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| Name: |
Talullahhound
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| Subject: |
What do you think?
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Date:
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1/26/2010 8:30:08 PM
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Tonight on the news, there was a segment on the number of people who are just walking away from their houses and their mortgages. They interviewed a youngish man (mid-thirties, I'd say) who was walking away from his house... because he bought it at $255K and it is now worth $137K. So he is walking away becuase it is no longer an investment for him and he's having to do without things he likes and wants to pay the mortgage he owes.... It's not that he can't pay the mortgage; he just no longer chooses to, having decided it's a "bad" investment. He doesn't care that it will ruin his credit -- he'll just rent another house in his current neighborhood.
My reaction to this was "WTF???" Is it now okay to just walk away from a debt one took on, just because one has decided that it no longer serves one's interest? The report says that this is a trend.
What do you think about this?
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| Name: |
wix
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What do you think?
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1/26/2010 8:33:57 PM
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democrats been doing it for years. Ya'll know the re-po man.
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| Name: |
GoneFishin
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What do you think?
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1/26/2010 8:41:12 PM
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It is pathetic but I have read about a number of people doing it. Another example which has become a problem for banks are equity loans which were issued on top of a first morgtage. If the homeowner stops paying the equity loan but continues paying the first mortgage, the bank with the equity loan is in deep trouble. If they foreclose, the value of the property will in many cases only cover the first mortgage and the bank holding the equity loan receives zero or very little from a resale.
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| Name: |
Summer Lover
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What do you think?
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1/26/2010 8:51:01 PM
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Another example of how the people in this country have totally lost their minds. Our home has lost a great deal of value "on the books", but still serves as our residence. Is this idiot going to move into his Mom’s basement just because his milk spoiled? If he is so short-sighted that he will walk out of his home, he has got bigger problems than just his credit rating. Too many people must have instant gratification, all else be damned. No personal responsibility, no discipline, we as a country are lost. You are right Hound – WTF.
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lotowner
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What do you think?
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1/26/2010 8:56:05 PM
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Historically, a person's word or the shake of a hand was a valid contract. This somehow has been lost in today's society among a few people.
It's too easy to walk away. The enigma of bankruptcy has been lost among some, not everyone. Settling for pennies on the dollar is the norm. This has to stop.
A few years ago if you went bankrupt, you were still liable for the debt. Pay off was still expected. In the meantime, you were under the bankrupt umbrella for 7 years.
What did this mean - no purchases of automobiles, houses, etc. except by cash. This not all bad.
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| Name: |
water_watcher
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| Subject: |
That is the problem
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Date:
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1/27/2010 6:36:04 AM
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with the liberal view that everyone should own a house and if they can not afford it, we should help them with zero down (sometimes even give them case with negative equity to start out), super low rates that add to principal (rather than reduce) in the early years.
The belief was home prices would always go up and everyone should jump on.
They thought about it as quick money, rather than having the safety and security of a home.
I blame government with all their programs like CRA.
Most of us came from the days, like our parents, that you needed 20% down and you saved so you could get that first home.
So when things blew up ... there was so many people that had no money in the home, so they did not think twice to walk.
The sad part is ... there is talk now to wipe that off their credit record so they are not restricted from buying another home for 7 years until it falls off.
We really need to start blaming the individuals and not just wall street. Government programs created the opportunity on wall street ... but individuals greed was as much to blame as wall street greed.
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| Name: |
Talullahhound
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| Subject: |
Maybe I wasn't clear
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Date:
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1/27/2010 7:52:35 AM
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But this individual can afford to make the payments on his house -- he's not part of the subprime problem, he hasn't lost his job. He is just chosing to walk away because he no longer regards his house to be a good investment.
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| Name: |
MrHodja
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| Subject: |
Maybe I wasn't clear
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Date:
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1/27/2010 8:24:14 AM
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He is being penny wise and pound foolish. What financial institution in their right mind would lend money to him in the future?
We have morphed into a culture that has too little personal responsibility. Its always someone else's fault or problem. One's word is good only as long as it is to the individual's personal advantage to keep it. A person demands hot coffee then sues McDonalds because she spills it and gets burned. A person loads up on fattening food then sues the restaurant because that person refuses to admit it is their own fault for getting fat - even though the restaurant makes nutrition information freely available. It goes on and on.
The solution is to enforce consequences for selfish, irresponsible actions such as walking away from a mortgage. But I don't see that happening in the current political climate.
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