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Posted on 05/02/2011 12:32:17 PM PDT by Notary Sojac
“If you own a home that is 50% underwater, 70% underwater, it will never ever, ever come back to where you purchased it.”
BS. BS. BS. Nobody and I mean nobody, is an expert. With the rate of inflation that will soon hit, home values will skyrocket along with them. Never say never as I learned borrowing money in 1981 at 23.5% and the banker said interest rates will never, never, never be single digit again.
No, it isn’t, but I guess when you cheat on your spouse or something like that, it’s okay because your neighbor does it? If this is the only excuse you can come up with, then I guess I know where I’d stand on loaning you anything.
Any who does anything Suze Orman tells them to do is out of their mind.
Non-Recourse States
* Alaska (AK)
* Arizona (AZ)
* California (CA)
* Connecticut (CT)
* Idaho (ID)
* Minnesota (MN)
* North Carolina (NC)
* North Dakota (ND)
* Oregon (OR)
* Texas (TX)
* Utah (UT)
* Washington State (WA)
Recourse States
* Alabama (AL)
* Arkansas (AR)
* Colorado (CO)
* Delaware (DE)
* District of Columbia (DC)
* Florida (FL)
* Georgia (GA)
* Hawaii (HI)
* Illinois (IL)
* Iowa (IA)
* Indiana (IN)
* Kansas (KS)
* Kentucky (KY)
* Louisiana (LA)
* Maine (ME)
* Maryland (MD)
* Massachusetts (MA)
* Michigan (MI)
* Montana (MT)
* Mississippi (MS)
* Missouri (MO)
* Ohio(OH)
* Nebraska (NE)
* Nevada (NV)
* New Hampshire (NH)
* New Jersey (NJ)
* New Mexico (NM)
* New York (NY)
* Oklahoma (OK)
* Pennsylvania (PA)
* Puerto Rico (PR)
* Rhode Island (RI)
* South Carolina (SC)
* Tennessee (TN)
* Vermont (VT)
* Virginia (VA)
* West Virginia (WV)
* Wisconsin (WI)
* Wyoming (WY)
If you are considering doing this, do a short-sale, don’t just walk away. Fannie, Freddie and FHA will work with you to make the deal work if you can’t get your lender to talk to you. A short-sale is much better on the debt and far less impact, both short and long-term.
Agreed, but the average person doesn't have the kind of leverage needed to pull off such a business decision. Even if you discount the moral arguments, someone who is seriously considering walking away from a mortgage needs to accept that for the next few years, he will need to live with no credit, even if he really, really, REALLY needs it. On top of that, there exists a potential for being sued to recoup additional losses.
Granted, it is entirely possible that a borrower could have enough cash stashed away to survive a dry spell with no credit and even with the risk of such lawsuits... so in a business sense, it could be worth nuking one's credit.
Here’s the problem - inflation’s on the horizon. When you’re renting - the rent keeps going up... Own a home and you can keep one payment fixed.
I sometimes have trouble with my Daughter in explaining to her about honesty, what's right, that your word means something, etc. I'll give her credit - she's made a tremendous improvement, especially now that she has three girls of her own.
That's where declaring bankruptcy comes in - if a person must walk away they need to protect themselves...
Wouldn't #2 be the consequence of your failure to honor #1 and not a preferable option? Isn't the whole contract based on the presumption of your promise to pay as per the terms of the mortgage?
The only day I would consider doing this is the day I’ve lost everything except my house, and have no other option at all because I have nothing left to give.
I have never broken a contract in my life, in fact I couldn’t sleep at night after my repair guy forgot to add a dryer motor on to my final bill and when I called to tell him he said “forget it”, hell it bothers me now thinking of that and it was 3 years ago.
I’d starve before I took food stamps to. Heck, I would scrub septic tanks for food before I lowered myself to that level.
Even then you will have a hard time getting credit. In many ways it is the financial equivalent of herpes. It just keeps haunting a person for the rest of his life.
No, it is not. What does that have to do with YOUR MORAL compass? Are you queuing up to jump off the Brooklyn Bridge?
Are you missing the point?
Anybody who defaults on a mortgage and has to borrow from friends and family then pays a $2,000 vet bill is scum.
Period. End of discussion.
Ummm... I meant that as earning enough money to buy food. I reread it and I just know there are Freepers who love low hanging fruit like that last sentence....
Scum might be a little harsh.
The guy’s priorities are certainly out of whack.
Agreed. Scum is a harsh word.
A man’s word is his bond....if you don’t live up to your word, you ain’t s—t.
It’s worse with large critters. We still owe Wazzu around $4K remaining from a $10K+ vet bill for Ginger, a beautiful Canadian mare we had to put down anyhow.
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