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Many people have no choice because they can't make the payment, I personaly know a family who owe $700,000.00 on a house worth $350,000.00 they will either walk away or loose it.
Many folks who are upside down but can afford it wont walk away and I know a few like that (quite a few)
If you are buying a $700,000 house, I would hope that individual was making close to $1,000,000 per year or paid in cash.
I know of many people who have one fourth the income I have, yet have larger houses. What the hell were (and are) these people thinking? When I was a kid, houses were much smaller and people did not feel cheated. With smaller living spaces, I think people were more inclined to go outside and do things (which is a good thing).
[quote=ray1945;19859638]I know a young couple who did exactly that. Their finances were excellent - to the point that they were able to buy a second, much nicer house and when the deal closed on it, they walked away from the first.
I thought what they did was wrong, but I can understand why they did it.[/QUOTE]
Just like we can all undertand why Bernie Madoff did what he did.
Look, I am going to lose thousands of dollars when I sell my house because of these people who decide to walk.
No,you are going to lose thousands because the housing market bubble burst and prices dropped.Then some people made the business decision to get out while they could.
You now feel cheated because I guess you owe more on your home than it is currently worth....
Quote:
I guess you are one of those who only thinks of himself and you've probably walked away yourself.
In business you do what is the smart business decision,there is nothing 'heroic' or 'good' in staying and losing even more money.
I guess you would get to keep all the lavish vacations and meals out and designer clothes and other luxuries you bought with all the second mortages you took out.
I can't really answer that question because I wouldn't use my home like an ATM to get underwater with my mortgage in the first place.
Correct and as house prices doubled we sat back and asked ourselves did my paycheck just double also? and we said no and didn't over extend ourselves as so many orhers did because they did not use their brain.
Thank you for a common sense post
I know a young couple who did exactly that. Their finances were excellent - to the point that they were able to buy a second, much nicer house and when the deal closed on it, they walked away from the first.
I thought what they did was wrong, but I can understand why they did it.
And they did that because they don't expect to be held to their first debt.
Yes, they will make out very nicely, getting themselves quite rich by never paying the first loan, leave the house to foreclosure while they sit in their much nicer house that will bring them a very nice profit when they go to sell it.
It's that kind of thing that needs to end. This young couple with excellent finances that simply walked away from their first loan should have that loan catch up with them, they should have a lien placed on their new big expensive house and be required to pay all the loans they signed.
When you buy your real estate with cash you can't walk away and I see no bailout coming from this government for people like us. We own it for better or for worse and I think the mortgage holders should grow the $@$# up and wait it out like we will. The market would return to normal and you may even see some gains when people stop walking away.
You now feel cheated because I guess you owe more on your home than it is currently worth....
I don't owe anything on my home (see, I was one of these people who did not overbuy or use my house like an ATM) and I won't be answering anymore of your repetitive questions going forward. You beat the same drum in every thread thinking somehow you are going to "win" or get a different answer. Forget it. I'm not wasting my time.
If you are buying a $700,000 house, I would hope that individual was making close to $1,000,000 per year or paid in cash.
I know of many people who have one fourth the income I have, yet have larger houses. What the hell were (and are) these people thinking? When I was a kid, houses were much smaller and people did not feel cheated. With smaller living spaces, I think people were more inclined to go outside and do things (which is a good thing).
They don't think, the house started at $300.000, then because it was on the side of a hill they had to add two front retaining walls and one back retaining wall, cutom fence with remote gate, the biggest driveway I have ever seen and custom landscaping and such, that was while the housing market was rocketing so getting the loans were no problem.
I don't owe anything on my home and I won't be answering anymore of your repetitive questions going forward. You beat the same drum in every thread thinking somehow you are going to "win" or get a different answer. Forget it. I'm not wasting my time.
So you own your home outright but will lose 'thousands'?
You mean you didn't sell when the market was good and so now feel cheated and want to blame someone else.
I find it strange you cannot answer a simple question such as is a mortgage a business contract...perhaps because the answer doesn't suit you?
A mortgage is a business contract and so what makes the best business sense applies.
Seems good old Morgan Stanley thought 'walking away' from properties made good business sense for them....
Just get the government out, let the banks figure out how to collect from the deadbeats and how to stop lending to them, no new taxes for the responsible to provide the many bailouts.
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or get a different answer. Forget it. I'm not wasting my time.
