Liberal scumbags can’t wait until America totally collapses.
I call “walking away” a real life example of “turnabout is fair play”.
‘Course, it’s easy for me to say that. I realized in the early 2000’s that we were in a manufactured bubble, so I refrained from buying. I continued to rent - and watched those rents go down as rental homes and apartments were abandoned by people realizing the “american dream” of owning a home worth 12 years wages. ;)
If the bank refuses to do a short sale, it does make sense to walk away and force them to foreclose. You will still be liable for the balance but you don’t have to incur additional losses beyond what it could sell for.
“New figures show foreclosures in the U.S. are up about 35-percent from a year ago,” Matt Lauer kicked off an April 20 segment of “Today” that encouraged homeowners - even those financially comfortable - to simply walk away. “And a growing reason why are people who simply choose to walk away from their mortgage even when they can afford it.”
I wish there were a way in which banks, etc could sue Matt Lauer for offering advice like this.
Once upon a time, jobs were ethical. If you did your job, even if you never improved at your job, you kept your job. Sure, you might have limited your promotional potential, but as long as you performed your assigned task - you earned your pay.
Then came the day of ‘do more each year, or we’ll fire you’. No matter how well you did your job; more was demanded each and every year.
Next, we had people who did their job, and then expanded their potential - but it didn’t matter because our Gov’t had created incentives for companies to ship those jobs overseas. Textile industry, tech industry, manufacturing of almost every stripe and what the US Gov’t didn’t destroy, unions did.
So, people who contributed and worked hard at their job; came to work to find that they had been ‘outsourced’ and laid off. Companies closed.
There was a time when the first person who experienced the dreaded RIF (Reduction In Force) was the CEO. Now CEO’s line their pockets by periodically creating a RIF to bump their stock prices.
Meanwhile, the poor worker loses their job, is forced to relocate and sell their house for less than what they purchase it - and then moves their family to an new home, only to experience the same thing .... over and over.
What do you expect? There are a great many professionals who no longer have a retirment fund, stocks or savings account; through no fault of their own.
Every problem you point out, has a single point of origion .... the US Congress.
It's not just a house--it's my home. Whether I paid too much or not--I don't know. I'm pretty sure I didn't. But it doesn't matter. It's where I live, and am raising my family. It's not an investment.
I don’t understand this “underwater” BS. Just about everytime you buy a car you are “underwater” as soon as you drive off the lot. As far as houses, most folks buy a house to live in not as an investment. When the house was purchased you agreed to a series of payments allowing you to live there. There is no guarantee the house will go up in value every year.
The media would be going nuts over all the bad news out there if a Republican were in control.
As it stands now, they will protect the democrats at all costs.
Traitorous scum...all of them.
I must’ve missed the part of the bubble where people were forced to sign contracts to buy houses and take out a mortgage. Many of these people were making a bet that prices would continue to go up and they could make a profit. Nothing wrong with that.
Why should the mortgage holder get to keep the winnings from the bet if he/she guesses correctly and erase the bet if the guessed wrong? If this were really acceptable business bahavior, what good are contracts?
There are bankruptcy laws, you should be required to go through them in order to walk away from a home loan or other contract unless the other party agrees to some settlement.
With no allowance for actual market value...
...walking away from a property would be my advise to someone I cared about, with no alternative. It's in the contract, after all. Provision has been made.
Let the moneylenders play their game, themselves.
When the banks made bad business decisions (mortgage crisis), they took our tax money legally by threatening tanks in the streets.
When the car companies made bad business decisions (legacy costs), they took our tax money legally by pressuring their friends in congress to give them our tax money.
When a corporation makes bad business decisions, they can legally file bankruptcy.
When an individual makes a bad business decision, they can legally default. Your mortgage contract says if you don’t pay, they get your house. It is their responsibility to properly collateralize the loan.
I guess an individual should be living under a bridge and starving before they default.
Why is it that business can stick it to you with impunity while following the contract but an individual needs to “do what’s right”, regardless of the contract.
I know we’re little insignificant people, but an individual has to take care of their own self interests or they will be destitute.
I guess there’s always welfare for us (but is it ethical to collect it?)
I would be more critical....but....the banks got a near $800 billion welfare check from the govt...and they still refuse to re-work some of the bad mortgagaes....people I work with just end up walking away from homes because the bank refuses to negotiate (most who went belly up on houses are because a spouse lost their job)
And, as long as we do stupid economic deals like Free Trade with Communist China....which ships American jobs to a Communist nation....we put more and more people in foreclosure.
Once we stop Free Trade with Communist China....create jobs in America (not ship them overseas)....and remove all forms of Socialism....the nation will rebound....as well as the Housing market. Need to stop redistributing American wealth to Communists, Bankers, and the lazy....
My husband and I are both blessed that we are still working. Our home has lost almost half of it’s value. As far as walking away from our mortgage because of the decrease in value, would be in my eyes, outright theft. Yes it sucks that we’re paying a mortgage on a devalued home, but it is what we agreed to when signing our loan docs.
Our home lost $110,000 of its value. We’ve been trying to sell it on and off for three years. We are still paying for it even though we are out of state and are barely making ends meet. It’s so tempting to say screw it, screw it to the liberal neighbors who voted for the ding bats who run the city and state into the ground....... But we haven’t and won’t. Still, I’m angry at the politicians who caused this crisis and are making it worse.
Hey NBC, is it ok to walk away from my tax bill on April 15?
Maybe you all should lead by example. Quit paying your payroll, don’t pay your income and property taxes. You are all upside down on your talent, in that you are paying them way more than they are worth. C’mon nbc, put your money where your mouth is. I’m sure your messiah will bail you out.
Just more evidence of the corrosive effects of a generation which has allowed “unfriend” (Facebook) and “decommit” (College Football Recruiting) to enter the English language.
And once you succeed in altering the language, the rest becomes academic.
I’m sure Mr. Lauer plans to walk away from the mortgage on his multi-million dollar Manhattan apartment and his “weekend place” in the country. I’m equally sure that the NBC segment didn’t focus on the impact that “walking away” has on your credit score. It won’t show up as a bankruptcy on their credit report, but it won’t help them, either. Hope these folks plan on renting for a long time, because no lender will give them another mortgage for at least seven to ten years.
The question often posed is “What do you think businesses do if they’re stuck with a bad investment? They pay the penalty and walk away.”
The more people walk away the quicker the price of homes comes down and the quicker the housing market recovers.