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Status:
"Made the Retirement Run in under 12 parsecs!!!"
(set 2 days ago)
Location: Cary, NC
43,067 posts, read 76,614,383 times
Reputation: 45393
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Quote:
Originally Posted by GM1258
Why are so many of you caught up about "honor"???
There hasn't been any in this country for decades.
Not in the white house, not in business, and not in public affairs.
It's the new normal.
Get used to it already.
Honor is a personal attribute and not dependent on behavior of others.
Honor is a personal attribute and not dependent on behavior of others.
"If all the other kids jumped off a cliff....?"
This. It's almost as if everyone is justifying what they are doing because everyone else is doing it. 1000 wrongs do not make another wrong right in my opinion.
My concern would be any credit issues that arise as a result of the action like you and the credit worthy wifey breakup down the road.
I would advise if you can afford the present payments, then wait a year or two and see what happens. If if the value continues to fall, you could still go with your plan of deadbeating out on your obligation.
My concern would be any credit issues that arise as a result of the action like you and the credit worthy wifey breakup down the road.
I would advise if you can afford the present payments, then wait a year or two and see what happens. If if the value continues to fall, you could still go with your plan of deadbeating out on your obligation.
I know the credit bureaus are trying to determine if someone is a strategic defaulter and ding them more on their credit score. The more people that do it, the easier it is for them to analyze data and come up with an algorithm to do just that. Credit is one of those things that you don't realize how great it is to have access to, until you no longer have access to it.
I would expect that as they figure out how to determine who was a strategic defaulter, that credit card interest rates and such will skyrocket for those folks.
My concern would be any credit issues that arise as a result of the action like you and the credit worthy wifey breakup down the road.
I would advise if you can afford the present payments, then wait a year or two and see what happens. If if the value continues to fall, you could still go with your plan of deadbeating out on your obligation.
LOL. I don't have a mortgage and I would never ever walk out on my obligations if I did. We are talking about what a young couple did on house hunters and how prevalent this apparently is in America.
Well, I haven't seen it yet... but this was a short sale, not a default. The bank, in this case, decided to do one of those "loan modification" things that heart-throbs are always so convinced that banks should always do. In other words, the bank agreed to take their cut in order to avoid the further costs of the foreclosure and finding a buyer. Who knows what the terms of the short sale were... Maybe the couple is still on the line for tens of thousands of dollars. Unlikely, as they'd have probably just walked, but who knows.
Doesn't signing a contract mean anything to anyone anymore?
Sorry but you're wrong. The borrowers ARE honoring the contract. Their end of the deal is to give up the home when they stop paying the mortgage, and they are doing exactly that.
The deed says the borrower "promises to pay." Foreclosure is the recourse option available when the borrower is unwilling or unable to keep their promise.
Sorry but you're wrong. The borrowers ARE honoring the contract. Their end of the deal is to give up the home when they stop paying the mortgage, and they are doing exactly that.
Except for deficiency judgement states where banks and investors can go after your assets and bank accounts unless you declare bk or settle with them.
It's true. My wife's friend has $400 a month deducted automatically from her bank account because of a foreclosure in Virginia (a deficiency judgement state).
She still owed $180k on the remaining debt. She's young 29 years old with a good job close to six figures. I advised her to see a lawyer. She's declaring Bk so they can't take more of her money.
So one size does not fit all when walking away and going into foreclosure because of potentially deficiency judgements.
After the BK, they will discharge the debt and won't take that money out anymore.
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