Menu

Home › Forums › Housing › Why not walk away?

Viewing 15 posts - 1 through 15 (of 486 total)
1 2 3 … 31 32 33
  • Author
    Posts
  • November 30, 2007 at 2:47 PM #11031
    sandiego
    Participant

    I am in a condo in downtown San Diego with a fixed rate of 5.75% until 2014. Several units have been foreclosed on in my building and are currently on the market for prices that have effectively wiped out any equity I had plus another 10-20%.

    I bought in 2003. My next door neighbor had their property appraised (smaller unit, same view) for $1 million in 2006 so I felt pretty good at the time about having a 65% loan to value.

    Why should I continue to pay full price for an asset when the banks (Countrywide) have crushed the prices all around me?

    It is highly unlikely that my unit will be above water anytime in the next 7 years so why not take my lumps now (with a foreclosure) and walk away?

    November 30, 2007 at 2:58 PM #105755
    patientlywaiting
    Participant

    That’s exactly what I’ve been wondering with all the talk of bailout, reset moratorium, etc…

    Why continue to pay full price on something that has depreciated a whole lot.

    If you carefully read your mortgage contract you have an “option” to walk and let the bank foreclose. Nothing wrong or illegal about that. Just be sure you know what you’re doing.

    If you didn’t refinance your initial purchase loan (non-recourse loan), then there’s not a thing the bank can do but take your condo back.

    November 30, 2007 at 2:58 PM #105844
    patientlywaiting
    Participant

    That’s exactly what I’ve been wondering with all the talk of bailout, reset moratorium, etc…

    Why continue to pay full price on something that has depreciated a whole lot.

    If you carefully read your mortgage contract you have an “option” to walk and let the bank foreclose. Nothing wrong or illegal about that. Just be sure you know what you’re doing.

    If you didn’t refinance your initial purchase loan (non-recourse loan), then there’s not a thing the bank can do but take your condo back.

    November 30, 2007 at 2:58 PM #105879
    patientlywaiting
    Participant

    That’s exactly what I’ve been wondering with all the talk of bailout, reset moratorium, etc…

    Why continue to pay full price on something that has depreciated a whole lot.

    If you carefully read your mortgage contract you have an “option” to walk and let the bank foreclose. Nothing wrong or illegal about that. Just be sure you know what you’re doing.

    If you didn’t refinance your initial purchase loan (non-recourse loan), then there’s not a thing the bank can do but take your condo back.

    November 30, 2007 at 2:58 PM #105887
    patientlywaiting
    Participant

    That’s exactly what I’ve been wondering with all the talk of bailout, reset moratorium, etc…

    Why continue to pay full price on something that has depreciated a whole lot.

    If you carefully read your mortgage contract you have an “option” to walk and let the bank foreclose. Nothing wrong or illegal about that. Just be sure you know what you’re doing.

    If you didn’t refinance your initial purchase loan (non-recourse loan), then there’s not a thing the bank can do but take your condo back.

    November 30, 2007 at 2:58 PM #105905
    patientlywaiting
    Participant

    That’s exactly what I’ve been wondering with all the talk of bailout, reset moratorium, etc…

    Why continue to pay full price on something that has depreciated a whole lot.

    If you carefully read your mortgage contract you have an “option” to walk and let the bank foreclose. Nothing wrong or illegal about that. Just be sure you know what you’re doing.

    If you didn’t refinance your initial purchase loan (non-recourse loan), then there’s not a thing the bank can do but take your condo back.

    November 30, 2007 at 3:06 PM #105761
    sandiego
    Participant

    That is the big picture. Even if you don’t have a subprime or Alt-A loan, you are getting slammed by your neighbors bad choices.

    November 30, 2007 at 3:06 PM #105848
    sandiego
    Participant

    That is the big picture. Even if you don’t have a subprime or Alt-A loan, you are getting slammed by your neighbors bad choices.

    November 30, 2007 at 3:06 PM #105884
    sandiego
    Participant

    That is the big picture. Even if you don’t have a subprime or Alt-A loan, you are getting slammed by your neighbors bad choices.

    November 30, 2007 at 3:06 PM #105892
    sandiego
    Participant

    That is the big picture. Even if you don’t have a subprime or Alt-A loan, you are getting slammed by your neighbors bad choices.

    November 30, 2007 at 3:06 PM #105910
    sandiego
    Participant

    That is the big picture. Even if you don’t have a subprime or Alt-A loan, you are getting slammed by your neighbors bad choices.

    November 30, 2007 at 3:09 PM #105766
    kewp
    Participant

    Well your credit is going to get dinged, so no one is going to want to lend you money to buy a house again anytime soon.

    HOWEVER, given that tossing the keys will be the new black for ’08 I would not be surprised if lenders once again lowered their standards in the future to drum up business.

    November 30, 2007 at 3:09 PM #105853
    kewp
    Participant

    Well your credit is going to get dinged, so no one is going to want to lend you money to buy a house again anytime soon.

    HOWEVER, given that tossing the keys will be the new black for ’08 I would not be surprised if lenders once again lowered their standards in the future to drum up business.

    November 30, 2007 at 3:09 PM #105889
    kewp
    Participant

    Well your credit is going to get dinged, so no one is going to want to lend you money to buy a house again anytime soon.

    HOWEVER, given that tossing the keys will be the new black for ’08 I would not be surprised if lenders once again lowered their standards in the future to drum up business.

    November 30, 2007 at 3:09 PM #105897
    kewp
    Participant

    Well your credit is going to get dinged, so no one is going to want to lend you money to buy a house again anytime soon.

    HOWEVER, given that tossing the keys will be the new black for ’08 I would not be surprised if lenders once again lowered their standards in the future to drum up business.

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 486 total)
1 2 3 … 31 32 33
  • You must be logged in to reply to this topic.