[airics]

Originally Posted by jambo101

By walking away from a mortgage your credit rating will probably suffer but i'm wondering by how much, as an example if i'm living in a home and paying a mortgage and i can walk into the bank and take out a $25k car loan today how will that change once i've walked away from the mortgage? What about getting another mortgage in the future, will credit cards be affected?
What are the actual financial consequences for taking a walk on the mortgage?

150 points, car loan 18%, credit cards closed or 29.99%.. another mortgage in 3yrs at subprime

[strato58]

[
A bank isn't some gigantic bottomless money pit. It's a company owned and managed by real people who depend on their jobs and investments. Lots of widows and orphans own bank stock through their mutual funds and pension funds. When you steal from the bank, you are stealing from them. It's not a victimless crime.[/quote]

Dont forget that they also depend on government bailouts and predatory lending practices.....

If all was above board more of these banks would have been gone by now...not just the small ones. And dont worry the wall street criminals are taking care of all of our mutual and pension funds.

Victimless crime? The victims are the ones that got rapped by the stellar loan officers....

[strato58]

Stay in that house as long as you can to try to recoup some of your losses. Its a corrupt society and you are not the criminal. But there is plenty of blame to go around in this debacle. Greedy Bankers and Wall Street types are on the very top of the list.

Stay, and dont feel guilty about grannys pension....thats a joke and has been raped by Wall Street not YOU>>>!!!

[David702]

Just wanted to give you guys a quick update.
I did lost my job, but found another one.

I stopped making payments around April of 2009, got a loan mod, but the bank change their terms and told me the new terms would only saved me $100 - $150 a month, which wasn't enough, so I opted out. Talked to the bank and started the short sale process.

Dec. 2009 - List home
Jan. 2010 - Got offer on home
April. 2010 - Sold home to investor, fully released by bank, didn't have to pay one cent. Didn't use lawyer or BS companies that promise you everything will be ok.
Today - Living in in same home and paying rent to the investor that is $1000 less than my old mortgage, don't have to pay my $100 HOA, trash and sewer.

Downside:
My credit was at 720's
Current score is 612.
One of my credit card companies canceled me.

I will run my credit in 6 months or so and post back on this thread.

[WestieJeff]

Just curious, did you have a first mortgage only or a first and a second?

I'm surprised your short sale went so quickly.

Originally Posted by David702

Just wanted to give you guys a quick update.
I did lost my job, but found another one.

I stopped making payments around April of 2009, got a loan mod, but the bank change their terms and told me the new terms would only saved me $100 - $150 a month, which wasn't enough, so I opted out. Talked to the bank and started the short sale process.

Dec. 2009 - List home
Jan. 2010 - Got offer on home
April. 2010 - Sold home to investor, fully released by bank, didn't have to pay one cent. Didn't use lawyer or BS companies that promise you everything will be ok.
Today - Living in in same home and paying rent to the investor that is $1000 less than my old mortgage, don't have to pay my $100 HOA, trash and sewer.

Downside:
My credit was at 720's
Current score is 612.
One of my credit card companies canceled me.

I will run my credit in 6 months or so and post back on this thread.

[airics]

you sold in April, most cc companies only check up on there card holders every 3-4 months, so you are not even near being out of the water

[ChrisKLAS]

Originally Posted by MediocreButArrogant

They should be sold into slavery to those of us who were financially responsible. I really need to be getting something out of this mess. I mean, lots of those people are unemployed, right? It's not like they have anything else to do.

Post of the Day! Outstanding!

[olecapt]

Originally Posted by airics

you sold in April, most cc companies only check up on there card holders every 3-4 months, so you are not even near being out of the water

Actally if you are playing the game correctly you specify the language that the lender will use with the credit reporting agencies.

A short can be virtually impossible to detect if done right.

[whyhateme]

Originally Posted by olecapt

Actally if you are playing the game correctly you specify the language that the lender will use with the credit reporting agencies.

A short can be virtually impossible to detect if done right.

Can you expound on that? Thanks.

[tony soprano]

Originally Posted by whyhateme

Can you expound on that? Thanks.

Undetectable in the sense that your credit report may not explicitly state "short sale" but there's going to be a credit hit. Anyone suggesting otherwise is probably trying to sell you their short sale or credit repair services.