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The way the government is bailing everyone out, I wouldn't be surprised.
This country needs debt and who better to forgive then those that immediately get in over their heads.
Bankruptcy laws need a MAJOR overhauling to protect the economy from credit abusers (and predatory lending). And those who just "walk away" from their mortgage should NEVER be allowed to have another one. All of us are responsible for the decisions we make and must accept responsibility for them, no matter what the cost.
If you foreclose you will need to wait 3yrs from discharge for a FHA loan
BK 7 will need to wait 2yrs
BK 13 will need to wait 1yr.
Of course you will need to have re-established credit with no credit lates in the last 12months. These ppl can get rates as low as 5.5%. There are 800score borrowers who are getting the lowest rate of 5.5%.
Can you imagine how that makes the 800 borrower feel?
You should stress in your thread title the main theme of the article:
Thinking about walking away - EXPECT YEARS OF HURT!
That's a wake up call to the more than a handfull of threads here that are endorsing walking away. The loose credit and forgiveness policies of the current time may not be the policies of tommorrow. To be frank, I pay enough taxes for those truely in need, and I do that gladly because I know a society needs safety nets, I will provide for these safety nets. You will have a place to live, but this doesn't include living in a 2,500 plus square home.
I want those that walk away to suffer, to hurt. Go ahead and walk away, but I want them to know they will be stuck in an apartment, with noisy upstairs neighbors, for a very long time. I want them to know that future employees will review credit rating and they will not be trusted again for responsible positions. I want them to know that collectors will be harrasing them for years. I want them to never be trusted with even a WallMart credit card for a very very long time.
I am wondering if any of these people would take any responsibility at all for the rest of us *******s who have followed the rules and bought homes the old fashioned way, who are now watching their retirement funds shrink. Where is MY bailout? I am stuck in my little home watching the two very large models deteriorate as I write this. I get very angry when I think of the last time I spoke with the neighbor who fled in the late night and how flippant he was. They were laughing. Can you imagine? Losing your home and laughing? I really do hope they can never buy so much as a cracker on credit.
I have heard several people who think they can get a new mortgage in 2-3 years.
WoW!!! i have been reading all the comments in this thread and just had to make this statement . No one should just walk away from their home.as i have stated in several postings ,there is a action that a home owner can take and should have taken when he or she first purchased their home . Thats the filing of a UCC-1 in the amount the were investing in that property. this should have been filed with the Secretary of State where they reside. This is 100% legal . You may ask WHY weren't we told about this by the Real Estate Co. or the The Mtg.CO. Most likely because if you were to miss payments they would have trouble foreclosing on your home . See with this filing on your property they (the Bank ) has to pay you what the lein amount is before they can get title to the property so they can resell it . This is your leverage. If you think this can not be true , then ask any TITLE CO. if they can transfer a title with a UCC-1 on it . I know what there answer will be !
Bankruptcy laws need a MAJOR overhauling to protect the economy from credit abusers (and predatory lending). And those who just "walk away" from their mortgage should NEVER be allowed to have another one. All of us are responsible for the decisions we make and must accept responsibility for them, no matter what the cost.
What about the Real Estate Agents code of ethics (did they inflate the worth of the homes ?) What about the Banks and Mtg. Co. did they properly evaluate the purchasers ability to repay the loan? Or even the appraiser figures as to value) Did they with all their education in finances over evualate the property to increase their profits ? Do they have any responsiablity? These are questions that i don't see people responding to and i think that they need to be adressed to see the full picture here. Are we putting the blame in the right place? Or is it the Goverment own push for the All American Dream" your own home ".
The blame goes to both banks and people..banks should have looked at the people harder so when you guys are throwing all of these people under the bus that are walking away look at the banks as well. Their job is to screen people to make sure they can repay the loan, and OBVIOUSLY they did not do a good job of that...the homeowner is at fault as well...I think this "walking away" term is a bad word...at the very least you can do a short sale or a deed in lieu which both will result in marks on your credit, but not as servere as a foreclosure...and you will have worked with your mortgage company to help try to sell it, or atleast give it back and save them some money foreclosing on it...
So when you talk about responsibility talk about everyone, including the banks who are responsible for giving loans to people that can pay them back, and the homeowners who are clearly not meeting their financial obligations
I don't if the term "everyone" is good here, not to mention those of you who are throwing the word "loser" around.
There are some people who have truly been affected by crisis or circumstance and they have no choice but to watch their dream of owning a home disappear. Sometimes, people don't want to "walk away" but they have no choice because of a multitude of reason beyond overspending.
Think about those people when you generalize your statements and call people losers.
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