Walking away from your mortgage

Discussion in 'Economy' started by rightwinger, Jun 2, 2010.

  1. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    'Force me out if you can': Homeowners vs. banks - The Week

    A growing number of homeowners — particularly those whose properties have plunged in value in recent years — are voluntarily ceasing payments on their mortgages and telling banks, "Force me out if you can," reports The New York Times. These loud-and-proud defaulters are using the money to stabilize their finances and even treat themselves to a few luxuries. Are these freeloaders taking advantage of overwhelmed banks, or did the banks deserve it for "snookering homeowners with loans that got them in over their heads"?
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    It's the logical result of the "everybody deserves a home regardless of their ability to afford it" mentality promoted by our government.

    I don't condone walking away from a mortgage - but there are a lot of innocent people that have been victimized by the Crony-benefiting Real Estate Bubble the government orchestrated. Anyone who put down 20% for a conventional mortgage at the top of the bubble, and then has seen prices drop 30%+ is a victim. They are the victims of an enormous transfer of middle class wealth the DC Cronies. It's disgusting.
     
  3. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    This is so ridiculous. Does anyone even have the desire to be honest nowadays? And we wonder why corruption is rampant.
     
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  4. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    As many of us have note, the country faces a crisis of values.

    The healthy ones that made America a decent place to live have been eroded and replaced by ones of dependency, victimhood, and moral relativism.
     
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  5. fyrenza
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    fyrenza Ariel Looney Supporting Member

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    Thanx for the link! I posted a comment to the article.

    We've truly moved into an age of complete lawlessness, but considering the leader we have, I don't suppose that should come as any surprise.

    What a mess. :(

     
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  6. CMike
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    CMike Zionist, proud to be

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    SewerBoy that is taking advantage. It's one thing to say hey I can't afford it, you can have your house back bank, but it's another to say that I am going to live here anyway for free.
     
  7. xotoxi
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    xotoxi Platinum Member

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    I wonder how much my house is worth. I purchased in July 2005.
     
  8. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    That would depend on where you live. No all areas were equally affected by the bubble burst.

    Zillow provides a decent snapshot.
     
  9. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Ethical? Hell No

    Practical? Hell yes

    You have to look at it from the banks point of view. If the situation were reversed, would the bank do the same thing to you? Hell yes
     
  10. Modbert
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    Modbert Daydream Believer Supporting Member

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    People feel screwed by the banks, as they should, because many of them were.

    I know in my state, I dunno how it is elsewhere, but the bank can sell a house without any inspections or repairs being done, etc. However, you need to have your house up to a certain code before doing so.
     

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