If you were "upside down" on your mortgage, would you walk away? (Obama, county)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Theft? I don't think the banks themselves would make that argument. Theft is a crime. Abrogating a contract and suffering the penalties described within the contract is just business.
Back in the 80's I bought a house with many hidden repairs needed I was upside down because of the needed repairs, after living there for many years I made all the repairs and sold the house foe what was owed and I lost money, I could have walked away but it was my fault for not looking closer at the home before buying.
No . . . real estate is a long term investment. If you can afford your mortgage payments then I would continue to pay my mortgage. I think people that bail out are cheaters.
I know what you mean, this is a dog eat dog world and when it comes down to it, the concept is those who are left standing are those who win.
Yeah, I get you, what we are concerned with is survival. NOTHING else matters, that means if you or anyone else gets in the way of me breathing, regardless if my situation is of my complete and own doing, I blast them away, I will kill them, I will destroy them, because all that matters is that I survive! Screw everyone else and the fact I may have given my word, this is about me, and if I said I would save you and it comes up to me making a decision that would worsen me for such an obligation, then well... you die arsehole! That is how I roll, that is my means, that is my direction! I will screw anyone and everyone who gets in my way to achieving what it is I want and I don't care if I make bad decisions, I will lash out and DESTROY all those who get in my way of survival!!
/sarcasm off
Don't be surprised if people come to hang you from a tree.
What you stated within your sarcasm parameters is conservative ideology. I agree with you! And hang me from a tree? That is so humorous. ^_^
The bank, for one. Also their neighbors (in all likelihood), as short-sales or bank-owned sales typically drive down property values for the entire neighborhood.
How is the bank 'cheated'?
The contract had the property as collateral,the bank is getting the property.
You mean a person would have to adjust the price of their home to the new REALITY....if the home is worth the money,it is worth the money.
Also,I don't believe foreclosures can be used as comps when getting an appraisal to buy a home....
Yes they can. The price reflects the new reality. As do short sales.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.