When I hear "walked away" it implies a choice to me, especially in the context of a flameful thread. Otherwise why not just say foreclosure or short sale?
Usually walked away is after two years of living there rent free.
Oh I know. My neighbor netted $30k+ between not paying her mortgage and the cash-for-keys sum the bank gave her not to destroy anything. All while working and being able to afford to pay.
Well, technically, we can all do it. lol. I'm sure it's great, until you LOSE YOUR HOUSE:)
Whatever MOFUCKO. I want to do it WITHOUT losing my house and WITHOUT consequences! Is that so much to ask?
The people I know who have done this (this shit was rampant at my condo complex) still somehow managed to buy bigger & better houses while in the process. In the case of my aforementioned neighbor, her parents agreed to put her new mortgage in their name since her credit was already jacked.
So, is the fact that my in-laws paid for our new house in full with cash flame worthy even though we give them a check monthly and will be refinancing it into our names next year? It was a Fannie Mae house that we would've lost (bid process, cash offers almost always get accepted if there's one on the table) if we would've tried to get financing in place first. To be clear, they did not pay for it because we couldn't afford it, only because we were working on a time limit!
I also didn't see anything that struck me as super scandalous and I'm a fairly naïve prude.
Usually walked away is after two years of living there rent free.
Oh I know. My neighbor netted $30k+ between not paying her mortgage and the cash-for-keys sum the bank gave her not to destroy anything. All while working and being able to afford to pay.
Do you live next door to my crazy SIL? If so, I'm sorry.
With people who judge the house thing, im not being snarky I'm just asking but isnt foreclosure the same thing? You stop making payments on the house. Is foreclosure judgeworthy? The recession hit people really hard, there have been a few times where I was on the brink of not being able to afford the house. We couldn't sell it so its renting but its been close a few times.
There's a world of difference between legitimately bring unable to afford your home and choosing to stop paying your mortgage which you can afford because your home lost too much value. The latter is what people are judging.
Ya I agree. When we lived in a townhome, my neighbors stopped paying on their house and lived there rent and condo fee free for TWO ..yes TWO years before they were removed. I think that is worse then walking away. they lived for free for two years. Not a cent to pay. I think it belittles the people who truly got screwed by their banks and got approved for loans they coulnd't afford down the road.
I have all the books I could need, and what more could I need than books? I shall only engage in commerce if books are the coin. -- Catherynne M. Valente
Post by birdistheword on Dec 12, 2013 16:12:25 GMT -5
I don't understand why people don't think the amount of the bonus was relevant in Captain Serious's post. It was a flameful thread. The amount of money (and being disappointed about that amount of money) is what makes it flameful. There is nothing flameful about being bummed that your H's bonus wasn't as big as you were expecting. Without the mention of dollar amounts it wouldn't have belonged in that thread at all.
Some of the judginess with short sale/foreclosure/moving out is definitely jealousy. Like damn, must be nice to not pay rent or a mortgage for any period if time but still have a place to live. I wouldn't want the credit hit, but it would be awesome to free up that money.
Well, technically, we can all do it. lol. I'm sure it's great, until you LOSE YOUR HOUSE:)
I may get flamed for this I think a huge part of the problem is that people just don't care. I mean I would be mortified if I lost my house. Maybe I shouldn't be. Maybe I shouldn't care what people think, but I would. If we hit hard times and lost our house that is different. but our neighbors who just walked away bragged about how they weren't paying anything and could free up money to buy a new car, travel etc. Why are they PROUD that they stopped paying for their home. IDK I just don't get it.
I don't understand why people don't think the amount of the bonus was relevant in Captain Serious's post. It was a flameful thread. The amount of money (and being disappointed about that amount of money) is what makes it flameful. There is nothing flameful about being bummed that your H's bonus wasn't as big as you were expecting. Without the mention of dollar amounts it wouldn't have belonged in that thread at all.
This is where I am too. No matter the amount, it's normal to be bummed about a bonus being much smaller than anticipated - but if you were expecting $2000 and only got $1000, it wouldn't be flameful. Expecting $250,000 and only getting $125,000 is a big bummer too, but it's also flameful in a way the example with smaller amounts isn't, because the majority of people could never evenimagine a 6 figure bonus. So of course some people are all "WTF, STFU, must be rough".
Well, technically, we can all do it. lol. I'm sure it's great, until you LOSE YOUR HOUSE:)
I may get flamed for this I think a huge part of the problem is that people just don't care. I mean I would be mortified if I lost my house. Maybe I shouldn't be. Maybe I shouldn't care what people think, but I would. If we hit hard times and lost our house that is different. but our neighbors who just walked away bragged about how they weren't paying anything and could free up money to buy a new car, travel etc. Why are they PROUD that they stopped paying for their home. IDK I just don't get it.
Also where do you ya know ...... Live. I mean you lost your home & your credit has taken a hit so I'm sure you just can't run out & buy something else & most landlords of reputable rentals run a credit check before renting, so basically you would have to rent some place that doesn't require a credit check, so maybe kinda sketchy..... I hope that new car & vacation were worth less than ideal living circumstances for a few years.
I guess I just don't see how this could work for someone...
I may get flamed for this I think a huge part of the problem is that people just don't care. I mean I would be mortified if I lost my house. Maybe I shouldn't be. Maybe I shouldn't care what people think, but I would. If we hit hard times and lost our house that is different. but our neighbors who just walked away bragged about how they weren't paying anything and could free up money to buy a new car, travel etc. Why are they PROUD that they stopped paying for their home. IDK I just don't get it.
Also where do you ya know ...... Live. I mean you lost your home & your credit has taken a hit so I'm sure you just can't run out & buy something else & most landlords of reputable rentals run a credit check before renting, so basically you would have to rent some place that doesn't require a credit check, so maybe kinda sketchy..... I hope that new car & vacation were worth less than ideal living circumstances for a few years.
I guess I just don't see how this could work for someone...
Well they moved in with her father in another town. but kept the kids in the same school here in our town. So the school found out and wanted to boot the kids. She was saying "well I just told the school we are homeless bc we didn't want to move them to XYZ school district".
I agree that letting your home go can result in unfavorable living circumstances. But it doesn't seem to bother this family of NINE. 7 kids, two parents and four animals.
Imagine your grown kid moving back home with 7 kids a spouse and four large dogs. DAYUM
Are you even fucking serious? So this person put a huge strain on her Dad bc she didn't want to pay her mortgage? Not couldn't but just didn't fucking feel like it ?
This is where I am too. No matter the amount, it's normal to be bummed about a bonus being much smaller than anticipated - but if you were expecting $2000 and only got $1000, it wouldn't be flameful. Expecting $250,000 and only getting $125,000 is a big bummer too, but it's also flameful in a way the example with smaller amounts isn't, because the majority of people could never evenimagine a 6 figure bonus. So of course some people are all "WTF, STFU, must be rough".
Well, yeah, it's what makes it flameful. Which is why she is being flamed.
Yes, I realize that. I was agreeing w/bird about why the amount was relevant. Some people have said its not.
I haven't read all of this yet, but I want to clarify a couple of things about walking away from the house. I don't care if people judge me for it, but I want the facts straight.
First, we did not live there for 2 years without paying. We left about 3 months after we stopped paying.
One of the main reasons we did it was because we wanted OUT of that place. It was a townhouse my H bought when he was 23. It was a shithole in a shithole neighborhood. My car got broken into multiple times, our neighbors were drug dealers and some other neighbors were murdered in their condo. I was pregnant and we knew we didn't want a child there.
The house was worth 20k less than what we owed. We would never have been able to sell it. The bank wouldn't even talk to us unless we stopped paying. Even then, they offered us no solutions. We couldn't rent it out without incurring a fine from the HOA, and we probably would have still been in it for several hundred a month.
Anyway, it can't down to what @gypsy said. We had to make the choice like a corporation. We had to think like the bank. Banks don't have morals or emotions. It's black and white.
So, we left. And guess what? The bank still barely tried to contract us. They went in, cleaned it up and auctioned it off and got almost all if their money back a few months later.
On the other hand, the 5 years of mortgage payments my H invested in that place is gone. His credit is shot. But, we are far happier. We live in a nice rental in a great neighborhood.
Like I need more here, but we didn't use the saved payments for anything except to get into a new place and pay moving expenses. No fancy vacations or Altimas for us.
Well, H drives an Altima. But it's an 03 we paid cash for. From his BONUS. full circle. Lol
Like I need more here, but we didn't use the saved payments for anything except to get into a new place and pay moving expenses. No fancy vacations or Altimas for us.
Well, H drives an Altima. But it's an 03 we paid cash for. From his BONUS. full circle. Lol
Are you SURE that's where he got it?
Well, he does have a hot body and gets free pitas a lot...
We sold a home we bought in 2007 for $150K less than we paid for it this year. We also, obviously, didn't recoupe the mortgage we paid. I cannot even begin to imagine having walked away from that house. It was our responsibility.
And also? bullshit that corporations are walking away from bad investments willy nilly. They may declare bankruptcy, but that takes court approval. Corporations don't just walk away from underwater assets. Where the fuck did people get that idea and that justification? Why would a lender allow that?
I'll be the bitch and say it. I hope the banks go after each and every person that walked away from an underwater house. That shit disgusts me. And I would not be resting easy thinking you got away with it. If you just walked away without a short sale or approval the bank can and should come after you still.
We sold a home we bought in 2007 for $150K less than we paid for it this year. We also, obviously, didn't recoupe the mortgage we paid. I cannot even begin to imagine having walked away from that house. It was our responsibility.
And also? bullshit that corporations are walking away from bad investments willy nilly. They may declare bankruptcy, but that takes court approval. Corporations don't just walk away from underwater assets. Where the fuck did people get that idea and that justification? Why would a lender allow that?
I'll be the bitch and say it. I hope the banks go after each and every person that walked away from an underwater house. That shit disgusts me. And I would not be resting easy thinking you got away with it. If you just walked away with a short sale or approval the bank can and should come after you still.
This is the part I was wondering about. I don't have much knowledge about this but I figured it wasn't just THAT easy to walk away from a mortgage.
It's not! My post should have said "without a short sale or agreement." But that's why you get the bank to agree to a short sale. That's the entire point!
We sold a home we bought in 2007 for $150K less than we paid for it this year. We also, obviously, didn't recoupe the mortgage we paid. I cannot even begin to imagine having walked away from that house. It was our responsibility.
And also? bullshit that corporations are walking away from bad investments willy nilly. They may declare bankruptcy, but that takes court approval. Corporations don't just walk away from underwater assets. Where the fuck did people get that idea and that justification? Why would a lender allow that?
I'll be the bitch and say it. I hope the banks go after each and every person that walked away from an underwater house. That shit disgusts me. And I would not be resting easy thinking you got away with it. If you just walked away with a short sale or approval the bank can and should come after you still.
This is the part I was wondering about. I don't have much knowledge about this but I figured it wasn't just THAT easy to walk away from a mortgage.
There are legal ways, like deed in lieu of foreclosure or a short sale. However, you have to stop paying your mortgage for awhile, about 90 days, before they will discuss foreclosure or other avenues. I consider these different than just buying a new place/renting a new place, cleaning your house out, never discussing with your mortgage company, and leaving.
I know shit happens and I think as long as you tried, it is a tough situation but it happens. But if you can afford to pay and instead took the shady avenue of leaving without talking to your mortgage company, that is low.