That's a totally different thing, you can't get blood from a stone, but what the OP is saying is simply that he no longer wants to pay because the home has lost value, so it's not a case of "I can't pay because i lost my job and can't find another", it's a case of "Well it's not a worthy investment any more so why should I have to live up to my obligations and pay if i can just walk away?"
Should I walk away from my "underwater" home?
by The Berean 113 Replies latest jw friends
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Nathan Natas
Leec, you didn't start this thread, and The Berean did not say that was the situation he was in.
Given your circumstances, you should continue to live under a bridge and charge a toll to all who cross it.
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leec
Okay okay ... I have been wondering about that though. I disagree with the idea of stopping payment because the investment value decreased, even though I have about the same respect for bankers that I do for suicide bombers.
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beksbks
I believe mortgage companies are refinancing loans with the depreciation at least some consideration right now. Find out what your bank will do for you.
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darth frosty
The mortgage companies are not trying to help!!!
My wife hasn't work for the last 2 years due to injury, our savings are gone, this time last year when I heard about mortgage companies 'supposed' to be helping people we contacted our lending and tried to get help. After jumping thru ALL of there hoops and submitting all of the paper work they requested do you know what the sumbytches said?!?
They sent a letter that stated simply 'after reviewing your file we have found that your mortgage is CURRENT and therefore we cannot assist you at this time?!?'
They want you to default on your loan before they will help you. THE SYSTEM IS FRIGGIN BROKE! The sooner people understand this the better off their lot in life will be.
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Robdar
They sent a letter that stated simply 'after reviewing your file we have found that your mortgage is CURRENT and therefore we cannot assist you at this time?!?'
They want you to default on your loan before they will help you. THE SYSTEM IS FRIGGIN BROKE! The sooner people understand this the better off their lot in life will be.
Darth speaks truth. The system is more broken than we have been led to believe. I think if people knew the truth, they would riot in the street. Almost 2 years before the big bust, we noticed a sharp increase in business. But all the talking heads were telling us how wonderful the economy was. There aint nothing but bullshit and propaganda being broadcast on our air waves.
Thank you, Reagan, for de-regulation.
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JeffT
Robdar, there were a few people who saw this coming. Our family financial planner was started talking about a housing bubble in 2006. In retrospect there were more than a few voices sounding the warning, but they were drowned out by the noise being made by all the people cashing out their equity. Along with deregulation, the banks were taking flack for not making loans in certain neighborhoods, which almost certainly led to the issuing of a lot of marginal loans.
PS: In about a year watch out for the other shoe to drop in the auto market. I suspect that a lot of people that wouldn't have purchased new cars at this time were induced to buy one by cash for clunkers. The commercial real estate market is also contracting and creating problems, but that is more of a slow motion problem.
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Robdar
JeffT, you speak truth. I hope others will listen.
Good night, friend.
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watson
"A mortgage is a business deal??" So that means, walk away from it if it isn't a good investment?? That is pure crap. If it makes you feel better, then by all means give that damn mortgage company the shaft.
It seems to me that a mortage represents someone elses money that is being put on the line so that you can buy something that you really can't afford to begin with. Because you don't have enough money to buy a house you use someone elses to do it. It is as simple as that. It may be humbling to look at it that way, but that's the way it is.
So because you don't see the value appreciating you can dump it??
What if the mortgage company saw that you were making a great return on their money, and decided they wanted their money back, or maybe they want the property. Would that work for you?
We've lost something very valuable here. Sad.
What happened here is that many people thought they could roll the dice with someone elses money. They lost, and now they don't want to pay back the lender. The lenders saw the greed and sought to accomodate it all. LOL. Sorry to say, be we all deserve what we got. We all get to pay.
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darth frosty
What if the mortgage company saw that you were making a great return on their money, and decided they wanted their money back, or maybe they want the property. Would that work for you?
Thats exactly what they did. They continually lured people into refinancing with the promise of dont worry about the balloon mortgage in 2 yrs when your equity grows will just refinance and start the process all over again.
This was going on from the top down. This was not just a few predatory lenders this was business in general.