To walk away or stay? (Stuart, Highland Beach: rent, condo, second mortgage) - St. Lucie, Martin, and Indian River counties (Treasure Coast) - Page 3 - City-Data Forum

taratara1111 · 02-08-2011, 03:20 PM

I am able to afford my mortgage payment but I am basically paying for nothing. I don't see PSL ever improving. I have a good job here so I will stay for awhile. In the meantime, I am filing for bankruptcy which will discharge my credit card debt and my mortgage debt. I am going through the proper channels to get this accomplished. I know many people that have filed Chapter 7 and the IRS has never come after them. 10% to 15% may be the number across the U.S. but here in St. Lucie County, it is alot higher. There is no justification for paying a mortgage on a condo that was appraised at $200,000 in 2006 and now is appraised at $70,000.

JERSEY MAN · 02-08-2011, 07:47 PM

That's your personal choice and it's completely up to you. I bet the other owners in the complex are thrilled to know that they have to subsidize and pay your HOA fees now. I bet the other homeowners in the town are thrilled because their property taxes will rise and their value of their home goes down when a foreclosure pops up next to them. So now they are forced to pay more to the HOA and town to pick up the slack because you purchased when prices were high.

JerseyEstate · 02-08-2011, 08:11 PM

Quote:

Originally Posted by G711

Does anybody actually know someone that this has happened to???
With the millions of foreclosures I dought the IRS would have time to pursue all of them. Forclosure laws are different in every state as to what the recourse the lending agency has, most to my understanding allow for them to go after a judgement for the difference of sale if any. Which most banks are not pursueing as there are to many to have to take each one to court to receive a judgement which is pretty much worthless.
The pure fact is hundreds of millions of people default on car loans, medical expences, home loans ect. each year including some of the Banks that were bailed out. Its unforturate but it happens.
It would be nice to hear a tax attorneys view on this subject.

I have spoken with tons of borrowers and, no, I haven't heard anyone say they got slapped by this. But 2010 could be different than 2009. Time will tell.

The IRS can do the same thing for charged off credit card debt & I haven't heard anybody getting hit with that either.

taratara1111 · 02-08-2011, 08:46 PM

Quote:

Originally Posted by JERSEY MAN

That's your personal choice and it's completely up to you. I bet the other owners in the complex are thrilled to know that they have to subsidize and pay your HOA fees now. I bet the other homeowners in the town are thrilled because their property taxes will rise and their value of their home goes down when a foreclosure pops up next to them. So now they are forced to pay more to the HOA and town to pick up the slack because you purchased when prices were high.

Yes, it was my mistake. I stuck with it and paid $1,500 for the last 4 1/2 years. But I look around and realize that PSL is never going to improve. I will probably move to Jupiter where there is more opportunity. Like I said before, I have a very good job 10 miles from my home so renting in the Stuart area is ideal. If not, I will gladly go to Jupiter. For right now, I made a mistake moving here but now I have a chance to make up for it by saving.

nancy707 · 02-09-2011, 03:45 PM

Quote:

Originally Posted by taratara1111

I am able to afford my mortgage payment but I am basically paying for nothing. I don't see PSL ever improving. I have a good job here so I will stay for awhile. In the meantime, I am filing for bankruptcy which will discharge my credit card debt and my mortgage debt. I am going through the proper channels to get this accomplished. I know many people that have filed Chapter 7 and the IRS has never come after them. 10% to 15% may be the number across the U.S. but here in St. Lucie County, it is alot higher. There is no justification for paying a mortgage on a condo that was appraised at $200,000 in 2006 and now is appraised at $70,000.

The justification is you took the loan, there are plenty of hardworking Americans who are in your position, what about your credit cards you made the purchases and now you just want to be forgiven for those purchases Just because everyone is doing it does not make it right, It is in essence stealing....

Cobalt502 · 02-09-2011, 08:24 PM

The next time I have a conversation with friends and somebody asks what's wrong with America, I will share your story!

Karma can be a real *****!

taratara1111 · 02-09-2011, 08:41 PM

What a classy person you must be Cobalt! Karma IS PSL! I have paid my mortgage every month knowing that my condo is not worth anything! PSL is a dead end. I can't believe I moved here. Good Times Bar is considered a night out???? White trash as usual in this town. Ugh!!!!!!!I will wait patiently for FlaLadyB to close this thread as usual. If anyone disagrees with her view, it gets closed. Here we go.............................

Cobalt502 · 02-10-2011, 06:41 AM

You are walking away from a contract YOU made to let innocent people in America pick up YOUR tab and you question MY class? I'm just saying you should expect a little bad Karma for that one, do what you have to do!

If everybody felt it was OK to walk from a bad investment and let others pick up the tab we would be in even a worse situation than we are now, if that is possible. The fact that you plan to stop paying and saving, walking away with a chunk of cash, is what kills me! If you can't pay then walk now and lessen the blow to others, that would be the classy thing to do!

stevep111 · 02-10-2011, 09:50 AM

We bought a house that is now on paper worth less than we paid for it but at the same time we did not buy a house we could not make the payments on. Whether you lose your job or not it is up to you to make sure you have either the proper insurance on your loan or enough savings to cover you for long periods of time if you run into financial difficulties. That is just good common sense. A simple calculator is all you need to have in order to find out if you can afford a house payment. If you can't then rent.

Yes I do feel sorry for some who have lost their homes but those I do not feel sorry for are the flippers who got caught and those who accepted a house priced way out of their price range. Those are the people who have ruined it for everyone who makes their payments to their underwater homes.

May be it is time to bring back the debters prisons of the 1600's and 1700's.

FlaLadyB · 02-11-2011, 12:53 PM

Quote:

Originally Posted by taratara1111

What a classy person you must be Cobalt! Karma IS PSL! I have paid my mortgage every month knowing that my condo is not worth anything! PSL is a dead end. I can't believe I moved here. Good Times Bar is considered a night out???? White trash as usual in this town. Ugh!!!!!!!I will wait patiently for FlaLadyB to close this thread as usual. If anyone disagrees with her view, it gets closed. Here we go.............................

I don't have ANYTHING to do with keeping a thread open or having it closed. I am not a moderator. THEY do the closing of a thread and I have nothing to do with it. DONT go accusing me of anything you don't know as fact!