Should I walk away from my "underwater" home?

by The Berean 113 Replies latest jw friends

  • Robdar


    Consult an attorney. As a bankruptcy paralegal I can truthfully tell you nobody on this forum is qualified to advise you.

  • acolytes

    Rodar you cannot truthfully say that "nobody on this forum is qualified to advise "Beraren"

    Bearen consulting an attorney is good advice.? The same legal advice would usually have said go to the banks(If you need a mortgage) in the first place.( Which was the correct advice. )But would they have educated you on which policy?

    Rodar I can truthfully say Iam qualified to advise. The advice I have given in my posts is better than that any legal representative can give.

    Rodar why do you ask Bearen to seek legal representation? Bearen needs financial management advice.


  • moshe

    20 years ago I took out a mortage on a house I owned free and clear and used my local farmers bank that I had dealt with for 15 years. They didn't even need a credit check' "we know who you are". Those were the old days when banks often held all their mortgage paper and knew the character of the borrower. Today character doesn't matter to the bank. If you can qualify for a loan that they can resell within 60 days, then they are happy to loan the money.

  • sammielee24

    Walk away if you can no longer afford it. You have a moral obligation to take care of yourself and your family first - if you can afford it, I don't believe you have a moral obligation to continue on with it. I suppose we could even look at it as a moral equivalent of Wall Street; big banks and corporations that are now your equal would mean that the same ethics and morals they represent and their actions, mean you should be held to no greater standard.

    There are any number of people who are walking away from their homes but before they do, they case out the neighbourhood they want to live in and rent or buy another foreclosed home first. Check with your state regarding the laws of foreclosure...some are easier on you than others and won't make life miserable for you.

    Why would you continue to pay $2,000 a month on a mortgage for a house that today would cost you $800.00 a month and in 20 years be appraised for the same value? The thousands you pay on a negative value investment could be put toward an IRA or a 401k monthly - or put into a savings account or college fund. sammieswife.

  • Robdar



    dar I can truthfully say Iam qualified to advise. The advice I have given in my posts is better than that any legal representative can give.
    Rodar why do you ask Bearen to seek legal representation? Bearen needs financial management advice.

    Having seen what so called financial advisors have been doing, it is my opinion that Bearean needs to stay as far away from them as possible. The Justice Department is cracking down on "financial advisors."

    And I truthfully say that unless you have "juris doctor" behind your name you are not qualified to give any sort of legal advice in the USA. Although you mean well, your free advice is worth exactly what you just charged for it, $00.00.

    Acolytes, I am not trying to pick on you. I am just speaking from experience and you happened to be in the way. I hope you will not take it personally.

  • Elsewhere

    > acolytes

    I'm just very pissed at the recent unethical behavior of large companies. It will take a very long time for my cynicism to subside.

  • acolytes

    Hi Rodar

    You are absolutly correct Iam not qualified to give any advice on the U.S system. The term paralegal was foriegn to me.

    However to succeed in any activity is to escape the bad effect of unhealthy thinking. A healthy positive attitude to life( ie this is my home and iam going to keep it.) This attitude is better than giving up on the dream-When you buy a home it is a dream. If the dream goes wrong it becomes negative thinking a prison with golden bars- Give up on the dream pay somebody elses mortgage forever and ever.

    Rodar Iam not a financial advisor.(Unless free advice is worth anything) I havnt worked for 15 years- I retired at 35 because I invested in property. However when I first bought property suddenly its worth was 20% less than I purchased. I fought it out and I won.Because every 10 years property prises double.

    Simply speaking a house with 30% negative equity (U.S.A or England) today will have a positive equity of 30% 5 years from now.ITS THAT SIMPLE.


  • leec

    I am in this situation too. Like moshe's friend, I refi'ed and took money out. My current loan is a little less than 2x what I paid for the place in 2001. Being one of those loans based on a 30year amortizaton, and having that "feature" where the payments don't start reducing principle until so many years in, I've basically been paying interest only. When I did the refi I didn't care because I fully expected to sell the place at a profit and move along.

    All throughout 2009 I kept procrastinating about do another refi to get a better rate (my current rate is 6.x). Then in December I was informed I was being laid off at the end of the year. Now, being currently unemployed, I am continuing to hesitate to try to refi because I doubt I could get a low rate without having a current employer. I have couple job interviews coming up, so I'm not freaking out about it, but it's definitely not a pleasant situation. I wish I could walk away from this stupid house, cash out what little I have, and move to Cambodia or something.

  • slimboyfat

    I understand what watson says about people living up to their commitments. Nevertheless I can't find as much enthusiasm to be mad at ordinary people who bought into the bubble and now find themselves in trouble, over the banksters and politicians who variously oversaw, engineered or turned a blind eye to the bubble, while benefiting themselves through corrupt investment schemes, then bailouts at the expense of the same people they duped into buying overpriced homes in the first place.

  • acolytes

    Hi Guys

    Interesting comments. To stay on topic "Berans" has any of this advise helped?


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