“Dear Homeowner, we lowered your payment” letter

[Arraya]

Why wouldn’t this apply to every single homeowner because in essence, no lender has “consideration” do they?

That’s right. Kind of a trip when you think about it. Now just think about the huge wave of defaults on mortgages and other debts that is starting. All was created out of thin air from the privately run Federal Reserve and it’s web of commercial banks around it.

A small group of people is going to own everything when this tsunami is done. All from something that is imaginary, created with a keystroke, electrons on a screen. If one wanted to look at this as a huge scam one could. Because the guys who caused this mess are going to own it all in the end and leave us all debt slaves to their imaginary money. Ironically, we will give them things of real value for the fake money they created. Fundamentally our monetary system is modern day wizardry and smoke and mirrors.

Tom Jefferson understood the endgame.

“I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” — Thomas Jefferson — The Debate Over The Recharter Of The Bank Bill, (1809)

[23109VC]

all I know is that in the near future, my house will be worth about $200k LESS than what I owe.

so why keep it? with 100% financing – explain to me the “benefit” of keeping it and paying all that money every month on a house leveraged to $350k that is only worth $150k.

I would think that at some point – I will be able to rent a bigger/better/nicer house for LESS money and since my house is going to be $200k upside down, and I put nothign into it – the most logical and financially reasonable thing to do would be dump it on teh bank and walk.

i really don’t care about what is “right” or what would be the “morally appropriate” thing to do. sad to say it, but if I have to shaft my bank and save my own neck – so be it. it’s money, it was a contract, and it went sour – and unfortuntely for the bank, they were dumb enough to loan me that much money on an asset that just took a dump. I promised to pay, but if I don’t pay, they get to have the house. that’s how it works. it’s all legal.

believe me, if there was a claus that said if my house tripled in value they were entitled to sell my hosue and pocket the proceeds – and it did that – they wouldn’t “feel sorry for me” and let me stay – they’d throw my a$$ out so fast it woudl make my head spin. i’m looking at this STRICTLY from a standpoint of what makes the most financial sense.

the best option woudl to have never bought the house in the first place. i dind’t listen to you guys, did it anyway, so here I am. no point in whining over that now. what’s done is done. you guys were right. i can admit that.

but now that it’s happened – the next question is what is my next option. Keeping or dumping the hosue – to me – is mostly motviated by how upside down the hosue is, how long it will take to recoup that money, and largely – what will it cost me on a monthly basis to replace what I have now.

right now I have what I would consider a very nicely upgraded, nicely loaced, but somewhat “small” house in Harveston. about 1900 sq ft. one story. nicely fixed up. it has all the ‘bells and whistles’ i want in a house.

I pay about $3200-3300 a month when you factor in principal/interest/HOA, etc.

I earn about $140k/year roughly. do the math. even with my tax writeoff – I think I woudl be saving a good $500+/month if I left this house, and rented a bigger/better house that woudl cost me around $2000/month. no HOA, no upkeep – just pay monthly rent.

I could drag out the foreclosure process for a year, pocket about $36000. then paying $2000/month in rent – I’d have a bigger hosue (which my wife wants – we had another baby) – and pay less money.

[23109VC]

all I know is that in the near future, my house will be worth about $200k LESS than what I owe.

so why keep it? with 100% financing – explain to me the “benefit” of keeping it and paying all that money every month on a house leveraged to $350k that is only worth $150k.

I would think that at some point – I will be able to rent a bigger/better/nicer house for LESS money and since my house is going to be $200k upside down, and I put nothign into it – the most logical and financially reasonable thing to do would be dump it on teh bank and walk.

i really don’t care about what is “right” or what would be the “morally appropriate” thing to do. sad to say it, but if I have to shaft my bank and save my own neck – so be it. it’s money, it was a contract, and it went sour – and unfortuntely for the bank, they were dumb enough to loan me that much money on an asset that just took a dump. I promised to pay, but if I don’t pay, they get to have the house. that’s how it works. it’s all legal.

believe me, if there was a claus that said if my house tripled in value they were entitled to sell my hosue and pocket the proceeds – and it did that – they wouldn’t “feel sorry for me” and let me stay – they’d throw my a$$ out so fast it woudl make my head spin. i’m looking at this STRICTLY from a standpoint of what makes the most financial sense.

the best option woudl to have never bought the house in the first place. i dind’t listen to you guys, did it anyway, so here I am. no point in whining over that now. what’s done is done. you guys were right. i can admit that.

but now that it’s happened – the next question is what is my next option. Keeping or dumping the hosue – to me – is mostly motviated by how upside down the hosue is, how long it will take to recoup that money, and largely – what will it cost me on a monthly basis to replace what I have now.

right now I have what I would consider a very nicely upgraded, nicely loaced, but somewhat “small” house in Harveston. about 1900 sq ft. one story. nicely fixed up. it has all the ‘bells and whistles’ i want in a house.

I pay about $3200-3300 a month when you factor in principal/interest/HOA, etc.

I earn about $140k/year roughly. do the math. even with my tax writeoff – I think I woudl be saving a good $500+/month if I left this house, and rented a bigger/better house that woudl cost me around $2000/month. no HOA, no upkeep – just pay monthly rent.

I could drag out the foreclosure process for a year, pocket about $36000. then paying $2000/month in rent – I’d have a bigger hosue (which my wife wants – we had another baby) – and pay less money.

[23109VC]

all I know is that in the near future, my house will be worth about $200k LESS than what I owe.

so why keep it? with 100% financing – explain to me the “benefit” of keeping it and paying all that money every month on a house leveraged to $350k that is only worth $150k.

I would think that at some point – I will be able to rent a bigger/better/nicer house for LESS money and since my house is going to be $200k upside down, and I put nothign into it – the most logical and financially reasonable thing to do would be dump it on teh bank and walk.

i really don’t care about what is “right” or what would be the “morally appropriate” thing to do. sad to say it, but if I have to shaft my bank and save my own neck – so be it. it’s money, it was a contract, and it went sour – and unfortuntely for the bank, they were dumb enough to loan me that much money on an asset that just took a dump. I promised to pay, but if I don’t pay, they get to have the house. that’s how it works. it’s all legal.

believe me, if there was a claus that said if my house tripled in value they were entitled to sell my hosue and pocket the proceeds – and it did that – they wouldn’t “feel sorry for me” and let me stay – they’d throw my a$$ out so fast it woudl make my head spin. i’m looking at this STRICTLY from a standpoint of what makes the most financial sense.

the best option woudl to have never bought the house in the first place. i dind’t listen to you guys, did it anyway, so here I am. no point in whining over that now. what’s done is done. you guys were right. i can admit that.

but now that it’s happened – the next question is what is my next option. Keeping or dumping the hosue – to me – is mostly motviated by how upside down the hosue is, how long it will take to recoup that money, and largely – what will it cost me on a monthly basis to replace what I have now.

right now I have what I would consider a very nicely upgraded, nicely loaced, but somewhat “small” house in Harveston. about 1900 sq ft. one story. nicely fixed up. it has all the ‘bells and whistles’ i want in a house.

I pay about $3200-3300 a month when you factor in principal/interest/HOA, etc.

I earn about $140k/year roughly. do the math. even with my tax writeoff – I think I woudl be saving a good $500+/month if I left this house, and rented a bigger/better house that woudl cost me around $2000/month. no HOA, no upkeep – just pay monthly rent.

I could drag out the foreclosure process for a year, pocket about $36000. then paying $2000/month in rent – I’d have a bigger hosue (which my wife wants – we had another baby) – and pay less money.

[23109VC]

all I know is that in the near future, my house will be worth about $200k LESS than what I owe.

so why keep it? with 100% financing – explain to me the “benefit” of keeping it and paying all that money every month on a house leveraged to $350k that is only worth $150k.

I would think that at some point – I will be able to rent a bigger/better/nicer house for LESS money and since my house is going to be $200k upside down, and I put nothign into it – the most logical and financially reasonable thing to do would be dump it on teh bank and walk.

i really don’t care about what is “right” or what would be the “morally appropriate” thing to do. sad to say it, but if I have to shaft my bank and save my own neck – so be it. it’s money, it was a contract, and it went sour – and unfortuntely for the bank, they were dumb enough to loan me that much money on an asset that just took a dump. I promised to pay, but if I don’t pay, they get to have the house. that’s how it works. it’s all legal.

believe me, if there was a claus that said if my house tripled in value they were entitled to sell my hosue and pocket the proceeds – and it did that – they wouldn’t “feel sorry for me” and let me stay – they’d throw my a$$ out so fast it woudl make my head spin. i’m looking at this STRICTLY from a standpoint of what makes the most financial sense.

the best option woudl to have never bought the house in the first place. i dind’t listen to you guys, did it anyway, so here I am. no point in whining over that now. what’s done is done. you guys were right. i can admit that.

but now that it’s happened – the next question is what is my next option. Keeping or dumping the hosue – to me – is mostly motviated by how upside down the hosue is, how long it will take to recoup that money, and largely – what will it cost me on a monthly basis to replace what I have now.

right now I have what I would consider a very nicely upgraded, nicely loaced, but somewhat “small” house in Harveston. about 1900 sq ft. one story. nicely fixed up. it has all the ‘bells and whistles’ i want in a house.

I pay about $3200-3300 a month when you factor in principal/interest/HOA, etc.

I earn about $140k/year roughly. do the math. even with my tax writeoff – I think I woudl be saving a good $500+/month if I left this house, and rented a bigger/better house that woudl cost me around $2000/month. no HOA, no upkeep – just pay monthly rent.

I could drag out the foreclosure process for a year, pocket about $36000. then paying $2000/month in rent – I’d have a bigger hosue (which my wife wants – we had another baby) – and pay less money.

[23109VC]

all I know is that in the near future, my house will be worth about $200k LESS than what I owe.

so why keep it? with 100% financing – explain to me the “benefit” of keeping it and paying all that money every month on a house leveraged to $350k that is only worth $150k.

I would think that at some point – I will be able to rent a bigger/better/nicer house for LESS money and since my house is going to be $200k upside down, and I put nothign into it – the most logical and financially reasonable thing to do would be dump it on teh bank and walk.

i really don’t care about what is “right” or what would be the “morally appropriate” thing to do. sad to say it, but if I have to shaft my bank and save my own neck – so be it. it’s money, it was a contract, and it went sour – and unfortuntely for the bank, they were dumb enough to loan me that much money on an asset that just took a dump. I promised to pay, but if I don’t pay, they get to have the house. that’s how it works. it’s all legal.

believe me, if there was a claus that said if my house tripled in value they were entitled to sell my hosue and pocket the proceeds – and it did that – they wouldn’t “feel sorry for me” and let me stay – they’d throw my a$$ out so fast it woudl make my head spin. i’m looking at this STRICTLY from a standpoint of what makes the most financial sense.

the best option woudl to have never bought the house in the first place. i dind’t listen to you guys, did it anyway, so here I am. no point in whining over that now. what’s done is done. you guys were right. i can admit that.

but now that it’s happened – the next question is what is my next option. Keeping or dumping the hosue – to me – is mostly motviated by how upside down the hosue is, how long it will take to recoup that money, and largely – what will it cost me on a monthly basis to replace what I have now.

right now I have what I would consider a very nicely upgraded, nicely loaced, but somewhat “small” house in Harveston. about 1900 sq ft. one story. nicely fixed up. it has all the ‘bells and whistles’ i want in a house.

I pay about $3200-3300 a month when you factor in principal/interest/HOA, etc.

I earn about $140k/year roughly. do the math. even with my tax writeoff – I think I woudl be saving a good $500+/month if I left this house, and rented a bigger/better house that woudl cost me around $2000/month. no HOA, no upkeep – just pay monthly rent.

I could drag out the foreclosure process for a year, pocket about $36000. then paying $2000/month in rent – I’d have a bigger hosue (which my wife wants – we had another baby) – and pay less money.

[PadreBrian]

Not sure where you can rent a bigger better house in the same area for 2k. Check craigslist.

[PadreBrian]

Not sure where you can rent a bigger better house in the same area for 2k. Check craigslist.

[PadreBrian]

Not sure where you can rent a bigger better house in the same area for 2k. Check craigslist.

[PadreBrian]

Not sure where you can rent a bigger better house in the same area for 2k. Check craigslist.

[PadreBrian]

Not sure where you can rent a bigger better house in the same area for 2k. Check craigslist.

[(former)FormerSanDiegan]

$500 per month is 4.3% of your income.
That’s what your talking about saving by walking away. And you’ve been in the house less than a year.

I know it is psychologically troubling that your house is $100K underwater. It might ultimately behoove you to walk away. But you have the option of staying there as long as you want before you walk for a relatively small fraction of your salary. Maybe your next raise or two will cover the loss. Small potatoes.
I’d at least hang around for another couple years to see how far it goes and what remedies might be offered before starting to walk.

It is likely that within a few years (maybe 5 or so) that rents will be equal to your payment or higher.

But, why even worry about what your house is worth in order to save a measly 4.3% of your salary ?

[(former)FormerSanDiegan]

$500 per month is 4.3% of your income.
That’s what your talking about saving by walking away. And you’ve been in the house less than a year.

I know it is psychologically troubling that your house is $100K underwater. It might ultimately behoove you to walk away. But you have the option of staying there as long as you want before you walk for a relatively small fraction of your salary. Maybe your next raise or two will cover the loss. Small potatoes.
I’d at least hang around for another couple years to see how far it goes and what remedies might be offered before starting to walk.

It is likely that within a few years (maybe 5 or so) that rents will be equal to your payment or higher.

But, why even worry about what your house is worth in order to save a measly 4.3% of your salary ?

[(former)FormerSanDiegan]

$500 per month is 4.3% of your income.
That’s what your talking about saving by walking away. And you’ve been in the house less than a year.

I know it is psychologically troubling that your house is $100K underwater. It might ultimately behoove you to walk away. But you have the option of staying there as long as you want before you walk for a relatively small fraction of your salary. Maybe your next raise or two will cover the loss. Small potatoes.
I’d at least hang around for another couple years to see how far it goes and what remedies might be offered before starting to walk.

It is likely that within a few years (maybe 5 or so) that rents will be equal to your payment or higher.

But, why even worry about what your house is worth in order to save a measly 4.3% of your salary ?

[(former)FormerSanDiegan]

$500 per month is 4.3% of your income.
That’s what your talking about saving by walking away. And you’ve been in the house less than a year.

I know it is psychologically troubling that your house is $100K underwater. It might ultimately behoove you to walk away. But you have the option of staying there as long as you want before you walk for a relatively small fraction of your salary. Maybe your next raise or two will cover the loss. Small potatoes.
I’d at least hang around for another couple years to see how far it goes and what remedies might be offered before starting to walk.

It is likely that within a few years (maybe 5 or so) that rents will be equal to your payment or higher.

But, why even worry about what your house is worth in order to save a measly 4.3% of your salary ?

[Author]

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