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I'm walking from my underwater mortgage
NY Post ^ | 01/31/10 | JANET SPEER

Posted on 01/31/2010 7:57:46 PM PST by TigerLikesRooster

I'm walking from my underwater mortgage

By JANET SPEER

Last Updated: 7:34 PM, January 31, 2010

Posted: 4:34 AM, January 31, 2010

I stopped paying my $1,450-a-month mortgage on my 200-year-old, four-bedroom home in September 2008 -- after making the hard decision to walk away from my mortgage because it is hopelessly underwater.

It is not an easy decision to walk away from your home, and in the beginning I actually felt like a loser. That was the hardest part.

You see, I was raised to live up to my financial responsibilities. I was taught plenty about personal responsibility. But in this case I had no practical solutions to my financial dilemma -- I lost my job, was turned down for a mortgage modification and owed a lot more than the house is worth.

I WOULD RATHER FIGHT THAN SWITCH HOMES

I am a single parent with three children, one with medical issues. So, with only unemployment benefits and child-support money, I decided to pull the plug on my mortgage payments.

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


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: jinglemail; mortgage; underwatermortgage; walkingout
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To: MsLady

I’ll be 51 in April and have a 6 and 8 yr old at home.


121 posted on 02/01/2010 6:01:06 PM PST by mom4melody
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To: mom4melody

My point was the media slants things, and leaves out other important information. The age of her children would have made the story a bit different. That’s why I think they left the ages out. There trying to make you feel sorry for this woman. With the info they gave in the story, I don’t feel sorry for her. Sounds like she soaked the system and is going to leave the costs to others. The story wouldn’t sound so good if her kids were older, or adult children. The kid with medical problems how old? 5, 10, 18? They also don’t state the medical problems which could be something very minor.


122 posted on 02/01/2010 8:02:20 PM PST by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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To: 4Liberty

I often wonder when the insanity will end. I take pride in having maintained a standard of living below what my paycheck would have provided for over three decades. It burns me up that the bureaucrats and politicians loathe me for providing for my family and putting away enough so I won’t be a burden to either my family or society in old age. It seems every day they dream up a new scheme to extract more of my income. It is only a matter of time until they come for my savings so the “victims” in our society can be cared for by the benevolent state.


123 posted on 02/01/2010 8:22:34 PM PST by Soul of the South (When times are tough the tough get going.)
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To: hinckley buzzard

The woman was bankrupt and there was no way she could continue to make payments. It was only a matter of time before she was foreclosed on. She just moved out when she still had the money to do so.


124 posted on 02/01/2010 8:32:07 PM PST by Blood of Tyrants (Truth - Reality through the eyes of God.)
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To: moehoward

Actually, moe most people do not get modifications (permanent or otherwise) becuase they are too lazy or stupid to turn in the necessary paperwork.


125 posted on 02/02/2010 4:32:31 AM PST by nonliberal (Graduate: Curtis E. LeMay School of International Relations)
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To: MsLady

I’m not upset at all - just wanted to point out that old ladies can have young kids! LOL!!!


126 posted on 02/02/2010 8:47:55 AM PST by mom4melody
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To: GovernmentShrinker

If she hasn’t been paying the taxes, her troubles are just starting.


127 posted on 02/02/2010 8:56:23 AM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: Blood of Tyrants

She is already in foreclosure. That is why she is getting out. Just wait until she tries to buy a car or get a better cell phone. She’ll be screaming like a banshee.


128 posted on 02/02/2010 8:59:12 AM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: AppyPappy

Since she has a mortgage, it’s a near certainty that the lender or servicer has been paying the taxes and insurance since she stopped making payments.


129 posted on 02/02/2010 9:00:26 AM PST by GovernmentShrinker
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To: GovernmentShrinker

She better hope they have done it.


130 posted on 02/02/2010 9:02:52 AM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: nonliberal

“Most” ??

If that were true how is it “most” navigated their way through the original first, second, and sometimes, third mortgage docs, but all of a sudden become mystified at a simple mod request form?

The truth is the required steps to request a mod are very simple. And that’s a good thing, because nearly every single applicant will repeat the process numerous times when the banks “lose” them.


131 posted on 02/02/2010 9:25:24 AM PST by moehoward
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To: mom4melody

LOL...yes I do know a few older women with small kids :) most though are already grandma’s. One of the girls at our church is 22 years old, her mother just gave birth 6 months ago to her 15th child. I hate her mother, she looks great...lol You’d never know she was a mother of 15.


132 posted on 02/02/2010 9:53:42 AM PST by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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To: AppyPappy

It doesn’t really matter. She’s going to lose the house either way. I’ve never heard of a property tax-collecting jurisdiction doing anything beyond seizing the property. In a foreclosure, the mortgage-holder becomes the legal owner of the property and thus responsible for any unpaid taxes. As part of the transfer of legal ownership, the mortgage-holder will have to pay any back taxes. If they’re stupid enough to refuse to do this, then the ownership won’t be transferred, and the property would be seized directly from the current legal owner (i.e. this woman) by the tax-collecting jurisdiction and auctioned off to satisfy the tax lien.


133 posted on 02/02/2010 10:48:13 AM PST by GovernmentShrinker
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To: MsLady

My kids are 28, 25, 8 and 6.

The grandkids are 5 and 1.5.

The 8 and 6 yr old are adopted.


134 posted on 02/02/2010 12:07:21 PM PST by mom4melody
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To: mom4melody

Ahhhh, much easier on the body...lol. Where did you adopt from? My sis in law and bro in law got a child from Russia. They were in the beginning stages of adopting another when she lost her job.


135 posted on 02/02/2010 1:01:27 PM PST by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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To: MsLady

Both are from China. We had initially looked at Haiti but their program was so on again off again that we walked away from it (that was 2001-2002).


136 posted on 02/02/2010 1:15:43 PM PST by mom4melody
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To: mom4melody

I suppose all of the overseas adoptions can be touchy at times. My sister in law ran into a little trouble with Russia but, it wasn’t to bad when they adopted. I think now they are tightening things up. Have to jump through more hoops.


137 posted on 02/02/2010 2:03:36 PM PST by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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