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To the original poster is it really a cost savings to foreclose and rent somewhere else? If you were planning to stay in that house for 30 years, and your house cost 300K, then at the end of 30 years you pay 600K. Plus add in all the home improvements, repairs, upgrades which can add at least 100K. The house now cost you 700K. Even if you get 600K after 31 years, at least you GET 600K check that goes straight to your bank account. Which is much more than you would get renting.
If you foreclose instead, rent, then buy another house w/ another down payment, higher interest rate, who's to say you that will be a better investment move as well? How do you know what the market will be like when you are trying to retire or sell because of a job transfer?
I'm just wondering what exactly kind of financial benefit it will have to the OP. Can someone give numbers as to how it will benefit the OP to walk away?
Who am I hurting? The bank? they get my old house, the sell it and all is well. Get over it. And to the jerk calling it an armpit, did you see my new home? how do you like them apples? I wont even sahre what i paid because then you will be extremely pissed off. Lets just say you can even get a 3 bedroom shack in the luxurious parts of LA such as Watts and East LA and Hollywood for that matter. Good luck!
As I said before the bank has investors who are paying these mortgages...well they might rethink how to invest their money... So you are hurting others....people who work at these mortgage banks are getting an income and have lost jobs too....as long as people are defautling people will suffer to make up for this....you are hurting others willingly!
But if that is okay with you, well it is okay with me if some one takes a closer look into your financial business and all of a sudden sawyou did something that wasn't so clean and legal......
They fell for my bait. I just was conducting a little experiment to see what the feeling was on the buy and bail currently catching speed out there. Also I was bothered that so many of you (besided crazymama) chastised and stoned this guy for considering it?
For the record, i dont agree with the OP is doing SINCE he can afford it. But if you are one who messed up, realize you cant afford it and it is hindering you financially and still need to eat..walking away might be the best decision.
He said to write our thoughts even negative.
If the OP had said that he couldn't afford it, I don't think he would have been hammered as hard. He clearly stated that he could make the payments, it was just tight. That is a whole other ballgame.
They fell for my bait. I just was conducting a little experiment to see what the feeling was on the buy and bail currently catching speed out there. Also I was bothered that so many of you (besided crazymama) chastised and stoned this guy for considering it?
For the record, i dont agree with the OP is doing SINCE he can afford it. But if you are one who messed up, realize you cant afford it and it is hindering you financially and still need to eat..walking away might be the best decision.
To be honest though: the though has crossed my mind, buy and bail. The Inland Empire is getting slammed hard. Chuck knows. I think most (not all) has thought about it but wont act on it.
To boot can you believe they even bashed our beautiful area Chuck? Same on MissHollywood.
Nice one Bottom Rider no wonder you consider yourself someone with a sarcastic/sadistic? humor.
Well, I hope people consider all those things I talked about before doing something like this. It's definitely not something to be taken lightly and may have unforeseen consequences in the future. Nice choice of house btw
socal, I can be a little more patient of the OP , but to do B & B??? Man that is just downright low. Sure it could be tempting, but I personally could not live with myself.
Sorry, SoCal, I don't care for the IE. I'm a beach baby. I would rather live in a 900 SF beach shack than a McMansion in the desert. But that's JMO and I didn't make up the armpit title. But I won't use it again. And if the moderator wants to censor me for being impolitic, that's fine-- I'm spending way too much time debating a pointless topic when I really need to put a button on that last scene.
But I did figure out when you posted that photo that you were scamming. I suspected before that, but the photo cinched it. Have a nice day. I'm done. Fade out. The End.
Buy and bail is currently underway out here in our severley impacted area. If you purchased a home at the peak (2005) you can get similar home for 2/3 of what you may have paid for now. Or a smaller one you can afford. As far as predicting the future? No sure way but IN MY AREA ( Brandon?) you can make a pretty darn good educated guess as to where we are headed at least in the near future and that is further declines.
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So you are hurting others....people who work at these mortgage banks are getting an income and have lost jobs too....as long as people are defautling people will suffer to make up for this....you are hurting others willingly!
no wonder you consider yourself someone with a sarcastic/sadistic? humor. 
