Walking away from your mortgage

[rightwinger]

'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"?

 

[boedicca]

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.

 

[Avatar4321]

This is so ridiculous. Does anyone even have the desire to be honest nowadays? And we wonder why corruption is rampant.

 

[boedicca]

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.

 

[fyrenza]

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.

 

[CMike]

'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"?

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.

 

[xotoxi]

I wonder how much my house is worth. I purchased in July 2005.

 

[boedicca]

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

Zillow provides a decent snapshot.

 

[rightwinger]

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

 

[Modbert]

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.

 

[SpidermanTuba]

'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"?

Sounds like a brilliant plan. The banks are violating the Protecting Tenants at Foreclosure Act left and right - kicking out lease abiding on time paying renters before the 90 days is up, for instance. So they deserve to get fucked.

 

[SpidermanTuba]

This is so ridiculous. Does anyone even have the desire to be honest nowadays? And we wonder why corruption is rampant.

I fail to see the dishonesty. Are they attempting to conceal the fact they do not intend to pay on the note? Isn't telling the bank you're not going to pay actually called "honesty" ?


What should these people do? Go back in time and sign a different note? Load up the kids into the minivan and sell it on the way to the homeless shelter? Sorry but if I've got a family in this situation I'm not going to give a shit about a bank - they don't give a shit about me, so why not return the favor?

 

[Zoom-boing]

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

So . . . that makes it right?

 

[boedicca]

This is so ridiculous. Does anyone even have the desire to be honest nowadays? And we wonder why corruption is rampant.

I fail to see the dishonesty. Are they attempting to conceal the fact they do not intend to pay on the note? Isn't telling the bank you're not going to pay actually called "honesty" ?


What should these people do? Go back in time and sign a different note? Load up the kids into the minivan and sell it on the way to the homeless shelter? Sorry but if I've got a family in this situation I'm not going to give a shit about a bank - they don't give a shit about me, so why not return the favor?

Wow. You've basically admitted the bankruptcy of your moral outlook.

They signed LOAN DOCUMENTS. They have a LEGAL CONTRACT obligating them to pay.

Admitting that one intends to violate the terms of a contract doesn't make such a violation moral.

 

[SpidermanTuba]

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

So . . . that makes it right?

There is no right and wrong when dealing with mega-corporations. Get as much as you can out of them. They'll be doing the same to you, trust me.

 

[xotoxi]

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

If the bank were to so choose, they could call back your loan and you would be obligated to pay it back in full immediately.

Moral? NAH!

 

[SpidermanTuba]

This is so ridiculous. Does anyone even have the desire to be honest nowadays? And we wonder why corruption is rampant.

I fail to see the dishonesty. Are they attempting to conceal the fact they do not intend to pay on the note? Isn't telling the bank you're not going to pay actually called "honesty" ?


What should these people do? Go back in time and sign a different note? Load up the kids into the minivan and sell it on the way to the homeless shelter? Sorry but if I've got a family in this situation I'm not going to give a shit about a bank - they don't give a shit about me, so why not return the favor?

Wow. You've basically admitted the bankruptcy of your moral outlook.

They signed LOAN DOCUMENTS. They have a LEGAL CONTRACT obligating them to pay.

They don't have the money to pay. What do you want them to do, plant a money tree?

Admitting that one intends to violate the terms of a contract doesn't make such a violation moral.

Moral? What does moral have to do with it? You think the bank makes any of its decisions based on what is moral? Why should their customers be held to a different standard?

 

[boedicca]

^^^ The bankruptcy of moral relativism on parade.


And that, boys and girls, in a nutshell is why the country (and the world) is in the mess it is today.

 

[Zoom-boing]

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

So . . . that makes it right?

There is no right and wrong when dealing with mega-corporations. Get as much as you can out of them. They'll be doing the same to you, trust me.

Speaks volumes about you.

 

[SpidermanTuba]

^^^ The bankruptcy of moral relativism on parade.


And that, boys and girls, in a nutshell is why the country (and the world) is in the mess it is today.

Why? Because individuals are starting to treat corporations like corporations treat individuals? Sounds like a great plan to me.

When a corporations fucks an individual over, and the individual says "you fucked me over, make this right", the corporation more often than not says "screw you, you can sue me"

If there's nothing wrong with a corporation doing it, then there's nothing wrong with an individual doing the same thing.