Underwater Homeowners Thread

[sdnerd]

[quote=ibjames]
c’mon, you have to admit, negotiating contracts with suppliers and your home purchase is different.

…

You buy your house, prices go down, you bail? Even though you can afford it? If he renegotiates, I’m at the point that I don’t care anymore, I’m telling coworkers to make sure they look into it. Why not?

[/quote]

Yeah, don’t get me wrong here. I’m not saying it’s the moral high road to take, or that I’d encourage his actions. I’m just saying he’s legally entitled to attempt to re-negotiate, or walk and held only to the contract he signed. Calling him names might make some people feel better, but it’s ultimately irrelevant.

If prices go down enough on your house, then yes I do suggest walking is the financially prudent thing to do.

If a young coupled paid $600K with little or no money down for the same house that today could be purchased for $300K. Regardless as to whether or not they can service their current loan – it just makes pure financial sense to walk. I’d assume everyone has their own underwater threshold.

If you and I were good friends in real life, and that was your situation. Absolutely I would recommend that you consider that option seriously.

Now if you were a flipper, I’d tell you to ram it up your you know what. Even though the same financial decision makes the most sense. 🙂

[DaCounselor]

I suspect some naysayers may be found to sing a different tune if they themselves were $200K underwater. Interesting thought. No matter, is there really any debate that the ongoing government rescue is propping up the financiers, those who were in the business of lending for profit, those who were in a position to risk-model and insure properly, those who would and should suffer the losses as, um, a business loss, as opposed to seeking taxpayer money?

The fact that taxpayer money is being used to offset financier losses is due to financier strategy to minimize losses via a government rescue. And the government’s willingness to play along. Blaming the guy who is defaulting to minimize his own loss entirely ignores the make-up of the finance industry. Trust me, all you will hear from those in the finance industry is how they effed up badly and what they can do to control the damage. I have not heard one ill word from anyone about the underwater homeowner who decides to default and get off of a sinking ship. Those who lend and invest made terrible mistakes – that is what this is about.

[DaCounselor]

I suspect some naysayers may be found to sing a different tune if they themselves were $200K underwater. Interesting thought. No matter, is there really any debate that the ongoing government rescue is propping up the financiers, those who were in the business of lending for profit, those who were in a position to risk-model and insure properly, those who would and should suffer the losses as, um, a business loss, as opposed to seeking taxpayer money?

The fact that taxpayer money is being used to offset financier losses is due to financier strategy to minimize losses via a government rescue. And the government’s willingness to play along. Blaming the guy who is defaulting to minimize his own loss entirely ignores the make-up of the finance industry. Trust me, all you will hear from those in the finance industry is how they effed up badly and what they can do to control the damage. I have not heard one ill word from anyone about the underwater homeowner who decides to default and get off of a sinking ship. Those who lend and invest made terrible mistakes – that is what this is about.

[DaCounselor]

I suspect some naysayers may be found to sing a different tune if they themselves were $200K underwater. Interesting thought. No matter, is there really any debate that the ongoing government rescue is propping up the financiers, those who were in the business of lending for profit, those who were in a position to risk-model and insure properly, those who would and should suffer the losses as, um, a business loss, as opposed to seeking taxpayer money?

The fact that taxpayer money is being used to offset financier losses is due to financier strategy to minimize losses via a government rescue. And the government’s willingness to play along. Blaming the guy who is defaulting to minimize his own loss entirely ignores the make-up of the finance industry. Trust me, all you will hear from those in the finance industry is how they effed up badly and what they can do to control the damage. I have not heard one ill word from anyone about the underwater homeowner who decides to default and get off of a sinking ship. Those who lend and invest made terrible mistakes – that is what this is about.

[DaCounselor]

I suspect some naysayers may be found to sing a different tune if they themselves were $200K underwater. Interesting thought. No matter, is there really any debate that the ongoing government rescue is propping up the financiers, those who were in the business of lending for profit, those who were in a position to risk-model and insure properly, those who would and should suffer the losses as, um, a business loss, as opposed to seeking taxpayer money?

The fact that taxpayer money is being used to offset financier losses is due to financier strategy to minimize losses via a government rescue. And the government’s willingness to play along. Blaming the guy who is defaulting to minimize his own loss entirely ignores the make-up of the finance industry. Trust me, all you will hear from those in the finance industry is how they effed up badly and what they can do to control the damage. I have not heard one ill word from anyone about the underwater homeowner who decides to default and get off of a sinking ship. Those who lend and invest made terrible mistakes – that is what this is about.

[DaCounselor]

I suspect some naysayers may be found to sing a different tune if they themselves were $200K underwater. Interesting thought. No matter, is there really any debate that the ongoing government rescue is propping up the financiers, those who were in the business of lending for profit, those who were in a position to risk-model and insure properly, those who would and should suffer the losses as, um, a business loss, as opposed to seeking taxpayer money?

The fact that taxpayer money is being used to offset financier losses is due to financier strategy to minimize losses via a government rescue. And the government’s willingness to play along. Blaming the guy who is defaulting to minimize his own loss entirely ignores the make-up of the finance industry. Trust me, all you will hear from those in the finance industry is how they effed up badly and what they can do to control the damage. I have not heard one ill word from anyone about the underwater homeowner who decides to default and get off of a sinking ship. Those who lend and invest made terrible mistakes – that is what this is about.

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[Author]

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