Posted on 01/31/2010 7:57:46 PM PST by TigerLikesRooster
I'm walking from my underwater mortgage
By JANET SPEER
Last Updated: 7:34 PM, January 31, 2010
Posted: 4:34 AM, January 31, 2010
I stopped paying my $1,450-a-month mortgage on my 200-year-old, four-bedroom home in September 2008 -- after making the hard decision to walk away from my mortgage because it is hopelessly underwater.
It is not an easy decision to walk away from your home, and in the beginning I actually felt like a loser. That was the hardest part.
You see, I was raised to live up to my financial responsibilities. I was taught plenty about personal responsibility. But in this case I had no practical solutions to my financial dilemma -- I lost my job, was turned down for a mortgage modification and owed a lot more than the house is worth.
I WOULD RATHER FIGHT THAN SWITCH HOMES
I am a single parent with three children, one with medical issues. So, with only unemployment benefits and child-support money, I decided to pull the plug on my mortgage payments.
(Excerpt) Read more at nypost.com ...
I’ll be 51 in April and have a 6 and 8 yr old at home.
My point was the media slants things, and leaves out other important information. The age of her children would have made the story a bit different. That’s why I think they left the ages out. There trying to make you feel sorry for this woman. With the info they gave in the story, I don’t feel sorry for her. Sounds like she soaked the system and is going to leave the costs to others. The story wouldn’t sound so good if her kids were older, or adult children. The kid with medical problems how old? 5, 10, 18? They also don’t state the medical problems which could be something very minor.
I often wonder when the insanity will end. I take pride in having maintained a standard of living below what my paycheck would have provided for over three decades. It burns me up that the bureaucrats and politicians loathe me for providing for my family and putting away enough so I won’t be a burden to either my family or society in old age. It seems every day they dream up a new scheme to extract more of my income. It is only a matter of time until they come for my savings so the “victims” in our society can be cared for by the benevolent state.
The woman was bankrupt and there was no way she could continue to make payments. It was only a matter of time before she was foreclosed on. She just moved out when she still had the money to do so.
Actually, moe most people do not get modifications (permanent or otherwise) becuase they are too lazy or stupid to turn in the necessary paperwork.
I’m not upset at all - just wanted to point out that old ladies can have young kids! LOL!!!
If she hasn’t been paying the taxes, her troubles are just starting.
She is already in foreclosure. That is why she is getting out. Just wait until she tries to buy a car or get a better cell phone. She’ll be screaming like a banshee.
Since she has a mortgage, it’s a near certainty that the lender or servicer has been paying the taxes and insurance since she stopped making payments.
She better hope they have done it.
“Most” ??
If that were true how is it “most” navigated their way through the original first, second, and sometimes, third mortgage docs, but all of a sudden become mystified at a simple mod request form?
The truth is the required steps to request a mod are very simple. And that’s a good thing, because nearly every single applicant will repeat the process numerous times when the banks “lose” them.
LOL...yes I do know a few older women with small kids :) most though are already grandma’s. One of the girls at our church is 22 years old, her mother just gave birth 6 months ago to her 15th child. I hate her mother, she looks great...lol You’d never know she was a mother of 15.
It doesn’t really matter. She’s going to lose the house either way. I’ve never heard of a property tax-collecting jurisdiction doing anything beyond seizing the property. In a foreclosure, the mortgage-holder becomes the legal owner of the property and thus responsible for any unpaid taxes. As part of the transfer of legal ownership, the mortgage-holder will have to pay any back taxes. If they’re stupid enough to refuse to do this, then the ownership won’t be transferred, and the property would be seized directly from the current legal owner (i.e. this woman) by the tax-collecting jurisdiction and auctioned off to satisfy the tax lien.
My kids are 28, 25, 8 and 6.
The grandkids are 5 and 1.5.
The 8 and 6 yr old are adopted.
Ahhhh, much easier on the body...lol. Where did you adopt from? My sis in law and bro in law got a child from Russia. They were in the beginning stages of adopting another when she lost her job.
Both are from China. We had initially looked at Haiti but their program was so on again off again that we walked away from it (that was 2001-2002).
I suppose all of the overseas adoptions can be touchy at times. My sister in law ran into a little trouble with Russia but, it wasn’t to bad when they adopted. I think now they are tightening things up. Have to jump through more hoops.
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