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Did you ever consider that you property taxes went down and it is costing you less. Isn't it so that unless you sell, you aren't losing money...It is all paper money and value and as another poster stated the minute you buy a car the value goes down, same for the computer or photo camera you buy, etc....People are making them self rich in their minds, but even when the market was up and you sold your home and you considered to buy another one, that one was also higher priced....
If I was an investor in mortgages I would never spend my money on people who are walking away now since they have proven not keeping them self to their promiss or I would make the next mortgage contract so strickt or the rates higher....but I'm not a mortgage investor and have not much knowledge about it and it probable didn't make sense how I think about it but I'm just getting more mad about people who are walking away and affecting others with their selfish desicion. Even if that is called a business desicion...I call it lousy business people who I rather not deal with and have more respect for the people affected and waiting it out like the majority does.
I am kind of surprised that you haven't talked with the builder about the fact that he is violating the CC&R's. A real estate attorney could help you with that.
I have no doubt the builder is violating the CC&R's in order to stay afloat and not declare bankruptcy. If the builder does that it doesn't help you, since unfinished homes will be there. BUT if the renters aren't taking care of the homes, then I would ask that the builder hire a lawn service for all the rentals in order to keep the neighborhood up.
Builders down here are renting out $500,000 homes in order to stay afloat.
It's not fun to lose money, but walking in with "equity" was only perceived wealth. You really didn't have it. I have purchased stocks that went up and stocks that went down. The stock itself didn't change, only the perception of what it is worth.
Your home is still the same nice house you bought before.
This makes me crazy. I watched two of my young neighbors walk away from their obligations because they owed more than the house is worth. The damage that this has caused the country is unbelivable. The morons that do this do not deserve a house and I hope the increasing crash in the job markets will eventually catch up to them. You have an agreement, try to be an adult and honor that agreement. The market will swing around in time.
One thing I don't understand is what does a person being upside down ontheir loan obligation have to do paying it back? Why does it matter? Don't people buy cars w/ zero down or like 5 grand down and the moment they leave the lot, the car has depreciated like 20% making them now upside down on their car? They don't just walk away from their car loan obligation because of that.
Excellent analogy, Sheenie.
Almost everything we buy, depreciates, the minute we acquire it.
Being unable to compete with a builder has been a resale issue in new developments is NORMAL. Being unable to flip a house at a profit within a few short years of ownership is NORMAL.
Having instant equity in our home is not normal. The mania of the past few years has caused so many people to lose sight of NORMAL.
Market corrections, have been happening, forever. The NY tri-state area, parts of California, parts of Florida, parts of Arizona and well parts of just about every place have experienced market corrections causing shorter term owners to find themselves upside down.
I understand when a homeowner has no choice but to walk away, due to job loss or over extending themselves. I do not understand doing this just because the current situation is not favorable.
This makes me crazy. I watched two of my young neighbors walk away from their obligations because they owed more than the house is worth. The damage that this has caused the country isunbelivable. The morons that do this do not deserve a house and I hope the increasing crash in the job markets will eventually catch up to them. You have an agreement, try to be an adult and honor that agreement. The market will swing around in time.
I feel so strongly on this topic that I believe "walking away" should be a felony.
I am kind of surprised that you haven't talked with the builder about the fact that he is violating the CC&R's. A real estate attorney could help you with that.
I have no doubt the builder is violating the CC&R's in order to stay afloat and not declare bankruptcy. If the builder does that it doesn't help you, since unfinished homes will be there. BUT if the renters aren't taking care of the homes, then I would ask that the builder hire a lawn service for all the rentals in order to keep the neighborhood up.
Builders down here are renting out $500,000 homes in order to stay afloat.
It's not fun to lose money, but walking in with "equity" was only perceived wealth. You really didn't have it. I have purchased stocks that went up and stocks that went down. The stock itself didn't change, only the perception of what it is worth.
Your home is still the same nice house you bought before.
Exactly.
Deal ONLY with the CCR.......if the builder violates it, he is in breach of his contract with you and the other owners.......and so are the other owners.
I am not sure though that a "10%" rule can be enforced. out of ten homes, who gets to be an investor?
I feel so strongly on this topic that I believe "walking away" should be a felony.
As long as we penalize everyone involved in the transactions that end up in foreclosure - lenders, mortgage brokers, RE agents, appraisers, and so on. No fair singling out just one part of the problem and letting everyone else slide.
It's a shame many people have gotten where their word no longer means much to them. If someone loaned me money in good faith and I promised to repay it, I would make every effort to do so.
When I give my word, I stand behind it and you should also. Either sell it & repay the loan or keep it and repay the loan.
Be a man of honor.
Yes, exactly. Its unethical and wrong to walk away from a home just because you feel like its a bad investment now. Guess who bails out the bank that is failing because of people like you? My family and other taxpayers who honor our obligations.
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