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

[peterb]

If your credit has been hosed and you can rent for a lot less than your mortage+taxes+insurance+maitenance, etc
Then you may try not paying and see how long it takes for them to boot you out. Or get in touch with the walkaway guys on the Internet.

Ask yourself how long it may take to get back to the price you paid for it? Could that money be put to work in another house/investment that would appreciate a lot more in that same time period? Or at least get you a lot more for you money?

[paramount]

What would a business do in this case? Screw all of this moral/ethical crap. People who play by the ‘rules’ always loose – myself included. By the way, I hear in Manhattan the long lines are back for the chic clubs around Wall Street.

The only thing we have out here is long unemployment lines.

On my street alone I can’t even count how many people are on ‘disability’ or are just squatters – meanwhile I work 10-12 hours a day (for now…) and pay through the nose. What a sucker I am. But then I try not worry about what others are doing.

Also, is your job secure? I hope so for your sake, but if not your original question may not be relevant at some point.

I am in a similar situation to you, except my house is 1500 sq ft – sure it would be nice to have more room but we make it work. Could be a lot worse.

[paramount]

What would a business do in this case? Screw all of this moral/ethical crap. People who play by the ‘rules’ always loose – myself included. By the way, I hear in Manhattan the long lines are back for the chic clubs around Wall Street.

The only thing we have out here is long unemployment lines.

On my street alone I can’t even count how many people are on ‘disability’ or are just squatters – meanwhile I work 10-12 hours a day (for now…) and pay through the nose. What a sucker I am. But then I try not worry about what others are doing.

Also, is your job secure? I hope so for your sake, but if not your original question may not be relevant at some point.

I am in a similar situation to you, except my house is 1500 sq ft – sure it would be nice to have more room but we make it work. Could be a lot worse.

[paramount]

What would a business do in this case? Screw all of this moral/ethical crap. People who play by the ‘rules’ always loose – myself included. By the way, I hear in Manhattan the long lines are back for the chic clubs around Wall Street.

The only thing we have out here is long unemployment lines.

On my street alone I can’t even count how many people are on ‘disability’ or are just squatters – meanwhile I work 10-12 hours a day (for now…) and pay through the nose. What a sucker I am. But then I try not worry about what others are doing.

Also, is your job secure? I hope so for your sake, but if not your original question may not be relevant at some point.

I am in a similar situation to you, except my house is 1500 sq ft – sure it would be nice to have more room but we make it work. Could be a lot worse.

[paramount]

What would a business do in this case? Screw all of this moral/ethical crap. People who play by the ‘rules’ always loose – myself included. By the way, I hear in Manhattan the long lines are back for the chic clubs around Wall Street.

The only thing we have out here is long unemployment lines.

On my street alone I can’t even count how many people are on ‘disability’ or are just squatters – meanwhile I work 10-12 hours a day (for now…) and pay through the nose. What a sucker I am. But then I try not worry about what others are doing.

Also, is your job secure? I hope so for your sake, but if not your original question may not be relevant at some point.

I am in a similar situation to you, except my house is 1500 sq ft – sure it would be nice to have more room but we make it work. Could be a lot worse.

[paramount]

What would a business do in this case? Screw all of this moral/ethical crap. People who play by the ‘rules’ always loose – myself included. By the way, I hear in Manhattan the long lines are back for the chic clubs around Wall Street.

The only thing we have out here is long unemployment lines.

On my street alone I can’t even count how many people are on ‘disability’ or are just squatters – meanwhile I work 10-12 hours a day (for now…) and pay through the nose. What a sucker I am. But then I try not worry about what others are doing.

Also, is your job secure? I hope so for your sake, but if not your original question may not be relevant at some point.

I am in a similar situation to you, except my house is 1500 sq ft – sure it would be nice to have more room but we make it work. Could be a lot worse.

[paramount]

I am about 30k down from what I owe, but I bought 7 years ago and put down a substantial down payment.

The only thing I have done is rented my house for the last 7 years. When I bought my house I thought everyone had to supply tax documents to receive a mortgage.

Remember, there was and probably still is massive fraud in the real estate, appraisal and mortgage industries.

Why not think of yourself as a victim of these fraudsters and act accordingly.

[paramount]

I am about 30k down from what I owe, but I bought 7 years ago and put down a substantial down payment.

The only thing I have done is rented my house for the last 7 years. When I bought my house I thought everyone had to supply tax documents to receive a mortgage.

Remember, there was and probably still is massive fraud in the real estate, appraisal and mortgage industries.

Why not think of yourself as a victim of these fraudsters and act accordingly.

[paramount]

I am about 30k down from what I owe, but I bought 7 years ago and put down a substantial down payment.

The only thing I have done is rented my house for the last 7 years. When I bought my house I thought everyone had to supply tax documents to receive a mortgage.

Remember, there was and probably still is massive fraud in the real estate, appraisal and mortgage industries.

Why not think of yourself as a victim of these fraudsters and act accordingly.

[paramount]

I am about 30k down from what I owe, but I bought 7 years ago and put down a substantial down payment.

The only thing I have done is rented my house for the last 7 years. When I bought my house I thought everyone had to supply tax documents to receive a mortgage.

Remember, there was and probably still is massive fraud in the real estate, appraisal and mortgage industries.

Why not think of yourself as a victim of these fraudsters and act accordingly.

[paramount]

I am about 30k down from what I owe, but I bought 7 years ago and put down a substantial down payment.

The only thing I have done is rented my house for the last 7 years. When I bought my house I thought everyone had to supply tax documents to receive a mortgage.

Remember, there was and probably still is massive fraud in the real estate, appraisal and mortgage industries.

Why not think of yourself as a victim of these fraudsters and act accordingly.

[UCGal]

[quote=pemeliza]Many factors to consider. I would consider proximity to work for example. If you have a long commute that would be something that you could improve by renting.

Sounds like to me you are looking to a strategic default. Good thing you didn’t put any money down.

I would check with an attorney and see if there are any ramifications of doing the loan mod on your ability to walk away from the loans non-recourse. I know purchase loans are non-recourse but the mod might be viewed as a re-fi.[/quote]

I thought all loan mods converted the loan to recourse. If this is true, then CV’s first loan is now recourse. The 2nd, since it hasn’t been modified yet, isn’t recourse, yet, since it was a purchase loan.

[UCGal]

[quote=pemeliza]Many factors to consider. I would consider proximity to work for example. If you have a long commute that would be something that you could improve by renting.

Sounds like to me you are looking to a strategic default. Good thing you didn’t put any money down.

I would check with an attorney and see if there are any ramifications of doing the loan mod on your ability to walk away from the loans non-recourse. I know purchase loans are non-recourse but the mod might be viewed as a re-fi.[/quote]

I thought all loan mods converted the loan to recourse. If this is true, then CV’s first loan is now recourse. The 2nd, since it hasn’t been modified yet, isn’t recourse, yet, since it was a purchase loan.

[UCGal]

[quote=pemeliza]Many factors to consider. I would consider proximity to work for example. If you have a long commute that would be something that you could improve by renting.

Sounds like to me you are looking to a strategic default. Good thing you didn’t put any money down.

I would check with an attorney and see if there are any ramifications of doing the loan mod on your ability to walk away from the loans non-recourse. I know purchase loans are non-recourse but the mod might be viewed as a re-fi.[/quote]

I thought all loan mods converted the loan to recourse. If this is true, then CV’s first loan is now recourse. The 2nd, since it hasn’t been modified yet, isn’t recourse, yet, since it was a purchase loan.

[UCGal]

[quote=pemeliza]Many factors to consider. I would consider proximity to work for example. If you have a long commute that would be something that you could improve by renting.

Sounds like to me you are looking to a strategic default. Good thing you didn’t put any money down.

I would check with an attorney and see if there are any ramifications of doing the loan mod on your ability to walk away from the loans non-recourse. I know purchase loans are non-recourse but the mod might be viewed as a re-fi.[/quote]

I thought all loan mods converted the loan to recourse. If this is true, then CV’s first loan is now recourse. The 2nd, since it hasn’t been modified yet, isn’t recourse, yet, since it was a purchase loan.

[Author]

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