner who's looking to sell. Right now I wish I were a renter.

THe one thing that people (mostly realtors) say about renting that drives me crazy is "you're wasting your money." If I had to give someone $2000/mo and got nothing in return, that would be a waste. If you give someone $2000/mo and in exchange you get to live indoors - that's fair trade! - Fri May 16 2008, 12:31

Wow! Looks like you hit a nerve here!

Well i'm happy to weigh in with my opinion.

I was a realtor in N. New Jersey for 5 years (ending this spring). First of all I LOVED the NPR piece on This American Life last week. It was brilliant and VERY informative.

All throughout the housing boom we were told "it's not a bubble" and "don't worry about a pop...it's not going to pop...prices will slowly equalize." Now I know that that was all spin, self delusion and lies.

What I found for myself and saw/see among my realtor friends is that the market it BAD out there. It's a lot harder to make any money as consumer confidence in the housing market it crap.

If I were you I would RENT and wait and see what happens. Personally I think you'd have to be CRAZY to buy in this market. I don't think we've seen the bottom yet. Once prices begin to stabalize, look and see what there is to see. DON'T buy your home as an investment. IF you find a place that you'd like to live, and you can afford to live there. Then buy. Otherwise - FORGET IT!

Lastly - I have found that it was VERY easy to walk away from unsold homes. If you're more than 3-4 months behind on payments it's a LOT more effecient to mail the bank the keys and file chapter 7. Sure it a hit on the credit, but so are missed mortgage payments. And in filing chapter 7 I can also shed any other unwanted debt.

Please know that people walking away from homes will have a BIG effect on the housing market. IT will only serve to drive prices lower. It's happening already and in my opinion will continue for a while.

Best of luck! - Fri May 16 2008, 06:47

It really depends on what your interests are. And what "I don't earn a lot of money" means. Certainly everything is relative, but Manhattan can be very expensive

Depending on your price point you might end up in the outter boroughs.

Talk a little bit more about how you like to spend your free time and what kind of money (generally speaking) you want to spend. - Wed May 14 2008, 06:05