npr.org — Sometimes, walking away from your mortgage makes economic sense, especially for homeowners who find themselves "upside down" — that is, they owe more on their mortgage than their house is worth. In those cases, "voluntary foreclosures are not by themselves evidence of a newfound irresponsibility on Americans' part,"
Feb 20, 2008 View in Crawl 4
njankFeb 20, 2008
and lets not forget that a lot of people having problems now had poor credit scores to begin with...
yunusFeb 20, 2008
The lender taking the house is not an option in the contract its a consequence of you failing to live up to the contract you legally signed. Try that same thing with a bookie and see how well it goes for you. He will take the collateral and break your leg. The lender just takes the house and kills your credit.
hamletlereFeb 21, 2008
No, I'd SELL IT at a loss, and it would be (and has been) MY loss, because people don't loan me money to buy stock. Please use better analogies in the future.
yunusFeb 21, 2008
teaser rates of 1% inflating to over 10% after a year and a negatively amortizing loan. You should buy from a bookie, he would offer better deals I think.
bobcfcFeb 24, 2008
I believe the term is negative equity not upside down
simgMar 1, 2008
you've misunderstood me.what i'm saying is that the government paying for something is almost exactly the same thing as taxpayers paying for it. you're agreeing with me :)
life38Mar 19, 2008
Don't walk away bid to buy your home for its true value.Cartoon showing one point of view.<a class="user" href="http://mynonprofitwebsite.com/blog/2008/01/11/owner-occuppied-who-owns-my-house/">http://mynonprofitwebsite.com/blog/2008/01/11/owne ...</a>
tylerdcaApr 16, 2008
This subprime mess is a mystery to me. A mystery as to why people think that interest-only mortgages, and floating rate mortgages are a good idea right now. Yes mortgage rates are dropping, but inflation is becoming a very real problem in North America. After the credit crisis eases you can bank on seeing some pretty heft rate increases. Locking in a mortgage would be a very good idea in the next 3 months.
tylerdcaApr 16, 2008
You should be able to refinance. And rates should drop for another 3-6 months, at which point they are going to start climbing again. So yes, refinance, and take the extra money and invest in Commodities!
aabjoraNov 4, 2008
It seems to me that people are able to make business of everything, even of mortgage mess and its disastrous consequences. <a class="user" href="http://www.mortgagerefinancingloanz.com/">http://www.mortgagerefinancingloanz.com/</a>
aabjoraFeb 4, 2009
the company will gladly hold your hand through the foreclosure process—for a fee...What a friendly service! This is the clue phrase of the article...To make money of everything....signature:<a class="user" href="http://www.mortgagerefinancingloanz.com/">http://www.mortgagerefinancingloanz.com/</a>
hoef7900Mar 11, 2009
New to the site and had to sign up because of this thread...Mom is a realtor and suggests in aug 06 I buy this great buy of a house for 340,000 (appraises for 365,000). she gives me her 13k commission for the down (327,000 bal) and off I go as a homeowner making interest only payments to the folks for 2 years. Aug. 08 I qualify for my own loan but can only get loan for 229 k. so now i have a loan on the "books" for bout 227 and change (1751 / month) and owe the folks about 100 k off the "books" (700 / month) total mortgage 2450/month.....So I owe now (on the "books") approxiamtely what the house is worth (mas o menos) plus i have a 700 dollar monthly obligation to the folks (under the table). as a backdrop I made 70 k last year on the bottom step of my gov't job which is not going anywhere anytime soon..... due to it's importance. for the 1st 3 months of last year i was in school, so this year i should top 80-85 (once again on the bottom step). However i do have roommates who pay 700 a month (covering the 2nd)here is where the wheels start turning.... I'm dating a girl who is making great money and just got a raise to a corp level fitness club (we in so. cal have fitness prioirties that cant be denied) so she is on the up and coming, making about 3600 / month (net) minus any bonuses she may get (200-800/ month)...We have both decided my house is not a house we choose to live in for the next 30 yrs and I feel this house (although nice) will sit on the market when i sell (mother's forecast).What are my plays ? for economic growth and a positive investment ? Do i wait another 6 months have the G/F buy a casa that is suitable on her credit and walk from mine ? how long will my credit be affected ? i would like to capitalize on this *****y market and at the least get a house that i will be happy living in. (ps actually pretty thankful for the job i have and a roof over my head as alot of the these msgs are not as fortunate) Good Luck