Yeah. They were all “tricked” into buying a house! Some lenders even held guns to heads! ~sarc.
Maybe if banks went back to the "bad old days" when mortgages were not given out like candy then this option would not even be on the table.
It will be hilarious if these people (who can pay) who walk away from underwater homes find their homes above water in 3-4-5 years. And this just might happen when inflation sets in, in reaction to all the money being poured into the economy by the 0bongo administration
I am going to get flamed, but I would tend to agree with this. We need a MAJOR correction in real estate prices NOW. We may have to start from ground zero. The present prices can NOT be sustained and very few seem to be appropriately negotiable.
Realtors and marxists uniting. Unreal. I am not sure who is more stupid. The libs enable free money telling bankers to lend to ACORN members and the system falls apart.
This is why Barney Frank , Chris Dodd and anyone who supported giving mortgages to people who couldn't pay them should be wearing orange jump suits. Instead they're on TV all the time lecturing us.
it is not marxist.
if they walk away from the house, the bank gets posession of the house. EXACTLY as the parties contracted.
That was the contract.
no pay no keep house.
The problem right now is that the banks are doing nothing if anything to make this situation workable. Even in bankruptcy the banks tend to be penny wise and pound foolish.
(quite frankly we would have been better off if the stimulus money went to pay down mortgages in the same way that plastic vouchers were issued to pay for digital converter boxes)
IT MAY BE MORAL? I DON’T THINK SO, NOT EVEN IN THE YEAR OF JUBILEE. THERE IS A GOOD CHANCE THAT EVEN WITH A SHORT SALE THE BORROWER WILL REMAIN RESPONSIBLE FOR THE DIFFERENCE. ALL WE NEED FOR A COMPLETE COLLAPSE IS FOR PEOPLE TO WALK AWAY FROM THEIR MORTGAGES. THAT IS PROBABLY THE REASON FOR POSTING THIS THREAD!
How can you really walk away from a mortgage? Aren’t you still liable? Let’s say I buy a $200,000 home, and put $40,000 down, so that my mortgage is for $160,000. If I walk away and the bank can only sell it for $140,000 at auction, am I not still legally obligated to come up with $20,000 to make up the difference?
Great idea. “Walk away” from your mistakes.
Run up too much credit card debt? Walk away.
That car that you loved, but now not so much? Walk away.
A loan from your brother in law to help with the down payment on the house? Well, you never really liked him that much anyway....
By that logic, the banks should foreclose whenever the property is worth more than the loan.
Oh, hey, and we should all just take whatever we want, because it will be ours when we’ve taken it, so it’s okay.
Here is what I found pathetic.. some of those "homeowners" would go to court and ask a judge to extend the time until eviction. The poor judge would say something like.. "you last paid on your mortgage 18 months ago, you have lived there for FREE for over 18 months, and you want ME to extend your time there? Are you nuts? Get outa here.."
All that said, you should see some of the people they gave these huge mortgages too. Some of them couldn't pay for a loan on a bicycle, much less a house, they were people of questionable employability, much less ethicality.. What the frak were lenders thinking?
I gotta think that if people buy a home for the price of about $500K but, realistically, could only afford a home that costs $300K and walk away from their mortgage, they should never be allowed to buy another home. When do we hold the buyer responsible?
Just call me J.P. Junta, or Goldman Junta, or AIJ.
I suppose I never looked at my house as a stepping stone investment, it was a tangible commodity, a real thing over my head that I wanted to own despite some financial numbers showing me right-side up or upsidedown.
“...So why are you still writing a check every month on that mortgage that’s much bigger than your home is actually worth? ...”
Uh, because you promised (signed a contract) you would. Because you had the option to NOT buy a house with a usurious variable rate. Because maybe you shouldn’t have been thinking along the lines of an investment. Because too many people have bought houses and too few have bought homes.
ruefully
In my opinion, anyone that walks away when they have the ability to make their mortgage payment should be barred from getting any future credit. Barred for life.
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If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.
Uh huh. Another POS from Chicago, with my apologies to anyone from Chigago who thinks this guy is a POS too. Shame. Shame that people even consider this in this light. On Free Republic, even.
If you have no money and cannot make ends meet, that is one thing. You do what you must.
But if you still have your 60" Sony, your five cell phones for everyone in your family, still drive the new $50,000 BMW and your spouse with the new car, then it is immoral to walk away from your obligations.
A-holes like this guy say that if it is financially advantageous, do it.
Scum. And in my opinion, everyone who agrees with him is as well.
When contracts mean nothing, then we are finished.
There is nothing moral about being a chump. When the banks and our own elected politicians set about shafting americans every way they can it makes more sense to do whatever you must to protect yourself and your family. It’s not about morality.
lets play connect the dots.....one of the main tenets of the communist manifesto is the elimination of the ownership of private property.....banks own the houses, government owns the banks....anyone care to connect the dots?