[CornersLow]

Originally Posted by David702

Thanks Kalbo, I'll make sure to tell my 8 month, 3 year old and my wife that.

That would be a lot better than demonstrating by example to them that it's OK to lie and steal

[lyra33]

It annoys me when people act like they were the innocent victims for buying their house. Like someone put a gun to their head and forced them to make a foolish purchase. Oh NO!!!! We were the victims of ruthless greedy agents. Poor us...boohoo! Now, would the agents be criminals if we were all basking with high appreciation?

And yes, I bought my house in 2006.

[kimba01]

Everyone has a story. I don't claim to know them all, but I do know a few. Some were stupid decisions, some were backed in a corner and had no real choice and some just rode the foolishness that was laid out by other people, just because it was easier. None are great solutions, IMO.

In my case, I tried to hang on to my house in MI as long as I could. Some would call me stupid as I pretty much depleted my savings doing it. So, I ended up selling on a short sale. I am not thrilled about it at all. My kids are here, my grandbabies are here. Even though I love Las Vegas, I would have liked to keep the MI house to have someplace to go when I come here. It is really depressing, if I think too hard about it, but I won't let myself become so emotionally attached that it destroys me. If my husband had stayed in MI, we would have ended up losing the house anyway, because the work was just not there for him. He could have rode the whole UI thing, but he hates that. To have to let my house go for less than what I bought (on short sale) in LV, is just hard to fathom. It is a much bigger home, on a much bigger lot, but that is what the market dictated. Now, I feel that maybe I will be able to "breathe" and hopefully save some money. The stress was killing us both. The stressful part is not over (don't know where I my youngest and I are going to stay here until she graduates, and packing a house in less than 30 days) but I am whittling away at it!

Before I walked in those shoes, I had a whole different opinion about it. But, I always knew that I did not want to just walk away. (although, financially, it may have been the smarter way)

[Las Vegas 8]

What is your mortgage amount? Value of home? Your lender will probably do a short sale just to NOT have to take back your home. This will haunt you for a very long time if you don't do a responsible thing. Can you rent your home and ask the mortgage company to work with you. many options rather than calling it quits and passing problems onto your future. They will come after you and you will regret giving up so easily. From a person that is aware. Send me a reply and I will connect you with a specialist to save at least the impact from being so great.Blondepickle@yahoo.com

[KidsinVegas]

Why is it that Business walks away all the time from Bad investments, but if an individual does they are somehow lowlifes? A bad investment is a bad investment. And if people would stop buying into homes as investments and start looking at them as a place to live the country would be much better off. High housing prices only hurt the populace.

[lyra33]

Originally Posted by kimba01

Everyone has a story. I don't claim to know them all, but I do know a few. Some were stupid decisions, some were backed in a corner and had no real choice and some just rode the foolishness that was laid out by other people, just because it was easier. None are great solutions, IMO.

In my case, I tried to hang on to my house in MI as long as I could. Some would call me stupid as I pretty much depleted my savings doing it. So, I ended up selling on a short sale. I am not thrilled about it at all. My kids are here, my grandbabies are here. Even though I love Las Vegas, I would have liked to keep the MI house to have someplace to go when I come here. It is really depressing, if I think too hard about it, but I won't let myself become so emotionally attached that it destroys me. If my husband had stayed in MI, we would have ended up losing the house anyway, because the work was just not there for him. He could have rode the whole UI thing, but he hates that. To have to let my house go for less than what I bought (on short sale) in LV, is just hard to fathom. It is a much bigger home, on a much bigger lot, but that is what the market dictated. Now, I feel that maybe I will be able to "breathe" and hopefully save some money. The stress was killing us both. The stressful part is not over (don't know where I my youngest and I are going to stay here until she graduates, and packing a house in less than 30 days) but I am whittling away at it!

Before I walked in those shoes, I had a whole different opinion about it. But, I always knew that I did not want to just walk away. (although, financially, it may have been the smarter way)

For the record I'm not in any way putting down people who have to go this route. I have several friends who have done this. I just dislike the mentality that everyone is a victim when things are not going their way.

[ScoopLV]

Originally Posted by lyra33

For the record I'm not in any way putting down people who have to go this route. I have several friends who have done this. I just dislike the mentality that everyone is a victim when things are not going their way.

And I've heard from a few people who are walking away from their mortgage, because, "Everyone else is doing it."

That has got to be the stupidest thing I've ever heard. Don't bother checking the numbers. Don't budget. Don't THINK. Just walk away, because "Everyone else is doing it."

[sparkit711]

Originally Posted by ScoopLV

And I've heard from a few people who are walking away from their mortgage, because, "Everyone else is doing it."

That has got to be the stupidest thing I've ever heard. Don't bother checking the numbers. Don't budget. Don't THINK. Just walk away, because "Everyone else is doing it."

"Got to ride it out. The moral thing to do.."

That has got to be the stupidest thing I've ever heard. Don't bother checking the numbers. Don't budget. Don't THINK. Just hang on...it is the right thing to do..

[Tires]

The terms of a mortgage are you make the payments or else the bank forecloses on the property and your credit rating is messed up for several years.
Some people decided that the "or else" is better than keeping the house.
Others lost their income and can't pay anyway. Doesn't make sense for those who lost their employment income to empty out their savings and 401K to make some extra months of mortgage payments delaying the inevitable when you are going to end up losing the house anyway when that money runs out. They will end up homeless and no money in the bank. This is worse than walking away earlier.

[khuntrevor]

There is no way you can't call the biggest purchase of your life an "investment." Maybe that came from the zero down crowd, who bought on what payment some crook told them they could afford (for the first year, anyway). How many of the Fleabaggers would be willing to put 20% down?