Why shouldn't I walk?

NEW -> Contingent Buyer Assistance Program
AV Paperboy - go ahead and follow fishead's advice and see what your "sense of worth and pride" will get you. It wont get you a damn thing! Get out of this while you can. The bank agreed to take the house back if you didnt make payments on it, regardless of whether you can make the payment or not.





Do you think the loan officer/processor who made you this loan was thinking of their "sense of worth and pride" when they made that you that loan? They knew damn well you would be over your head, but they were not thinking about that, they were thinking of getting PAID! The whole bank's C-suite knew what they were doing, they just didnt care.





None of the banks were crying when they making all of those millions. Payback is a bitch.
 
<p>Kinda Agree with Fishhead here.... For me, i'd take the long road. Getting back into another property will take a LONG time. I'm sure that the bad credit will follow you. </p>

<p>SO the question you have to ask in the situtation of walking is this: Can you save enough money for 20-30% down and still confortabley afford the things you like? Me? I can't, my wife, family and other things would have gotten in the way. They way I did it was by working and paying things off. Not fun in any way shape or form. anyways good luck</p>

<p>-bix</p>
 
Every situation is a little different. I suppose when we take a closer look at the folks who got burned by bubble we will see that each of them fall into a couple of different catagories. The cashback at closing scammers, the folks who did the "my house is and ATM" dance, the folks who refied a 30 year fixed with an affordable rate into an option arm and finally we have folks like AV Paperboy who saw that everyone else was jumping in and decided to jump in too without fully considering the possible risks. In my opinion the moral obligations of each group as far as the housing debt they took on are different. Call me a moral relativist if you must but lets get real here. Right now he owes 290k. In 2 years it will probably be worth 200k. He will be 100k underwater and he will of course have not made a dent in his CC debt. So he is at 120K (probably more) underwater. He won't have saved a dime since every thing he makes will have gone towards servicing this debt.



I would make this decision on strictly financial grounds. Spend a couple of hours on a qualified expert who can advise you what the best course of action is here based solely on your financial future.
 
AV Paperboy,



From your posts on this thread and others, you're obviously an intelligent individual that understands the market, the law, financing and your situation. My bet is that the main reason you got into the condo was to make some equity and gain some wealth in addition to having a place to live. I'm sure you had good intentions but things went wrong. Now you're not going to be rich like your friends.



I also noticed that you appreciated the posts that supported the easiest way out for you. Be honest, you've made your financial decision. You just want some moral support to feel o.k. about bailing on your dreams and obligations. I think that you want to somehow justify stiffing others if it benefits you. If this was just a "business decision" you never would have posted in the first place (by the way, good, successful businesses are definitely run with morals and decency). You know you want to get out of it, you just want some legiticy for your future actions.



If you really can't afford the place, go to the bank and cut a deal. Otherwise, stop wasting everyone's time with pretending to want to keep this place. The real question that you are trying to answer is how bad are you going to screw others to save yourself some coin. You have all of the answers, now go figure out the debth of your conscience.



FH
 
<p>Yes, blame everyone else. Especially, those low down scoundrel professionals. Even after I knew it was too good to be true based on my income. I signed the loan docs anyways. </p>

<p>Yeah....and if they say jump off a cliff. I would do it in a heartbeat. Why? Because they're professionals and I am just an average Joe. Poor me.</p>
 
<p>For the people saying walk away, there seems to be a reoccuring theme regarding quality of life and enjoying life. I think we can all agree that hard work is not as fun as playing the xbox on the new plasma but I think there is other aspects of life you aren't looking at. Working hard and slightly suffering for 5 years to pay down the loan might suck but will also provide a true feeling of pride which can be very rewarding.</p>

<p>Honestly, why is everyone who is agreeing with the walk away idea thinking that pure enjoyment is the only important quality of life? I think there are more aspects to life and working hard is one of them.</p>

<p> </p>
 
"Spend a couple of hours on a qualified expert "



ok, now I had to laugh at that.....



This guy is trying to make some very hard decisions here. We can sit back and give him our opinions regarding the morality of walking away from debt but as far as what would be in his best interest from a strictly economic perspective he should be consulting with a professional, stuff like possible tax implications, how to factor in his future earnings potential in his decision, how a foreclosurebk will actually impact him short and long term. Tax attorney, debt counselor, I'm not sure who, maybe someone here can reccomend what sort of professional he should consult. He needs a long term plan that is based on facts not speculation. Be it to stick it out and avoid ForeclosureBK at all costs or let the bank foreclose. The BK laws have changed. How will those changes impact his situation if he needs to go that route. I am hearing that more and more employers are running credit checks on job applicants. Could a foreclosureBK prevent him from getting a decent job in his chosen profession? Lot's of stuff to consider.



I suppose if it were me I would probably lean towards foreclosure but then working my ass off to pay off the CC debt. But would that be the best course here? I dunno. As far as short sales its my understanding that banks won't even listen to you unless you are already behind on your payments.
 
Fishhead

(by the way, good, successful businesses are definitely run with morals and decency)



That is you think they are until the sh*t hits the ceiling and everybody turns and burns.
 
<p>av paperboy,</p>

<p>Do whatever makes you happy. It's your life. Best wishes for the holidays. And may the coming New Year be better. </p>
 
<p><em>"Spend a couple of hours on a qualified expert "





ok, now I had to laugh at that.....</em></p>

<p>No, no Jim Jones. You are misunderstanding me...... I am trying to point out a play on words here. You said "ON" a qualified expert...not "WITH" a qualified expert. I was just joking that that sounded, well..um, er....funny....in a raunchy kind of way. Get it ? ON a "qualifed expert"....huh, huh ? </p>

<p>Oh, never mind.</p>
 
<p><em><strong>"Spend a couple of hours on a qualified expert "</strong>





</em></p>

<p><em>No, no Jim Jones. You are misunderstanding me...... I am trying to point out a play on words here. You said "ON" a qualified expert...not "WITH" a qualified expert. I was just joking that that sounded, well..um, er....funny....in a raunchy kind of way. Get it ? ON a "qualifed expert"....huh, huh ? </em></p>

<p><em>Oh, never mind.</em></p>

<p><em></em></p>

<p>Isn't that redundant... because you know... you have to spend money on a expert to get qualtiy...er... qualified advice. Does this have anything to do with that Irvine Brothel bust? </p>

<p> </p>

<p>-bix</p>
 
You must log in or register to reply here.
Back
Top