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Well I got the answer over in the business forum. Fatherjohnson has walked away twice and apparently trashed the place. The stupidity of the comment is, that the banks don't make it habitable, it's regular people like us who have to fix it...
The thing that annoys me is that this person did it twice and apparantly has the ability to save 20K. Well if you can save that much money, why can't you save for an emergency fund as well as a good downpayment on a home so you don't have to foreclose. You could probably actually sell the home and actually get a check at closing! Imagine that! It Isn't PERSONAL, It Is BUSINESS- Just Walk Away!
Well I got the answer over in the business forum. Fatherjohnson has walked away twice and apparently trashed the place. The stupidity of the comment is, that the banks don't make it habitable, it's regular people like us who have to fix it...
The thing that annoys me is that this person did it twice and apparantly has the ability to save 20K. Well if you can save that much money, why can't you save for an emergency fund as well as a good downpayment on a home so you don't have to foreclose. You could probably actually sell the home and actually get a check at closing! Imagine that! It Isn't PERSONAL, It Is BUSINESS- Just Walk Away!
What happened to the magnetic North on these folks' moral compasses?
You could've sent the bank jingle mail, found a rental and paid your way monthly like everyone else.
"I say let us dip our bread into some of that gravy while it's still hot." That's my gravy your bread is in, that's my son's gravy, that's my grandson's gravy.
Who do you really think is ultimately going to pay for all the naive people like you who think they're "sticking it to the banks"?
Actually, I had a friend who offered to send the keys back to the bank. They told him not to and continue living there until the situation with the house was settled. They wanted him to maintain the property and continue living there even if he couldn't afford to pay. The property would have then sit vacant for months and who knows what would have happened. He eventually short-sold with the new owner moving in right away. I'll give the bank credit on this one for using some common sense and realizing what can happen if the home owner just walks.
The thing that annoys me is that this person did it twice and apparantly has the ability to save 20K. Well if you can save that much money, why can't you save for an emergency fund as well as a good downpayment on a home so you don't have to foreclose. It Isn't PERSONAL, It Is BUSINESS- Just Walk Away!
Look, without getting too much into the details of it, we owed more than our home was worth. So, we took the high road. We scraped off the top a little until we got our bearings straight. Each month, instead of paying the bank, the money nestled itself in my wallet. When foreclosure time finally arrived (it was coming anyway), we had our nest egg built! Sure, I could've acted "morally" according to critics' standards, and right now I'd be under a bridge or in some homeless shelter. Thanks anyway for this great advice, folks! :P
Underwater homeowners, you have a choice. If you will lose your home & credit eventually, why not come away with some cash in your fists? Either way you're credit is shot. . .so you can be broke & "moral", or take what's yours instead. It's a funny thing about life; if you refuse to accept anything but the best, you very often get it. And my wife didn't complain too much when we took our first vacation in years last spring. Personally, I think we're due another one before this is all over!
Underwater homeowners, you have a choice. If you will lose your home & credit eventually, why not come away with some cash in your fists? Either way you're credit is shot. . .so you can be broke & "moral", or take what's yours instead. It's a funny thing about life; if you refuse to accept anything but the best, you very often get it. And my wife didn't complain too much when we took our first vacation in years last spring. Personally, I think we're due another one before this is all over!
Fatherjohnson... I'm one of those people that does not believe that walking away from a mortgage is immoral... I am of the belief that walking away is a business decision based on rules/default conditions that all parties agreed to.
So I guess we are on the same page there.....
However.... what we disagree upon is your attitude towards the situation.
You brag about taking vacations. You believe if the bank won't negotiate your loan you should "turn the tables on them." Seriously?
If you say that you "simply couldn't find work," how were you able to sock away those 10 months of mortgage payments for your vacation?
I am quite dissappointed by some of the responses - but not surprised.
In the last decade, I've seen some of the most self-absorbed people with the biggest sense of entitlement ... ever.
Yes, but luckily most of those lenders have gone out of business when subprime lending dried up. Unfortunately a number of insolvent banks were bailed out using taxpayer dollars, so the sense of entitlement in that industry wasn't totally squashed. Hopefully when the next round of real estate collapse hits the commercial market these banks will be broken up instead of rewarded for being short sighted and irresponsible.
Fatherjohnson lets take a look at your response from the previous Business thread
Quote:
Kev you are correct, IMO. We've walked away twice, sometimes you have to. This last time we managed to milk it for 10 months before actually leaving. Now we're squatting in my bankrupt brother in law's house so in effect we're squatting for free for almost a year and a half now & counting. The wife & I are now saving aggressively, and are perched for the right opportunity when it presents itself. In this tumultuous economy, it is the alert who will prosper. And being in the catbird seat with a fist full of cash seems a pretty good place to be.
Better than in our over-priced 3 bedroom in Fresno, anyway. Hope the bank has fun getting that place back into habitable condition. lol
Sounds like you have made a habit of taking advantage of others. I wonder how bad you trashed the place in Fresno when you moved out. You can explain all day on how you did the right thing. Most of us don't see it that way. You come off as dishonest and without scruples.
I ask you again, what could the evil banks done for you to restructure your loan that would have helped you since you were unemployed for 10 months ?
no he doesn't and frankly he'll find some reason why what he did was right. Whats more annoying is not only the walking away twice, but the fact that you apparantly feel the need to trash your home before you leave. Real class act.
I'm old enough to know how true the phrase "what comes around goes around" really is.
But the problem is, there are some people - like fatherjohnson - who will experience how true the saying is firsthand, but it will never occur to them that their basically getting what they give.
To these kinds of people, they're always the victim - never the perpetrator.
So I'm quite sure that fatherjohnson will experience some other kind of downfall in his life - and he will always blame someone else.
Actually if you go back and read some of FJ's post on other threads I believe you'll come to the conclusion like I do that what he posts is not truthful. I believe (and maybe wrong) that he hangs around just to provoke reactions.
Hopefully he is just full of hot air and does not actually do what he posts.
I call BS on his posts.
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