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Why should consumers play by one set of rules and the banks/big business play by another?
That's why the government should not have gotten into any of it in the first place including getting the banks to give out loans irresponsibly.
The old way was better. The borrower had to prove he was credit worthy, the banks were more responsible in giving loans out.
Now the government is scrambling to bailout both sides and just making everything worse when it was the government in the first place that helped create the problem.
2 different questions posed
1) Would you walk away? That would depend if the property is an investment property, or personal property. Investment property, would depend if I have money coming in from that property, to cover the bills. If the property is paying for itself, I'd hold on, and eventually come ahead again, be it through downpaying the debt, or an increase in value. Value of investment property is determined by a cap rate, so this would be easy to happen. Personal property, that would depend on the local market, and if I could purchase a better home for less money, I'd have to wrestle myself over the moral issue, and if its worth the hastle of moving.
2) is it wrong to walk away? No.. Your mortgage is a business deal between you and the bank.
Well the banks are pretty much covered via mortgage insurance or fannie freddie. Hell they don't really care one way or the other but would love to see folks run off and then take the property and wait for the market to rebound and sell it again. Double dipping.
id gladly let it go if it made sense to let it go.
i rarely agree with oz but he is right. i could care less about morality and doing the right or wrong thong.
i care about improving my situation and doing whats best for me.
if that means walking away, then i walk away.
WHo do you think makes up the difference on bad loans? The rest of us that pay our bills on time. This is no different than how we all pay higher prices due to shoplifting. PAY YOUR OWN DAMN BILLS.
WHo do you think makes up the difference on bad loans? The rest of us that pay our bills on time. This is no different than how we all pay higher prices due to shoplifting. PAY YOUR OWN DAMN BILLS.
No,you are going to pay no matter what....this is a nice lie told to people to get their support.
WHo do you think makes up the difference on bad loans? The rest of us that pay our bills on time. This is no different than how we all pay higher prices due to shoplifting. PAY YOUR OWN DAMN BILLS.
I agree with you Vicket, but I am not quite as angry about those who just came on hard times (through a job loss or medical situation) and had bought within their means but just couldn't make the payments.
It's the people like the one quoted in post 33 who don't care about anyone else who tick me off. And the people who are into "strategic" defaults which is a fancy way of just saying what is - you've just decided since things have turned you may as well stiff the bank (and drag down the value of everyone else's house around you). And it's the people who took advantage of the loose lending standards and overbought and the bankers who gave them the money and the realtors who pushed them into the deal who really tick me off too.
A progressive society will only work with some amount of trust in business decisions. If there is no trust that folks will honor thier obligations eventually the whole system collapses. (off topic- but this is partly why Greece is in the mess it it in right now)
PAY YOUR BILLS.
call it greed or whatever, i call it common sense.
there is no honor sitting around paying something off for years and looking like crap in the end, only stupidity.
there is logical common sense though in analyzing a business decision and making the decision which will help yourself out the most in the end.
But if I got a conventional mortgage - down payment and fixed loan and the whole bit and I carefully avoided trying to live beyond my means and didn't refinance over and over and now I owe less on my house than I could get for it, why should you come out ahead because you made poor decisions?
Why should the responsible be the chumps who end up being taxed to death to provide you and your bank a bunch of bailouts?
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