[Navydoc]

I guess I’m old-fashioned if I believe you have a moral obligation to pay back the money you borrowed to purchase a home. Maybe that feeling is destined for extinction, but I don’t want to live in a society where people think they can get out of obligations that are simply too “inconvenient”.

Also, getting back to the theme of the thread, certainly the banks were enablers, but imagine a lender who didn’t use similar lending guidelines in the bubble market. There is no way they would have survived. It’s kind of nice to assign blame one way or the other, but this whole situation is much too complicated for that.

[Navydoc]

I guess I’m old-fashioned if I believe you have a moral obligation to pay back the money you borrowed to purchase a home. Maybe that feeling is destined for extinction, but I don’t want to live in a society where people think they can get out of obligations that are simply too “inconvenient”.

Also, getting back to the theme of the thread, certainly the banks were enablers, but imagine a lender who didn’t use similar lending guidelines in the bubble market. There is no way they would have survived. It’s kind of nice to assign blame one way or the other, but this whole situation is much too complicated for that.

[Navydoc]

I guess I’m old-fashioned if I believe you have a moral obligation to pay back the money you borrowed to purchase a home. Maybe that feeling is destined for extinction, but I don’t want to live in a society where people think they can get out of obligations that are simply too “inconvenient”.

Also, getting back to the theme of the thread, certainly the banks were enablers, but imagine a lender who didn’t use similar lending guidelines in the bubble market. There is no way they would have survived. It’s kind of nice to assign blame one way or the other, but this whole situation is much too complicated for that.

[Navydoc]

I guess I’m old-fashioned if I believe you have a moral obligation to pay back the money you borrowed to purchase a home. Maybe that feeling is destined for extinction, but I don’t want to live in a society where people think they can get out of obligations that are simply too “inconvenient”.

Also, getting back to the theme of the thread, certainly the banks were enablers, but imagine a lender who didn’t use similar lending guidelines in the bubble market. There is no way they would have survived. It’s kind of nice to assign blame one way or the other, but this whole situation is much too complicated for that.

[Navydoc]

This is all going to come down to can you afford the situation you are in? If you can, the moral high road is to ride out the depreciation long enough so values recover, and think of your home as an expense, not an investment. If you can’t afford it then you have to walk away. I can tell you, in the latter case, if you are a moral, responsible person you WILL experience some guilt from this decision. If you’re not, then hopefully there are few of you, and you won’t destroy our financial system.

Unfortunately, I think we have a large number of people in that latter category who cannot sell, cannot refinance, and to add insult to injury, can no longer afford their monthly payments. I feel a little bad for these people, but they disregarded the fundamentals and bet their financial future on never-ending depreciation. I think the root of the problem is in our country’s financial literacy, and how the fundamentals are not taught to the average person. I have a relative in 4S with a $1.5 million property who was wondering when I was going to buy a house like that. They looked at me funny when and I simply stated I couldn’t afford it on my physician’s salary, and I know I can document a much higher income than they can. They will learn the fundamentals the hard way, which is effective, and I find the retention tends to be much better.

I do believe SDR may have a point, and that eliminating non-recourse debt is the future, but with our current situation, making all the banks the bagholders is not the answer, as they cannot possibly absorb the numbers involved and survive. I have no idea how this is going to resolve itself, but a long hard recession seems like the best cure, and unfortunately, I think the taxpayers are going to have to absorb some of it. Remember the S&L’s? Why do you think it can’t happen again?

[Navydoc]

This is all going to come down to can you afford the situation you are in? If you can, the moral high road is to ride out the depreciation long enough so values recover, and think of your home as an expense, not an investment. If you can’t afford it then you have to walk away. I can tell you, in the latter case, if you are a moral, responsible person you WILL experience some guilt from this decision. If you’re not, then hopefully there are few of you, and you won’t destroy our financial system.

Unfortunately, I think we have a large number of people in that latter category who cannot sell, cannot refinance, and to add insult to injury, can no longer afford their monthly payments. I feel a little bad for these people, but they disregarded the fundamentals and bet their financial future on never-ending depreciation. I think the root of the problem is in our country’s financial literacy, and how the fundamentals are not taught to the average person. I have a relative in 4S with a $1.5 million property who was wondering when I was going to buy a house like that. They looked at me funny when and I simply stated I couldn’t afford it on my physician’s salary, and I know I can document a much higher income than they can. They will learn the fundamentals the hard way, which is effective, and I find the retention tends to be much better.

I do believe SDR may have a point, and that eliminating non-recourse debt is the future, but with our current situation, making all the banks the bagholders is not the answer, as they cannot possibly absorb the numbers involved and survive. I have no idea how this is going to resolve itself, but a long hard recession seems like the best cure, and unfortunately, I think the taxpayers are going to have to absorb some of it. Remember the S&L’s? Why do you think it can’t happen again?

[Navydoc]

This is all going to come down to can you afford the situation you are in? If you can, the moral high road is to ride out the depreciation long enough so values recover, and think of your home as an expense, not an investment. If you can’t afford it then you have to walk away. I can tell you, in the latter case, if you are a moral, responsible person you WILL experience some guilt from this decision. If you’re not, then hopefully there are few of you, and you won’t destroy our financial system.

Unfortunately, I think we have a large number of people in that latter category who cannot sell, cannot refinance, and to add insult to injury, can no longer afford their monthly payments. I feel a little bad for these people, but they disregarded the fundamentals and bet their financial future on never-ending depreciation. I think the root of the problem is in our country’s financial literacy, and how the fundamentals are not taught to the average person. I have a relative in 4S with a $1.5 million property who was wondering when I was going to buy a house like that. They looked at me funny when and I simply stated I couldn’t afford it on my physician’s salary, and I know I can document a much higher income than they can. They will learn the fundamentals the hard way, which is effective, and I find the retention tends to be much better.

I do believe SDR may have a point, and that eliminating non-recourse debt is the future, but with our current situation, making all the banks the bagholders is not the answer, as they cannot possibly absorb the numbers involved and survive. I have no idea how this is going to resolve itself, but a long hard recession seems like the best cure, and unfortunately, I think the taxpayers are going to have to absorb some of it. Remember the S&L’s? Why do you think it can’t happen again?

[Navydoc]

This is all going to come down to can you afford the situation you are in? If you can, the moral high road is to ride out the depreciation long enough so values recover, and think of your home as an expense, not an investment. If you can’t afford it then you have to walk away. I can tell you, in the latter case, if you are a moral, responsible person you WILL experience some guilt from this decision. If you’re not, then hopefully there are few of you, and you won’t destroy our financial system.

Unfortunately, I think we have a large number of people in that latter category who cannot sell, cannot refinance, and to add insult to injury, can no longer afford their monthly payments. I feel a little bad for these people, but they disregarded the fundamentals and bet their financial future on never-ending depreciation. I think the root of the problem is in our country’s financial literacy, and how the fundamentals are not taught to the average person. I have a relative in 4S with a $1.5 million property who was wondering when I was going to buy a house like that. They looked at me funny when and I simply stated I couldn’t afford it on my physician’s salary, and I know I can document a much higher income than they can. They will learn the fundamentals the hard way, which is effective, and I find the retention tends to be much better.

I do believe SDR may have a point, and that eliminating non-recourse debt is the future, but with our current situation, making all the banks the bagholders is not the answer, as they cannot possibly absorb the numbers involved and survive. I have no idea how this is going to resolve itself, but a long hard recession seems like the best cure, and unfortunately, I think the taxpayers are going to have to absorb some of it. Remember the S&L’s? Why do you think it can’t happen again?

[Navydoc]

This is all going to come down to can you afford the situation you are in? If you can, the moral high road is to ride out the depreciation long enough so values recover, and think of your home as an expense, not an investment. If you can’t afford it then you have to walk away. I can tell you, in the latter case, if you are a moral, responsible person you WILL experience some guilt from this decision. If you’re not, then hopefully there are few of you, and you won’t destroy our financial system.

Unfortunately, I think we have a large number of people in that latter category who cannot sell, cannot refinance, and to add insult to injury, can no longer afford their monthly payments. I feel a little bad for these people, but they disregarded the fundamentals and bet their financial future on never-ending depreciation. I think the root of the problem is in our country’s financial literacy, and how the fundamentals are not taught to the average person. I have a relative in 4S with a $1.5 million property who was wondering when I was going to buy a house like that. They looked at me funny when and I simply stated I couldn’t afford it on my physician’s salary, and I know I can document a much higher income than they can. They will learn the fundamentals the hard way, which is effective, and I find the retention tends to be much better.

I do believe SDR may have a point, and that eliminating non-recourse debt is the future, but with our current situation, making all the banks the bagholders is not the answer, as they cannot possibly absorb the numbers involved and survive. I have no idea how this is going to resolve itself, but a long hard recession seems like the best cure, and unfortunately, I think the taxpayers are going to have to absorb some of it. Remember the S&L’s? Why do you think it can’t happen again?

[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.

[Navydoc]

I was the shill-bidding poster. Glad it helped. Just goes to show one of the many ways this forum can protect your finances!

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