[Maggi07]

I'm trying not to be pissed about this, but it's so hard. We have a house we haven't been able to sell for two years now. We have renters in it at the moment. We take a loss every month and have lost several thousand dollars thus far, while we wait for it to sell. Our taxes and insurance both nearly doubled when it became a "rental property". (how the heck do people make any money off rentals, anyway??)

But we keep paying even though I suppose we could "strategically default" because that's what we do~ fulfill our obligations. If someone truly can't pay because they lost their job or something, that's another story. But to do it on purpose.... I can't comprehend that. It doesn't matter if it "isn't fair". That's life.

[stpeteguy]

Originally Posted by Maggi07

I'm trying not to be pissed about this, but it's so hard. We have a house we haven't been able to sell for two years now. We have renters in it at the moment. We take a loss every month and have lost several thousand dollars thus far, while we wait for it to sell. Our taxes and insurance both nearly doubled when it became a "rental property". (how the heck do people make any money off rentals, anyway??)

But we keep paying even though I suppose we could "strategically default" because that's what we do~ fulfill our obligations. If someone truly can't pay because they lost their job or something, that's another story. But to do it on purpose.... I can't comprehend that. It doesn't matter if it "isn't fair". That's life.

Oh boo hoo...

cry me a river. Quit your complaining and get off your moral high horse.

You have just as many rights as corporations do. They strategically default all the time and nobody gives them the whole "moral obligation" baloney.

Save yourself and quit worrying about what your neighbors think.

[stpeteguy]

Originally Posted by newyorker24

He can pay his mortgage, just doesn't want to.

Yeah, so???

The contract says if I don't , they get the house back.

That's the law. If you don't like it, well that's just too bad.

[newyorker24]

Originally Posted by stpeteguy

Yeah, so???

The contract says if I don't , they get the house back.

That's the law. If you don't like it, well that's just too bad.

The contract also says you're going to pay!!!

There are people much more under water than you that aren't "strategically defaulting."

[Spring Hillian]

If you want to risk your financial future, and probably have a difficult time finding a new place to live due to your blemished credit history, go for it. What do you do when you want a new car and can't get a loan for it due to this default?

Just because you're "under water" shouldn't make much difference unless you need to sell and get out of there for some other reason. And to top it off, to have to pay it back eventually anyway is like stabbing your eyes out because you don't want to see a cloudy sky for a while.

[stpeteguy]

Originally Posted by newyorker24

There are people much more under water than you that aren't "strategically defaulting."

That's their problem.

I'm engineering my own bailout using the laws available to me. I advise everyone who is upside down to do the same.

[stpeteguy]

Originally Posted by Spring Hillian

If you want to risk your financial future, and probably have a difficult time finding a new place to live due to your blemished credit history, go for it. What do you do when you want a new car and can't get a loan for it due to this default?

Just because you're "under water" shouldn't make much difference unless you need to sell and get out of there for some other reason. And to top it off, to have to pay it back eventually anyway is like stabbing your eyes out because you don't want to see a cloudy sky for a while.

The whole "blemished credit" stuff is way overblown by people who know nothing about the process.

You can always find someone to rent to you if you have the money and you can always find someone to sell you a car if you have enough down. Those fear tactics that the world will stop turning if you don't pay are just nonsense. There's no truth to it at all.

I personally know 3 people who have already done the foreclosure process and they've had no problems at all other than slightly higher interest rates on consumer loans. It's way, WAY less than the amount of underwater mortgage they walked away from.

None have had any problems renting a place.

The really big eye opener was when my attorney told me that I wouldn't believe how many business people are doing this whole foreclosure process right now and have multiple rental properties that they haven't paid on in many, many months and yet they are all rented out to tenants. Business people are rich for a reason I geuss.

As for having to pay it back. That's a lie too. A skilled attorney will negotiate the defiency judgement out of the foreclosure. Only people without legal represenation get judgements slapped on them.

[chopchop0]

Originally Posted by newyorker24

What are you talking about??? The banks paid the money back.

And why does the OP need a bailout? He can pay his mortgage, just doesn't want to.

The banks were in a win-win situation to pay it back. They get to borrow from the fed for nothing, pay us nothing in interest rates on savings accounts and lend out the money and keep the spread from them and the fed.

[Maggi07]

Originally Posted by stpeteguy

Oh boo hoo...

cry me a river. Quit your complaining and get off your moral high horse.

You have just as many rights as corporations do. They strategically default all the time and nobody gives them the whole "moral obligation" baloney.

Save yourself and quit worrying about what your neighbors think.

You sound just like my kids. Who aren't very old. "It's not MY fault! Not MY responsibility! Someone else needs to fix this for me!"

Do whatever you want, but karma can be a b*&tch.

[newyorker24]

Originally Posted by Maggi07

You sound just like my kids. Who aren't very old. "It's not MY fault! Not MY responsibility! Someone else needs to fix this for me!"

Do whatever you want, but karma can be a b*&tch.

Agreed! Too bad our legal system allows/encourages this type of behavior. IMO there should be no such thing as bankruptcy protection and lenders should never give a mortgage to a deadbeat that defaulted on any installment loan.