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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) |
Newsjock (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:49 AM Original message |
Underwater mortgage? Walk away, law school prof says |
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NightWatcher (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:53 AM Response to Original message |
1. banks write off losses and companies ditch toxic assets all the time |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:32 AM Response to Reply #1 |
43. amen to that. the "stigma" of being a deadbeat is a social control mechanism |
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CrispyQ (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:35 PM Response to Reply #43 |
99. Isn't is amazing the double standard most Americans have |
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BobTheSubgenius (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 02:40 AM Response to Reply #99 |
193. LUCKY is the town that has no Wal-Mart. |
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Deja Q (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:43 PM Response to Reply #43 |
104. At one point, I agree. When those at the top start to do it, then all constraints disintegrate. |
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JDPriestly (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:07 PM Response to Reply #1 |
180. After all, AIG just may be the biggest example of a walk-away from debt. |
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BrklynLiberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:22 PM Response to Reply #1 |
183. Can any0ne count how many times Donald Trump has declared bankruptcy?? |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:57 AM Response to Original message |
2. Yeah, because what we need is 15 million more vacant homes on the market-- |
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itsrobert (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:04 AM Response to Reply #2 |
4. Homes are over price still. Just because you overpayed for your home. |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:14 AM Response to Reply #4 |
15. My house only cost around $90,000--and we've fixed it up nicely, has a big yard, |
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noamnety (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:05 AM Response to Reply #2 |
7. I have mixed feelings about that. |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:20 AM Response to Reply #7 |
25. What's considered a "high" housing value, though? I agree that in |
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noamnety (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:45 AM Response to Reply #25 |
58. I'm in a midwest suburb outside of Detroit. |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:37 PM Response to Reply #58 |
100. True. It's always disturbed me that housing and vehicles are not figured into the rate of inflation |
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noamnety (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:43 PM Response to Reply #100 |
105. college tuition, too. |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:49 PM Response to Reply #105 |
110. Quite true. I got my degree just before Reagan cut funding for higher education |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:48 PM Response to Reply #7 |
128. High housing values help only the current owners who plan to sell and |
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Rockholm (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 12:10 AM Response to Reply #128 |
189. Somewhat right, but a little off, to a degree..... |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 09:08 PM Response to Reply #189 |
207. When you say prices are now coming down, you're changing the situation |
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katkat (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:15 PM Response to Reply #7 |
186. high housing values are a pain in the neck for people who already own a house. |
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spooky3 (1000+ posts) Send PM | Profile | Ignore | Tue Dec-01-09 05:21 PM Response to Reply #186 |
208. yep, I said something similar above but not everyone gets this. |
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Warren Stupidity (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:38 AM Response to Reply #2 |
50. So individuals should continue to pour their money into a bad investment |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:10 PM Response to Reply #50 |
84. I don't consider it a moral issue. If one sees a home as purely an investment, then |
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Fire1 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:27 PM Response to Reply #84 |
143. In many instances, even if you sell low, you're behind the eight |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:41 PM Response to Reply #143 |
146. That's if you HAVE to sell. If you don't, and you can swing the payments, |
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Fire1 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:59 PM Response to Reply #146 |
151. Waiting to build equity may work out in the long run but in |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:13 PM Response to Reply #151 |
155. Depends on the worth of the property to you, and why you bought it. |
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Fire1 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:18 PM Response to Reply #155 |
158. Exactly. If it was my primary residence, I would definitely feel |
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sendero (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:17 PM Response to Reply #50 |
181. I've been saying this for months... |
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we can do it (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 09:04 PM Response to Reply #2 |
175. +10 Lets Just Call the Only Investment Most Americans Have Worthless Cause Its Cool |
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kenfrequed (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 01:19 PM Response to Reply #2 |
206. Your assuming |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:59 AM Response to Original message |
3. Mrs. Robb and I were talking about this. |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:04 AM Response to Reply #3 |
5. Micro loans to poor women in the 3rd world are nearly 100% repaid |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:08 AM Response to Reply #5 |
9. Yes and no. |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:11 AM Response to Reply #9 |
12. You would think so, but everyone I know (here at least) who has had a foreclosure |
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gorfle (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 09:36 PM Response to Reply #5 |
176. Rent before you walk. |
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Chemisse (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 07:16 AM Response to Reply #176 |
194. My daughter is in this exact situation! |
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dkf (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 08:57 AM Response to Reply #176 |
197. If you walk away from a house, walking away from a lease contract is even easier. |
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BeatleBoot (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:59 AM Response to Reply #3 |
74. I would agree with you. It's called |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:05 PM Response to Reply #74 |
81. Good way to put it! |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:51 PM Response to Reply #74 |
129. Part of the problem is that people talk , and most houses are in developments |
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dysfunctional press (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:30 PM Response to Reply #3 |
124. alimony? |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 08:09 PM Response to Reply #124 |
174. You're correct, I misspoke(wrote). |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:04 AM Response to Original message |
6. What if you can afford the payments and want to keep the house? |
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Warren Stupidity (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:41 AM Response to Reply #6 |
53. Then you are making an emotional decision and not a rational investment decision |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:56 AM Response to Reply #53 |
71. There are degrees of being "underwater", it's not always black or white |
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Warren Stupidity (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:01 PM Response to Reply #71 |
77. of course. No argument from me. |
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harun (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 09:41 PM Response to Reply #6 |
177. Then continue to do what you signed a contract to do, pay. |
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Bryn (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:07 AM Response to Original message |
8. My sister and her husband walked away, but IRS |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:16 AM Response to Reply #8 |
17. This lawyer guy is being irresponsible, telling ordinary people that they won't |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:59 AM Response to Reply #8 |
73. If their doublewide was their home, Congress protected them in 2007. |
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kirby (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:20 PM Response to Reply #8 |
134. A 'reverse-sale' is considered a taxable gift... |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:45 PM Response to Reply #8 |
165. They need to have their taxes rechecked. They may be eligible for a refund |
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safeinOhio (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:09 AM Response to Original message |
10. Banks go after the money in court that is |
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icee2 (261 posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:10 AM Response to Original message |
11. Should every car buyer do likewise? After all, your car is... |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:16 AM Response to Reply #11 |
19. Did the person who sold you the car tout it as an investment or a tool? |
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icee2 (261 posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:20 AM Response to Reply #19 |
27. Not in writing. But realtors won't put it in writing either. n/t |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:42 AM Response to Reply #27 |
56. If any car dealer implied in any way a car was an investment that would appreciate over time... |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:11 PM Response to Reply #56 |
86. Homes haven't always been a good investment |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:32 PM Response to Reply #86 |
95. Yes, there have but, for the most part, it was generally considered a good idea |
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TwixVoy (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:33 PM Response to Reply #56 |
96. Who gives a f***? |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:40 PM Response to Reply #96 |
102. I believe I was referring to the average American who bought a home |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:12 AM Response to Original message |
13. I was underwater in the early 90's and nobody gave a crap |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:14 AM Response to Reply #13 |
16. Responsibility went out the window with TARP |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:17 AM Response to Reply #16 |
21. Don't link TARP to people buying homes to live in |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:23 AM Response to Reply #21 |
31. That is silly |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:27 AM Response to Reply #31 |
35. Now you're saying that all the banks that issue loans are corrupt? |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:29 AM Response to Reply #35 |
40. I look at this as civil disobedience |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:33 AM Response to Reply #40 |
44. That's cool |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:38 AM Response to Reply #44 |
51. People should make their decisions on a cost-benefit analysis |
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Deja Q (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:44 PM Response to Reply #13 |
106. Like I said a moment ago, when those at the top break the rules they put on everyone else, |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:47 PM Response to Reply #106 |
109. If your leaders commit a crime...? |
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girl gone mad (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 03:25 PM Response to Reply #13 |
140. But you're asking people to live by a moral code that no corporation follows. |
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MattBaggins (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:52 PM Response to Reply #13 |
150. This is business not personal |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:02 PM Response to Reply #150 |
153. House is worth 2x what I paid for it now |
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girl gone mad (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:11 PM Response to Reply #153 |
154. It could be decades before prices recover to bubble levels.. |
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MattBaggins (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:26 PM Response to Reply #153 |
160. I said that as well |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:41 PM Response to Reply #160 |
164. Each individual has to make thier own choice |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:13 AM Response to Original message |
14. The Moral Hazard is coming home to roost. |
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hatrack (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:03 PM Response to Reply #14 |
113. Exactly! This is what "moral hazard" means, at bottom . . . |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:47 PM Response to Reply #14 |
137. That bankruptcy law has backfired on them to a large extent |
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NNN0LHI (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:16 AM Response to Original message |
18. I admit that I am no professor or anything but ... |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:17 AM Response to Reply #18 |
22. Sure and Chapter 7 erases that debt |
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safeinOhio (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:20 AM Response to Reply #22 |
26. depends on your income. |
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NNN0LHI (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:21 AM Response to Reply #22 |
28. The author doesn't mention anything about Chapter 7 |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:07 PM Response to Reply #18 |
82. Purchase mortgages in CA, AZ, NV and FL are only secured by the property |
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marketcrazy1 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:18 PM Response to Reply #82 |
91. loan modifications make these loans full recourse...... N/T |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:27 PM Response to Reply #91 |
94. I think that is true in most non-recourse states |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:54 PM Response to Reply #82 |
188. True, I live in NV. Not sure about other states |
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LWolf (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:17 AM Response to Original message |
20. Walk away to...where? nt |
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icee2 (261 posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:19 AM Response to Reply #20 |
24. Miami Beach. Some folks like to get away, take a Holiday... |
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LWolf (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:48 AM Response to Reply #24 |
62. Sounds good. |
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harun (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 09:41 PM Response to Reply #20 |
178. Exactly, where you suppose to go? a campground? |
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JanMichael (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:18 AM Response to Original message |
23. Actually they can do what's called Cash for Keys. |
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safeinOhio (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:22 AM Response to Reply #23 |
30. Does not work with Chase |
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JanMichael (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:25 AM Response to Reply #30 |
33. I hadn't heard that. The big ones in Florida may still do it. |
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safeinOhio (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:34 AM Response to Reply #33 |
45. If you recall the recent Judge that gave the house to the people. |
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bobshin (165 posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:20 PM Response to Reply #23 |
182. An eviction can be delayed for up to a couple of years, at least in NY... |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:22 AM Response to Original message |
29. Let's see, people are foolish enough to buy overpriced housing, |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:24 AM Response to Reply #29 |
32. Amazing how many Democrats piss on the average American |
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icee2 (261 posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:29 AM Response to Reply #32 |
38. As Gore Vidal said many years ago... |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:37 AM Response to Reply #32 |
49. it's the devil who won by getting people to believe that MORE MONEY and POWER are true values |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:41 AM Response to Reply #32 |
54. Sorry if you don't like it |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:47 AM Response to Reply #54 |
59. some people are really in a hurry to judge others, as though they have the right. |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:49 AM Response to Reply #59 |
63. Probably is involved in the industry |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:55 AM Response to Reply #63 |
69. Actually no, I'm not involved in the industry at all |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:01 PM Response to Reply #69 |
78. Do me a favor |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:52 AM Response to Reply #59 |
64. Since this was a conversation about individual owners, that is the POV I was addressing |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:48 AM Response to Reply #54 |
61. I'm sure the billions spent in marketing and a Sales Force |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:01 PM Response to Reply #61 |
76. So people aren't responsbile for their decisions concerning smoking, drinking, overeating, |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:08 PM Response to Reply #76 |
83. It is amazing you bring that up! |
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safeinOhio (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:26 AM Response to Reply #29 |
34. Every one needs to only pay cash for homes? |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:43 AM Response to Reply #34 |
57. Not true, and you know that |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:36 AM Response to Reply #29 |
48. I'm over this "buying overpriced housing" "using ARM" crap |
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MadHound (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:47 AM Response to Reply #48 |
60. Sorry for your problems, and I wish you the best |
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Hansel (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:43 PM Response to Reply #60 |
136. Your world view is just a titch distorted. |
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sabrina 1 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:49 PM Response to Reply #60 |
148. You have bought into the |
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MattBaggins (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:22 PM Response to Reply #48 |
159. Being a working stiff does not mean I get held to a higher standard of responsibility |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:38 PM Response to Reply #159 |
162. That's true--and yet... |
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MattBaggins (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:16 PM Response to Reply #29 |
157. It's not about peronal responsibility |
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notadmblnd (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 02:32 AM Response to Reply #29 |
192. Well isn't it wonderful that life is all fucking rosy for you |
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jeff47 (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 09:23 AM Response to Reply #29 |
200. Because no seller ever commits fraud |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:27 AM Response to Original message |
36. I see the Reagan Democrat Personal Responsibility crowd is jumping in here |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:29 AM Response to Reply #36 |
41. Here's the problem, ROFL-guy. We all have to live somewhere. |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:34 AM Response to Reply #41 |
46. Make your own personal decision |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:39 AM Response to Reply #46 |
52. ++++10 |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:39 PM Response to Reply #46 |
101. It's not going to cost just me, if millions more people dump their homes |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:38 PM Response to Reply #101 |
172. To quote Thomas Jefferson when his best friend in France died during the Revolution |
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bobshin (165 posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:44 PM Response to Reply #101 |
184. The loss of value and the tax base is going to cause the second and third wave |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:41 AM Response to Reply #41 |
55. you do what you see as in your best interest. but you can at least let others do likewise. |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:53 AM Response to Reply #55 |
67. I'm not "letting" anything. People will do what they will. I think this guy |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:56 AM Response to Reply #67 |
70. if you're really upside down then you are making a huge mortgage payment |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:22 PM Response to Reply #70 |
93. You'd have to have been making a really big mortgage payment, though, for |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:34 PM Response to Reply #93 |
97. With a "pick-a-pay" mortgage, the mortgage payment can be really small |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:27 PM Response to Reply #93 |
122. thing is, "hard to see" doesn't mean it might not be there. "Stiffing the bank" --- again, there's |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:41 PM Response to Reply #122 |
127. Well, when a party walks out on a contract, what else would you call it? |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:00 PM Response to Reply #127 |
141. did. sold it. invested in a business (my own) and lost it. paying myself out of debt |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:21 PM Response to Reply #141 |
142. But we're not talking about people who are necessarily disadvantaged, here-- |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:36 PM Response to Reply #142 |
144. you are making huge assumptions that cannot be supported. |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:52 PM Response to Reply #144 |
149. But they're NOT FACING "losing it all". They can afford their house. |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:14 PM Response to Reply #149 |
156. ok, given the parameters you state, but iit's still a personal decision that i don't feel |
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Warren Stupidity (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:35 PM Response to Reply #149 |
171. If nothing has changed then somebody should be happy to pick up |
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MattBaggins (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:41 PM Response to Reply #141 |
163. That's a good moral decision you made |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:59 AM Response to Reply #67 |
75. We live in interesting times |
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MattBaggins (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:34 PM Response to Reply #41 |
161. Are you sure about that? |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:56 PM Response to Reply #161 |
166. What you're stating is extreme--most people don't own "worthless" homes |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:52 AM Response to Reply #36 |
65. i am having a real rough time not flaming some of these folks -- |
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treestar (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:19 PM Response to Reply #36 |
120. Not every mortgage is a fraud |
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treestar (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:28 AM Response to Original message |
37. The value of the property could recover though |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:31 AM Response to Reply #37 |
42. Nope not true, actually not true at all |
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treestar (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:52 AM Response to Reply #42 |
66. It depends on the area, then |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:02 PM Response to Reply #66 |
79. Location, location, and... what't the third thing? |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:10 PM Response to Reply #66 |
85. In 1960 Detroit was the area we took foreign visitors to show the strength |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:16 PM Response to Reply #85 |
89. By '67 there were tanks in the streets -- Detroit never recovered from that |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:21 PM Response to Reply #89 |
92. Nope and North Philadelphia and Center City Allentown |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:41 PM Response to Reply #92 |
103. The South and Southwest have been living a Energy and Military Industrial dream that is ending |
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treestar (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:15 PM Response to Reply #92 |
118. In general they will go up though |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:34 PM Response to Reply #118 |
170. Depends where you live |
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treestar (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:13 PM Response to Reply #85 |
116. Detroit's problem is lack of diversifying |
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HughMoran (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:56 PM Response to Reply #42 |
112. In NH, my house is worth 3x what it was at it's lowest |
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Deja Q (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:45 PM Response to Reply #37 |
107. So far, it hasn't. And if rules at the top are already being broken by the top, |
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treestar (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:16 PM Response to Reply #107 |
119. Still wouldn't walk away though |
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harun (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 09:43 PM Response to Reply #37 |
179. Especially with how high inflation is right now (real inflation not the BS inflation) |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:29 AM Response to Original message |
39. That whole "moral imperative" thing just doesn't work for me. I agree with Mr. White |
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TwilightGardener (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:36 AM Response to Reply #39 |
47. If you can't afford the payments due to job loss or whatever, that's different-- |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:55 AM Response to Reply #47 |
68. Fine. But the MSM and even the PR crowd here keep attributing this whole housing crisis |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:58 AM Response to Original message |
72. It depends on state law, whether you have a HELOC, and whether you have other assets |
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Solly Mack (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:03 PM Response to Original message |
80. K&R |
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hunter (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:12 PM Response to Original message |
87. Heck, if a health insurance company can walk away from an expensive customer, why not? |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:17 PM Response to Reply #87 |
90. +1000 |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:35 PM Response to Reply #87 |
98. Very well put! |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:34 PM Response to Reply #87 |
125. + 1000 |
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seeinfweggos (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:18 PM Response to Reply #87 |
168. i'd like to associate myself with these comments, indeed |
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Gormy Cuss (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:13 PM Response to Original message |
88. What about personal responsibility? |
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Deja Q (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:46 PM Response to Reply #88 |
108. Corporate personhood. It's time to treat people like corporations. |
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HCE SuiGeneris (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 12:55 PM Response to Original message |
111. Here is a good resource to gather information on Real Estate and Mortgages |
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ecstatic (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:10 PM Response to Original message |
114. Thanks for sharing. I know someone in that predicament |
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Nye Bevan (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:12 PM Response to Original message |
115. Absolutely correct |
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proteus_lives (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:13 PM Response to Original message |
117. What nonsense. |
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mike_c (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:30 PM Response to Reply #117 |
123. I think you have a distorted view of "personal responsibility...." |
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Dreamer Tatum (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:25 PM Response to Original message |
121. What an increasingly stupid world we live in |
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RB TexLa (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:37 PM Response to Original message |
126. If you think giving your word means nothing. If that's the kind of human being you are |
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divideandconquer (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:10 PM Response to Reply #126 |
131. Yes there is because almost no homeowners knew they had CDS against them |
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RB TexLa (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:41 PM Response to Reply #131 |
135. CDS aren't a hidden thing, I've invested in CDS on mortgage backed securities. |
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Warren Stupidity (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 03:22 PM Response to Reply #126 |
139. businesses and investors walk away from bad investments all the time |
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girl gone mad (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 05:01 PM Response to Reply #126 |
152. The contracts allow for walking away. |
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AllentownJake (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:46 PM Response to Reply #126 |
173. Useful idiot |
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hfojvt (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 01:58 PM Response to Original message |
130. I don't think that advice is very sound on a personal level |
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lynne (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:10 PM Response to Original message |
132. If adopted on a widespread scale, what will this do to new home loans - |
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JVS (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 02:14 PM Response to Original message |
133. I wouldn't be so confident about being able to recover the credit scores again after this. |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 03:05 PM Response to Reply #133 |
138. Not sure how it's going past 1 year |
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JVS (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:22 PM Response to Reply #138 |
169. I don't think bankruptcies and mortgage defaults are the same thing. |
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laughingliberal (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 11:20 PM Response to Reply #169 |
187. Not the same thing. Bankruptcy is generally a more serious hit on the credit and lasts longer |
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Arctic Dave (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:40 PM Response to Original message |
145. Agree 100% |
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nini (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 04:47 PM Response to Original message |
147. you have to do what is best for your future.. |
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sojourner (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 06:03 PM Response to Original message |
167. he doesn't say ALL mortgage holders ought to do so. and he stresses the impediments to |
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ooglymoogly (1000+ posts) Send PM | Profile | Ignore | Sun Nov-29-09 10:48 PM Response to Original message |
185. The questions here are...How upside down are you? |
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Dangerously Amused (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 12:37 AM Response to Original message |
190. You are the CEO of your own life. |
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notadmblnd (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 01:53 AM Response to Original message |
191. Think of it as a business decison |
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McCamy Taylor (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 08:31 AM Response to Original message |
195. Waiting for Congress to declare that we can not walk away as they did with credit cards. |
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Gman (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 08:53 AM Response to Original message |
196. Excellent advice |
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dkf (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 09:02 AM Response to Original message |
198. In that case, why pay your credit cards? |
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GodlessBiker (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 09:17 AM Response to Reply #198 |
199. If you contracted with the credit card company to surrender the TV in exchange for not paying ... |
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dkf (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 09:29 AM Response to Reply #199 |
201. Not really. |
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GodlessBiker (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 10:29 AM Response to Reply #201 |
202. What lenders "want" or "encourage" homeowners to do is irrelevant. |
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dkf (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 10:32 AM Response to Reply #202 |
203. Umm, that would make defaulting on credit cards and defaulting on a mortgage the same. |
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Turbineguy (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 10:32 AM Response to Original message |
204. Good advice |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Mon Nov-30-09 10:40 AM Response to Original message |
205. Blanket advice like this is never good advice |
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