Would you walk on your mortgage if in this position???

[olecapt]

Originally Posted by texdav

In the end it will be overall that wil;ltake the real hit.In this case the biggest hit will occur in Vegas and will last fo rdecades likely. Interesting that banks warned yesterday that the foreclousre rate will be climbing for sometime.

Where does this stuff come from?

There is no significant indication of an up in LV foreclosures. They have been trending down for some months.

Who is the "overall"? In general mortgages are securitized and were sold to people as securiities. Many of these securities had very safe ratings and many holders bought insurance against a default.

The big losers are the securities owners...who may have an action against the ratings firmed who lied about those..or the people who insured the mortgage based securities with no basis for doing so.


None of these would tend to extend some large duty to the owner to pay off the mortgage if it became a problem.

[mybloglv]

I am in the process of walking away from mine. We seem to be in a similar boat but I'm pretty nervous about it. First payment I'll miss in my life, bust still think it's worth leaving. I just started a blog to record the whole process so we can all go through the foreclosure process together.

Financial Responsiblity?

[littleman123456]

bum deal there

[piyf]

The people who run this country bailed out the wrong people. You don't help bad businesses, that's what the market is for. Take out the bad ones.

I feel for the people who bought homes in the boom. People were buying homes, installing a granite counter top and selling it for thousands if not hundreds of thousands more than what they paid. The consumers are to blame but more blame should go to those higher up like banks and appraisers. Realtors didn't help the situation either.

Do what you think you have to do. This isn't a life or death question.

[SmartMoney]

The people who run this country bailed out the wrong people.

Amen x 3

[mortimer]

Originally Posted by danieloneil01

The people who run this country bailed out the wrong people.

I've been operating on the assumption/knowledge that the people
who got bailed out are the people who are running the country.

Does anyone see any change re.

(1) Bush II ===> Obama?
(2) Republican Congress ===> Democratic Congress?

Originally Posted by Obrero

Bank has all the risk.

The bank has zero risk.

The OP's loan was sold before he inserted the key in the door of his new condo.

The bank merely collects fees for servicing the loan.

To me, that is the root of the problem. The entity lending the money
has no skin in the game. What's it to them if the buyer is a bad risk?