[quote=FlyerInHi]nj, you seem to imply that those who can afford to pay should suck it up and pay.
But the contract doesn’t care what the cause of non payment is. It could be sickness, loss of job.., the bank doesn’t care.
Why inject morality into a contract where there is none?
Would it make any difference if the OP lost his house because he was sick, and now he has the downpayment from an inheritance?
Also, in CA there is the trustee sale bit so no court is involved in the foreclosure. The remedy was negotiated.[/quote]
Yes. It WOULD have made a difference, FIH. The OP would not have had a “voluntary” SS and thus, under FF guidelines, possibly would have been able to qualify for a modest purchase-money mortgage a year or two sooner.
But that’s not what happened here. Acc to the OP, he would well afford his mortgage when he purchased the property, he would well afford his mortgage all during the time of his ownership and he could well afford his mortgage after he decided to strategically default and “squat” for as long as his lender would allow him to. Since he could well afford his mortgage all during his default period, “squatting” enabled his household to save even MORE money for a downpayment for their “dream home.”
Just ONE+ month after he closed his unclean SS in a solidly middle-class area (sorry folks, but most of SEH is NOT “upper middle class,” nor is SM), he was here on this forum stating that he was “new to SD,” lamenting the dearth of listings and asking Piggs for recommendations for listings on 1 AC lots, no less :=0, in three of the most expensive communities in the county.
It is crystal clear to me that at the time he decided to “strategically default,” he believed he could “trade in” his home in a middle-class community (where he was supposedly $200K “upside down”) for an upper-middle class or upper-class community without so much as a blip on the radar screen!
Not only is this carrying an “entitlement mentality” thru the stratosphere, but it clearly demonstrates a delusional thought process, in my book.
I’m sure the OP is not alone in this regard. I know a person who tried this (initially “successfully”) with SEVEN homes in successively more exclusive areas here in SD South County (incl Coronado). She has now lost them ALL except one (which is rented out because it is still “upside down”) and is currently living as a “roommate” in another homeowner’s home because her credit is beyond shot. This person was a longtime CA RE LICENSEE and should at all time have “known better” but was delusioned with ever more grandiose ideas about what she thought she “deserved” and could afford and the availability of easy money undoubtedly enabled her.
