The new smart financial move is walking away

[CDMA ENG]

[quote=justsayin1964]what makes think they were educated?

I am thinking (and I am sure I will be attacked for that) that most buyers didn’t know what they were getting into- that doesn’t dissolve them of responsibility but it does explain why so many were foreclosed on or are underwater now. They just didn’t know.
I think that where most are angry is that they didn’t know that 3 or 4 or 5 of their nieghbors (who lied about income or had less than worthy credit)will lose thier house to foreclosure within a couple of years and bring down the value in their neighborhood. (which would have never been that high with out those liars or credit challenged buyers)[/quote]

Well the first person they cited was a 66 year old Psychologist and the last person was a Marketing Professor. I think that makes them educated…

CE

[CDMA ENG]

[quote=Arraya][quote=CDMA ENG]. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…
[/quote]

Bernanke: There’s No Housing Bubble to Go Bust

Ben S. Bernanke testified on Capitol Hill just before being nominated to succeed Fed Chairman Alan Greenspan. (By Ron Edmonds — Associated Press)

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005
Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.[/quote]

Come on Array… Other were predicting it… That is why we are blogging now…

But I discount the claim of a fraudelent loan in the first case… She didn’t shop around for a better deal? She just took what was given to her? Again… Educated individual using a excuse… Just say I want out and be done with it instead of blaming someone else.

That’s all I am saying.

CE

[CDMA ENG]

[quote=Arraya][quote=CDMA ENG]. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…
[/quote]

Bernanke: There’s No Housing Bubble to Go Bust

Ben S. Bernanke testified on Capitol Hill just before being nominated to succeed Fed Chairman Alan Greenspan. (By Ron Edmonds — Associated Press)

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005
Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.[/quote]

Come on Array… Other were predicting it… That is why we are blogging now…

But I discount the claim of a fraudelent loan in the first case… She didn’t shop around for a better deal? She just took what was given to her? Again… Educated individual using a excuse… Just say I want out and be done with it instead of blaming someone else.

That’s all I am saying.

CE

[CDMA ENG]

[quote=Arraya][quote=CDMA ENG]. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…
[/quote]

Bernanke: There’s No Housing Bubble to Go Bust

Ben S. Bernanke testified on Capitol Hill just before being nominated to succeed Fed Chairman Alan Greenspan. (By Ron Edmonds — Associated Press)

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005
Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.[/quote]

Come on Array… Other were predicting it… That is why we are blogging now…

But I discount the claim of a fraudelent loan in the first case… She didn’t shop around for a better deal? She just took what was given to her? Again… Educated individual using a excuse… Just say I want out and be done with it instead of blaming someone else.

That’s all I am saying.

CE

[CDMA ENG]

[quote=Arraya][quote=CDMA ENG]. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…
[/quote]

Bernanke: There’s No Housing Bubble to Go Bust

Ben S. Bernanke testified on Capitol Hill just before being nominated to succeed Fed Chairman Alan Greenspan. (By Ron Edmonds — Associated Press)

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005
Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.[/quote]

Come on Array… Other were predicting it… That is why we are blogging now…

But I discount the claim of a fraudelent loan in the first case… She didn’t shop around for a better deal? She just took what was given to her? Again… Educated individual using a excuse… Just say I want out and be done with it instead of blaming someone else.

That’s all I am saying.

CE

[CDMA ENG]

[quote=Arraya][quote=CDMA ENG]. Most of these people that were quoted were educated. Highly educated. But they forgot the fundamentals of thier education when purchasing a home? Do the research… Run the numbers… Investigate alternatives… These are things that are only native to the hard sciences…
[/quote]

Bernanke: There’s No Housing Bubble to Go Bust

Ben S. Bernanke testified on Capitol Hill just before being nominated to succeed Fed Chairman Alan Greenspan. (By Ron Edmonds — Associated Press)

By Nell Henderson
Washington Post Staff Writer
Thursday, October 27, 2005
Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.[/quote]

Come on Array… Other were predicting it… That is why we are blogging now…

But I discount the claim of a fraudelent loan in the first case… She didn’t shop around for a better deal? She just took what was given to her? Again… Educated individual using a excuse… Just say I want out and be done with it instead of blaming someone else.

That’s all I am saying.

CE

[poorgradstudent]

From a strictly selfish point of view, the more people who walk away, the more downward pressure there should be on home prices, and the cheaper it will be for us when we decide to actually pull the trigger. So I’m all in favor of people walking away, although I realize this will continue to cause short term stress to the economy.

I think a huge percentage of seriously underwater homes were purchased in the last 5 years. Most of the bank-owned properties I see listed right now were in fact purchased in 2005, and we’re just about the time the 5/1 ARM is resetting. Of course, those are almost certainly people who can’t afford the payments on their underwater homes.

End of the day, it’s a lot easier to walk away from a home you’ve lived in for 3-5 years than 25. I would have loved to see my mom sell her house at the peak of the bubble, but she’s lived there 3 decades and couldn’t clean out her basement in less than a year. Us kids grew up in that house, and there are a lot of memories there. It sounds like the woman in the article retired and bought her new home in 2005, so it’s not like she had a lot of emotional stake there.

Bankruptcy sticks with you for what, 7 years? Faced with a choice of walking away and breaking even and facing 7 years of bad credit or 14 years of house payments to get back to zero, I have a hard time faulting people for taking 7 years, unless they LOVE their home. I actually know one couple that did a strategic default, and one couple that chose not to. Both could afford the payments, both are about 100K underwater. The ones that stayed love the house, the other they can easily find the same house as a rental for a lot less per month.

End of the day, it’s just business, and all legal.

[poorgradstudent]

From a strictly selfish point of view, the more people who walk away, the more downward pressure there should be on home prices, and the cheaper it will be for us when we decide to actually pull the trigger. So I’m all in favor of people walking away, although I realize this will continue to cause short term stress to the economy.

I think a huge percentage of seriously underwater homes were purchased in the last 5 years. Most of the bank-owned properties I see listed right now were in fact purchased in 2005, and we’re just about the time the 5/1 ARM is resetting. Of course, those are almost certainly people who can’t afford the payments on their underwater homes.

End of the day, it’s a lot easier to walk away from a home you’ve lived in for 3-5 years than 25. I would have loved to see my mom sell her house at the peak of the bubble, but she’s lived there 3 decades and couldn’t clean out her basement in less than a year. Us kids grew up in that house, and there are a lot of memories there. It sounds like the woman in the article retired and bought her new home in 2005, so it’s not like she had a lot of emotional stake there.

Bankruptcy sticks with you for what, 7 years? Faced with a choice of walking away and breaking even and facing 7 years of bad credit or 14 years of house payments to get back to zero, I have a hard time faulting people for taking 7 years, unless they LOVE their home. I actually know one couple that did a strategic default, and one couple that chose not to. Both could afford the payments, both are about 100K underwater. The ones that stayed love the house, the other they can easily find the same house as a rental for a lot less per month.

End of the day, it’s just business, and all legal.

[poorgradstudent]

From a strictly selfish point of view, the more people who walk away, the more downward pressure there should be on home prices, and the cheaper it will be for us when we decide to actually pull the trigger. So I’m all in favor of people walking away, although I realize this will continue to cause short term stress to the economy.

I think a huge percentage of seriously underwater homes were purchased in the last 5 years. Most of the bank-owned properties I see listed right now were in fact purchased in 2005, and we’re just about the time the 5/1 ARM is resetting. Of course, those are almost certainly people who can’t afford the payments on their underwater homes.

End of the day, it’s a lot easier to walk away from a home you’ve lived in for 3-5 years than 25. I would have loved to see my mom sell her house at the peak of the bubble, but she’s lived there 3 decades and couldn’t clean out her basement in less than a year. Us kids grew up in that house, and there are a lot of memories there. It sounds like the woman in the article retired and bought her new home in 2005, so it’s not like she had a lot of emotional stake there.

Bankruptcy sticks with you for what, 7 years? Faced with a choice of walking away and breaking even and facing 7 years of bad credit or 14 years of house payments to get back to zero, I have a hard time faulting people for taking 7 years, unless they LOVE their home. I actually know one couple that did a strategic default, and one couple that chose not to. Both could afford the payments, both are about 100K underwater. The ones that stayed love the house, the other they can easily find the same house as a rental for a lot less per month.

End of the day, it’s just business, and all legal.

[poorgradstudent]

From a strictly selfish point of view, the more people who walk away, the more downward pressure there should be on home prices, and the cheaper it will be for us when we decide to actually pull the trigger. So I’m all in favor of people walking away, although I realize this will continue to cause short term stress to the economy.

I think a huge percentage of seriously underwater homes were purchased in the last 5 years. Most of the bank-owned properties I see listed right now were in fact purchased in 2005, and we’re just about the time the 5/1 ARM is resetting. Of course, those are almost certainly people who can’t afford the payments on their underwater homes.

End of the day, it’s a lot easier to walk away from a home you’ve lived in for 3-5 years than 25. I would have loved to see my mom sell her house at the peak of the bubble, but she’s lived there 3 decades and couldn’t clean out her basement in less than a year. Us kids grew up in that house, and there are a lot of memories there. It sounds like the woman in the article retired and bought her new home in 2005, so it’s not like she had a lot of emotional stake there.

Bankruptcy sticks with you for what, 7 years? Faced with a choice of walking away and breaking even and facing 7 years of bad credit or 14 years of house payments to get back to zero, I have a hard time faulting people for taking 7 years, unless they LOVE their home. I actually know one couple that did a strategic default, and one couple that chose not to. Both could afford the payments, both are about 100K underwater. The ones that stayed love the house, the other they can easily find the same house as a rental for a lot less per month.

End of the day, it’s just business, and all legal.

[poorgradstudent]

From a strictly selfish point of view, the more people who walk away, the more downward pressure there should be on home prices, and the cheaper it will be for us when we decide to actually pull the trigger. So I’m all in favor of people walking away, although I realize this will continue to cause short term stress to the economy.

I think a huge percentage of seriously underwater homes were purchased in the last 5 years. Most of the bank-owned properties I see listed right now were in fact purchased in 2005, and we’re just about the time the 5/1 ARM is resetting. Of course, those are almost certainly people who can’t afford the payments on their underwater homes.

End of the day, it’s a lot easier to walk away from a home you’ve lived in for 3-5 years than 25. I would have loved to see my mom sell her house at the peak of the bubble, but she’s lived there 3 decades and couldn’t clean out her basement in less than a year. Us kids grew up in that house, and there are a lot of memories there. It sounds like the woman in the article retired and bought her new home in 2005, so it’s not like she had a lot of emotional stake there.

Bankruptcy sticks with you for what, 7 years? Faced with a choice of walking away and breaking even and facing 7 years of bad credit or 14 years of house payments to get back to zero, I have a hard time faulting people for taking 7 years, unless they LOVE their home. I actually know one couple that did a strategic default, and one couple that chose not to. Both could afford the payments, both are about 100K underwater. The ones that stayed love the house, the other they can easily find the same house as a rental for a lot less per month.

End of the day, it’s just business, and all legal.

[desmond]

[quote=davelj]

Now, the folks who either haven’t bought or did buy but aren’t walking away… they have the right to be ANGRY at both parties.[/quote]

Half right, the folks that haven’t bought are probably laughing.

[desmond]

[quote=davelj]

Now, the folks who either haven’t bought or did buy but aren’t walking away… they have the right to be ANGRY at both parties.[/quote]

Half right, the folks that haven’t bought are probably laughing.

[desmond]

[quote=davelj]

Now, the folks who either haven’t bought or did buy but aren’t walking away… they have the right to be ANGRY at both parties.[/quote]

Half right, the folks that haven’t bought are probably laughing.

[desmond]

[quote=davelj]

Now, the folks who either haven’t bought or did buy but aren’t walking away… they have the right to be ANGRY at both parties.[/quote]

Half right, the folks that haven’t bought are probably laughing.

[Author]

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