Will honest people start doing dirty/crooked things to bail out of their houses

[23109VC]

wow, this thread took a turn down the nasty street.

when we bought the house – we did plan to be there for the long run, that is still the plan.

after seeing my *neighbor* preparing for foreclosure, and another house down the street already bank owned, it made me wonder what he/they might wind up doing.

that got me thinking, *what it* I had to unload mine, what would I do.

if my house goes negative by $50k i’m not gonna have a hissy fit and try to run. I guess, if suddenly I could buy a house that was 10 times better, for half what I paid for this one, I would think of a way to trade up. that’s human nature.

I just think long term, and usually think of many alternative contingencies and plan for them all. i think about retirement plans and options too, BUT I don’t plan on retiring for about 25 years. It’s a long way off, but i think about it. just b/c i’m wondering about exit strategies, doens’t mean i plan to do it.

better safe than sorry.
if you fail to plan you plan to fail
etc etc

[JWM in SD]

Sorry 23109VC, but it is sometimes necessary to take that route with some of the posters that mysteriously show up here spouting nonsense like Shari the Realtor. In your situation, if you are really thinking long term and can afford the payments, then you are correct that 50K decline is not enough to take chances with bailing on the house. I wouldn’t if I were you. However, I also wouldn’t have bought when you did either and I could have if I had wanted to.

You asked a provocative question and ignited an interesting thread.

[JWM in SD]

Sorry 23109VC, but it is sometimes necessary to take that route with some of the posters that mysteriously show up here spouting nonsense like Shari the Realtor. In your situation, if you are really thinking long term and can afford the payments, then you are correct that 50K decline is not enough to take chances with bailing on the house. I wouldn’t if I were you. However, I also wouldn’t have bought when you did either and I could have if I had wanted to.

You asked a provocative question and ignited an interesting thread.

[SD Realtor]

23109VC my point in this response was simply that I was really puzzled about your post because of the back and forth you had when you were considering the purchase of the home. In fact many posters warned you of the exact events that you are seeing in the neighborhood right now. My advice to you was simply to follow your own line of reasoning that you used when you first decided to move forward with the purchase. If for some reason, that line of thought is not applicable anymore then so be it. However, I firmly do believe that you will see more decline and it will most likely be severe. So make your decision based on that, you know what I mean? I kind of figured back when you made the decision to buy this home, that you performed a worst case scenario of continued decline and if that continued decline does happen, that you could live with it and be okay with it.

Really though, I still do believe a home is a home and not an investment. I am not saying anyone should buy now or sell now. I am saying you buy a home to live in a home. If you are going to buy now, do so knowing the market conditions, eyes wide open, knowing that there is a high probability of saving money if you wait, and only you can answer if a renting lifestyle is acceptable. I rent and I hate it and it causes alot of strife but I get by. Same story for sellers. If you are going to sell now do the same, know what you may have to do to get the home to sell.

SD Realtor

[SD Realtor]

23109VC my point in this response was simply that I was really puzzled about your post because of the back and forth you had when you were considering the purchase of the home. In fact many posters warned you of the exact events that you are seeing in the neighborhood right now. My advice to you was simply to follow your own line of reasoning that you used when you first decided to move forward with the purchase. If for some reason, that line of thought is not applicable anymore then so be it. However, I firmly do believe that you will see more decline and it will most likely be severe. So make your decision based on that, you know what I mean? I kind of figured back when you made the decision to buy this home, that you performed a worst case scenario of continued decline and if that continued decline does happen, that you could live with it and be okay with it.

Really though, I still do believe a home is a home and not an investment. I am not saying anyone should buy now or sell now. I am saying you buy a home to live in a home. If you are going to buy now, do so knowing the market conditions, eyes wide open, knowing that there is a high probability of saving money if you wait, and only you can answer if a renting lifestyle is acceptable. I rent and I hate it and it causes alot of strife but I get by. Same story for sellers. If you are going to sell now do the same, know what you may have to do to get the home to sell.

SD Realtor

[zzz]

23109VC – it sounds like you’re asking for advice because 1, you’re trying to understand your options, but 2 as you aptly titled your post about people doing dirty /crooked things, at the end of the day, can you live with knowing you did something wrong? I’m surprised no one else has pointed out that you’re stealing if you dump your house while buying simultaneously into another – assuming you can still afford to make the payments on the one you’re in. Its not about whether you have a recourse loan or not, do you want to join all the people out there who cheat, lie, and steal? Banks unfortunately don’t just write off losses – they also look to recoup those losses by passing on costs to consumers. What choices others make to wipe away their debts, gets paid for by those of us who own up to our debts. Do you think its fair to pay for the mistakes of others? If you start slipping and making justifcations, where do you stop?

[zzz]

23109VC – it sounds like you’re asking for advice because 1, you’re trying to understand your options, but 2 as you aptly titled your post about people doing dirty /crooked things, at the end of the day, can you live with knowing you did something wrong? I’m surprised no one else has pointed out that you’re stealing if you dump your house while buying simultaneously into another – assuming you can still afford to make the payments on the one you’re in. Its not about whether you have a recourse loan or not, do you want to join all the people out there who cheat, lie, and steal? Banks unfortunately don’t just write off losses – they also look to recoup those losses by passing on costs to consumers. What choices others make to wipe away their debts, gets paid for by those of us who own up to our debts. Do you think its fair to pay for the mistakes of others? If you start slipping and making justifcations, where do you stop?

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