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You think you aren't doing any harm to any one and it is just the banks money...hmmm the bank has people who invested in mortgages and they are losing money...well you don't care, you just think being selfish, as most of us would call it, is normal and you get what you can get....well one day you will get what you deserve and don't come crying!!
You are hurting honest people, because of the loophole you think you are using, business people who invest in mortgages will get harder and harder so others won't get a mortgage that easily. So you are harming others and many people thought they were smart but living on the dge means you can fall off....just be careful
I absolutely agree with you Bentlebee. SoCal is is hurting people everywhere who can't get loans now because of what people like him are doing. I actually have pity for the guy. Regardless of where he lives and what he thinks the market will do, it's still his opinion. No morals, can't differentiate between fact and opinion...you're right Bentlebee, goes around comes around.
My Mother-in-law just lost her job of 16yrs with a reputable local bank because the bank has lost so much money. She's in her late 50s job prospects are low. There are real people suffering as a result of home owners "walking away."
'You have no idea what you're talking about. You have no facts to back up your OPINIONS. If you feel you're being lectured then you probably have something to feel guilty about.'
Actually I live in an area of SoCal called the Inland Empire so I do know what I am talking about in respects to my area. Your comment feels like I am being attacked? hmmm.
I have nothing to feel guilty about. I do what's best for my family. To the original poster you might want to consider a 'buy and bail'. You are the perfect candidate. Good credit, etc. Buy a home you can afford before you ruin your credit. Once you secure the new home, foreclose on the old.
I am taking a stand for "us" the few who can accomplish this act, as i am currently purchasing my dream home, i did read the paperwork 4 years ago and knew then what i was aggreeing upon, i could afford it and could still, but why sit on a money pit for the next 20 years waiting just to break even, when i could be all nestled up in my dream house? uh exactly, and call it what you want, the bank gets the house, its not like i stole anything, it was the agreement, the "bank" is not a person with feelings or worries, but i sure am, so i think its pretty damn smart, and just to **** yall off more, im even going to rent out my house while its in foreclosure to a friend who knows the situation, why not? it would sit there empty anways and its still mine for now, so all you haterz who would do the same thing but can't, whatever, my family and I are getting my dream house "what?!"
Interestingly enough, I think you can be held responsible for for intentionally defaulting on a loan this way. Some of you legal beagles help me out here. Secondly, if you're so big and bold, please give me your name and address as well as the lender you're using to buy your new home. I'd like to share your posts and see how comfortable they feel making a loan commitment to you. So, lets see if you'll back your talk up. What!?
And I have to agree. If this plan goes mainstream, the market will tumble even further and loans will be even harder to come by. That's why I made sure it was my dream home. I am talking 5 bedrooms, 3 car garage, 1.5 acre, backyard oasis, rock water falls, pool, cabana the works. I will be here forever. Final home. I am done. Good luck to the OP!
That "buy and bail" loophole absolutely needs to be closed. It's bad enough that people who can pay are bailing and calling it a smart business decision, but to pull that is just fraudulent. If everybody did that, our economic system would collapse for sure.
And I have to agree. If this plan goes mainstream, the market will tumble even further and loans will be even harder to come by. That's why I made sure it was my dream home. I am talking 5 bedrooms, 3 car garage, 1.5 acre, backyard oasis, rock water falls, pool, cabana the works. I will be here forever. Final home. I am done. Good luck to the OP!
So what's your name, address, and lender big shot?
I honestly cannot believe what I am reading. OP can afford to pay mortgage but doesn't like his home any more and is losing money on his investment which I am sure was when you bought it a home.
Another poster just posted buy another home that you love (for how long?) and then foreclose the old one.
UNBELIEVABLE.
I have written this before but in the late 80's we bought a home in Ca within a year we lost $50,000 on it and it took several years for it to regain its value. Did I care? No. Why not? because it was our home.
'Regardless of where he lives and what he thinks the market will do, it's still his opinion.'
Come on now Brandon. IN MY AREA, taking in the current climbing inventory, still declining property values, there is no bottom in sight. Who are you be an expert in my area? Remember YOUR mantra ALL RE IS LOCAL. Right? I think you are upset that I was able to pull off what I did. Again who are you to criticize?
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