Jezebel, am I missing the part where you guys actually attempted to put the house up for sale and sell it?
There would have been no point. We would have had to pay at least 20k, if we could have sold at all. We certainly didn't have that kind of money.
I'm not proud of walking away from it, but I'm not ashamed. It was a choice we made and its turned our for the best. I don't really care if it's not what other people would choose to do. It certainly doesnt make me a "bad" person.
So, Jezebel, was the condo in his name only? It bothers me that you could just go out and get another mortgage in your name and do the same thing.
It was in his name only, and we didn't go get another mortgage. We've been renting for the last 3 years and plan on renting for probably 4 more.
We wouldn't do the same thing anyway. We're not serial assholes. Next time we buy, we plan on it being our forever home, which is why we're waiting a long time until we have 20% down and are sure we know what we want.
It was in his name only, and we didn't go get another mortgage. We've been renting for the last 3 years and plan on renting for probably 4 more.
We wouldn't do the same thing anyway. We're not serial assholes. Next time we buy, we plan on it being our forever home, which is why we're waiting a long time until we have 20% down and are sure we know what we want.
I was assuming that he wouldn't be able to qualify for another mortgage. Maybe I'm wrong.
I'm sure he will in a few years when his credit is repaired. My credit is excellent and he has good income/work history. With those and a substantial down payment, I don't think it will be a problem. If it is, we'll keep renting.
Post by shopgirl07 on Dec 12, 2013 21:55:49 GMT -5
I think what bothers me about some short sales and foreclosures is that it really doesn't seem to be that huge of a hit to someone's credit.
So if you're underwater on your mortgage and you decide you no longer want to live there you can walk away and often times, have credit that's good enough to buy again in a couple of years. But if you've got credit card debt or student loan debt and you decide to stop paying because it's cramping your lifestyle, your credit can be ruined for a very long time.
Que?, you're pissed because it's bullshit. You don't end up underwater, even when a house goes down in value, if you put 20% down to start. Walking away takes compounded bad decisions. Culminating in a huge abdication of responsibility. I am not going to flame bankruptcy or short sales. Sometimes shit happens. But to just walk away, without legal protection?
And I would be shocked if they can buy a new house in a few years. One, it doesn't matter what their credit is, no lender will lend on another house until the amount owed on the first house is payed off, or the SOL runs, because the lender can attach the new house. Two, anyone who thinks they can save 20% and put it down without the bank they still owe money to coming after the money is delusional.
Post by snipsnsnails on Dec 12, 2013 22:05:15 GMT -5
I think it's bogus because I'm projecting my own stuff onto it. And I'm assuming other people are, too. Whether it's that you sold a house and had to bring money to the table, or you sacrificed to put together a down payment, or like us - we're going on a year and a half of wanting desperately to get out of this house we're in. I wish we could walk away.
If I could walk away from h's student loans I would.
Yeah, but you can't. I mean, you can try but your credit will be absolutely shot and his wages will be garnished.
And obviously, stiffing your student loan lender is not good. But walking away from a mortgage when you could pay it but don't want to anymore is so much worse. Because not only are you stiffing your lender, you're also fucking over all of your neighbors with their property values.
This is why I don't get why it's financially pretty catastrophic to not pay your student loans but you can bounce back pretty quickly from walking away from a mortgage.
I think it's bogus because I'm projecting my own stuff onto it. And I'm assuming other people are, too. Whether it's that you sold a house and had to bring money to the table, or you sacrificed to put together a down payment, or like us - we're going on a year and a half of wanting desperately to get out of this house we're in. I wish we could walk away.
Can someone clear up if Jez gave it back to the bank and was forgiven the rest of her loan (which deed in lieu and short sales try to help you with) or if she just up and walked away and still owes say...100k on a home but they are choosing to ignore that aspect?
Not about the specific post. Not about the money or the sex or the debt or the crazy crazy things you at have in your head.
Bragging about (deriving pleasure from) who shocked the most people. For some it takes little, for some it takes more. For stpete means going to where she knows everyone is disagreeable.
These posts totally have to do with ego. But just not about the specific topic posted. But then everyone has to start reeling it in because we just don't know each other's lyves you guise!
/gavel
My wet blanket is being requested in bed. Good night.
I'm sure he will in a few years when his credit is repaired. Â My credit is excellent and he has good income/work history. Â With those and a substantial down payment, I don't think it will be a problem. Â If it is, we'll keep renting.Â
I'm trying not to judge and maybe I'm just projecting but this just pisses me off. My H and I worked our assess off as self employed people and buying a house was like jumping through hoops, despite having good credit and a substantial down payment. It's bulldhit that you can just start again. I'm not sure why I'm so bothered by this.
Ok, well it make you feel better if we rent forever? Live on the streets? Get in our time machine and make the choice you want us to?
Que?, you're pissed because it's bullshit. You don't end up underwater, even when a house goes down in value, if you put 20% down to start. Walking away takes compounded bad decisions. Culminating in a huge abdication of responsibility. I am not going to flame bankruptcy or short sales. Sometimes shit happens. But to just walk away, without legal protection?
And I would be shocked if they can buy a new house in a few years. One, it doesn't matter what their credit is, no lender will lend on another house until the amount owed on the first house is payed off, or the SOL runs, because the lender can attach the new house. Two, anyone who thinks they can save 20% and put it down without the bank they still owe money to coming after the money is delusional.
I live in a non recourse state. People here absolutely can walk away from their house and 99% of the time the bank can't come after them for the money. And you know whether you fall in that 1% at the time, its not a surprise later.
I also know people that have purchased homes 3 years after a foreclosure.
In some states there are so many foreclosures. I don't think the credit hit is as bad as some people think.
I personally would feel better if the bank you stiffed sued you for the money you owe. Or if you continued to rent while you voluntarily paid that money back. I guess I wouldn't feel better, because I don't feel particularly bad right now, but I would think more of you if you paid the debt you owe. Hell, you probably could even get a deal. Maybe $5K or $10K.
I personally would feel better if the bank you stiffed sued you for the money you owe. Or if you continued to rent while you voluntarily paid that money back. I guess I wouldn't feel better, because I don't feel particularly bad right now, but I would think more of you if you paid the debt you owe. Hell, you probably could even get a deal. Maybe $5K or $10K.
Well, if they sued us, we'd probably be homeless.
The bank sold the property. Between what we had paid in for 5 years (including mortgage insurance, ironically) and that, they're really not out much. But I'm sure Chase is on the brink of ruin all because of us.
I personally would feel better if the bank you stiffed sued you for the money you owe. Or if you continued to rent while you voluntarily paid that money back. I guess I wouldn't feel better, because I don't feel particularly bad right now, but I would think more of you if you paid the debt you owe. Hell, you probably could even get a deal. Maybe $5K or $10K.
Well, if they sued us, we'd probably be homeless.
The bank sold the property. Between what we had paid in for 5 years (including mortgage insurance, ironically) and that, they're really not out much. But I'm sure Chase is on the brink of ruin all because of us.
That same logic could be applied to justify shoplifting. " I'm sure the mean corporation isn't affected by me" is not an especially compelling justification. And since you got a place to live those five years, which tied up the money, I hardly think your math works. But, you know, you had justification. And stuff.
Post by thedutchgirl on Dec 12, 2013 22:59:11 GMT -5
There are actually a fair number of states that forbid going after a foreclosed borrower for the deficiency. Minnesota is one of them. Some of my colleagues work on defensive mortgage litigation--lawsuits brought by borrowers, generally ones who are facing or who have been foreclosed upon. You would not believe how long you can live in a house for free (including having the lender pay insurance on the property and property taxes) before you are finally out of the house. Two years in Minnesota is SHORT. I've seen cases where people have been in houses for 5+ years with no payments. And then they are complaining about banks being awful.
Short sales and/or just walking away from homes is reeeeeally popular here. My parents are the only people I know that have not done it, but my parents bought their house in 1993. I guess we count too since we just bought a house. I'm so, so, so glad we didn't buy several years ago when H originally wanted to.
All of our friends and a few people in H's family have either short sold or are trying to do so by not paying on their loan. All of them could have afforded their homes, they just didn't feel like paying for them anymore because they owed more than they were worth. No hardship, just depreciation.
In 3 years, just about all of them plan on buying again because it will fall off their credit.
I know nothing about real estate but we used one of MIL's bff as a realtor. We bought in an area that was legit out of our price range with a good school district. What caused all of the depreciation? I'm starting to feel panicky, lol.
The bank sold the property. Between what we had paid in for 5 years (including mortgage insurance, ironically) and that, they're really not out much. But I'm sure Chase is on the brink of ruin all because of us.
Are you really just not very smart? Can you not see how your debt just adds to the pot? Do you feel so entitled that the rules of common decency don't apply to you?
So to answer your question, no, I wouldn't feel better if you were on the street, but it might help if you at least had the sense to give a shit, and be informed so you don't do this again.
I'm dumb and I don't give a shit about anything. I can't wait to do it again and I'm just DYING to get the chance. You know me so well.
I know nothing about real estate but we used one of MIL's bff as a realtor. We bought in an area that was legit out of our price range with a good school district. What caused all of the depreciation? I'm starting to feel panicky, lol.
I don't know what caused the market to burst, honestly, just that it did. When that happened, value dropped. A few of our friends purchased homes for around 300k in 2007 and short sold them for about 100k this year. They hadn't paid on their homes in almost 2 years.
Buying now is a pretty good time to buy, so I think you're safe. lol
Sorry. I'm an idiot. I thought you meant since you knew so many people it was like a location specific thing and I should look out for it.
I need to stop posting because between tonight and last night I am looking like a fucking fool.
LMFAO that @jezebel admitted in a flameful post she walked away from a debt, has brazenly stated it was a great decision that harmed no one - and, indeed, she would do it again, acknowledges they COULD pay the debt (because they anticipate having 20% down on another house in a few years) and now has the audacity to be defensive she's getting flamed. It's pretty fucking flameful.
I think what bothers me about some short sales and foreclosures is that it really doesn't seem to be that huge of a hit to someone's credit.
So if you're underwater on your mortgage and you decide you no longer want to live there you can walk away and often times, have credit that's good enough to buy again in a couple of years. But if you've got credit card debt or student loan debt and you decide to stop paying because it's cramping your lifestyle, your credit can be ruined for a very long time.
I posted my short-sale story earlier and won't rehash the details. But yes, our credit is awful and will be for another few years.
Post by themoneytree on Dec 13, 2013 7:42:36 GMT -5
20% may save you from going under water, but not necessarily. A lot of places dropped a lot more than 20% and when you factor in fees, transfer tax and commission you can bring a big ass check to closing even if you sell for only a few percent under your purchase price.
We bought our house from people who took out a massive home equity line of credit (over $200,000) and put that towards buying another house. THEN they short sold.
I have no idea how they got away with short selling, but they did. Fortunately both the original loan and the equity loan were with the same lender, but it still slowed down our purchase a lot.
They bought for over $800,000. I don't know how much they put down when they bought. They took out over $200,000 and we bought for less than $600,000 so the bank took an absolute beating.