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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.
They are cheating all other customers since the banks must recover their loss from customers who do pay their loans off as promised. Or, in the case of our nanny state government, they are cheating all tax payers who cover these loan defaults.
I AM upside down and I have no intention of walking away
wht am I going to do try and sell it and still owe money, try and buy another house and then be in a worse state?
No, I am dancing with the house I bought 15 years ago and I am hoping come 2012, we will kick Obama and his croonies to the street and do something to hopefully salvage the counrty, but the other pary better get their act together because they too are flapping all over the lake
but they are still better than the hack running the ship right now
Upside down on a house you bought 15 years ago ?????? Wow. Must have been a big value reduction or you took your equity out.
As long as the staus quo holds, Joe may stay and make payments even though he is underwater. Great moral decision but it's a stupid decision business wise. Our banks, savings and loans, mortgage companies, auto manufacturers were all bailed out by the government at one time or another when they were in trouble but no one will help Joe.
Joe has no options left when he loses his job or is forced to move for work. Push goes to shove because Joe can't sell the house for what he owes. In the good old days, you could sell a house and at least come out even. Not any more. If Joe has paid all his bills on time, his mortgage company most likely will not allow him a short sale or any other accommodation.
Joe can be upside down in his mortgage without ever taking a second....for any reason.
Location: In a Galaxy far, far away called Germany
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The banks could save themselves the costs (and the families who have these loans) and just reduce the loan taken out to actual market value (and adjust the monthly payments accordingly). If the house was initially bought through a 160K loan, but is now worth only 145K - the reduce the loan to that amount and both parties can then make the best of a bad situation.
They are cheating all other customers since the banks must recover their loss from customers who do pay their loans off as promised.
You don't think that is factored in from the get go?
Quote:
Or, in the case of our nanny state government, they are cheating all tax payers who cover these loan defaults.
Blame the government for that....
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