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Penalize the hardworking and reward the slackers
Apparently.
I have four homes. I pay the payments due every month. My parents taught me that and I’ve always done it that way. When I was younger I did without a lot of things my friends and relatives had, but I paid my bills. It’s the right thing to do and do it as long as you can.
What mortgage? Saw it coming long time ago.
But what about the moral obligation to pay off a debt?
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I think the last collective generation to be taught this is now about to collect social security...
But at least I'm a conservative idiot who walks the talk.
Besides, it’s like jumping bail. You’re looking over your shoulder from then on.
I don’t have a mortgage payment, guess I’m screwed.
Wouldn’t dream of not paying my mortgage. That would make me no better than the leeches.
If you default, and the government bails you out, are you still reported to the credit bureaus as a deadbeat?
Well, you gave your word.
Thank God people in the futures market don’t ask such questions. You give your word, you stick to it. No matter what.
Why bother with the gov bailout ? Think like the pigmen Wall Street criminals.
If you’re underwater and can’t afford the payments, let the bank take the house. Why pay mortgage payments on a house worth far less than the mortgage ?
Stop paying and live free. By the time the bank gets around to foreclosing, you’ll have anywhere from 6-12 months or even more in some hard-hit areas to save what you would have paid for your mortgage, which you will then be able to use to rent an equivalent house for much less than a mortgage+prop taxes payment.
After some years, when housing prices have bottomed, take your saved money and buy the same house for a whole lot cheaper.
Folks, a mortgage is a contract, a business proposition between you and the bank. It’s not a moral transgression to use efficient breech - the bank agreed to its remedies when they signed the mortgage with you. You don’t pay, they take the house, your credit takes a hit. They thought that was fair when they signed the contract, and so did you. I just don’t get why some think it’s immoral to not pay - it’s why we have contract law.
Unless you’re in serious financial trouble, probably not.
Even if you bought near the peak of the market and you owe more than your house is currently worth, if you’re making good money, paying your bills with money left over every month, your job seems moderately secure, and you have some savings, you’d be an idiot not to keep paying your mortgage.
But if you’re near the verge of financial collapse, then...
Last year, Congress started removing some financial hazards of default when it passed a bill that temporarily waives the income tax on mortgage debt that is canceled when a homeowner is foreclosed upon, sells a home for less than the remaining debt (a short sale) or gets a loan modification that reduces the principal balance.
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Only the third one, the loan modification, would seem to represent actual income to the homeowner and the other two never should have incurred income tax in the first place. I think this was hashed out here a while back.
Who is John Galt?
There is a difference between a “credit union” and a “bank”. Credit Unions, afaik, do not sell your mortgage down the river. And the money they receive in interest payments is used locally to fund other local growth. A credit union is a good thing, and I do not believe you are a fool when paying your mortgage through a credit union. If you use a bank, and you are able to do so, *move your loan* to a local credit union. Send a message of “no confidence” to the banking industry. Even if you lose a percentage point on the interest, take heart in that this benefits your neighbors. Look for CU’s (credit unions) in your area!
That is exactly the problem - this country has no morals anymore!
