[skisickie]

I bought a house in 2007 and another one this year.

[Randy Culture]

Anyone who keeps paying a mortgage on an upside down house is a fool and deserves poverty....which is what they'll get.

Be a man and take your losses and walk away. House prices aren't coming back.

[geos]

It has nothing to do with morality. It's a business decision. Add up the numbers. If they don't make sense, bye bye. You think the mortgage cos or banks worry about morality?

[desertsun41]

Originally Posted by Randy Culture

Anyone who keeps paying a mortgage on an upside down house is a fool and deserves poverty....which is what they'll get.

Be a man and take your losses and walk away. House prices aren't coming back.

I agree Randy. They teach us in Finance 101 not to throw money into a losing cause. Do what your teacher says now...........

What bothers me are those who speak up loud and say they will never walk away from their home. It must be real nice to know in your heart that you will never be layed off, never have your company close it's doors or never get sick. Wow that must be a real good feeling.

Like Olecapt said if I understood him correctly, you have a contract with the lender and one with your family. Which is more important? I have no love loss for the lenders. May they all rot in a burning hell.

[tony soprano]

Originally Posted by desertsun41

What bothers me are those who speak up loud and say they will never walk away from their home. It must be real nice to know in your heart that you will never be layed off, never have your company close it's doors or never get sick. Wow that must be a real good feeling.

Funny, what I find bothersome is the people who have such little disregard for the financial obligations that they freely took on, that the concept of integrity has been largely rendered obsolete. It's those people that I can thank for an era when a written contract is worth nothing more than the paper it was written on and a person's word is worth nothing at all.

[airics]

Originally Posted by Randy Culture

Anyone who keeps paying a mortgage on an upside down house is a fool and deserves poverty....which is what they'll get.

Be a man and take your losses and walk away. House prices aren't coming back.

Right and for 7 years, your credit will be shot! So do you think in 7yrs, its not coming back... If you have your own business, and need credit.. you'll never get it... Your credit cards will be closed, they will sell the account to some scumbug debt collector and in 15yrs you'll still be trying to get it off your reports!
Just curious, what is your credit score now and prior to this mess....

[skisickie]

I put down 20% on both homes, I value my down payment and my credit too much to walk. Plus I need somewhere to live. People walking away from bad loans is just sad. I would be able to make the payments on the homes even if I lost my income. I am not setting myself up for a lifetime of credit issues. Market decline or not.

[airics]

exactly skisickie... what goes around comes around.. many many years ago, i had a grievance with huntington bank and lost the lawsuit for $10k, after 7yrs, it was sold to a debt collector.. it stayed on my report for 15+ yrs.... and yes i disputed it over and over, it just shows back up everytime its sold.. finally after 20, its gone

[skisickie]

Believe me when I say that if you walk you will pay much, much, more than you lost. I work in finance and your credit does not magically fix itself after 7 yrs. Biggest fallacy in the universe.

[olecapt]

I doubt that signnificant impact will last five years anymore seven. These credit "dings" are pretty subjective. If there are a whole lot of foreclosures, as there are now, they will lose their sting much quicker.

I would expect one could buy a house FHA about 3 or 4 years after a foreclosure.

I would agree that credit dings hang around for ever. I still have two from CA that reappear periodically...Neither was ever a valid debt which CA and Long Beach agreed, but the frigging credit bureaus drag them up every year or so.

I would agree that there ought to be a law that a credit bureau has to make increasing payments to the person when removed items appear again...and that could happen in an Obama administration.

I would also think it should be impossible for a government to place a lien without court action and a way to remove, not satisfy, the lien. What happens in the present system is they mark the lien satisified but don't remove it. Then the bureaus pick up the lien but not the satisfaction...or even pick up both implying that the lien was at one point relevant.