Why not walk away?

[DaCounselor]

“Where is your responsibility on this? When you were giddy with equity how come you didnt offer to pay the bank more because you were paying less than full price for the asset when the banks gave money away and inflated the value of your property.”
____________________________________

If I were answering these questions I would say that I did in fact pay full price for the property at the time I bought it. Regarding offering to pay the bank more at a later date due to an increase in value based upon events out of my control…well, I would absolutely be required to do so if that were part of my agreement with the lender. If that’s what the lender wanted, write it into the deal. Period.

On a purchase money loan in CA, the deal is the borrower agrees to make the payments and if they do not, the lender can take back the property. That’s it. As with any contract, if both parties agree to modify the deal, fine. Otherwise, no tears. Especially from a lender who is in the very business of entering into such deals over and over and over….

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[nostradamus]

Ouch. I’m very sorry to hear you are in the hole for $150k+.

As another poster mentioned, if you decide to walk, you might want to walk slowly (i.e. stop making payments but live there until they kick you out 9 months down the road). At least that way you’ll get something back in the form of 9 months rent saved.

What building are you in downtown?

[nostradamus]

Ouch. I’m very sorry to hear you are in the hole for $150k+.

As another poster mentioned, if you decide to walk, you might want to walk slowly (i.e. stop making payments but live there until they kick you out 9 months down the road). At least that way you’ll get something back in the form of 9 months rent saved.

What building are you in downtown?

[nostradamus]

Ouch. I’m very sorry to hear you are in the hole for $150k+.

As another poster mentioned, if you decide to walk, you might want to walk slowly (i.e. stop making payments but live there until they kick you out 9 months down the road). At least that way you’ll get something back in the form of 9 months rent saved.

What building are you in downtown?

[nostradamus]

Ouch. I’m very sorry to hear you are in the hole for $150k+.

As another poster mentioned, if you decide to walk, you might want to walk slowly (i.e. stop making payments but live there until they kick you out 9 months down the road). At least that way you’ll get something back in the form of 9 months rent saved.

What building are you in downtown?

[nostradamus]

Ouch. I’m very sorry to hear you are in the hole for $150k+.

As another poster mentioned, if you decide to walk, you might want to walk slowly (i.e. stop making payments but live there until they kick you out 9 months down the road). At least that way you’ll get something back in the form of 9 months rent saved.

What building are you in downtown?

[Anonymous]

“I am not asking for anything from the Gov’t. I am willing to take my lumps on my credit.

I didn’t cause this problem (by taking out a bad loan), but I am suffering for it because my neighbors did.”

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. You should have used your own intellect in determining if that piece of property you bought was really worth 1 mil. Just because your neighbors bought their unit for 900k doesn’t mean your unit was worth 1 mil. If someone told you to jump off a cliff and you won’t get hurt, are you gonna do it?

These kind of attitudes are why the government is considering a bail-out, and it’s not fair to those of us who chose to act judiciously during crazy times. So, the government bails you out and guess who loses? I do.

P.S. I have nothing against you and I hope you can do whatever you can to minimize the pain. Hopefully these people on here can give you some good suggestions, but NO goverment bail-out, please.

[Anonymous]

“I am not asking for anything from the Gov’t. I am willing to take my lumps on my credit.

I didn’t cause this problem (by taking out a bad loan), but I am suffering for it because my neighbors did.”

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. You should have used your own intellect in determining if that piece of property you bought was really worth 1 mil. Just because your neighbors bought their unit for 900k doesn’t mean your unit was worth 1 mil. If someone told you to jump off a cliff and you won’t get hurt, are you gonna do it?

These kind of attitudes are why the government is considering a bail-out, and it’s not fair to those of us who chose to act judiciously during crazy times. So, the government bails you out and guess who loses? I do.

P.S. I have nothing against you and I hope you can do whatever you can to minimize the pain. Hopefully these people on here can give you some good suggestions, but NO goverment bail-out, please.

[Anonymous]

“I am not asking for anything from the Gov’t. I am willing to take my lumps on my credit.

I didn’t cause this problem (by taking out a bad loan), but I am suffering for it because my neighbors did.”

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. You should have used your own intellect in determining if that piece of property you bought was really worth 1 mil. Just because your neighbors bought their unit for 900k doesn’t mean your unit was worth 1 mil. If someone told you to jump off a cliff and you won’t get hurt, are you gonna do it?

These kind of attitudes are why the government is considering a bail-out, and it’s not fair to those of us who chose to act judiciously during crazy times. So, the government bails you out and guess who loses? I do.

P.S. I have nothing against you and I hope you can do whatever you can to minimize the pain. Hopefully these people on here can give you some good suggestions, but NO goverment bail-out, please.

[Anonymous]

“I am not asking for anything from the Gov’t. I am willing to take my lumps on my credit.

I didn’t cause this problem (by taking out a bad loan), but I am suffering for it because my neighbors did.”

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. You should have used your own intellect in determining if that piece of property you bought was really worth 1 mil. Just because your neighbors bought their unit for 900k doesn’t mean your unit was worth 1 mil. If someone told you to jump off a cliff and you won’t get hurt, are you gonna do it?

These kind of attitudes are why the government is considering a bail-out, and it’s not fair to those of us who chose to act judiciously during crazy times. So, the government bails you out and guess who loses? I do.

P.S. I have nothing against you and I hope you can do whatever you can to minimize the pain. Hopefully these people on here can give you some good suggestions, but NO goverment bail-out, please.

[Author]

Posts