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No offense, but you paid for the house. You paid what you thought it was worth, now that everyone else thinks it is worth less, you want to drop out on it? We actually didn't pay what WE thought it was worth.....we had the bank's appraiser tell us what it was worth, offered them less....and the bank believed that it was a good price. These same bankers/wall street speculators.....lied about the value and the big boys new that the bottom was going to tank because of what they were doing was both illegal and immoral (ie Countrywide) but they sold us that "bill of goods" anyway......hmmmmmm.
What if you bought it for that amount and it trippled in value over the next 3 years and the bank decided that they wanted you to pay a lot more for the loan because they didn't expect the home to grow so fast in value? Would you pay them? Didn't think so.Of course not. Thats is eXACTly what a good investment does. Whether it had been a home or a stock portfolio......when stocks tanked with zero imput from me.....I took the loss. When housing tanks at THE FAULT OF THE BANKS/WALL STREET speculators....then THEY can take the loss!
However, because you paid for it and it lost value, now it is ok for you to walk away because... you can't be expected to take a loss right? I mean, it is ok that the banks do, but not you? The banks would have taken no loss at all, had they not speculated the price of housing into a big fat bubble! The houseing issues were not created by a person buying houses just as they have alway done since the 50's as the best retirement plan, they were created ENTIRELY by the banks/government/wall street and we bailed them out.....now it's repayment time!
Did your bank cheat you when you bought the house? Yes absolutelyDid they give a dishonest deal?Yes, absolutely, as they did the entire country! Or did they simply give you a loan for the home you chose to buy at the price you decided to pay? They determined the price the house was worth.....not me.....had it been undervalued by $300 grand.....then their PROFESSIONAL appraisers should have known that, correct.
Really, the banks huh? really....the banks!
Seems like your position is one sided in your favor.
poor little banking giants.....boo, hoo......hope all those bailouts and bonuses didn't hurt their litle feelings.
It's all too convenient for those who want to jump from debt to cas the bankers etc., as the boogeymen in the movie but they were alright when you were borrowing the money for that home weren't they? No one forced you to do business with these shylocks did they?
Everyone read (or should have) the "Merchant of Venice" in first form of secondary education and the lessons therein were fodder for receptive minds.
Nope; there is no difference between your car or your house "if" you've signed paper to buy it. Your logic doesn't make any kind of sense at all. You're saying "because everyone knows" a car debt is a depreciating asset you'll willingly keep paying on a car loan whereas an asset that was "assumed" to be an appreciating one is OK to default on if it does in fact fail to appreciate!
That's just plain nuts!
Ursery, punitive or morality; whatever the feelings you have that impell you to pay back the money you agreed to pay back are logical and necessary for those in the business of lending money and if YOU contribute to a devalutation of ANY market by loading or flooding that market with even more unsellable units by walking away from a legal debt; well, you're more than just a significant part of the problem; you've now become the problem and are the epitome of the immoral monsters you're accusing the banks of being.
You can paint this any colour you like by deflecting guilt but you agreed to the debt and the terms of reclaimation notwithstanding for the lender, you are in default to have the reclaimation process commence. Worse still if you can afford the payments but just don't wish to!
No terms of the loan have changed to your disadvantage. Nowhere in that agreement is there a disclaimer that says anything like "should the property not accrue an assessed value increase of XX% all bets are off and the terms and conditions of this agreement are null and void".
Your bet that the market would rise didn't pay off, simple. You can still afford the same payments but are unwilling to continue because you bet foolishly. Attempting to make someone else responsible doesn't cut it. Nor does saying these are simple business ethics in play.
Can you imagine if you were the private lender of a bunch of mortgages to friends or family members who could well afford to keep making the payments but they all chose to walk on their debts because the anticipated rise in value of 20% or 30% didn't take place?
poor little banking giants.....boo, hoo......hope all those bailouts and bonuses didn't hurt their litle feelings.
Sheesh! Isn't anyone responsible to read the fine print of the agreements they're signing.
The banks didn't cheat you in any way or form; you asked for a loan and got one! The stock market didn't cheat you in any way or form, you gambled and lost - simple.
Stock markets and slot machines are built by the same masters and if you put your money in one or the other you should be prepared to say "goodbye". The first and most elementary lesson of gambling is; "do not use borrowed money to play your game".
No wonder the worlds economy is so screwed up with thinking just like this behind the decisions being made today!
Are you referring to the banksters,if so,I agree...
Some lenders, yes... but if you discount the buyer as being ultimately responsible (unless mislead to the fact or otherwise), then all you are doing is supporting an irresponsible mob looking to blame others because it is unwilling to accept responsibility for its own choices.
This thread was about those who would walk away if their home mortgage was upside down. There was no stipulations of fraudulent activity, or that of being unable to pay the mortgage. It was simply that of a question if people were unwilling to accept the responsibility they specifically and full well knowingly decided to accept when they chose the house at the price they decided and sought a lender to fiance them.
this thread is not about those who were cheated, those who were fraudulently mislead, it is about the criminals in society who would pass off their knowing decisions and disregard responsibility because they lack even the most minute form of moral concept. They are no different than a thief who justifies their theft from another, but they are too cowardly, too too self centered, too despicable to even consider such.
These are the people the founders warned us of. That when morality in society failed, these immoral gatherings would seek their self interest to manipulate government for their own benefit.
When you allow cannibals to choose the meal, don't be surprised if you end up as the meal. This is the state of the people.
poor little banking giants.....boo, hoo......hope all those bailouts and bonuses didn't hurt their litle feelings.
I care not of the lenders. If they made poor choices, then that is the risk of business, nor did I or ever support their bailouts. That was wrong, but two wrongs do not make a right.
Make no mistake who is the ignition of irresponsibility here. No loan can be processed without the specific approval of the buyer. Unless they were mislead, to which I already explained, THEY are at fault. To deny such is to promote lies, to disregard logic, and to shape opinion to fit the offender.
There are lenders who were wrong in what they did, but if the people were not ignorant moronic money hungry trash, the lenders would have no power. This is the true meaning of individual liberty, something the irresponsible can not and WILL NOT accept. They are petty thug criminals who hide behind accusations to imply others while they avoid the consequences of their own actions.
It takes a responsible person to live in a free society, but the more and more I see, society is without such and does not deserve freedom. It deserves to be ruled like peasants to which those who incite conflict between people desire. Suck up that servitude, as this is the role you will soon be holding without choice.
Sheesh! Isn't anyone responsible to read the fine print of the agreements they're signing.
The banks didn't cheat you in any way or form; you asked for a loan and got one! The stock market didn't cheat you in any way or form, you gambled and lost - simple.
Stock markets and slot machines are built by the same masters and if you put your money in one or the other you should be prepared to say "goodbye". The first and most elementary lesson of gambling is; "do not use borrowed money to play your game".
No wonder the worlds economy is so screwed up with thinking just like this behind the decisions being made today!
It is scary isn't it? Though do they really understand what they are setting themselves up for? No, and that suffering will be on their heads as they sell off the freedoms of all in their pursit to escape responsibility.
Sheesh! Isn't anyone responsible to read the fine print of the agreements they're signing.
The banks didn't cheat you in any way or form; you asked for a loan and got one! The stock market didn't cheat you in any way or form, you gambled and lost - simple.
Stock markets and slot machines are built by the same masters and if you put your money in one or the other you should be prepared to say "goodbye". The first and most elementary lesson of gambling is; "do not use borrowed money to play your game".
No wonder the worlds economy is so screwed up with thinking just like this behind the decisions being made today!
Housing was the best retirement account the country had for decades. The bankers were honest business people that everyone trusted with their lives ...again....since the 50's...for heavens sake. The a group of people so high on the food chain the average American barely knew existed started playing a big old game of monopoly with our home mortgages (not to mention our retirement plans and 401ks-but thats another story), created a bubble and then got themselves out of the bubble just prior to allowing it to burst.....then then....they got a big old bailout and big bunces of bonuses because they were just too big to fail!!!!!!! Housing was NOT A GAMBLE it was the only sure thing in the American Dream that every citizen who worked hard and did all the right things had to count on! Now a bunch of people who either have never bought a house of their own, or ever could think of buying a house of their own, or are too young to even know that housing was the same as a "savings" account are all getting on their high horses and tell everyone else the should have "known"! People in their late 50's and 60's and more are just F......! AND we were lied too!
I care not of the lenders. If they made poor choices, then that is the risk of business, nor did I or ever support their bailouts. That was wrong, but two wrongs do not make a right.
Make no mistake who is the ignition of irresponsibility here. No loan can be processed without the specific approval of the buyer. Unless they were mislead, to which I already explained, THEY are at fault. To deny such is to promote lies, to disregard logic, and to shape opinion to fit the offender.
There are lenders who were wrong in what they did, but if the people were not ignorant moronic money hungry trash, the lenders would have no power. This is the true meaning of individual liberty, something the irresponsible can not and WILL NOT accept. They are petty thug criminals who hide behind accusations to imply others while they avoid the consequences of their own actions.
It takes a responsible person to live in a free society, but the more and more I see, society is without such and does not deserve freedom. It deserves to be ruled like peasants to which those who incite conflict between people desire. Suck up that servitude, as this is the role you will soon be holding without choice.
My husband is just short of retirement age, and what wasn't taken to the cleaners on our 401ks and small stock portfolio, we had in our house. We have had to carry that Calif. house for over 4 years at a cost of over 3 grand a month, while we are paying for a house in Texas to live in! So we are hardly deadbeats, just another chump of the banking industry! But my husband is going to be unable to continue the pace he is running at his age, and he is either going die of stress while at his desk and/or when he is eligible for medicare and SSI we sell this Texas house and take the few "pennies" we've saved in the past 4 years that didn't get trounced by the bankers and speculators of wall street...and we will be living on peanuts after doing ALL the right things for over 50 years! We are no different than thousands of other honest hardworking Americans getting the shaft. So it will literally be impossible for us to pay for that Calif house and will have no choice but to let it foreclose and we take what we have left and hope we can afford health care and food and basic shelter...perhaps a mobile home....and hope we don't outlive what we have left. I will not feel the slightest bit bad about it anymore....although I would have prior to the banking scandal and watching the Countrywide and other mortgage lenders laugh at us all the way to their summer homes!
Housing was the best retirement account the country had for decades. The bankers were honest business people that everyone trusted with their lives ...again....since the 50's...for heavens sake. The a group of people so high on the food chain the average American barely knew existed started playing a big old game of monopoly with our home mortgages (not to mention our retirement plans and 401ks-but thats another story), created a bubble and then got themselves out of the bubble just prior to allowing it to burst.....then then....they got a big old bailout and big bunces of bonuses because they were just too big to fail!!!!!!! Housing was NOT A GAMBLE it was the only sure thing in the American Dream that every citizen who worked hard and did all the right things had to count on! Now a bunch of people who either have never bought a house of their own, or ever could think of buying a house of their own, or are too young to even know that housing was the same as a "savings" account are all getting on their high horses and tell everyone else the should have "known"! People in their late 50's and 60's and more are just F......! AND we were lied too!
Oh complete BS. Real estate was a safe investment DUE to its slow steady growth. Any moron could see that when it spiked the levels it did that it was false rise, a fad increase.
Idiots out there gambled on housing being a quick buck and the lost. To blame this on everything else is nothing short irresponsible.
Housing was the best retirement account the country had for decades. The bankers were honest business people that everyone trusted with their lives ...again....since the 50's...for heavens sake. The a group of people so high on the food chain the average American barely knew existed started playing a big old game of monopoly with our home mortgages (not to mention our retirement plans and 401ks-but thats another story), created a bubble and then got themselves out of the bubble just prior to allowing it to burst.....then then....they got a big old bailout and big bunces of bonuses because they were just too big to fail!!!!!!! Housing was NOT A GAMBLE it was the only sure thing in the American Dream that every citizen who worked hard and did all the right things had to count on! Now a bunch of people who either have never bought a house of their own, or ever could think of buying a house of their own, or are too young to even know that housing was the same as a "savings" account are all getting on their high horses and tell everyone else the should have "known"! People in their late 50's and 60's and more are just F......! AND we were lied too!
I'm sorry if I keep harping on this but you are wrong to purport the housing and realty in general as a long standing "known" safe growth investment as that simply isn't so. this last "bubble" is not something new but is just another in the cycle of up and down's that the realestate market has seen happen before and probably multiple times in your lifespan. I'm sure you were aware of these downward trends. You chose to believe one wouldn't happen in conjunction with your endeavour when all the signs and even a few that weren't present in previous examples were farily screaming it was coming!
I would like to ask if an investment counsellor or retirement advisor was consulted at the time of your purchase because I would be VERY surprised if that were the case; given your proximity to retirement that they would have advised "sure go ahead and sink yourself into a 3k a month mortgage" while imminent to projected retirement date. VERY surprised!
You are right to "assume" this person did not jump on the housing market as I was brought up to believe in a different model for retirement and commenced saving for it in my twenties with moderate foray's into diversified investments that held varying degrees of risk with a paring back of those with higher risk factors the closer to retirement age I got.
The point is; you rolled the dice, chose a speculative envestment and put all of your eggs in one basket, the really painfull part is: I believe you know this!
The banks can only provide you with something you ask for. It's not like they were selling morgages door-to-door out of the back of a panel van.
Were they morally wrong to follow congess's (Barnie Franks) push for affordable sub-prime loans to then sell that paper off at further discount; that's up to the voters to decide but to date he's still sitting in the house so I guess all is forgiven.
While I'm a staunch advocate of personal responsibility I'm also going to say "you must take whatever steps will allow you to sleep at night with a modicum of self respect maintained while also keeping your health and overall objective of retiring while still alive to the fore".
Good luck and god bless.
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not true
