[NowSoFlorida]

Originally Posted by PriusH8r

Buyers asked the banks to lend them money. The banks did not force them to take out a mortgage, nor did they tell them to buy such expensive homes. Buyers need to be held responsible as well.

As do banks, but banks had their hands out to the government for help, where does a homeowner go who has a moneypit of a home.

Plus some idiots bought homes they couldn't afford and had to default, others bought because the market was off and didn't buy extravagant homes, and bought high and then when the market corrected they are stuck.

I remember at the height of the market a tiny home was going for $300K, I was in it and the living room only fit a couch and a tv, the kitchen fit a small table and then there was a staircase, a small room and an upstairs area with those attic like arched ceilings..

[The Villages Guy]

Originally Posted by NowSoFlorida

As do banks, but banks had their hands out to the government for help, where does a homeowner go who has a moneypit of a home.

Plus some idiots bought homes they couldn't afford and had to default, others bought because the market was off and didn't buy extravagant homes, and bought high and then when the market corrected they are stuck.

I remember at the height of the market a tiny home was going for $300K, I was in it and the living room only fit a couch and a tv, the kitchen fit a small table and then there was a staircase, a small room and an upstairs area with those attic like arched ceilings..

Actually most of the banks did not have their hands out to the government. The government forced the banks to take the money, so their books would "look" right. When some of the banks wanted to pay back the money early, the government said no.

Please please do some actual research before posting, as posts about what people think happened or what Fox, MSNBC, NBC, CBS, ABC or CNN tells them happened are so far off base.

And so what if someone's house is worth less than it was worth when they bought it. When you buy a car, it is worth less and less than when you bought it also. Do you just walk away from that?

I understand if someone lost their job and simply had no money to pay their mortgage. But being upside down with the financial capacity to pay is no excuse. Upside down to can easily become right side up tomorrow. It's a floating market.

[NowSoFlorida]

Originally Posted by PriusH8r

And so what if someone's house is worth less than it was worth when they bought it. When you buy a car, it is worth less and less than when you bought it also. Do you just walk away from that?

.

Please use some common sense, do not compare a home to a car. Everyone knows that cars depreciate. And yes eventually you do walk away from an old car, junk it or trade it in, and buy a different one.

[The Villages Guy]

Originally Posted by NowSoFlorida

Please use some common sense, do not compare a home to a car. Everyone knows that cars depreciate. And yes eventually you do walk away from an old car, junk it or trade it in, and buy a different one.

So you would walk away from the loan you have on a car because it depreciated when you drove it off the lot?

[CravingMountains]

I would have ditched my home if it was under water as well. I don't blame the op one bit. Never let a terrible debt hold your life down. If other people want you to remain miserable well that is their problem.

[CravingMountains]

Originally Posted by tonyff67

I was $200k under water on my house, but like an idiot I keep paying while all my neighbors go through strategic defaults. Each default lowers the value of my home.

Thank you scumbags, for making those of us that honor our contracts, suffer more!

Sounds to me like you should have defaulted as well. Those people are not scumbags. They did what they needed to do to remain happy. I would NEVER let any debt hold my life down. Luckily I don't have any but if I had an upside down house or massive medical bills if would bankrupt it away in a second.

[The Villages Guy]

Originally Posted by CravingMountains

I would have ditched my home if it was under water as well. I don't blame the op one bit. Never let a terrible debt hold your life down. If other people want you to remain miserable well that is their problem.

I don't see how it holds you down. Your mortgage payment does not change, so as long as your income is the same then you don't notice any difference month to month. And again, real estate goes up, goes down, goes up and so on.

[The Villages Guy]

Originally Posted by CravingMountains

Sounds to me like you should have defaulted as well. Those people are not scumbags. They did what they needed to do to remain happy. I would NEVER let any debt hold my life down. Luckily I don't have any but if I had an upside down house or massive medical bills if would bankrupt it away in a second.

Remind me not to lend you any money.

[valicky]

Originally Posted by NowSoFlorida

Please use some common sense, do not compare a home to a car. Everyone knows that cars depreciate. And yes eventually you do walk away from an old car, junk it or trade it in, and buy a different one.

Not when you still owe money on it. It would be paid off by then. People should do their homework when buying a home. It's a BIG purchase. You're supposed to go into it knowing full well that the mortgage is yours until it's paid in full. When someone makes a bad investment decision or purchase, it shouldn't be anyone else's problem to get them out of it or take the hit for it. But I guess that's how things work today. It's popular to not take responsibility for one's decisions and actions. I'm not referring to people who have dire circumstances causing them to lose their home when they don't want to, only to those who knowingly purchased a home at the top of the market hoping it would go higher still which is most of the people who jumped in whole hog and then walked away when things didn't go their way. I don't know why people didn't realize that if they kept paying there would've been A LOT less homes on the market which would've made the prices stabilize much faster and not drop like they did.

[The Villages Guy]

Originally Posted by valicky

Not when you still owe money on it. It would be paid off by then. People should do their homework when buying a home. It's a BIG purchase. You're supposed to go into it knowing full well that the mortgage is yours until it's paid in full. When someone makes a bad investment decision or purchase, it shouldn't be anyone else's problem to get them out of it or take the hit for it. But I guess that's how things work today. It's popular to not take responsibility for one's decisions and actions. I'm not referring to people who have dire circumstances causing them to lose their home when they don't want to, only to those who knowingly purchased a home at the top of the market hoping it would go higher still which is most of the people who jumped in whole hog and then walked away when things didn't go their way. I don't know why people didn't realize that if they kept paying there would've been A LOT less homes on the market which would've made the prices stabilize much faster and not drop like they did.

Excellent post! All these people bailing out on their promise to pay, simply because the value started to dip, caused the values to drop even further. The more selfish people not honoring their debt obligations, the more the prices dropped.

But I guess I could say thank you to them for making the prices here drop enough to make my mortgage on my 2012 home purchase lower. Actually less than renting. Thanks deadbeats.