Tax Implications of “Walking Away”?

[ironman]

I find it rather strange : for a person that is currently pleading not knowing or not being financially astute when you bought, you appear very careful now considering all details and implications.

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

And how come you got smarter when your reset is coming near ?

I have an advice for you deadbeat :

Keep paying your loan!!! Somebody was good enough to loan you money (and no they did not tricked you into that!), so make good on your obligation!

Ironman

[Dotherightthing]

Wow! Deadbeat huh? Thanks for the advice. I will admit that I am a 29 year old who bought my first home in Nov. 04′ at the risk of being priced out of the market. I moved to San Diego in 2001 and saw a lot of people making a ton of money in real estate. At the time it seemed like a no brainer to get into the market. Was 400k more than I wanted to spend on a house? Yes. Could I afford a loan that required 20% down and a higher fixed rate? Absolutely not. I am not pointing fingers saying that it is anyone’s fault but my own. I admit I made a mistake. However, I also want to do what is best for my family. Continuing to pay on the loan until it completely wipes out my savings and I have to foreclose anyways doesn’t seem like the best idea. But again thanks for the advice.

[Dotherightthing]

Wow! Deadbeat huh? Thanks for the advice. I will admit that I am a 29 year old who bought my first home in Nov. 04′ at the risk of being priced out of the market. I moved to San Diego in 2001 and saw a lot of people making a ton of money in real estate. At the time it seemed like a no brainer to get into the market. Was 400k more than I wanted to spend on a house? Yes. Could I afford a loan that required 20% down and a higher fixed rate? Absolutely not. I am not pointing fingers saying that it is anyone’s fault but my own. I admit I made a mistake. However, I also want to do what is best for my family. Continuing to pay on the loan until it completely wipes out my savings and I have to foreclose anyways doesn’t seem like the best idea. But again thanks for the advice.

[Dotherightthing]

Wow! Deadbeat huh? Thanks for the advice. I will admit that I am a 29 year old who bought my first home in Nov. 04′ at the risk of being priced out of the market. I moved to San Diego in 2001 and saw a lot of people making a ton of money in real estate. At the time it seemed like a no brainer to get into the market. Was 400k more than I wanted to spend on a house? Yes. Could I afford a loan that required 20% down and a higher fixed rate? Absolutely not. I am not pointing fingers saying that it is anyone’s fault but my own. I admit I made a mistake. However, I also want to do what is best for my family. Continuing to pay on the loan until it completely wipes out my savings and I have to foreclose anyways doesn’t seem like the best idea. But again thanks for the advice.

[Dotherightthing]

Wow! Deadbeat huh? Thanks for the advice. I will admit that I am a 29 year old who bought my first home in Nov. 04′ at the risk of being priced out of the market. I moved to San Diego in 2001 and saw a lot of people making a ton of money in real estate. At the time it seemed like a no brainer to get into the market. Was 400k more than I wanted to spend on a house? Yes. Could I afford a loan that required 20% down and a higher fixed rate? Absolutely not. I am not pointing fingers saying that it is anyone’s fault but my own. I admit I made a mistake. However, I also want to do what is best for my family. Continuing to pay on the loan until it completely wipes out my savings and I have to foreclose anyways doesn’t seem like the best idea. But again thanks for the advice.

[Dotherightthing]

Wow! Deadbeat huh? Thanks for the advice. I will admit that I am a 29 year old who bought my first home in Nov. 04′ at the risk of being priced out of the market. I moved to San Diego in 2001 and saw a lot of people making a ton of money in real estate. At the time it seemed like a no brainer to get into the market. Was 400k more than I wanted to spend on a house? Yes. Could I afford a loan that required 20% down and a higher fixed rate? Absolutely not. I am not pointing fingers saying that it is anyone’s fault but my own. I admit I made a mistake. However, I also want to do what is best for my family. Continuing to pay on the loan until it completely wipes out my savings and I have to foreclose anyways doesn’t seem like the best idea. But again thanks for the advice.

[peterb]

If the Fed can bail-out Wall Street, then you should feel free to do the most effecient and effective thing for your personal finances.
I dont think the Fed’s going to bail you out anytime soon.
I dont know why people feel the need to judge undividuals after the way big business behaves.

[peterb]

If the Fed can bail-out Wall Street, then you should feel free to do the most effecient and effective thing for your personal finances.
I dont think the Fed’s going to bail you out anytime soon.
I dont know why people feel the need to judge undividuals after the way big business behaves.

[peterb]

If the Fed can bail-out Wall Street, then you should feel free to do the most effecient and effective thing for your personal finances.
I dont think the Fed’s going to bail you out anytime soon.
I dont know why people feel the need to judge undividuals after the way big business behaves.

[peterb]

If the Fed can bail-out Wall Street, then you should feel free to do the most effecient and effective thing for your personal finances.
I dont think the Fed’s going to bail you out anytime soon.
I dont know why people feel the need to judge undividuals after the way big business behaves.

[peterb]

If the Fed can bail-out Wall Street, then you should feel free to do the most effecient and effective thing for your personal finances.
I dont think the Fed’s going to bail you out anytime soon.
I dont know why people feel the need to judge undividuals after the way big business behaves.

[jonnycsd]

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

The whole idea of a capitalist system is that people who make poor capital investment decisions with THIER money do not get to keep it – rather capital accures to others who make good decisions and flees those who make poor ones. The lenders who abdicated thier responsibilities and MISALLOCATED thier capital into BAD LOANS should loose it to people who can be better shepards.

Dotherightthing – it is not your responsibility that some idiot lender made the decisions they did with THIER money. You should act within the boundaries of the law to maximize your outcome. It is a business question, not a moral question. If you doubt that it is all about business, ask yourself how many days reprieve on foreclosure and eviction that any lender would give to people whith hardship if it was going to cost them money? NOT ONE DAY. They would (and DO!) boot the bewlidered elderly coupe onto the street. They would (and DO!) have the sherrif remove cyring children and pile the toys and clothes on the curb.

Ironman’s idealism has no bearing on the reality of this industry. It is ruthless and you should play savy hardball.

[jonnycsd]

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

The whole idea of a capitalist system is that people who make poor capital investment decisions with THIER money do not get to keep it – rather capital accures to others who make good decisions and flees those who make poor ones. The lenders who abdicated thier responsibilities and MISALLOCATED thier capital into BAD LOANS should loose it to people who can be better shepards.

Dotherightthing – it is not your responsibility that some idiot lender made the decisions they did with THIER money. You should act within the boundaries of the law to maximize your outcome. It is a business question, not a moral question. If you doubt that it is all about business, ask yourself how many days reprieve on foreclosure and eviction that any lender would give to people whith hardship if it was going to cost them money? NOT ONE DAY. They would (and DO!) boot the bewlidered elderly coupe onto the street. They would (and DO!) have the sherrif remove cyring children and pile the toys and clothes on the curb.

Ironman’s idealism has no bearing on the reality of this industry. It is ruthless and you should play savy hardball.

[jonnycsd]

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

The whole idea of a capitalist system is that people who make poor capital investment decisions with THIER money do not get to keep it – rather capital accures to others who make good decisions and flees those who make poor ones. The lenders who abdicated thier responsibilities and MISALLOCATED thier capital into BAD LOANS should loose it to people who can be better shepards.

Dotherightthing – it is not your responsibility that some idiot lender made the decisions they did with THIER money. You should act within the boundaries of the law to maximize your outcome. It is a business question, not a moral question. If you doubt that it is all about business, ask yourself how many days reprieve on foreclosure and eviction that any lender would give to people whith hardship if it was going to cost them money? NOT ONE DAY. They would (and DO!) boot the bewlidered elderly coupe onto the street. They would (and DO!) have the sherrif remove cyring children and pile the toys and clothes on the curb.

Ironman’s idealism has no bearing on the reality of this industry. It is ruthless and you should play savy hardball.

[jonnycsd]

I think you are very “easy going” and carefree when it comes to speculating with other people’s money but you are very prudent when it come to saving yours.

The whole idea of a capitalist system is that people who make poor capital investment decisions with THIER money do not get to keep it – rather capital accures to others who make good decisions and flees those who make poor ones. The lenders who abdicated thier responsibilities and MISALLOCATED thier capital into BAD LOANS should loose it to people who can be better shepards.

Dotherightthing – it is not your responsibility that some idiot lender made the decisions they did with THIER money. You should act within the boundaries of the law to maximize your outcome. It is a business question, not a moral question. If you doubt that it is all about business, ask yourself how many days reprieve on foreclosure and eviction that any lender would give to people whith hardship if it was going to cost them money? NOT ONE DAY. They would (and DO!) boot the bewlidered elderly coupe onto the street. They would (and DO!) have the sherrif remove cyring children and pile the toys and clothes on the curb.

Ironman’s idealism has no bearing on the reality of this industry. It is ruthless and you should play savy hardball.

[Author]

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