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I think he would be appauled that so many americans are living on credit card debt and paycheck to paycheck.
I think he would be appauled that people with common sense (or no common sense) took out mortgages that were way too much for them to afford just so they could "live the american dream" and have "what everyone else has".
That being said - I only feel bad for people who are struggling because of illness, job loss or disability. Those are circumstances that often cannot be helped. Do I feel bad for those who overmortgaged themselves and then their ARMS reset to unaffordable numbers? No.
So if its not immoral to break a contract, than I guess lawyers everywhere must be loving this thread! Let Chaos ensue....
I can't speak for others, but in our case we simply couldn't find work. Making our mortgage payments became impossible, so we turned the tables on the bank. If I know that I am about to lose my house, I should give my remaining dollars to the bank that refuses to renegotiate my mortgage? Yeah right, easy to say I guess. You can take that route if you want. I chose another.
By socking away 10 months of mortgage payments, we pocketed nearly 20K at a time when "cash is king". Sure I could've handed this money to the bank, I chose my family instead. And hundreds of thousands are out there doing exactly that - paying themselves first. You probably work with some of them, go to church with others. The entire real estate universe is crumbling, brick by brick already. And the only ones shouting "Give your money to the bank!" are either bankers or realtors! Certainly not screwed-over homeowners.
I say let us dip our bread into some of that gravy while it's still hot. The greedy banks have enough of our money already.
By socking away 10 months of mortgage payments, we pocketed nearly 20K at a time when "cash is king". Sure I could've handed this money to the bank, I chose my family instead. And hundreds of thousands are out there doing exactly that - paying themselves first. You probably work with some of them, go to church with others. The entire real estate universe is crumbling, brick by brick already. And the only ones shouting "Give your money to the bank!" are either bankers or realtors! Certainly not screwed-over homeowners.
I say let us dip our bread into some of that gravy while it's still hot. The greedy banks have enough of our money already.
Some people are honest and some people are dishonest. Most people can tell which category they and others fall.
I might not pay my mortgage either if I was without a job but I would not blame others for my misfortune. I would place blame where it needs to be since I was being the dishonest one.
I can't speak for others, but in our case we simply couldn't find work. Making our mortgage payments became impossible, so we turned the tables on the bank. If I know that I am about to lose my house, I should give my remaining dollars to the bank that refuses to renegotiate my mortgage? Yeah right, easy to say I guess. You can take that route if you want. I chose another.
By socking away 10 months of mortgage payments, we pocketed nearly 20K at a time when "cash is king". Sure I could've handed this money to the bank, I chose my family instead. And hundreds of thousands are out there doing exactly that - paying themselves first. You probably work with some of them, go to church with others. The entire real estate universe is crumbling, brick by brick already. And the only ones shouting "Give your money to the bank!" are either bankers or realtors! Certainly not screwed-over homeowners.
I say let us dip our bread into some of that gravy while it's still hot. The greedy banks have enough of our money already.
Walking away from your mortgage and your home is one thing.
Squatting and stealing from the bank is something else entirely.
I can't speak for others, but in our case we simply couldn't find work. Making our mortgage payments became impossible, so we turned the tables on the bank. If I know that I am about to lose my house, I should give my remaining dollars to the bank that refuses to renegotiate my mortgage? Yeah right, easy to say I guess. You can take that route if you want. I chose another.
By socking away 10 months of mortgage payments, we pocketed nearly 20K at a time when "cash is king". Sure I could've handed this money to the bank, I chose my family instead. And hundreds of thousands are out there doing exactly that - paying themselves first. You probably work with some of them, go to church with others. The entire real estate universe is crumbling, brick by brick already. And the only ones shouting "Give your money to the bank!" are either bankers or realtors! Certainly not screwed-over homeowners.
I say let us dip our bread into some of that gravy while it's still hot. The greedy banks have enough of our money already.
You could've sent the bank jingle mail, found a rental and paid your way monthly like everyone else.
"I say let us dip our bread into some of that gravy while it's still hot." That's my gravy your bread is in, that's my son's gravy, that's my grandson's gravy.
Who do you really think is ultimately going to pay for all the naive people like you who think they're "sticking it to the banks"?
I can't speak for others, but in our case we simply couldn't find work. Making our mortgage payments became impossible, so we turned the tables on the bank. If I know that I am about to lose my house, I should give my remaining dollars to the bank that refuses to renegotiate my mortgage? Yeah right, easy to say I guess. You can take that route if you want. I chose another.
By socking away 10 months of mortgage payments, we pocketed nearly 20K at a time when "cash is king". Sure I could've handed this money to the bank, I chose my family instead. And hundreds of thousands are out there doing exactly that - paying themselves first. You probably work with some of them, go to church with others. The entire real estate universe is crumbling, brick by brick already. And the only ones shouting "Give your money to the bank!" are either bankers or realtors! Certainly not screwed-over homeowners.
I say let us dip our bread into some of that gravy while it's still hot. The greedy banks have enough of our money already.
Have you received your 1099 for the difference between what you owed and what they could sell it for? The IRS can come after you for the taxes on the $20K of windfall.
And the only ones shouting "Give your money to the bank!" are either bankers or realtors! Certainly not screwed-over homeowners.
Guess what. I'm not a banker or a realtor. And I'm a homeowner who has lost a lot of equity in my home. I'm still NOT going to milk the system for money I don't deserve, or refuse to make good on debts that I owe, as long as I am physically and fiscally capable of paying my mortgage, I will.
*GAH, EDIT* Note to self: The word NOT is very important.
I can't speak for others, but in our case we simply couldn't find work. Making our mortgage payments became impossible, so we turned the tables on the bank.
I was curious what you would like to have done for you since you were unemployed for 10 months. I can't conceive of any program that would benefit your ability to pay the mortgage even if your payment was cut in half.
Maybe the evil bank should forgive your mortgage completely ?
I personally wouldn't walk away.
However, if someone was squatting, is it so bad as long as the property is being taken care of? I'd rather have the person continue to live there and somewhat maintain it. Rather than the typical foreclosure that has been abandoned and trashed.
But I'm not sure what kind of condition squatters would leave the house in.
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