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Although it is too bad that people are taking advantage of the system their are others like my family who cannot sell our home in a short-sale and cannot remain in our home because of lack of employment. We were forced to move out of state as a result of two job lay-offs and no income. We have two kids and needed to move to stay with my husbands company. Our home will probably go into foreclosure because it isn't selling even with a short-sale and we are not sure where that leads us. We definately DO NOT have a brand new car (we have one that isn't running well and is old), we don't have clothes and we had to downsize and sell a lot of our items. It hasn't been easy and I certainly do not want to be classified as someone ripping the system off. So please don't look at everyone in this short-sale situation and think we are all robbing and cheating because there are many of us who are struggling
There is a huge difference between foreclosure due to factors beyond control and a strategic foreclosure that the OP referenced.
I'd be curious to know what bank holds the loan. Yes it's terrible the person referenced in the first post wants to game the system just because their payment is going up $400 a month and they think they can get a better deal. However, they're not unlike all the gambling banksters that chopped up that mortgage and traded it off in bundled securities. This person took a risk, got burned, and is now attempting to correct their investment strategy. They have to deal with marketing their house, interacting with their bank, and preparing to move while the banksters run around with our money, record profits, record bonuses, and record fees. Both sides of this equation are unethical slime. Which is the lesser of two evils?
It will just burn me up if this goes through, because of the
new car and every other day it seems like she is bragging
about the latest pair of shoes or new phone or $120 haircut.
A guy on my street bought his house for about $200k in 2000.
He borrowed on it to the hilt every time the market went up and
he could get an additional line of credit. He eventually had leins
against the property to the tune of over $500k.
He had a Corvette, lots of electronic toys, lots of custom features
on his house, garage, back yard, etc that were allegedly all paid
for by his booming business running companies' IT stuff from home.
He walked away from it when the value of the property went back
down to $300k in 2008.
............................... It was nice while it lasted.
We bought an identical house at about the same time.
We got an ARM in 2002 that allowed us to double down on the
mortgage payment so that when we sold it in 2008 we just did
a normal sale.
.................. We were stupid.
I also think you are amongst the majoity who are doing the right thing.
Most homes are not being sold as short sales or foreclosures. Most folk are doing the right thing or withdrawing from the market. Darn shame that the media and the doom and gloomers glob onto the dark side and foster the perception that everyone is doing a strategic foreclosure.
Not much real evidence of fraud. Almost a story of the "grasshopper & the ant". Too many dimwits did the same thing as "neighbor with toys and multiple refi" they are now SOL, and there are LOTS more people that did (and do) behave in the manner of the thifty homeowner paying their mortgage (or more) and living through the "lean times" largely unsung ... The Ant and the Grasshopper - Wikipedia, the free encyclopedia
..and it makes it really difficult and bad for those who are really in a bad financial situation because pretty soon the Banks will assume that EVERYONE is trying to screw the system which isn't the case for millions of honest Americans. This country is in sad shape...
I guess I just assumed and still do that it will just be a matter of her word against mine. All I have to go on is what she told me, no real proof of anything that she has done. Unless this goes through and she does exactly what she told me she was going to do.
What are you going to do? It happens! It is not the government's fault. We live in a society that is obsessed with money and things. It is our culture. Get what you what at any cost. People kill their own family for money. What's new. The rich does it all the time. All we can do is live our lives the best we can. Why would the bank accept an offer of 50% off? Has the value in your neighborhood gone down that much? Why did you take out an adjustable mortgage? Homeownership should not be attained at any cost.
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