When does it make financial sense to just dump your house???

[briansd1]

Thanks for a candid post.

I see that a lot. Most homeowners would never admit it but they are making the same calculations that you are. They may not make conscious calculate decisions but the end result is the same.

I see that a lot in the listing that were previously listed but are now in distress.

To answer you question, it depends who much you like the house. If you don’t like it that much, then it’s better to walk soon, rather than later.

Your credit is hosed already so what harm does walking do? None. Just go on living your life and fix your credit for the next purchase. If needed you can ask a trusted relative to help, or perhaps your wife’s credit is still intact.

[briansd1]

[quote=SD Realtor]Cricket did you notice the commentary made about Taiwan during his recent trip out to China? If I was a national in Taiwan I am not so sure how secure I would be…

What do you think, Taiwan in exchange for another few years committment to buying our bonds?[/quote]

I’m in HK this week and I can assure that you despite all the talk in USA about protecting Taiwan from a China invasion… China will never compromise the golden goose that is Taiwan. China does not have any interest in destroying the wealth that is Taiwan.

China just wants nominal political sovereignty over Taiwan but Taiwan will remain a Special Administrative Region, if it is ever brought back under the fold of the mainland.

In many respects, the danger to Taiwan is a US-manufactured issue to 1) portray China as imperialistic and evil and 2) to sell arms to Taiwan (a nice boost to the American military industrial complex).

HK and Macau were returned to China and those SARs are properous as ever with a property bubble being inflated to boot.

[briansd1]

[quote=SD Realtor]Cricket did you notice the commentary made about Taiwan during his recent trip out to China? If I was a national in Taiwan I am not so sure how secure I would be…

What do you think, Taiwan in exchange for another few years committment to buying our bonds?[/quote]

I’m in HK this week and I can assure that you despite all the talk in USA about protecting Taiwan from a China invasion… China will never compromise the golden goose that is Taiwan. China does not have any interest in destroying the wealth that is Taiwan.

China just wants nominal political sovereignty over Taiwan but Taiwan will remain a Special Administrative Region, if it is ever brought back under the fold of the mainland.

In many respects, the danger to Taiwan is a US-manufactured issue to 1) portray China as imperialistic and evil and 2) to sell arms to Taiwan (a nice boost to the American military industrial complex).

HK and Macau were returned to China and those SARs are properous as ever with a property bubble being inflated to boot.

[briansd1]

[quote=SD Realtor]Cricket did you notice the commentary made about Taiwan during his recent trip out to China? If I was a national in Taiwan I am not so sure how secure I would be…

What do you think, Taiwan in exchange for another few years committment to buying our bonds?[/quote]

I’m in HK this week and I can assure that you despite all the talk in USA about protecting Taiwan from a China invasion… China will never compromise the golden goose that is Taiwan. China does not have any interest in destroying the wealth that is Taiwan.

China just wants nominal political sovereignty over Taiwan but Taiwan will remain a Special Administrative Region, if it is ever brought back under the fold of the mainland.

In many respects, the danger to Taiwan is a US-manufactured issue to 1) portray China as imperialistic and evil and 2) to sell arms to Taiwan (a nice boost to the American military industrial complex).

HK and Macau were returned to China and those SARs are properous as ever with a property bubble being inflated to boot.

[briansd1]

[quote=SD Realtor]Cricket did you notice the commentary made about Taiwan during his recent trip out to China? If I was a national in Taiwan I am not so sure how secure I would be…

What do you think, Taiwan in exchange for another few years committment to buying our bonds?[/quote]

I’m in HK this week and I can assure that you despite all the talk in USA about protecting Taiwan from a China invasion… China will never compromise the golden goose that is Taiwan. China does not have any interest in destroying the wealth that is Taiwan.

China just wants nominal political sovereignty over Taiwan but Taiwan will remain a Special Administrative Region, if it is ever brought back under the fold of the mainland.

In many respects, the danger to Taiwan is a US-manufactured issue to 1) portray China as imperialistic and evil and 2) to sell arms to Taiwan (a nice boost to the American military industrial complex).

HK and Macau were returned to China and those SARs are properous as ever with a property bubble being inflated to boot.

[briansd1]

[quote=SD Realtor]Cricket did you notice the commentary made about Taiwan during his recent trip out to China? If I was a national in Taiwan I am not so sure how secure I would be…

What do you think, Taiwan in exchange for another few years committment to buying our bonds?[/quote]

I’m in HK this week and I can assure that you despite all the talk in USA about protecting Taiwan from a China invasion… China will never compromise the golden goose that is Taiwan. China does not have any interest in destroying the wealth that is Taiwan.

China just wants nominal political sovereignty over Taiwan but Taiwan will remain a Special Administrative Region, if it is ever brought back under the fold of the mainland.

In many respects, the danger to Taiwan is a US-manufactured issue to 1) portray China as imperialistic and evil and 2) to sell arms to Taiwan (a nice boost to the American military industrial complex).

HK and Macau were returned to China and those SARs are properous as ever with a property bubble being inflated to boot.

[SD Realtor]

The point is not what China will or will not do to Taiwan. The point is that there is no such thing as a reset button and that when China wants to pull the trigger, our lives will change dramatically.

[SD Realtor]

The point is not what China will or will not do to Taiwan. The point is that there is no such thing as a reset button and that when China wants to pull the trigger, our lives will change dramatically.

[SD Realtor]

The point is not what China will or will not do to Taiwan. The point is that there is no such thing as a reset button and that when China wants to pull the trigger, our lives will change dramatically.

[SD Realtor]

The point is not what China will or will not do to Taiwan. The point is that there is no such thing as a reset button and that when China wants to pull the trigger, our lives will change dramatically.

[SD Realtor]

The point is not what China will or will not do to Taiwan. The point is that there is no such thing as a reset button and that when China wants to pull the trigger, our lives will change dramatically.

[23109VC]

wow… even more great ideas.

First – the person who suggested I could just stop paying on the second…. I have been advised that by someone else. I did a loan mod that got my first loan modded successfully, but the bank that holds my second refused to budge. After recently taking a salary reduction at my job, and forwarding THAT documentation to my second, they agreed to drpo the rate on my second from 7.8% to 4% but only for a year. so they offered me what amounts to a $150 drop in monthly payments..

the first agreed to a reduction down to 4.8% permanently.

the bank that holds my second claimed they took no TARP money and don’t have to do any gov’t programs, and that is all they coudl do. I very articulately and politely – explained what you already mentioned – that given the current value of my home, the second mortgage is worthless. they can’t foreclose..and they would effectively get nothing if i stop paying.

I have my car insurance, home owners insurance, life insurance – and banking all trhough this company. USAA. they told me if I stop paying, and go the “discharge” route they will cancel all my policies. i’d have to get car ins, etc somewhere else.. not sure if they can really can my life ins as i have that as a 15 year contract..unless buried in that contract somwhere is a cluase that says they can terminate me for not keeping ohter USAA accounts in good standing…

but I do have the option to just stiff them, quit paying and effectively, they have no recourse. either they will settle with me or they will just sell my note to a collections dept and I will get hounded by them.

i hate to think that I would just walk on my 2nd, but it almost seems like that might be the wisest thing to do. my first + taxes is only $2000, which with my tax writeoff, would mean I’d be living in my house for less than it would cost to rent it…

[23109VC]

wow… even more great ideas.

First – the person who suggested I could just stop paying on the second…. I have been advised that by someone else. I did a loan mod that got my first loan modded successfully, but the bank that holds my second refused to budge. After recently taking a salary reduction at my job, and forwarding THAT documentation to my second, they agreed to drpo the rate on my second from 7.8% to 4% but only for a year. so they offered me what amounts to a $150 drop in monthly payments..

the first agreed to a reduction down to 4.8% permanently.

the bank that holds my second claimed they took no TARP money and don’t have to do any gov’t programs, and that is all they coudl do. I very articulately and politely – explained what you already mentioned – that given the current value of my home, the second mortgage is worthless. they can’t foreclose..and they would effectively get nothing if i stop paying.

I have my car insurance, home owners insurance, life insurance – and banking all trhough this company. USAA. they told me if I stop paying, and go the “discharge” route they will cancel all my policies. i’d have to get car ins, etc somewhere else.. not sure if they can really can my life ins as i have that as a 15 year contract..unless buried in that contract somwhere is a cluase that says they can terminate me for not keeping ohter USAA accounts in good standing…

but I do have the option to just stiff them, quit paying and effectively, they have no recourse. either they will settle with me or they will just sell my note to a collections dept and I will get hounded by them.

i hate to think that I would just walk on my 2nd, but it almost seems like that might be the wisest thing to do. my first + taxes is only $2000, which with my tax writeoff, would mean I’d be living in my house for less than it would cost to rent it…

[23109VC]

wow… even more great ideas.

First – the person who suggested I could just stop paying on the second…. I have been advised that by someone else. I did a loan mod that got my first loan modded successfully, but the bank that holds my second refused to budge. After recently taking a salary reduction at my job, and forwarding THAT documentation to my second, they agreed to drpo the rate on my second from 7.8% to 4% but only for a year. so they offered me what amounts to a $150 drop in monthly payments..

the first agreed to a reduction down to 4.8% permanently.

the bank that holds my second claimed they took no TARP money and don’t have to do any gov’t programs, and that is all they coudl do. I very articulately and politely – explained what you already mentioned – that given the current value of my home, the second mortgage is worthless. they can’t foreclose..and they would effectively get nothing if i stop paying.

I have my car insurance, home owners insurance, life insurance – and banking all trhough this company. USAA. they told me if I stop paying, and go the “discharge” route they will cancel all my policies. i’d have to get car ins, etc somewhere else.. not sure if they can really can my life ins as i have that as a 15 year contract..unless buried in that contract somwhere is a cluase that says they can terminate me for not keeping ohter USAA accounts in good standing…

but I do have the option to just stiff them, quit paying and effectively, they have no recourse. either they will settle with me or they will just sell my note to a collections dept and I will get hounded by them.

i hate to think that I would just walk on my 2nd, but it almost seems like that might be the wisest thing to do. my first + taxes is only $2000, which with my tax writeoff, would mean I’d be living in my house for less than it would cost to rent it…

[23109VC]

wow… even more great ideas.

First – the person who suggested I could just stop paying on the second…. I have been advised that by someone else. I did a loan mod that got my first loan modded successfully, but the bank that holds my second refused to budge. After recently taking a salary reduction at my job, and forwarding THAT documentation to my second, they agreed to drpo the rate on my second from 7.8% to 4% but only for a year. so they offered me what amounts to a $150 drop in monthly payments..

the first agreed to a reduction down to 4.8% permanently.

the bank that holds my second claimed they took no TARP money and don’t have to do any gov’t programs, and that is all they coudl do. I very articulately and politely – explained what you already mentioned – that given the current value of my home, the second mortgage is worthless. they can’t foreclose..and they would effectively get nothing if i stop paying.

I have my car insurance, home owners insurance, life insurance – and banking all trhough this company. USAA. they told me if I stop paying, and go the “discharge” route they will cancel all my policies. i’d have to get car ins, etc somewhere else.. not sure if they can really can my life ins as i have that as a 15 year contract..unless buried in that contract somwhere is a cluase that says they can terminate me for not keeping ohter USAA accounts in good standing…

but I do have the option to just stiff them, quit paying and effectively, they have no recourse. either they will settle with me or they will just sell my note to a collections dept and I will get hounded by them.

i hate to think that I would just walk on my 2nd, but it almost seems like that might be the wisest thing to do. my first + taxes is only $2000, which with my tax writeoff, would mean I’d be living in my house for less than it would cost to rent it…

[Author]

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