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I can not believe how much I am being scrutizied over asking the questions that no one has asked. Most people in the same situation as me just leave their house, let it go into foreclosure and move on. I have created this huge discussion because I wanted to know what happens to someone when they do this. Basically the answer that I have received is that you become the scum of the earth.
For those that are wondering; I am not behind on my payments yet. My child is not sick in the hospital with cancer, we are like most people; we are overstretched financially. That is our own problem.
I love the people who blame the fact that I am upside down on my house because we refinanced and paid off our car and a few credit cards. You guys are acting like I pulled out the 100k and used it all. We pulled out $20,000. And when we did it we still had $40,000 in equity so that is not the problem.
I posted this question because my husband had a job offer in a different city. I wanted advice on what to do. I doesn't bother me that you all judge me for asking a question. I am not the only one in this situation; it could be your best friend, brother, co worker even your daughter or son one day, and there is nothing you can do but judge what we do. And it doesn't bother us, because we know who we are.
Hmmm let's see...this little quote of yours contradicts the quote below (also yours). Hello, Beuller?
No it doesnt, so I'm assuming English is a new language for you and excuse your ignorance.
I said
"Before I'd suggest bankruptcy, I'd suggest just walking away, mailing the keys in."
Suggesting the choice of walking away, INSTEAD of bankruptcy, does not tell her to walk away. It means that INSTEAD of going bankrupt, IF that is a choice being considered, that walking away and sending in the keys would be my first choice.
I can not believe how much I am being scrutizied over asking the questions that no one has asked. Most people in the same situation as me just leave their house, let it go into foreclosure and move on. I have created this huge discussion because I wanted to know what happens to someone when they do this. Basically the answer that I have received is that you become the scum of the earth.
For those that are wondering; I am not behind on my payments yet. My child is not sick in the hospital with cancer, we are like most people; we are overstretched financially. That is our own problem.
I love the people who blame the fact that I am upside down on my house because we refinanced and paid off our car and a few credit cards. You guys are acting like I pulled out the 100k and used it all. We pulled out $20,000. And when we did it we still had $40,000 in equity so that is not the problem.
I posted this question because my husband had a job offer in a different city. I wanted advice on what to do. I doesn't bother me that you all judge me for asking a question. I am not the only one in this situation; it could be your best friend, brother, co worker even your daughter or son one day, and there is nothing you can do but judge what we do. And it doesn't bother us, because we know who we are.
Most people in your situation do not just leave their house or our economy would be way worse!
I'm glad you don't have any of those problems. I really am. That would be terrible. But the fact that you don't, and you are not behind on your payments just proves that yes...you are like most of middle class America right now - overstretched. No - you are most certainly not the only one who is facing this issue, but lets face the facts here....you made your bed now you lie in. Forclosure or bankruptcy should be last resorts only! And you are not at that point. It would be a terrible terrible mistake for you to do either one right now. Rent the house out, refinance, or sell and make up the difference so you can move.
As far as being scrutinized - did you really think you wouldn't be? Do you really think that just up and leaving your house for the bank to deal with would be responsible?
No it doesnt, so I'm assuming English is a new language for you and excuse your ignorance.
I said
"Before I'd suggest bankruptcy, I'd suggest just walking away, mailing the keys in."
Suggesting the choice of walking away, INSTEAD of bankruptcy, does not tell her to walk away. It means that INSTEAD of going bankrupt, IF that is a choice being considered, that walking away and sending in the keys would be my first choice.
All right, I'll be the bigger person here and step back from this, since you're tending to downspiral into personal attacks now. You have a nice day now, hear?
All right, I'll be the bigger person here and step back from this, since you're tending to downspiral into personal attacks now. You have a nice day now, hear?
Actually you started the downspiral into personal attacks, or was
I can not believe how much I am being scrutizied over asking the questions that no one has asked. Most people in the same situation as me just leave their house, let it go into foreclosure and move on. I have created this huge discussion because I wanted to know what happens to someone when they do this. Basically the answer that I have received is that you become the scum of the earth.
I think people are responding to the general situation, not you specifically. Obviously it is an emotional and common situation for 1,000's of people, maybe 10's of thousands, and the issue effects directly or indirectly the whole nation.
This discussion has moved beyond you and your personal situation I would say. Don't take it personally.
When you put this in a public chat room it becomes an issue to debate and everyone has a right to comment.
My recollection too is that a four years ago there were 2 Citigroup analysts that predicted that their Subprime portfolios would result in huge losses. They were fired. Other stayed, kept their mouths shut and took home big bonuses. I could not find the article.
I am not an economist and I sold out my US property in Nov 2005. Seemed clear enough to me and I wasn't even living in the country at the time.
I can not believe how much I am being scrutizied over asking the questions that no one has asked. Most people in the same situation as me just leave their house, let it go into foreclosure and move on. I have created this huge discussion because I wanted to know what happens to someone when they do this. Basically the answer that I have received is that you become the scum of the earth.
For those that are wondering; I am not behind on my payments yet. My child is not sick in the hospital with cancer, we are like most people; we are overstretched financially. That is our own problem.
I love the people who blame the fact that I am upside down on my house because we refinanced and paid off our car and a few credit cards. You guys are acting like I pulled out the 100k and used it all. We pulled out $20,000. And when we did it we still had $40,000 in equity so that is not the problem.
I posted this question because my husband had a job offer in a different city. I wanted advice on what to do. I doesn't bother me that you all judge me for asking a question. I am not the only one in this situation; it could be your best friend, brother, co worker even your daughter or son one day, and there is nothing you can do but judge what we do. And it doesn't bother us, because we know who we are.
Completely agree. You did not ask about nation wide recourses to your decision, you are not facing any problems that a lot of other individuals are not facing, you asked a very serious question and you deserve a very serious, rational answer, without a "better then god" attitude that some here are giving you.
You need to determine if you will still break even, with that $500 additional payment, if you could call the bank to re-negotiate that ARM to keep your rates from going up that $500 a month, and then determine after making those calls and deciding if you can financially support the property, if you should let it go, or keep it.
Its so easy for someone to say, yeah, write the check for the $80K you lost ($100K equity - $20K borrowed) but not many here can write a check for $80K without it hurting them for many years.
Remember that walking away will ding your credit scores, but will keeping it also hurt the scores over not being able to afford it? Will keeping it hurt your scores longer then 7 years, because you struggle to make ends meet? When these people here start to support you, or start a charity fund to pull you out of the red, then they have the right to say cut the check but until then, your the one holding the bag and you need to determine whats right for yourself and your family.
Its so easy for someone to say, yeah, write the check for the $80K you lost ($100K equity - $20K borrowed) but not many here can write a check for $80K without it hurting them for many years.
The money is only lost if she decides to sell now or to walk away from her commitment.
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