Why not walk away?

[desmond]

The right to eliminate any one ding from your credit report.
Now I haven’t thought through all implications…

No you have not, what if they owed you the money? ding ding ding

[citydweller]

sandiego, you posted that your neighbor was appraised at $1 million and that you had 65% LTV at the time, which is how I came up with the $650k loan amount, you later posted that you put $100K down, so I assumed a $750K purchase price.

I was trying to be very conservative on the other numbers, so as not to overstate the rent vs purchase difference. For a downtown condo I would guess your HOA is probably closer to $800.

Regardless, my point still stands that it’s important to base real estate purchase decisions on sound fundamentals, not hyper inflated appraisals and hopes of a forever rising real estate market.

Knowing what you know now, do you think in the future you will probably take steps to avoid finding yourself in another situation similar to what you’re in now?

[citydweller]

sandiego, you posted that your neighbor was appraised at $1 million and that you had 65% LTV at the time, which is how I came up with the $650k loan amount, you later posted that you put $100K down, so I assumed a $750K purchase price.

I was trying to be very conservative on the other numbers, so as not to overstate the rent vs purchase difference. For a downtown condo I would guess your HOA is probably closer to $800.

Regardless, my point still stands that it’s important to base real estate purchase decisions on sound fundamentals, not hyper inflated appraisals and hopes of a forever rising real estate market.

Knowing what you know now, do you think in the future you will probably take steps to avoid finding yourself in another situation similar to what you’re in now?

[citydweller]

sandiego, you posted that your neighbor was appraised at $1 million and that you had 65% LTV at the time, which is how I came up with the $650k loan amount, you later posted that you put $100K down, so I assumed a $750K purchase price.

I was trying to be very conservative on the other numbers, so as not to overstate the rent vs purchase difference. For a downtown condo I would guess your HOA is probably closer to $800.

Regardless, my point still stands that it’s important to base real estate purchase decisions on sound fundamentals, not hyper inflated appraisals and hopes of a forever rising real estate market.

Knowing what you know now, do you think in the future you will probably take steps to avoid finding yourself in another situation similar to what you’re in now?

[citydweller]

sandiego, you posted that your neighbor was appraised at $1 million and that you had 65% LTV at the time, which is how I came up with the $650k loan amount, you later posted that you put $100K down, so I assumed a $750K purchase price.

I was trying to be very conservative on the other numbers, so as not to overstate the rent vs purchase difference. For a downtown condo I would guess your HOA is probably closer to $800.

Regardless, my point still stands that it’s important to base real estate purchase decisions on sound fundamentals, not hyper inflated appraisals and hopes of a forever rising real estate market.

Knowing what you know now, do you think in the future you will probably take steps to avoid finding yourself in another situation similar to what you’re in now?

[citydweller]

sandiego, you posted that your neighbor was appraised at $1 million and that you had 65% LTV at the time, which is how I came up with the $650k loan amount, you later posted that you put $100K down, so I assumed a $750K purchase price.

I was trying to be very conservative on the other numbers, so as not to overstate the rent vs purchase difference. For a downtown condo I would guess your HOA is probably closer to $800.

Regardless, my point still stands that it’s important to base real estate purchase decisions on sound fundamentals, not hyper inflated appraisals and hopes of a forever rising real estate market.

Knowing what you know now, do you think in the future you will probably take steps to avoid finding yourself in another situation similar to what you’re in now?

[Anonymous]

“The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.”

Your attitude is sickening to me. It’s not even that you can’t afford this property, you just don’t want to take a bath.

I don’t care what the bank loaned to your “neighbors”, you got on the bandwagon because you wanted to realize the profits. Now that it’s apparent you’re gonna lose money, it’s somebody’s else’s fault. Pass the buck, let the banks take a hit, let the taxypayers who work hard for their money bail your ass out. Whatever.

I’m not passing judgement on you. I’m not saying I wouldn’t do what you’re gonna do if I were in your shoes. Granted, nobody in their right mind wants to lose that kind of money. However, If I did do this I wouldn’t be saying that it’s “somebody else’s” fault. It would be MINE. Stop passing the buck. Unless you’re retarded, it’s YOUR fault. YOU signed on the dotted line. Nobody forced your hand.

[Anonymous]

“The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.”

Your attitude is sickening to me. It’s not even that you can’t afford this property, you just don’t want to take a bath.

I don’t care what the bank loaned to your “neighbors”, you got on the bandwagon because you wanted to realize the profits. Now that it’s apparent you’re gonna lose money, it’s somebody’s else’s fault. Pass the buck, let the banks take a hit, let the taxypayers who work hard for their money bail your ass out. Whatever.

I’m not passing judgement on you. I’m not saying I wouldn’t do what you’re gonna do if I were in your shoes. Granted, nobody in their right mind wants to lose that kind of money. However, If I did do this I wouldn’t be saying that it’s “somebody else’s” fault. It would be MINE. Stop passing the buck. Unless you’re retarded, it’s YOUR fault. YOU signed on the dotted line. Nobody forced your hand.

[Anonymous]

“The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.”

Your attitude is sickening to me. It’s not even that you can’t afford this property, you just don’t want to take a bath.

I don’t care what the bank loaned to your “neighbors”, you got on the bandwagon because you wanted to realize the profits. Now that it’s apparent you’re gonna lose money, it’s somebody’s else’s fault. Pass the buck, let the banks take a hit, let the taxypayers who work hard for their money bail your ass out. Whatever.

I’m not passing judgement on you. I’m not saying I wouldn’t do what you’re gonna do if I were in your shoes. Granted, nobody in their right mind wants to lose that kind of money. However, If I did do this I wouldn’t be saying that it’s “somebody else’s” fault. It would be MINE. Stop passing the buck. Unless you’re retarded, it’s YOUR fault. YOU signed on the dotted line. Nobody forced your hand.

[Anonymous]

“The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.”

Your attitude is sickening to me. It’s not even that you can’t afford this property, you just don’t want to take a bath.

I don’t care what the bank loaned to your “neighbors”, you got on the bandwagon because you wanted to realize the profits. Now that it’s apparent you’re gonna lose money, it’s somebody’s else’s fault. Pass the buck, let the banks take a hit, let the taxypayers who work hard for their money bail your ass out. Whatever.

I’m not passing judgement on you. I’m not saying I wouldn’t do what you’re gonna do if I were in your shoes. Granted, nobody in their right mind wants to lose that kind of money. However, If I did do this I wouldn’t be saying that it’s “somebody else’s” fault. It would be MINE. Stop passing the buck. Unless you’re retarded, it’s YOUR fault. YOU signed on the dotted line. Nobody forced your hand.

[Anonymous]

“The bank didn’t loan ME anywhere near $1 million but they may have loaned 80% of that to several of my neighbors (using fradulent appraisals and very loose lending standards). Now they are “writing off” $200-$300k per unit by dumping these problem properties on the market and killing the comparible values.

I’ve decided that I may take a “writeoff” of my own.”

Your attitude is sickening to me. It’s not even that you can’t afford this property, you just don’t want to take a bath.

I don’t care what the bank loaned to your “neighbors”, you got on the bandwagon because you wanted to realize the profits. Now that it’s apparent you’re gonna lose money, it’s somebody’s else’s fault. Pass the buck, let the banks take a hit, let the taxypayers who work hard for their money bail your ass out. Whatever.

I’m not passing judgement on you. I’m not saying I wouldn’t do what you’re gonna do if I were in your shoes. Granted, nobody in their right mind wants to lose that kind of money. However, If I did do this I wouldn’t be saying that it’s “somebody else’s” fault. It would be MINE. Stop passing the buck. Unless you’re retarded, it’s YOUR fault. YOU signed on the dotted line. Nobody forced your hand.

[NotCranky]

“After living through 1990-1997 and now, I think that home ownership is overrated.”

What do you mean by this? Is this your second time around with a foreclosure?
I bought in 92,95 and 2003 and all those were real winners. I think home ownership is overrated too but certainly not because of that set of years. There were some bad properties to buy in those years but certainly not all of them.

[NotCranky]

“After living through 1990-1997 and now, I think that home ownership is overrated.”

What do you mean by this? Is this your second time around with a foreclosure?
I bought in 92,95 and 2003 and all those were real winners. I think home ownership is overrated too but certainly not because of that set of years. There were some bad properties to buy in those years but certainly not all of them.

[NotCranky]

“After living through 1990-1997 and now, I think that home ownership is overrated.”

What do you mean by this? Is this your second time around with a foreclosure?
I bought in 92,95 and 2003 and all those were real winners. I think home ownership is overrated too but certainly not because of that set of years. There were some bad properties to buy in those years but certainly not all of them.

[NotCranky]

“After living through 1990-1997 and now, I think that home ownership is overrated.”

What do you mean by this? Is this your second time around with a foreclosure?
I bought in 92,95 and 2003 and all those were real winners. I think home ownership is overrated too but certainly not because of that set of years. There were some bad properties to buy in those years but certainly not all of them.

[Author]

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