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Walking away from a mortgage

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buckeyegrad;2184600; said:
Well, you will get no argument from me that in our society, credit is obtained too easily these days. However, part of the reason is because we have eliminated the risk too much on both sides of the equation--allowing those who use credit to walk away from their obligations and allowing those who extend the credit to recuperate their losses through government bailouts and other financial advantages.
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And I agree with this whole-heartedly.

My contention was that the wide brush painting above was not indicative of each and every personal experience that someone has. For my end, I fully understand and accept my role in what has occurred to my family and the steps I'm taking to rectify the situation. However, there is just as much culpability on the financial entity(ies) involved.
 
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muffler dragon;2184601; said:
And I agree with this whole-heartedly.

My contention was that the wide brush painting above was not indicative of each and every personal experience that someone has. For my end, I fully understand and accept my role in what has occurred to my family and the steps I'm taking to rectify the situation. However, there is just as much culpability on the financial entity(ies) involved.
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I agree. My feelings about the in-law had everything to do with how reckless he had been in his spending (and not saving anything) when the times were good for him. At least having gone through the experience, he seems to have learned his lesson. Times are once again good for him financially, better than before, but he is showing much more restraint and doing a good job with his savings.

And certainly, bad times do fall on people who are careful with their spending and do try to save what they can. And for those people, there does need to be some type of support network for them.

I also am self-aware enough to admit that my problem with reckless spenders derives in part from the values I hold, which like Thump's were given by my parents; but also in part from the bitterness I feel when I watch someone take more exotic vacations and obtain more toys than I have by being reckless and then they walk away from their obligations, while my wife and I sacrifice those things in order to meet ours.
 
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muffler dragon;2184586; said:
I highly suggest that you look into legal counsel in this mess before you make a decision on your own. I have an attorney and he has been indispensible on helping me make the proper decision.
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This times a million.

Also, double-check everything the bank tells you.

Also:
Don't trust whitey.
If you get it, see a doctor and get rid of it.
 
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Bucky Katt;2184606; said:
Don't trust whitey.
If you get it, see a doctor and get rid of it.
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jlb1705;2184610; said:
The Lord loves a workin' man.
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Shinola.jpg


Understand the difference?
 
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muffler dragon;2184593; said:
So, at what point in Mike's tenure here, do you believe that that statement categorizes how he's treating the situation?



Yep. I gather that, and I applaud you for never having the opportunity to have to go back on your word. FWIW, I consider this an amoral situation. Thus, the consideration that you present may linger, but it's by no means at the forefront.
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I've had this discussion before. Are the banks at fault, yes. Do many homeowners have themselves to blame for not educating themselves on such things as "Balloon mortgages, ARMS" etc.. Yes. Don't buy a house, car etc... that you cannot afford.

Real Estate is not a guaranteed, sure-fire investment.

You assume risk with any major purchase or investment.
 
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Thump;2184790; said:
I've had this discussion before. Are the banks at fault, yes. Do many homeowners have themselves to blame for not educating themselves on such things as "Balloon mortgages, ARMS" etc.. Yes. Don't buy a house, car etc... that you cannot afford.

Real Estate is not a guaranteed, sure-fire investment.

You assume risk with any major purchase or investment.
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Whereas this is as true as it is for nearly any investment, some real estate (like personal residential) tends to be different because people often 'invest' in homes to live in them, not necessarily or just to make a return, and, therefore, may 'stretch' (and I'm not talking about irresponsibility here, per se) to make payments so they may have a place to live. Therefore, when an economy turns and jobs/investments/pensions/insurance are lost, etc., people, as the equity holders, not only lose their 'investments' they also lose their homes. I think this, at least for me, is where the sensitivity is... that and I think Mike80 has earned a little empathy as a member of our 'community' out here (despite the political void between he and I :lol:), which is why I posted made my earlier post. Just my humble opinion.
 
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BusNative;2184799; said:
Whereas this is as true as it is for nearly any investment, some real estate (like personal residential) tends to be different because people often 'invest' in homes to live in them, not necessarily or just to make a return, and, therefore, may 'stretch' (and I'm not talking about irresponsibility here, per se) to make payments so they may have a place to live. Therefore, when an economy turns and jobs/investments/pensions/insurance are lost, etc., people, as the equity holders, not only lose their 'investments' they also lose their homes. I think this, at least for me, is where the sensitivity is... that and I think Mike80 has earned a little empathy as a member of our 'community' out here (despite the political void between he and I :lol:), which is why I posted made my earlier post. Just my humble opinion.
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I think what you're trying to say is that if you talk the talk, walk the walk.
 
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Oh wow, I didn't realize this thread was going to ignite a debate.

For the record, I was having a bad day (specifically related to the house) and in a fit of pissedoffedness this idea floated through my head but I don't know anyone who had ever done it or any of that. Also, I am not having any issues making the mortgage payments (which will never be an issue), but the house needs to sell so I can settle my divorce.

This was just a stupid musing on my part. The only way I'm really walking away is if I lose my job and any hope of ever being able to make the payments. That isn't the case right now though.
 
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Taosman;2184333; said:
Make every effort to rent it. It could be a good investment long term.
Don't panic!

Wiki...Wall Street Banker
"A bunch of mindless jerks who will be the first against the wall when the Revolution comes!"
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As long as he's standing next to the self serving assholes in Congress and Fannie Mae who lined their pockets while the housing market collapsed I'm fine with it.

The bankers didn't do this on their own.
 
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BuckeyeMike80;2184291; said:
Unfortunately due to the state of the economy among other things, my house in Springfield isn't getting any interest whatsoever.

I'm not saying I'm seriously considering walking away yet, but the idea did cross my mind and I had some questions as to the process if nothing else. Anyone ever had to go through this or have to deal with this situation?

I have someone willing to rent the place, but they want a certain number of things done to it which I view to be completely unacceptable in some cases (I'm not putting all new siding on the house when the person who wants to rent it doesn't like the color, that's just too goddamn bad). Some of it is general maintenance stuff which isn't a big issue.

Any help or ideas (or offers) would be greatly appreciated.
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I'd love to sell my place and move on but I haven't even tried given all of the unsold homes in my neighborhood. I'm not one to "walk away", aka default on a loan which not too long ago was rightly seen as the wrong thing to do, so I'm staying the course.

Good luck.
 
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Jesus Christ people.

Mike, you need to start remodeling the inside of the house. You'll need lots of paint thinner. And a couple of those extremely hot work lights. DO NOT spill the paint thinner all over the floor. And DO NOT knock over the extremely hot work lights into the puddle of paint thinner.

EDIT: If you do accidently do the things above, get out of the house as quickly as possible. DO NOT forget your cell phone in the house.
 
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So I actually have had someone renting the house and in March, we upgraded to a Land Contract. Well wouldn't you know the stupid cocksucker couldn't keep his goddamn pants zipped, so he's getting a divorce. Fuckin Springfield. :shake:

So now I'm back to square one. I do wish the house would just fucking disappear already.
 
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