[Soup Not See]

Originally Posted by stpeteguy

I don't care about your credit or how hard it is for you to get a loan. Not even a little.

I'm willing to take the credit hit, because my credit is not worth the amount i'm underwater on the mortgage loan. Not by a long shot.

I've done the math and I can default, rebuild my credit and buy again at today's much cheaper prices FASTER than I can break even on my underwater loan.

That in a nutshell, it the logic behind it all. It is simply better for me financially, to do it this way.

How it affects you financially or personally is not my concern.

cheers!

I wouldn't rent you a refrigerator carton while you're waiting for your credit to rebuild. What goes around comes around ...

[chopchop0]

Originally Posted by annerk

One word: KARMA

Originally Posted by leftee

I wouldn't rent you a refrigerator carton while you're waiting for your credit to rebuild. What goes around comes around ...

Agreed; however, what would you do in the same situation?

If he/she has enough of a cash cushion built up, foreclosure is the way to go. That wouldn't be an option in other countries like in Canada or parts of Europe where the bank can go after you for the remaining balance.

If anything else, don't blame the poster, blame the USA for allowing non-recourse mortgages.

[stpeteguy]

Originally Posted by chopchop0

Agreed; however, what would you do in the same situation?

If he/she has enough of a cash cushion built up, foreclosure is the way to go. That wouldn't be an option in other countries like in Canada or parts of Europe where the bank can go after you for the remaining balance.

If anything else, don't blame the poster, blame the USA for allowing non-recourse mortgages.

Actually, Florida is a recourse state. Meaning they can come after you for the balance of the mortgage after they sell the house.

Which is the main reason you get an attorney. An attorney will make the bank prove it's case in court and negotiate on your behalf to get the defiency discharged. Of course banks hate this. It costs them time and legal fees with their own attorney's and so on. There is the paper trail that is often hard to pin down because so many mortgages were divided up and sold off as investments. Then there is the robosigning fiasco where a lot of the legal formalities were not followed. Everyone was making money hand over fist, so nobody cared about following the law.

If your attorney is unable to get a defiency waiver for the judgment, then of course you file bankruptcy and get it discharged anyway.

It just takes longer to rebuild your credit that way. Either way, the ordinary home owner with an underwater mortgage does have options to rid themselves of the debt.

It's not popular. There is lots of envy from those who don't have upside down mortgages or no mortgages at all. But you can either worry about what those people think or take control of your own financial future and do what's best for you.

[Gatornation]

Originally Posted by stpeteguy

Actually, Florida is a recourse state. Meaning they can come after you for the balance of the mortgage after they sell the house.

Which is the main reason you get an attorney. An attorney will make the bank prove it's case in court and negotiate on your behalf to get the defiency discharged. Of course banks hate this. It costs them time and legal fees with their own attorney's and so on. There is the paper trail that is often hard to pin down because so many mortgages were divided up and sold off as investments. Then there is the robosigning fiasco where a lot of the legal formalities were not followed. Everyone was making money hand over fist, so nobody cared about following the law.

If your attorney is unable to get a defiency waiver for the judgment, then of course you file bankruptcy and get it discharged anyway.

It just takes longer to rebuild your credit that way. Either way, the ordinary home owner with an underwater mortgage does have options to rid themselves of the debt.

It's not popular. There is lots of envy from those who don't have upside down mortgages or no mortgages at all. But you can either worry about what those people think or take control of your own financial future and do what's best for you.

No one in a good financial situation envies the poor one you are in.

[stpeteguy]

Originally Posted by Gatornation

No one in a good financial situation envies the poor one you are in.

Your partially right. Some don't envy underwater mortgage holders. Some see it for the quagmire it really is and are just thankful they don't have to go through it.

Others dress up their criticism with catch phrases like "moral responsibility". Which is really just a cover for their true feelings, which is envy.

Envy, because they perceive someone is getting something that they can't/didn't/won't get. I know it's sad, but that's how petty and grasping some people really are.

[Soup Not See]

Originally Posted by stpeteguy

Your partially right. Some don't envy underwater mortgage holders. Some see it for the quagmire it really is and are just thankful they don't have to go through it.

Others dress up their criticism with catch phrases like "moral responsibility". Which is really just a cover for their true feelings, which is envy.

Envy, because they perceive someone is getting something that they can't/didn't/won't get. I know it's sad, but that's how petty and grasping some people really are.

Envy ? You really think anyone envies you ? And like it or not, there is a moral responsibility when you sign a contract. You knew what you were signing and you also knew that property values were high at the time. Did
you exhaust all of your savings trying to pay the mortgage ? If you had no savings, you had no business taking a mortgage in the 1st place.

A lot of ethically sound people continue to pay on their underwater mortgages as they know that property values will go up eventually and surpass the outstanding balance on their mortgages. And lot of these people actually like their homes and want to stay in them.

Envy ? Disdain is a much better word ...

[theredsnowman]

Originally Posted by stpeteguy

Your partially right. Some don't envy underwater mortgage holders. Some see it for the quagmire it really is and are just thankful they don't have to go through it.

Others dress up their criticism with catch phrases like "moral responsibility". Which is really just a cover for their true feelings, which is envy.

Envy, because they perceive someone is getting something that they can't/didn't/won't get. I know it's sad, but that's how petty and grasping some people really are.

Borrowing money to buy a house is an extremely foolish decision to begin with, and I think to so extent the people who fall for this scam should be forced to pay the consequences of their poor choice. However, banks are not forced to suffer, so I'm not sure why people think you should.

If you are not in the process of selling your house, I'm not sure why the current market value of your house really matters, you were never going to actually earn any money from this venture anyway.

[Gatornation]

Originally Posted by stpeteguy

Your partially right. Some don't envy underwater mortgage holders. Some see it for the quagmire it really is and are just thankful they don't have to go through it.

Others dress up their criticism with catch phrases like "moral responsibility". Which is really just a cover for their true feelings, which is envy.

Envy, because they perceive someone is getting something that they can't/didn't/won't get. I know it's sad, but that's how petty and grasping some people really are.

I don't think you know the definition of envy.

a feeling of discontent or covetousness with regard to another's advantages, success, possessions, etc.

You aren't getting anything. Someone who isn't under water with equity in their house is much better of than someone in your situation.

[stpeteguy]

Originally Posted by Gatornation

I don't think you know the definition of envy.



You aren't getting anything. Someone who isn't under water with equity in their house is much better of than someone in your situation.

I don't think you took the time to actually read and grasp my point. As is typical, you blurted out your anger and frustration without fully comprehending what I actually typed.

At any rate. I'm done arguing this point with you.

This focus of this thread nowadays, is to inform others in a similar situation that there are options available to them. And most importantly, they shouldn't listen to the haters.


Cheers

[Gatornation]

Originally Posted by stpeteguy

I don't think you took the time to actually read and grasp my point. As is typical, you blurted out your anger and frustration without fully comprehending what I actually typed.

At any rate. I'm done arguing this point with you.

This focus of this thread nowadays, is to inform others in a similar situation that there are options available to them. And most importantly, they shouldn't listen to the haters.


Cheers

I'm simply pointing out you don't know the definition of envy. There is nothing anyone who has equity in their home has to envy about your situation. Maybe you could apply that term to someone else who is underwater who decides to dig themselves out.

I'm really indifferent to your situation as you can see by my prior posts. I bought a house in 2006 and sold in 2008 for a 15k profit. I bought a short sale in 2009 and it just appraised for 30k more than I paid.