Report shows strategic defaults increasing

[Coronita]

delete.

[scaredyclassic]

civility is valuable.

it does seem easier for a dude without a wife and kids and a grad student roommate to hang out nd wait for a NOD than a guy witha bunch of kids, a wife and various obligations. “free rent” is more valuable to a guy with fewer possessions and commitments. seems liek a very ucky covergence of circumstances that let you fully extract value from the situation.

[scaredyclassic]

civility is valuable.

it does seem easier for a dude without a wife and kids and a grad student roommate to hang out nd wait for a NOD than a guy witha bunch of kids, a wife and various obligations. “free rent” is more valuable to a guy with fewer possessions and commitments. seems liek a very ucky covergence of circumstances that let you fully extract value from the situation.

[scaredyclassic]

civility is valuable.

it does seem easier for a dude without a wife and kids and a grad student roommate to hang out nd wait for a NOD than a guy witha bunch of kids, a wife and various obligations. “free rent” is more valuable to a guy with fewer possessions and commitments. seems liek a very ucky covergence of circumstances that let you fully extract value from the situation.

[scaredyclassic]

civility is valuable.

it does seem easier for a dude without a wife and kids and a grad student roommate to hang out nd wait for a NOD than a guy witha bunch of kids, a wife and various obligations. “free rent” is more valuable to a guy with fewer possessions and commitments. seems liek a very ucky covergence of circumstances that let you fully extract value from the situation.

[scaredyclassic]

civility is valuable.

it does seem easier for a dude without a wife and kids and a grad student roommate to hang out nd wait for a NOD than a guy witha bunch of kids, a wife and various obligations. “free rent” is more valuable to a guy with fewer possessions and commitments. seems liek a very ucky covergence of circumstances that let you fully extract value from the situation.

[scaredyclassic]

when people call lawyers “worthless beings” and real estate agents “leeches”, i reflexively think “nuh-uh” but then also occasionally think, “well, at times”.

[scaredyclassic]

when people call lawyers “worthless beings” and real estate agents “leeches”, i reflexively think “nuh-uh” but then also occasionally think, “well, at times”.

[scaredyclassic]

when people call lawyers “worthless beings” and real estate agents “leeches”, i reflexively think “nuh-uh” but then also occasionally think, “well, at times”.

[scaredyclassic]

when people call lawyers “worthless beings” and real estate agents “leeches”, i reflexively think “nuh-uh” but then also occasionally think, “well, at times”.

[scaredyclassic]

when people call lawyers “worthless beings” and real estate agents “leeches”, i reflexively think “nuh-uh” but then also occasionally think, “well, at times”.

[Coronita]

[quote=cabal][quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.[/quote]

If you don’t mind further sharing…

– Have you received pestering calls from bill collectors?

– What has happened to your credit score?

– Who is your lender?

– Are you current on property taxes?

– Are you concerned about qualifying for another mortgage?

FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.[/quote]

Don’t get all worked up this one. I call B.S. on this one.

Let’s do some analysis
[quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income.
[/quote]

$114k salary.

[quote]
I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
[/quote]

Supposedly had $57k to put down, ended up putting down $11.7k

[quote]….personal stuff deleted………I can salvage my 810 credit rating, I’m only 28 this will work out.
…..I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh…..Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down.
[/quote]

20 months of non-rent paying, are we to believe that now all the sudden you ahave $200k post-tax to put down?

[Coronita]

[quote=cabal][quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.[/quote]

If you don’t mind further sharing…

– Have you received pestering calls from bill collectors?

– What has happened to your credit score?

– Who is your lender?

– Are you current on property taxes?

– Are you concerned about qualifying for another mortgage?

FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.[/quote]

Don’t get all worked up this one. I call B.S. on this one.

Let’s do some analysis
[quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income.
[/quote]

$114k salary.

[quote]
I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
[/quote]

Supposedly had $57k to put down, ended up putting down $11.7k

[quote]….personal stuff deleted………I can salvage my 810 credit rating, I’m only 28 this will work out.
…..I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh…..Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down.
[/quote]

20 months of non-rent paying, are we to believe that now all the sudden you ahave $200k post-tax to put down?

[Coronita]

[quote=cabal][quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.[/quote]

If you don’t mind further sharing…

– Have you received pestering calls from bill collectors?

– What has happened to your credit score?

– Who is your lender?

– Are you current on property taxes?

– Are you concerned about qualifying for another mortgage?

FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.[/quote]

Don’t get all worked up this one. I call B.S. on this one.

Let’s do some analysis
[quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income.
[/quote]

$114k salary.

[quote]
I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
[/quote]

Supposedly had $57k to put down, ended up putting down $11.7k

[quote]….personal stuff deleted………I can salvage my 810 credit rating, I’m only 28 this will work out.
…..I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh…..Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down.
[/quote]

20 months of non-rent paying, are we to believe that now all the sudden you ahave $200k post-tax to put down?

[Coronita]

[quote=cabal][quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.[/quote]

If you don’t mind further sharing…

– Have you received pestering calls from bill collectors?

– What has happened to your credit score?

– Who is your lender?

– Are you current on property taxes?

– Are you concerned about qualifying for another mortgage?

FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.[/quote]

Don’t get all worked up this one. I call B.S. on this one.

Let’s do some analysis
[quote=BillS78]Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income.
[/quote]

$114k salary.

[quote]
I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.
[/quote]

Supposedly had $57k to put down, ended up putting down $11.7k

[quote]….personal stuff deleted………I can salvage my 810 credit rating, I’m only 28 this will work out.
…..I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh…..Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down.
[/quote]

20 months of non-rent paying, are we to believe that now all the sudden you ahave $200k post-tax to put down?

[Author]

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