Why not walk away?

[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.

[DCRogers]

Submitted by marion on November 30, 2007 – 5:16pm: What can be done to stop this mortgage debt forgiveness act from passing?

I have grown to dislike how our politic uses catchy names (‘death tax’ ‘no child left behind’ ‘Jessica’s law’) rather than debate and discussion, to decide upon the appropriate public policy. Perhaps you should read the proposals and arguments before organizing your posse.

Statement of Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation on Foreclosure Prevention and Intervention: The Importance of Loss Mitigation Strategies for Keeping Families in Their Homes

http://www.fdic.gov/news/news/speeches/chairman/spnov3007.html

[DCRogers]

Submitted by marion on November 30, 2007 – 5:16pm: What can be done to stop this mortgage debt forgiveness act from passing?

I have grown to dislike how our politic uses catchy names (‘death tax’ ‘no child left behind’ ‘Jessica’s law’) rather than debate and discussion, to decide upon the appropriate public policy. Perhaps you should read the proposals and arguments before organizing your posse.

Statement of Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation on Foreclosure Prevention and Intervention: The Importance of Loss Mitigation Strategies for Keeping Families in Their Homes

http://www.fdic.gov/news/news/speeches/chairman/spnov3007.html

[DCRogers]

Submitted by marion on November 30, 2007 – 5:16pm: What can be done to stop this mortgage debt forgiveness act from passing?

I have grown to dislike how our politic uses catchy names (‘death tax’ ‘no child left behind’ ‘Jessica’s law’) rather than debate and discussion, to decide upon the appropriate public policy. Perhaps you should read the proposals and arguments before organizing your posse.

Statement of Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation on Foreclosure Prevention and Intervention: The Importance of Loss Mitigation Strategies for Keeping Families in Their Homes

http://www.fdic.gov/news/news/speeches/chairman/spnov3007.html

[DCRogers]

Submitted by marion on November 30, 2007 – 5:16pm: What can be done to stop this mortgage debt forgiveness act from passing?

I have grown to dislike how our politic uses catchy names (‘death tax’ ‘no child left behind’ ‘Jessica’s law’) rather than debate and discussion, to decide upon the appropriate public policy. Perhaps you should read the proposals and arguments before organizing your posse.

Statement of Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation on Foreclosure Prevention and Intervention: The Importance of Loss Mitigation Strategies for Keeping Families in Their Homes

http://www.fdic.gov/news/news/speeches/chairman/spnov3007.html

[DCRogers]

Submitted by marion on November 30, 2007 – 5:16pm: What can be done to stop this mortgage debt forgiveness act from passing?

I have grown to dislike how our politic uses catchy names (‘death tax’ ‘no child left behind’ ‘Jessica’s law’) rather than debate and discussion, to decide upon the appropriate public policy. Perhaps you should read the proposals and arguments before organizing your posse.

Statement of Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation on Foreclosure Prevention and Intervention: The Importance of Loss Mitigation Strategies for Keeping Families in Their Homes

http://www.fdic.gov/news/news/speeches/chairman/spnov3007.html

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sandiego]

First, I don’t need to take grief from a jobless single mother who has to petition her deadbeat husband for child support and alimony. Why don’t you get your own house in order? My bad choice will haunt me for 7 years, yours will be around for 18.

Second, I bought a home to occupy (not flip) in 2003. Please show me any proof that that you were such a master fortune teller and you predicted this was going to happen in 2003.

Third, I have already taken a $150,000 bath. I am willing to accept the consequences and move on. I am not going to continue to fund a bad investment indefinitely especially whin I know that the peak of bad loans won’t happen until March 2008.

[sd gal]

I heard that even if you walk away from your property and mortgage, you still end up with tax.
For example,
If you borrowed 100% financing with 500k.
You walk away from 500k mortgage, then lender sell the property for 350k.
The loss of 150k will be considered as income for the year’s tax return for you.
You will be responsible for income tax of 150k which will be around 40-50k?

Is that true? that’s my friend told me.

What about 2nd mortgage? Can I walk away from it too? Or they would come after my other asset?

[sd gal]

I heard that even if you walk away from your property and mortgage, you still end up with tax.
For example,
If you borrowed 100% financing with 500k.
You walk away from 500k mortgage, then lender sell the property for 350k.
The loss of 150k will be considered as income for the year’s tax return for you.
You will be responsible for income tax of 150k which will be around 40-50k?

Is that true? that’s my friend told me.

What about 2nd mortgage? Can I walk away from it too? Or they would come after my other asset?

[sd gal]

I heard that even if you walk away from your property and mortgage, you still end up with tax.
For example,
If you borrowed 100% financing with 500k.
You walk away from 500k mortgage, then lender sell the property for 350k.
The loss of 150k will be considered as income for the year’s tax return for you.
You will be responsible for income tax of 150k which will be around 40-50k?

Is that true? that’s my friend told me.

What about 2nd mortgage? Can I walk away from it too? Or they would come after my other asset?

[sd gal]

I heard that even if you walk away from your property and mortgage, you still end up with tax.
For example,
If you borrowed 100% financing with 500k.
You walk away from 500k mortgage, then lender sell the property for 350k.
The loss of 150k will be considered as income for the year’s tax return for you.
You will be responsible for income tax of 150k which will be around 40-50k?

Is that true? that’s my friend told me.

What about 2nd mortgage? Can I walk away from it too? Or they would come after my other asset?

[Author]

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