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As long as we penalize everyone involved in the transactions that end up in foreclosure - lenders, mortgage brokers, RE agents, appraisers, and so on. No fair singling out just one part of the problem and letting everyone else slide.
I am talking about homes that are abadoned by owners who can afford to stay but prefer to walk away, because it might require some serious belt tightening or biting the bullet.
That one achieves instant equity is a huge tip off that there is reasonable potential it will evaporate, just as fast.
Sounds as if the OP is just not happy with home or community in which he lives. I say move, walk-away or whatever. Why spend your hard earned money living somewhere you not happy. Move and be happy.
Sounds as if the OP is just not happy with home or community in which he lives. I say move, walk-away or whatever. Why spend your hard earned money living somewhere you not happy.
How about because its unethical and wrong? The OP made a commitment to repay the money lent to him, why should the bank pick up the balance of his loan? Why do they deserve to suffer on the OP's whim?
Sounds as if the OP is just not happy with home or community in which he lives. I say move, walk-away or whatever. Why spend your hard earned money living somewhere you not happy. Move and be happy.
I warned everyone, this is a hot button, with me.
I use my credit card to pay for everything. I used my hard - earned money to pay off the balance each month, even though I could " Be Happy" in the moment and ignore my bills.
I see lots of stuff I cannot afford in stores. I can chose to do without or I could "Be Happy" in the moment and steal the stuff.
Being "Happy" should not be a consideration. Are we so spoiled that hard work and diversity means nothing? When you commit to an an obligation you should make every effort to fullfil that obligation.
I look back at my grandparents who struggled through a depression & WW2 and wonder what they would think about today. What a bunch of softies we've become.
Sounds as if the OP is just not happy with home or community in which he lives. I say move, walk-away or whatever. Why spend your hard earned money living somewhere you not happy. Move and be happy.
He walks, the bank gets the house. Business is business. Whats the big deal? Honor? give me a break. Set examples to do whats right for the family? again give me a break. Carrying the burden of an overinflated house payment is best for his kids huh? pfttt.
I say , if your area is one that continues to drop in value, foreclosures still popping up, and on top you never really planned on being there forever....walk away. So has to rent OH NO THE HORRORs, you can rent same home or even better from desperate accidental landlords for way less than the mortgage now a days. His credit will get banged. And? Who's isn't now? Plus if he is in a really bad housing market it will take YEARS for the recovery to even start. Maybe by the time he buys again his credit is restored. And if hes smart he will have saved those 6-8 house payment he never sent to the bank and use that as some of the downpayment. I say do it. And to the people criticizing him..who are you to do so??
I am more amazed every day at how self-centered people have become... how they think everything is all about them and how it's their family first. Well, here's a reality check: everybody's house is declining in value. Everybody's family is taking a hit and watching their equity evaporate. What if everybody just walks away and leaves their mess for someone else to clean up? Soon there won't be any someone elses left.
The people who are walking away are counting on their fellow taxpayers to cover their losses. They would be far less likely to walk if their obligations followed. Garnish their wages until their debt is repaid. Now THAT would be "inconvenient."
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Be Happy????????
