Should we still feel sorry...

[onfire]

Sorry or compassion for those people who bought homes or land back in 07 or 08 who paid to much. And now looking for some relief. I'm sure a lot of them were riding the wave of profit. The reason I ask is I have a neighbor who brags about not paying his mortgage for at least 18 months. And now he has enough money to buy another place out of state and just leave the place to the bank. By the way, he has left the place in much needed repair. How did it get so easy to just walk away from responsibility?

 

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[Treasure_Hunter]

Please remember to keep politics out of this thread...it can stay as long as it is.

 

[releventchair]

Should learn about debt and risk from it. I,ve paid over a third of its (at the time of sale) value off but it won,t sell for what i owe. Not my first home purchase, spent 9 months shopping. Fortunate for time being while home no longer suited for needs the location is. Previously always felt a home a good investment. Home loans, hmmm .don,t feel for me, i agreed to price. Had i less into it i could see walking. Good time to buy if you have cash,cut your losses.

 

[FarmerChick]

he won't be off the hook.

you just don't walk away. the bank will sue him for any diff. in the mortgage. If the bank sells the home for $10K and 20K is owed, they just don't write it off. YOU PAY the other 10K.

you can walk away from your responsibility but you aren't walking away from the legal part of it

 

[Joe Dirt]

he won't be off the hook.

you just don't walk away. the bank will sue him for any diff. in the mortgage. If the bank sells the home for $10K and 20K is owed, they just don't write it off. YOU PAY the other 10K.

you can walk away from your responsibility but you aren't walking away from the legal part of it

Exactly,

Tho I got lucky, bought house in 01 for $90K, with 20% down owed $70K on it & due to uncontrollable circumstances I lost the home in 05 before the real hit the fan. The bank actually sold it for more than I owed ($74.5K) & after a CPA went over the numbers it turns out the mortgage company (wells fargo) was ripping me off & over charging me on my payments the whole time, long story short I lived in the house for 1 year paying no payments then ended up with almost a $10K check months after the bank sold it & once the CPA did the proper accounting. I still can't believe I was getting over charged on my payments, might have been able to keep the house if I was paying $50 less per month a over 4+ year time span. Getting $10K back of my initial $20 DP & a free year of rent (about $7500) I feel I got my fair share for what it cost me as rent isn't free anywhere so I kinda just ended up in a long term rental with no landlord & a high deposit.

 

[Jason in Enid]

I call BS on your neighbor's statement. If he can afford to buy a new house because of 18 months of stealing (not paying the agreed mortgage) he must be buying a trailer-house somewhere. Honestly, he is your neighbor, so his loan probably at least similar to yours. What could you afford to buy with 18 months of payment? Keep in mind that he will have to buy outright, because NOBODY is going to make him loan while he is defaulting on his current one.

I think people like this are leaches and belong in prison.

 

[Red James Cash]

It all depends on if it was his choosing to get in over his head or the mortgage companies ripped him off.

 

[Dave44]

It all depends on if it was his choosing to get in over his head or the mortgage companies ripped him off.

I am pretty sure that the only time I have ever heard of a mortgage company ripping someone off was right here, right now, by making Ole Joe Dirt overpay. The only other way would be to agree to a contract and the monthly payment amounts, and the the company changes the amount without you signing.

I am pretty sure that, as an adult legally able to enter into contracts, shouldn't the one signing the contract understand the contract?

Whatever happened to Franklin Raines anyway?

 

[Red James Cash]

Who knows though,stranger things have happened.Freddie mac and Fannie Mae

 

[Dave44]

As it turns out a "federal" judge has dismissed the fraud cases against him. Something about Raines not having the intellect to know he was causing a financial collapse of American Economy as he was defrauding government and private entities.

Nice to be connected.

 

[Joe Dirt]

I am pretty sure that the only time I have ever heard of a mortgage company ripping someone off was right here, right now, by making Ole Joe Dirt overpay. The only other way would be to agree to a contract and the monthly payment amounts, and the the company changes the amount without you signing.

I am pretty sure that, as an adult legally able to enter into contracts, shouldn't the one signing the contract understand the contract?

Whatever happened to Franklin Raines anyway?

Ya I think it's pretty rare but I always felt my payments were higher than they should have been, & what mortgage company doesn't include an escrow for property taxes? Wells Fargo that's who! They were over charging me & making me pay my property taxes separately. Nobody even my realtor knew of anyone with a real mortgage from a real company that didn't include property taxes into the payment, it's a safety net for them. But this is what partially collapsed the housing market, crappy or no regulations, they were loaning to anyone who had 20% to pay down regardless of income. And BTW w/20% down I didn't even have to prove my income to get the loan. With practices like that it was a no brainier that the market would collapse sooner or later.