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Old 06-15-2015, 05:23 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361

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Quote:
Originally Posted by JNR417303 View Post
So you are basically confirming that, given a similar situation, you would walk away from another loan and do whatever you could to not pay it back. I don't know what you are expecting people to think? But like I said, banks are greedy and will eventually want your business again. The rest of us just have to hope that we won't end up paying for it.
You're right banks are greedy. I'm a person with a family. The banks are a faceless entity. I will choose me and my family over a bank any day of the week. Hopefully this answers your question?
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Old 06-15-2015, 06:25 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,676,484 times
Reputation: 8107
I agree there's no need to attack, but I do understand the many that have a short fuse and no patience for those that took advantage of the system and have the appearance of coming back for a second drink from the well without skipping a beat or wanting to wait for their "penance" for lack of a better word. Everyday, I see families doing without, because they did not make the strategic decision to default, but stuck it out and continued to make payments waiting for their home to get back to positive equity and repay the debt they promised to pay. So, yeah, it does come across as "in your face" when they see someone back to borrow immediately after an adverse event (as in before standard waiting times).
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Old 06-15-2015, 06:48 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,676,484 times
Reputation: 8107
Quote:
Originally Posted by StreetSmarts View Post
You're right banks are greedy. I'm a person with a family. The banks are a faceless entity. I will choose me and my family over a bank any day of the week. Hopefully this answers your question?
Everyone gets illness and job loss when losing a home.....I believe where some have issue is by your own account, this was a strategic FC and bankruptcy. You made a bad financial decisions and can't wait to jump back in. Everyone here would choose their family over a Wall Street bank, including myself. That's not the point. The point is you give the appearance (remember, its all about perception) of someone that thinks there is nothing wrong with foreclosure and bankruptcy. And there lies the issue.

I can assure those readers, the only option for you will be FHA (you make too much for USDA). Who knows, maybe a few years (4) of paying PMI will be an incentive to purchase within your means. Because, while 2nd chances are earned, I have yet to see someone obtain a 3rd mortgage after two FC in succession.

Good luck to you - but be careful who you share your history with. I've seen taxes audited after openly discussing these adverse events.
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Old 06-15-2015, 06:54 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Quote:
Originally Posted by SmartMoney View Post
I agree there's no need to attack, but I do understand the many that have a short fuse and no patience for those that took advantage of the system and have the appearance of coming back for a second drink from the well without skipping a beat or wanting to wait for their "penance" for lack of a better word. Everyday, I see families doing without, because they did not make the strategic decision to default, but stuck it out and continued to make payments waiting for their home to get back to positive equity and repay the debt they promised to pay. So, yeah, it does come across as "in your face" when they see someone back to borrow immediately after an adverse event (as in before standard waiting times).
Took advantage of the system? You think I made out with all this? How the hell did I benefit from all the anguish and banks and attorneys sending me letters trying to collect money we never had? My wife would be in tears because she was so fearful of what could happen.

We left the house in 2010! Its been 6 yrs! But the BK didnt go into effect until Jan of 2014.
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Old 06-15-2015, 06:58 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Quote:
Originally Posted by SmartMoney View Post
Everyone gets illness and job loss when losing a home.....I believe where some have issue is by your own account, this was a strategic FC and bankruptcy. You made a bad financial decisions and can't wait to jump back in. Everyone here would choose their family over a Wall Street bank, including myself. That's not the point. The point is you give the appearance (remember, its all about perception) of someone that thinks there is nothing wrong with foreclosure and bankruptcy. And there lies the issue.

I can assure those readers, the only option for you will be FHA (you make too much for USDA). Who knows, maybe a few years (4) of paying PMI will be an incentive to purchase within your means. Because, while 2nd chances are earned, I have yet to see someone obtain a 3rd mortgage after two FC in succession.

Good luck to you - but be careful who you share your history with. I've seen taxes audited after openly discussing these adverse events.

Thanks, but I had no job, not sure what good that will do to an auditor. My wife took care of both of us and our first born during this time, we sure werent living it up or having the time of our lives, thats for sure.
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Old 06-15-2015, 07:42 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,676,484 times
Reputation: 8107
Go back and re-read your original post. I did, I went back and re-read it a couple of times. You said nothing about job loss. I am not trying to play judge, only looking for reasons for the harsh posts you have received. You came across as a strategic walkaway from a home you shouldn't have "gotten caught up in the market and lost your butts." And then, announced a household income many would give their right arm for.

If you can't see the point I was trying to make, you never will.
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Old 06-15-2015, 07:48 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,676,484 times
Reputation: 8107
Oh and I never said you had two FC, that was my way of telling you a second FC will make certain you don't get a third opportunity, so be very, very cautious with your future homebuying decisions.
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Old 06-15-2015, 08:13 PM
 
Location: FLORIDA
8,964 posts, read 5,722,534 times
Reputation: 3361
Quote:
Originally Posted by SmartMoney View Post
Go back and re-read your original post. I did, I went back and re-read it a couple of times. You said nothing about job loss. I am not trying to play judge, only looking for reasons for the harsh posts you have received. You came across as a strategic walkaway from a home you shouldn't have "gotten caught up in the market and lost your butts." And then, announced a household income many would give their right arm for.

If you can't see the point I was trying to make, you never will.

I didnt think this post would be 3-4 pages long when I initially posted it. Yes, I lost my job and the value of our home went down by roughly 2/3. And I didnt have the income then I've got now, and surely was nowhere close to that when I was laid off obviously. I'm in a different job and making far more now than before. I should've mentioned it in the beginning, but like I said, I didnt expect to get this much feedback.
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Old 06-16-2015, 12:36 PM
 
Location: Massachusetts
8,764 posts, read 8,984,960 times
Reputation: 12233
Quote:
Originally Posted by SmartMoney View Post
Go back and re-read your original post. I did, I went back and re-read it a couple of times. You said nothing about job loss. I am not trying to play judge, only looking for reasons for the harsh posts you have received. You came across as a strategic walkaway from a home you shouldn't have "gotten caught up in the market and lost your butts." And then, announced a household income many would give their right arm for.

If you can't see the point I was trying to make, you never will.

I am just reading this thread casually with no intention of posting, but have to agree with this post and how the beginning part of this thread came across. Can't really fault people for attacking.
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Old 06-16-2015, 03:22 PM
 
15,404 posts, read 8,707,463 times
Reputation: 13783
Quote:
Originally Posted by JNR417303 View Post
Exactly. I can't understand why banks would allow someone who has proven they are willing to walk away from their responsibility to take out another loan. It's not personal and I'm not saying that people who go through foreclosure or bankruptcy are bad people, I just don't think it makes good business sense for a bank to ever loan them money again. When they walk away and the bank can't sell the house for the value of the loan, who eats that loss? We do. They make it more expensive for everyone else to use bank services and make the market more unstable.

Let's face it - you did it once and you'd do it again if the conditions were right. Again, not making a moral judgement, just a financial one. But because banks have more greed than sense they'll eventually be willing to lend to you again, albeit at a high interest rate. You'll most likely just have to wait a few more years.
And many people did just walk away. They had jobs, they could have continued paying the mortgage payment, but they panicked because the value of the home dropped, so they decided to cut and run. I'm not saying that this is what you did, but many people did. And the banks are smart to not lend to people that only pay back the loan if it results in a reward for the homeowner, and the bank all the risk.
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