Posted on 05/31/2011 7:14:56 PM PDT by vmpolesov
Reporting from North Las Vegas, Nev.— Charles Mills can barely afford to stay here. But he also can't afford to move.
That's why the 44-year-old heavy-equipment operator was preparing to leave his wife and young daughter here and go where he could find work — the Oklahoma oil fields. Mills has a mortgage to pay, even if its size pains him.
He purchased his house in 2006 for $308,500. Current value: $105,797.
"We talked about it: What can we do with the house?" Mills said. "Nobody's going to buy it. Nobody's going to rent it. If we walk away, my credit's shot. We're stuck."
(Excerpt) Read more at latimes.com ...
Every investment has a risk.
That doesn’t mean I don’t feel sorry for anyone (including myself!) who loses out.
But when we make a good profit, we don’t share it with everyone. So when we make a bad loss, we shouldn’t share that, either.
I hope they make it ok.
Sounds like the boat I am in... I just plan to stick it out until I get the mortgage down to the value of the house, and then consider my options at that point.
He’s put his credit rating above his family. The question has been asked, “Would you sell your family’s happiness for a _________ amount of dollars” and he has answered.
If he can’t make the mortgage, like I can’t, and no one will buy it - Then I’ll face poor credit, bill collectors and, I sigh as I type it, bankrupcy. But I’ll never leave my wife for a job across country. She comes with, but I won’t leave her alone.
And with a kid ? Yeah, they have the house and stuff, but no dad. That kid needs a dad. My dad wasn’t rich, and we lived in small apartments my whole life - but my family was together.
Credit isn’t _you_, and you are not your credit. Don’t let “them” convince you otherwise.
Walk away.
Start a new life without a $200,000 weight around your neck.
My old Air Force work-associate moved to Florida in 2007 and bought a house for $215k. As she was doing the final paperwork on the purchase....she found the original price when it was built in 2003 was $145k. Imagine a house that goes from $145k to $215 in four years. She had this fantasy that she’d sell it in three years for $230k. When the bottom dropped out twelve months later....she was stuck with a house that can’t be sold for more than $180k max. It’s a nice house...brick...decent yard...twenty miles from the beach....but it was never worth $215k to start with.
Start a new life without a $200,000 weight around your neck.
Nevada is a state that allows a lender to sue a delinquent borrower. Either way, this person will be on the hook for paying back this loan. If he's stuck... he might as well have a house and a break on the loan interest at the end of it.
Bankruptcy only costs about $1000.
The guy did the right thing. Some people would have just said screw it.
If that is your attitude, you will easily be replaced in the labor force by an illegal alien with a more realistic philosophy. Don't know what becomes of your wife, but that's between you and the unemployment office, I guess.
I thought it was more like $2000. W and Biden made bankruptcy more difficult and more expensive. It’s too bad they didn’t work on solid economic policy instead. Bankruptcies have gone up dramatically in spite of their efforts.
I feel bad for him...but barely, because I was there.
We bought in SoCal for $385k in 2006, and just finished a short sale in 2011 for $202k. We made a mistake then...I lost my job in 2010 and now we are paying for it.
And I am very happy renting, with my family intact, in Wisconsin.
I guess it depends on where you live. Near Nashville it costs about $900 which is about twice as much as it used to cost.
If they try to take recourse on me they'll have to track me down in India.
LLS
I agree. While I think they have some partial responsibility, most of this mess was caused by big government and big finance. I don't think individuals should be shouldering all the burden while the big guys are getting away almost completely. The perks in big government are better than ever.
I cannot believe so many people on this thread do not believe in personal responsibility. I have always thought personal responsibility is the cornerstone of conservatism. My husband and I could be in the same boat but since we keep our agreements we make sure we know the risks involved before we make the most important purchase of our lives. We made a foolish deal in 1982 when we bought our first home and we learned our lesson by paying on a high interest loan for several years before we could refi at a better rate.
I feel bad about my house going down in value by 30%, I can’t imagine losing 2/3rds of the value. I’m stuck too. If I file bankruptcy, it may sting, but that only lasts 7 years. I can’t wait 20 years for my house to get back to where it was.
What happens to the balance on your house? Are you on the hook for the difference?
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