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Old 11-07-2013, 03:58 PM
 
Location: Spring Hill Florida
12,135 posts, read 16,126,258 times
Reputation: 6086

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Its called personal responsibility.

Nobody forced the OP to buy a house.
Nobody forced the OP to sign for a mortgage.

Now it is their personal responsibility to pay back the mortgage whether they keep the house or not.
Dont like it, sell it. Dont want it, sell it. Take the loss. Have some personal respect.




Quote:
Originally Posted by CravingMountains View Post
Why should you pay hundreds of thousands of dollars on something that isn't worth hundreds of thousands of dollars? I sure as hell wouldn't!
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Old 11-07-2013, 03:59 PM
 
Location: Spring Hill Florida
12,135 posts, read 16,126,258 times
Reputation: 6086
Yeah.

Quote:
Originally Posted by MaryleeII View Post
It might seem like the OP is getting away with it, but these things have a way of coming back to haunt you.
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Old 11-07-2013, 04:07 PM
 
5,365 posts, read 6,336,999 times
Reputation: 3360
Quote:
Originally Posted by Mike1306 View Post
Actually if you negotiate a short sale or deed in lieu you can negotiate that they do not pursue a deficiency judgement, if you go the strategic default route they can come after you.

That is why someone would do a short sale.
Haha! I knew you were going to say that. Correct, you can negotiate that the lender not pursue a deficiency judgement. My advice on that is that you had better read the fine print because those lenders will cloak and dagger you if you don't look closely enough! You know that!

The better thing about a strategic default is that you can stay in the house and save up until the next chapter of your life is ready to begin. Eventually, you will have to leave, but you have ample time to prepare for that change. Doing a short sale will get you kicked out promptly. With a strategic default, they can come after you, but not if you file bankruptcy. The OP has a lawyer to work this complicated situation out.
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Old 11-07-2013, 04:08 PM
 
5,365 posts, read 6,336,999 times
Reputation: 3360
Quote:
Originally Posted by Spring Hillian View Post
Its called personal responsibility.

Nobody forced the OP to buy a house.
Nobody forced the OP to sign for a mortgage.

Now it is their personal responsibility to pay back the mortgage whether they keep the house or not.
Dont like it, sell it. Dont want it, sell it. Take the loss. Have some personal respect.
Right. Sell it at a loss. So much for retirement or funds for your children's college with hundreds of thousands of dollars hanging over your head. NO THANK YOU!
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Old 11-07-2013, 04:13 PM
 
Location: Hernando County, FL
8,489 posts, read 20,641,705 times
Reputation: 5397
Quote:
Originally Posted by CravingMountains View Post
Haha! I knew you were going to say that. Correct, you can negotiate that the lender not pursue a deficiency judgement. My advice on that is that you had better read the fine print because those lenders will cloak and dagger you if you don't look closely enough! You know that!

The better thing about a strategic default is that you can stay in the house and save up until the next chapter of your life is ready to begin. Eventually, you will have to leave, but you have ample time to prepare for that change. Doing a short sale will get you kicked out promptly. With a strategic default, they can come after you, but not if you file bankruptcy. The OP has a lawyer to work this complicated situation out.
You knew I was going to say that?
Your response advises people to read the fine print but maybe if people read the fine print before buying maybe they wouldn't be in the situation to begin with.
Of course you make sure it actually says they won't pursue you before signing for the short sale, what is so freaking hard about that.
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Old 11-07-2013, 04:13 PM
 
Location: Spring Hill Florida
12,135 posts, read 16,126,258 times
Reputation: 6086
Dont you realize if the banks suffer losses so do their customers?

The "banks" may have made their mistakes in lending to dead beats and people who would never be able to pay back the loan. Thus they charged them higher interest rates in order to help lessen the blow when the time came where the customer defaulted.

Those same "banks" also made loans to people with good standing who reasonably could repay their loans.

The "banks" didnt force any one to do anything.

OP should just take his losses and move on. Instead he will pay for the services of an attorney who may not be able to pull off this scam. The attorney will get paid. His client will get screwed.


Quote:
Originally Posted by CravingMountains View Post
Don't listen these self-righteous people OP. We the people were the biggest victims of the hazardous lending practices from banks prior to the recession. The banks and lenders needed to be taught a lesson as well. Save your money for the time being and take care of the house. Then, we ready, leave the place behind and start over. I can't believe some posters on here think people should be buried in hundreds of thousands of dollars of debt for their life. What if the buyer of that house didn't plan on staying there forever?! With the housing crash millions of people got stuck in places that they didn't want to be. They shouldn't be forced to stay there miserable and financially broken!
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Old 11-07-2013, 04:14 PM
 
Location: Spring Hill Florida
12,135 posts, read 16,126,258 times
Reputation: 6086
OP should have thought about that before assuming the responsibility of obtaining a large loan.


Quote:
Originally Posted by CravingMountains View Post
Right. Sell it at a loss. So much for retirement or funds for your children's college with hundreds of thousands of dollars hanging over your head. NO THANK YOU!
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Old 11-07-2013, 04:18 PM
 
Location: Broward County FL
652 posts, read 1,653,064 times
Reputation: 576
Quote:
Originally Posted by Spring Hillian View Post
Dont you realize if the banks suffer losses so do their customers?

.
Banks can write these off and they are not going to go broke if a few people default, and if they do and they are big enough the government will bail them out.
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Old 11-07-2013, 04:19 PM
 
5,365 posts, read 6,336,999 times
Reputation: 3360
Quote:
Originally Posted by Mike1306 View Post
You knew I was going to say that?
Your response advises people to read the fine print but maybe if people read the fine print before buying maybe they wouldn't be in the situation to begin with.
Of course you make sure it actually says they won't pursue you before signing for the short sale, what is so freaking hard about that.
The person making the contract for the short sale is getting a bonus to trick people into the wrong thing. You know that. You used to be in the industry and you know the unethical behavior that goes on it that field! It is just a bunch of scamming sales agents wanting to make a buck!
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Old 11-07-2013, 04:23 PM
 
5,365 posts, read 6,336,999 times
Reputation: 3360
Quote:
Originally Posted by Spring Hillian View Post
OP should have thought about that before assuming the responsibility of obtaining a large loan.
Might be hard to consider all the possibilities with the salesperson (real estate agent and banks) yelling at them that "home values increase by 20% in this neighborhood every year! Buy now while you still can!".

Mike, did you do anything of that sort? You know you did.

I'm a born and raised coastal Floridian. The absolute non-sense that I saw banks and lenders partaking in during my whole life within one of coastal Florida's last working class neighborhoods will make me forever know banks and real estate agents as the scam artists that they are. I would have zero moral consequence with screwing one of them over if they screwed over me.
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