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LA times: Leaving North Las Vegas no option for many 'underwater' homeowners
LA Times ^ | 5/31/2011 | By Ashley Powers and Alejandro Lazo, Los Angeles Times

Posted on 05/31/2011 7:14:56 PM PDT by vmpolesov

Reporting from North Las Vegas, Nev.— Charles Mills can barely afford to stay here. But he also can't afford to move.

That's why the 44-year-old heavy-equipment operator was preparing to leave his wife and young daughter here and go where he could find work — the Oklahoma oil fields. Mills has a mortgage to pay, even if its size pains him.

He purchased his house in 2006 for $308,500. Current value: $105,797.

"We talked about it: What can we do with the house?" Mills said. "Nobody's going to buy it. Nobody's going to rent it. If we walk away, my credit's shot. We're stuck."

(Excerpt) Read more at latimes.com ...


TOPICS: Business/Economy
KEYWORDS: housingbubble; housingcrash; lasvegas; underwater
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I feel bad for these folks. These are decent working people just trying to get by, not housing market speculators.
1 posted on 05/31/2011 7:15:01 PM PDT by vmpolesov
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To: vmpolesov

Every investment has a risk.

That doesn’t mean I don’t feel sorry for anyone (including myself!) who loses out.

But when we make a good profit, we don’t share it with everyone. So when we make a bad loss, we shouldn’t share that, either.

I hope they make it ok.


2 posted on 05/31/2011 7:17:49 PM PDT by Persevero (Homeschooling for Excellence since 1992)
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To: vmpolesov

Sounds like the boat I am in... I just plan to stick it out until I get the mortgage down to the value of the house, and then consider my options at that point.


3 posted on 05/31/2011 7:19:11 PM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: vmpolesov

He’s put his credit rating above his family. The question has been asked, “Would you sell your family’s happiness for a _________ amount of dollars” and he has answered.

If he can’t make the mortgage, like I can’t, and no one will buy it - Then I’ll face poor credit, bill collectors and, I sigh as I type it, bankrupcy. But I’ll never leave my wife for a job across country. She comes with, but I won’t leave her alone.

And with a kid ? Yeah, they have the house and stuff, but no dad. That kid needs a dad. My dad wasn’t rich, and we lived in small apartments my whole life - but my family was together.

Credit isn’t _you_, and you are not your credit. Don’t let “them” convince you otherwise.


4 posted on 05/31/2011 7:19:26 PM PDT by Celerity
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To: vmpolesov
He purchased his house in 2006 for $308,500. Current value: $105,797

Walk away.

Start a new life without a $200,000 weight around your neck.

5 posted on 05/31/2011 7:19:54 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: vmpolesov

My old Air Force work-associate moved to Florida in 2007 and bought a house for $215k. As she was doing the final paperwork on the purchase....she found the original price when it was built in 2003 was $145k. Imagine a house that goes from $145k to $215 in four years. She had this fantasy that she’d sell it in three years for $230k. When the bottom dropped out twelve months later....she was stuck with a house that can’t be sold for more than $180k max. It’s a nice house...brick...decent yard...twenty miles from the beach....but it was never worth $215k to start with.


6 posted on 05/31/2011 7:21:17 PM PDT by pepsionice
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To: 2banana
Walk away.

Start a new life without a $200,000 weight around your neck.

Nevada is a state that allows a lender to sue a delinquent borrower. Either way, this person will be on the hook for paying back this loan. If he's stuck... he might as well have a house and a break on the loan interest at the end of it.

7 posted on 05/31/2011 7:23:14 PM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: 2banana

Bankruptcy only costs about $1000.


8 posted on 05/31/2011 7:25:07 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: vmpolesov
I feel bad for a jerkwater tractor driver who thinks he can afford a 300 thousand dollar house. But not much. My father taught me the lesson this a-hole needed but never got: something about thinking you can afford champagne on a beer income.
9 posted on 05/31/2011 7:28:58 PM PDT by hinckley buzzard
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To: Blood of Tyrants

The guy did the right thing. Some people would have just said screw it.


10 posted on 05/31/2011 7:29:45 PM PDT by EQAndyBuzz (Sarah Palin - She’s living rent-free inside the MSM’s heads. Credited to Lurk)
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To: Celerity
But I’ll never leave my wife for a job across country. She comes with, but I won’t leave her alone.

If that is your attitude, you will easily be replaced in the labor force by an illegal alien with a more realistic philosophy. Don't know what becomes of your wife, but that's between you and the unemployment office, I guess.

11 posted on 05/31/2011 7:32:16 PM PDT by hinckley buzzard
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To: Blood of Tyrants

I thought it was more like $2000. W and Biden made bankruptcy more difficult and more expensive. It’s too bad they didn’t work on solid economic policy instead. Bankruptcies have gone up dramatically in spite of their efforts.


12 posted on 05/31/2011 7:33:37 PM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: vmpolesov

I feel bad for him...but barely, because I was there.

We bought in SoCal for $385k in 2006, and just finished a short sale in 2011 for $202k. We made a mistake then...I lost my job in 2010 and now we are paying for it.

And I am very happy renting, with my family intact, in Wisconsin.


13 posted on 05/31/2011 7:34:26 PM PDT by JRios1968 (I'm guttery and trashy, with a hint of lemon. - Laz)
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To: Moonman62

I guess it depends on where you live. Near Nashville it costs about $900 which is about twice as much as it used to cost.


14 posted on 05/31/2011 7:35:38 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: pnh102
Nevada is a state that allows a lender to sue a delinquent borrower

If they try to take recourse on me they'll have to track me down in India.

15 posted on 05/31/2011 7:35:57 PM PDT by steve86 (Acerbic by nature, not nurture (Could be worst in 40 years))
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To: vmpolesov
I only feel sorry for the ones that did not vote for harry... those that did vote for harry and those that did not vote at all... well to be nice I'll just let you fill in the blanks.

LLS

16 posted on 05/31/2011 7:36:09 PM PDT by LibLieSlayer ("If you lie hard enough and sell your soul... you can scam your way to the top" barack obama)
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To: 2banana
Walk away. Start a new life without a $200,000 weight around your neck.

I agree. While I think they have some partial responsibility, most of this mess was caused by big government and big finance. I don't think individuals should be shouldering all the burden while the big guys are getting away almost completely. The perks in big government are better than ever.

17 posted on 05/31/2011 7:36:20 PM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Moonman62
While I think they have some partial responsibility, most of this mess was caused by big government and big finance.

I cannot believe so many people on this thread do not believe in personal responsibility. I have always thought personal responsibility is the cornerstone of conservatism. My husband and I could be in the same boat but since we keep our agreements we make sure we know the risks involved before we make the most important purchase of our lives. We made a foolish deal in 1982 when we bought our first home and we learned our lesson by paying on a high interest loan for several years before we could refi at a better rate.

18 posted on 05/31/2011 7:49:46 PM PDT by Zevonismymuse
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To: JRios1968

I feel bad about my house going down in value by 30%, I can’t imagine losing 2/3rds of the value. I’m stuck too. If I file bankruptcy, it may sting, but that only lasts 7 years. I can’t wait 20 years for my house to get back to where it was.


19 posted on 05/31/2011 7:52:39 PM PDT by boop ("Let's just say they'll be satisfied with LESS"... Ming the Merciless)
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To: JRios1968

What happens to the balance on your house? Are you on the hook for the difference?


20 posted on 05/31/2011 7:54:38 PM PDT by boop ("Let's just say they'll be satisfied with LESS"... Ming the Merciless)
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