[News] BoA Exec: Considerable number will lose their homes in next two years

[workingclasshero]

Ken,

I have family in Mesa

so its cool, that you inderstand, that phoenix is not just the only town in AZ

[LordBalfor]

Originally Posted by workingclasshero

Ken,

I have family in Mesa

OK, not quite sure what your point is though.
Help me out here.

Ken

[newonecoming]

Originally Posted by LordBalfor

Sorry, the studies conclusions just don't make sense. Very few people are proactive enough to do that "strategic default" - most people just wait. That's just the way it is. If the study was accurate we'd ALREADY have A LOT more defaults than we do.

Ken

Do you fill out your bills each month or do you wait for the bill collector to come knocking at your door? Now you are paying money each month on a house that is work 25% less than the value of your loan. Walk away and you will get that 25% back plus the interest. Why should you pay and I mean actively pay for something that is not worth the money you are paying for it. I borrowed $400k and now my house can be sold for $200K. Why should I keep making the payments? When I can walk away and come back later and buy back my house for $200k and save 1/2 of my mortgage? Tell me?

[LordBalfor]

Originally Posted by workingclasshero

Ken,

I have family in Mesa

so its cool, that you inderstand, that phoenix is not just the only town in AZ

OK, I understand now. It looks like your post went in before you finished.


Yeah, I see it ALL the time that people think that everyone who moves to Arizona is moving to the Phoenix area.

We specifically avoided that area because it's too hot in the summer. Instead we selected SE Arizona because it much more temperate - with summer highs in the low 90's and upper 80's and winter highs in low 60's.
Pretty perfect in our opinion.

Ken

[LordBalfor]

Originally Posted by newonecoming

Do you fill out your bills each month or do you wait for the bill collector to come knocking at your door? Now you are paying money each month on a house that is work 25% less than the value of your loan. Walk away and you will get that 25% back plus the interest. Why should you pay and I mean actively pay for something that is not worth the money you are paying for it. I borrowed $400k and now my house can be sold for $200K. Why should I keep making the payments? When I can walk away and come back later and buy back my house for $200k and save 1/2 of my mortgage? Tell me?

The hit to your credit.
Are you sure someone will GIVE your mortgage after you do that?
If I was a lender, I sure wouldn't.

Ken