Why not walk away?

[stockstradr]

“No, you’re suffering because YOU, yourself made a bad choice. Don’t blame it on other people. You didn’t have to sign on the dotted line. You have a brain just like everyone else. You bought in an overinflated market, you should have known the risk.”

I absolutely agree with the member who posted that response, AND I do NOT agree with other member who claimed that post was overly harsh.

Now, to the original poster who asked “should I walk away?” my answer is that YES I would walk away if I was in your shoes. You do it because you can get away with it; additionally, it makes financial sense, and it is legal. Now it may not be a mark of good character, but who gives a shit. Cut your losses and run like the wind.

[highpacific]

The choice is yours and yours alone.

There is nothing wrong with walking away on this one. I disagree with Rustico and sdrealtor. You did not enter into an investment relationship with the bank so the comment about shared profit is rediculous. The bank agreed to lend you money with the condo as collateral in exchange for interest paid by you. If you stop paying they get the condo back, they are not getting a raw deal, just the deal the outlined in the agreement( one that had multiple possible endings that the bank is fully aware of ). Sure it wouldn’t be the ending that the bank imagined or that you imagined. Life is full of twists. But it is obviously an ending that was outlined in the agreement, up front.
I suggest you do what is in your best interest. I know that is not easy to figure out sometimes, but don’t be fooled into thinking you would be doing something immoral by handing in the keys.

[highpacific]

The choice is yours and yours alone.

There is nothing wrong with walking away on this one. I disagree with Rustico and sdrealtor. You did not enter into an investment relationship with the bank so the comment about shared profit is rediculous. The bank agreed to lend you money with the condo as collateral in exchange for interest paid by you. If you stop paying they get the condo back, they are not getting a raw deal, just the deal the outlined in the agreement( one that had multiple possible endings that the bank is fully aware of ). Sure it wouldn’t be the ending that the bank imagined or that you imagined. Life is full of twists. But it is obviously an ending that was outlined in the agreement, up front.
I suggest you do what is in your best interest. I know that is not easy to figure out sometimes, but don’t be fooled into thinking you would be doing something immoral by handing in the keys.

[highpacific]

The choice is yours and yours alone.

There is nothing wrong with walking away on this one. I disagree with Rustico and sdrealtor. You did not enter into an investment relationship with the bank so the comment about shared profit is rediculous. The bank agreed to lend you money with the condo as collateral in exchange for interest paid by you. If you stop paying they get the condo back, they are not getting a raw deal, just the deal the outlined in the agreement( one that had multiple possible endings that the bank is fully aware of ). Sure it wouldn’t be the ending that the bank imagined or that you imagined. Life is full of twists. But it is obviously an ending that was outlined in the agreement, up front.
I suggest you do what is in your best interest. I know that is not easy to figure out sometimes, but don’t be fooled into thinking you would be doing something immoral by handing in the keys.

[highpacific]

The choice is yours and yours alone.

There is nothing wrong with walking away on this one. I disagree with Rustico and sdrealtor. You did not enter into an investment relationship with the bank so the comment about shared profit is rediculous. The bank agreed to lend you money with the condo as collateral in exchange for interest paid by you. If you stop paying they get the condo back, they are not getting a raw deal, just the deal the outlined in the agreement( one that had multiple possible endings that the bank is fully aware of ). Sure it wouldn’t be the ending that the bank imagined or that you imagined. Life is full of twists. But it is obviously an ending that was outlined in the agreement, up front.
I suggest you do what is in your best interest. I know that is not easy to figure out sometimes, but don’t be fooled into thinking you would be doing something immoral by handing in the keys.

[highpacific]

The choice is yours and yours alone.

There is nothing wrong with walking away on this one. I disagree with Rustico and sdrealtor. You did not enter into an investment relationship with the bank so the comment about shared profit is rediculous. The bank agreed to lend you money with the condo as collateral in exchange for interest paid by you. If you stop paying they get the condo back, they are not getting a raw deal, just the deal the outlined in the agreement( one that had multiple possible endings that the bank is fully aware of ). Sure it wouldn’t be the ending that the bank imagined or that you imagined. Life is full of twists. But it is obviously an ending that was outlined in the agreement, up front.
I suggest you do what is in your best interest. I know that is not easy to figure out sometimes, but don’t be fooled into thinking you would be doing something immoral by handing in the keys.

[Anonymous]

From a purely financial perspective, it makes no sense for you to hold onto this upside-down property. Let the bank foreclose, take the ding to your credit, and get out. This is probably the rational thing for you to do.

Unfortunately your rational decision, when repeated by so many others in similar situations, will lead to a major downturn in the financial sector, which will in turn lead to a major downturn in the overall economy. At this point, though, the horse has already left the barn and there’s not much we can do about it. We’re all going to have to eat the consequences of this bubble, which — with a little proper regulation and oversight — might have been avoided.

[Anonymous]

From a purely financial perspective, it makes no sense for you to hold onto this upside-down property. Let the bank foreclose, take the ding to your credit, and get out. This is probably the rational thing for you to do.

Unfortunately your rational decision, when repeated by so many others in similar situations, will lead to a major downturn in the financial sector, which will in turn lead to a major downturn in the overall economy. At this point, though, the horse has already left the barn and there’s not much we can do about it. We’re all going to have to eat the consequences of this bubble, which — with a little proper regulation and oversight — might have been avoided.

[Anonymous]

From a purely financial perspective, it makes no sense for you to hold onto this upside-down property. Let the bank foreclose, take the ding to your credit, and get out. This is probably the rational thing for you to do.

Unfortunately your rational decision, when repeated by so many others in similar situations, will lead to a major downturn in the financial sector, which will in turn lead to a major downturn in the overall economy. At this point, though, the horse has already left the barn and there’s not much we can do about it. We’re all going to have to eat the consequences of this bubble, which — with a little proper regulation and oversight — might have been avoided.

[Anonymous]

From a purely financial perspective, it makes no sense for you to hold onto this upside-down property. Let the bank foreclose, take the ding to your credit, and get out. This is probably the rational thing for you to do.

Unfortunately your rational decision, when repeated by so many others in similar situations, will lead to a major downturn in the financial sector, which will in turn lead to a major downturn in the overall economy. At this point, though, the horse has already left the barn and there’s not much we can do about it. We’re all going to have to eat the consequences of this bubble, which — with a little proper regulation and oversight — might have been avoided.

[Anonymous]

From a purely financial perspective, it makes no sense for you to hold onto this upside-down property. Let the bank foreclose, take the ding to your credit, and get out. This is probably the rational thing for you to do.

Unfortunately your rational decision, when repeated by so many others in similar situations, will lead to a major downturn in the financial sector, which will in turn lead to a major downturn in the overall economy. At this point, though, the horse has already left the barn and there’s not much we can do about it. We’re all going to have to eat the consequences of this bubble, which — with a little proper regulation and oversight — might have been avoided.

[NotCranky]

“I disagree with Rustico and sdrealtor.”

I am afraid you are disagreeing with me for something I didn’t say. I never said o.p. was immoral.In my very first post I said I didn’t care if he walked or not. I said he made a bad purchase and was blaming everyone but himself for his dilema. If I said it was immoral, I hereby and forever take it back.

[NotCranky]

“I disagree with Rustico and sdrealtor.”

I am afraid you are disagreeing with me for something I didn’t say. I never said o.p. was immoral.In my very first post I said I didn’t care if he walked or not. I said he made a bad purchase and was blaming everyone but himself for his dilema. If I said it was immoral, I hereby and forever take it back.

[NotCranky]

“I disagree with Rustico and sdrealtor.”

I am afraid you are disagreeing with me for something I didn’t say. I never said o.p. was immoral.In my very first post I said I didn’t care if he walked or not. I said he made a bad purchase and was blaming everyone but himself for his dilema. If I said it was immoral, I hereby and forever take it back.

[NotCranky]

“I disagree with Rustico and sdrealtor.”

I am afraid you are disagreeing with me for something I didn’t say. I never said o.p. was immoral.In my very first post I said I didn’t care if he walked or not. I said he made a bad purchase and was blaming everyone but himself for his dilema. If I said it was immoral, I hereby and forever take it back.

[Author]

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