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  • February 15, 2008 at 2:33 PM #154117
    gn
    Participant

    DJNinSD,

    If I were you I wouldn’t feel bad about walking away. The mortgage contract essentially said:

    – If you make timely payment, you get to keep the house.
    – If you don’t, the lender get to foreclose.

    When you tell the lender: “go ahead, take the house”, you have done nothing wrong. The lender knew the risks when they lended you the money.

    In my opinion, in the next few years we will see a tremendous amount of foreclosures. Since foreclosures will be so common, the stigma will be lessened/eliminated.

    It’s like divorce. It used to be a big deal in the 80s (in term of the stigma).

    February 15, 2008 at 2:34 PM #153747
    meadandale
    Participant

    @lindismith

    Yep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.

    February 15, 2008 at 2:34 PM #154019
    meadandale
    Participant

    @lindismith

    Yep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.

    February 15, 2008 at 2:34 PM #154038
    meadandale
    Participant

    @lindismith

    Yep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.

    February 15, 2008 at 2:34 PM #154047
    meadandale
    Participant

    @lindismith

    Yep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.

    February 15, 2008 at 2:34 PM #154122
    meadandale
    Participant

    @lindismith

    Yep, sounds to me like someone put a big stack of chips on the table and hoped for a big payout. There’s no way the numbers would ever work out for her to actually own that house.

    February 15, 2008 at 2:36 PM #153752
    jpinpb
    Participant

    You were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.

    The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.

    Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.

    From what I’ve read, it will be on your credit report. The question is for how long.

    It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.

    A lot of people getting an expensive education.

    February 15, 2008 at 2:36 PM #154024
    jpinpb
    Participant

    You were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.

    The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.

    Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.

    From what I’ve read, it will be on your credit report. The question is for how long.

    It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.

    A lot of people getting an expensive education.

    February 15, 2008 at 2:36 PM #154043
    jpinpb
    Participant

    You were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.

    The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.

    Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.

    From what I’ve read, it will be on your credit report. The question is for how long.

    It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.

    A lot of people getting an expensive education.

    February 15, 2008 at 2:36 PM #154051
    jpinpb
    Participant

    You were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.

    The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.

    Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.

    From what I’ve read, it will be on your credit report. The question is for how long.

    It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.

    A lot of people getting an expensive education.

    February 15, 2008 at 2:36 PM #154126
    jpinpb
    Participant

    You were able to live in a nice house for 3 years, albeit an expensive “rent.” You were able to send your daughter to a good school and get an education. Planning on interest rates not changing, planning on real estate continuing to increase was overly optimistic and very unrealistic.

    The contract provides if you can’t make payments, to give them the keys. If I were in your position, I would walk. Once the rate resets, you may have no other option but to walk. This market will get worse before it gets better. You would have to hold on for more than a few years to sell at a profit. Short sales, as said, take time and you will have to continue to make high “rent” payments in your home.

    Walking seems like the only reasonable financial decision to make. As someone already said on this site, stay as long as you can, put away what you’d pay every month and in the interim find a place to rent.

    From what I’ve read, it will be on your credit report. The question is for how long.

    It could be much worse. You could’ve put 20% down and lost the equity, plus your monthly payments (high rent) for 3 years.

    A lot of people getting an expensive education.

    February 15, 2008 at 2:36 PM #153757
    CogSciGuy
    Participant

    DJ,

    If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.

    That’s it. Don’t be nice to a bank. It would never return the favor.

    February 15, 2008 at 2:36 PM #154029
    CogSciGuy
    Participant

    DJ,

    If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.

    That’s it. Don’t be nice to a bank. It would never return the favor.

    February 15, 2008 at 2:36 PM #154048
    CogSciGuy
    Participant

    DJ,

    If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.

    That’s it. Don’t be nice to a bank. It would never return the favor.

    February 15, 2008 at 2:36 PM #154057
    CogSciGuy
    Participant

    DJ,

    If you stay and live in the house without paying the mortgage, you are not breaking the agreement with the lender. The lender is not a friend to whom you owe something above and beyond what was in the legal agreement each party agreed to. What you agreed when you bought the house was to EITHER keep paying the mortgage, OR stop paying and submit to the foreclosure process.

    That’s it. Don’t be nice to a bank. It would never return the favor.

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