Why not walk away?

[Anonymous]

“If they pass the mortgage debt forgiveness act (which they will) there will be no penalty whatsoever for homeowners walking away.”

So, when those of us who acted more responsibility during the bubble are ready to buy homes, we will have these people right there bidding on the same house. Not fair.

What can be done to stop this mortgage debt forgiveness act from passing?

[Anonymous]

“That’s pretty harsh coming from someone who complained about their alimony being reduced. One can easily say the same thing about your situation. You’re the one who CHOSE to marry the POS ex-husband. My point is that, it is part of his part but it’s also the bank’s fault for the whole lose lending. He’s just asking for ideas about the ramification of walking.”

Nope, apples and oranges. Yes, I married my ex and I already paid for that by the pain my 10-year marriage has caused me. Therefore I took my lumps. It has nothing to do with his responsibility to pay alimony. If you know anything about the law regarding child support, If I had made more money than my ex and he had been the stay-at-home parent, I would have to pay HIM alimony.

Regardless, you can’t blame this on the banks. If a buyer chose to buy a house he couldn’t afford, it’s HIS fault. Nobody held a gun to his head. If I choose to believe a chocolate cake is worth 1 million dollars, whose fault is it? The one selling it to me? Or mine?…

“Last I check, he/she didn’t ask for government bail out. That actually got stated implicitly once and he/she never asked about it either.”

No, he didn’t ask for it. But, he is passing the buck on his responsibility in this situation. He chose to buy, nobody forced him.

[Anonymous]

“That’s pretty harsh coming from someone who complained about their alimony being reduced. One can easily say the same thing about your situation. You’re the one who CHOSE to marry the POS ex-husband. My point is that, it is part of his part but it’s also the bank’s fault for the whole lose lending. He’s just asking for ideas about the ramification of walking.”

Nope, apples and oranges. Yes, I married my ex and I already paid for that by the pain my 10-year marriage has caused me. Therefore I took my lumps. It has nothing to do with his responsibility to pay alimony. If you know anything about the law regarding child support, If I had made more money than my ex and he had been the stay-at-home parent, I would have to pay HIM alimony.

Regardless, you can’t blame this on the banks. If a buyer chose to buy a house he couldn’t afford, it’s HIS fault. Nobody held a gun to his head. If I choose to believe a chocolate cake is worth 1 million dollars, whose fault is it? The one selling it to me? Or mine?…

“Last I check, he/she didn’t ask for government bail out. That actually got stated implicitly once and he/she never asked about it either.”

No, he didn’t ask for it. But, he is passing the buck on his responsibility in this situation. He chose to buy, nobody forced him.

[Anonymous]

“That’s pretty harsh coming from someone who complained about their alimony being reduced. One can easily say the same thing about your situation. You’re the one who CHOSE to marry the POS ex-husband. My point is that, it is part of his part but it’s also the bank’s fault for the whole lose lending. He’s just asking for ideas about the ramification of walking.”

Nope, apples and oranges. Yes, I married my ex and I already paid for that by the pain my 10-year marriage has caused me. Therefore I took my lumps. It has nothing to do with his responsibility to pay alimony. If you know anything about the law regarding child support, If I had made more money than my ex and he had been the stay-at-home parent, I would have to pay HIM alimony.

Regardless, you can’t blame this on the banks. If a buyer chose to buy a house he couldn’t afford, it’s HIS fault. Nobody held a gun to his head. If I choose to believe a chocolate cake is worth 1 million dollars, whose fault is it? The one selling it to me? Or mine?…

“Last I check, he/she didn’t ask for government bail out. That actually got stated implicitly once and he/she never asked about it either.”

No, he didn’t ask for it. But, he is passing the buck on his responsibility in this situation. He chose to buy, nobody forced him.

[Anonymous]

“That’s pretty harsh coming from someone who complained about their alimony being reduced. One can easily say the same thing about your situation. You’re the one who CHOSE to marry the POS ex-husband. My point is that, it is part of his part but it’s also the bank’s fault for the whole lose lending. He’s just asking for ideas about the ramification of walking.”

Nope, apples and oranges. Yes, I married my ex and I already paid for that by the pain my 10-year marriage has caused me. Therefore I took my lumps. It has nothing to do with his responsibility to pay alimony. If you know anything about the law regarding child support, If I had made more money than my ex and he had been the stay-at-home parent, I would have to pay HIM alimony.

Regardless, you can’t blame this on the banks. If a buyer chose to buy a house he couldn’t afford, it’s HIS fault. Nobody held a gun to his head. If I choose to believe a chocolate cake is worth 1 million dollars, whose fault is it? The one selling it to me? Or mine?…

“Last I check, he/she didn’t ask for government bail out. That actually got stated implicitly once and he/she never asked about it either.”

No, he didn’t ask for it. But, he is passing the buck on his responsibility in this situation. He chose to buy, nobody forced him.

[Anonymous]

“That’s pretty harsh coming from someone who complained about their alimony being reduced. One can easily say the same thing about your situation. You’re the one who CHOSE to marry the POS ex-husband. My point is that, it is part of his part but it’s also the bank’s fault for the whole lose lending. He’s just asking for ideas about the ramification of walking.”

Nope, apples and oranges. Yes, I married my ex and I already paid for that by the pain my 10-year marriage has caused me. Therefore I took my lumps. It has nothing to do with his responsibility to pay alimony. If you know anything about the law regarding child support, If I had made more money than my ex and he had been the stay-at-home parent, I would have to pay HIM alimony.

Regardless, you can’t blame this on the banks. If a buyer chose to buy a house he couldn’t afford, it’s HIS fault. Nobody held a gun to his head. If I choose to believe a chocolate cake is worth 1 million dollars, whose fault is it? The one selling it to me? Or mine?…

“Last I check, he/she didn’t ask for government bail out. That actually got stated implicitly once and he/she never asked about it either.”

No, he didn’t ask for it. But, he is passing the buck on his responsibility in this situation. He chose to buy, nobody forced him.

[Navydoc]

While it doesn’t sound like you’re in a position where you NEED to sell, you are seeing value disapear before your very eyes. You didn’t say what your plans for the future were. Do you like where you live and can afford it and plan to stay there? Or are you looking to leave?

I’ve posted in an earlier thread about a foreclosure I survived in 1994, but my situation was I couldn’t afford the house at the time, and because of depreciation, couldn’t afford to sell either. As far as the foreclosure goes, plan on really shi**y credit for about 2 years, then people will actually begin to trust you with money again. You need to take out a few high interest loans first, like a used car loan or something. Oh, and you absolutely do not have to give up your other assests if it’s non-recourse debt. If it is, prepare to bend over, and there will be no lubricant used.

I find it interesting that someone in an allegedly good financial situation with good credit is considering the move you have suggested. It makes me wonder how many more people are out there considering the same thing, even if they are not “distressed sellers”. If there are a lot of you then I can’t see how our current banking system can possibly survive.

[Navydoc]

While it doesn’t sound like you’re in a position where you NEED to sell, you are seeing value disapear before your very eyes. You didn’t say what your plans for the future were. Do you like where you live and can afford it and plan to stay there? Or are you looking to leave?

I’ve posted in an earlier thread about a foreclosure I survived in 1994, but my situation was I couldn’t afford the house at the time, and because of depreciation, couldn’t afford to sell either. As far as the foreclosure goes, plan on really shi**y credit for about 2 years, then people will actually begin to trust you with money again. You need to take out a few high interest loans first, like a used car loan or something. Oh, and you absolutely do not have to give up your other assests if it’s non-recourse debt. If it is, prepare to bend over, and there will be no lubricant used.

I find it interesting that someone in an allegedly good financial situation with good credit is considering the move you have suggested. It makes me wonder how many more people are out there considering the same thing, even if they are not “distressed sellers”. If there are a lot of you then I can’t see how our current banking system can possibly survive.

[Navydoc]

While it doesn’t sound like you’re in a position where you NEED to sell, you are seeing value disapear before your very eyes. You didn’t say what your plans for the future were. Do you like where you live and can afford it and plan to stay there? Or are you looking to leave?

I’ve posted in an earlier thread about a foreclosure I survived in 1994, but my situation was I couldn’t afford the house at the time, and because of depreciation, couldn’t afford to sell either. As far as the foreclosure goes, plan on really shi**y credit for about 2 years, then people will actually begin to trust you with money again. You need to take out a few high interest loans first, like a used car loan or something. Oh, and you absolutely do not have to give up your other assests if it’s non-recourse debt. If it is, prepare to bend over, and there will be no lubricant used.

I find it interesting that someone in an allegedly good financial situation with good credit is considering the move you have suggested. It makes me wonder how many more people are out there considering the same thing, even if they are not “distressed sellers”. If there are a lot of you then I can’t see how our current banking system can possibly survive.

[Navydoc]

While it doesn’t sound like you’re in a position where you NEED to sell, you are seeing value disapear before your very eyes. You didn’t say what your plans for the future were. Do you like where you live and can afford it and plan to stay there? Or are you looking to leave?

I’ve posted in an earlier thread about a foreclosure I survived in 1994, but my situation was I couldn’t afford the house at the time, and because of depreciation, couldn’t afford to sell either. As far as the foreclosure goes, plan on really shi**y credit for about 2 years, then people will actually begin to trust you with money again. You need to take out a few high interest loans first, like a used car loan or something. Oh, and you absolutely do not have to give up your other assests if it’s non-recourse debt. If it is, prepare to bend over, and there will be no lubricant used.

I find it interesting that someone in an allegedly good financial situation with good credit is considering the move you have suggested. It makes me wonder how many more people are out there considering the same thing, even if they are not “distressed sellers”. If there are a lot of you then I can’t see how our current banking system can possibly survive.

[Navydoc]

While it doesn’t sound like you’re in a position where you NEED to sell, you are seeing value disapear before your very eyes. You didn’t say what your plans for the future were. Do you like where you live and can afford it and plan to stay there? Or are you looking to leave?

I’ve posted in an earlier thread about a foreclosure I survived in 1994, but my situation was I couldn’t afford the house at the time, and because of depreciation, couldn’t afford to sell either. As far as the foreclosure goes, plan on really shi**y credit for about 2 years, then people will actually begin to trust you with money again. You need to take out a few high interest loans first, like a used car loan or something. Oh, and you absolutely do not have to give up your other assests if it’s non-recourse debt. If it is, prepare to bend over, and there will be no lubricant used.

I find it interesting that someone in an allegedly good financial situation with good credit is considering the move you have suggested. It makes me wonder how many more people are out there considering the same thing, even if they are not “distressed sellers”. If there are a lot of you then I can’t see how our current banking system can possibly survive.

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[Author]

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