Would you walk away from a $300k home if you owed $400k on it?

[DarrylParsons]

I would. In a heartbeat. Just wondering what y'all think. The media is trying to sell the idea that people should try to stay in their homes, even if they owe a lot more than what it's worth. I say BS. It just shows they are in cahoots with the gov't and the big bankers.

The only advantage would be to protect your credit rating but that's not of much use nowadays anyway as banks aren't lending to ppl with good credit either. Give me $100k for my credit rating? Sure, I'll take it!

 

[Woody0]

I would stay, when Wall Street bankers will pay me $100 for a stock trading at $75.

 

[Risk44]

Home prices will go back up... just might take some time... maybe 5 years or more...

 

[festeringZit]

I would. In a heartbeat. Just wondering what y'all think. The media is trying to sell the idea that people should try to stay in their homes, even if they owe a lot more than what it's worth. I say BS. It just shows they are in cahoots with the gov't and the big bankers.

The only advantage would be to protect your credit rating but that's not of much use nowadays anyway as banks aren't lending to ppl with good credit either. Give me $100k for my credit rating? Sure, I'll take it!

I would not. I don't believe in screwing people.

You sign your name to a contract, if have a legal and moral obligation
to fulfill your part of the contract.

 

[RobFunk]

Yes. I would walk away. And I would trash the place unless the bank cut me a check for 4 grand.
(true story about what is happening out in America)

 

[Risk44]

Yes. I would walk away. And I would trash the place unless the bank cut me a check for 4 grand.
(true story about what is happening out in America)

So how do I get 4 grand? :nohead: I bought my house for 400k 18mos ago now its worth about 360-400k... its tough to tell if I could get out of it what I paid for it right now..

 

[Risk44]

But you gotta ask yourself is it worth Fcking up your credit?

 

[tkf18ny]

look at it 100% from a financial standpoint fuck everything else
you do need a place to live so if you can make the payments like where you live think it will go back up then stay
if you cant afford them and the house isnt worth shit then move

if someone gave me 100k and told me my credit would suck for 7 years id happily take it

 

[gtc08]

the credit can be fixed over time. what you get out of walking away is peace of mind.

 

[Risk44]

look at it 100% from a financial standpoint fuck everything else
you do need a place to live so if you can make the payments like where you live think it will go back up then stay
if you cant afford them and the house isnt worth shit then move

if someone gave me 100k and told me my credit would suck for 7 years id happily take it

Would the Bank go after you for the 100k?

Kinda funny.. Whos gonna Bail me out??

 

[mamatried]

Yes. I would walk away. And I would trash the place unless the bank cut me a check for 4 grand.
(true story about what is happening out in America)

You mean like extortion money? Why is it the bank's fault? You agreed to the mortgage, and you got a shot at home ownership. You'd have been paying rent anyway if you hadn't bought the house in the first place.

If you can't afford the mortgage, it's one thing. But why be bitter because you made a bad deal?

 

[tocco05]

From the most of the replies in this thread I can understand why this country is in such bad shape. No personal responsibilty or accountability.

 

[BestPlay2day]

I would stay as long as I can afford the monthly payments. Where are you going to live if you walk away? House prices will go up eventually so I would just stay.

 

[Romanowski]

Once respect for property begins to diminish its too late in the game to repair

Obama is going to appoint a whole bunch of new liberal judges in the federal court system

Supreme and the lower courts

They will begin to make doing business impossible

A great example will be setting the precedent that certain people dont have to pay their mortgage

 

[tiznow]

well personally tizgloom wouldn't because he knows the marketplace well and wouldn't get stuck buying a home near the peak of a housing bubble...i miscalculated i'd eat my error.....

its more of a moral question i suppose and for the most part i say fuck the banks

i mean if you were being a moron homeflipping and all that shit you should go down with the banks

but what i'm saying if an average joe say in his 30s that has a normal job a wife and kid decided to purchase a home in 2007....not very sharp in the economic category and didn't really understand the market etc......and they got stuck in a bad spot....i'd say leave the banks with the bag in a heartbeat and save yourself for sure....why be a fucking slave to debt the rest of your life just because a farse propped up marketplace was created that you really weren't aware of

a good amount of people out there got stuck in a bad situation without them knowingly getting involved in it due to the government sponsporship of homeowning, banks, the mortgage brokers, and the home flippers tapping home equity as an ATM to buy multiple homes and all the other nonsense.....

 

[JohnnyMac]

If you walk, where are going to live?

 

[RobFunk]

You mean like extortion money? Why is it the bank's fault? You agreed to the mortgage, and you got a shot at home ownership. You'd have been paying rent anyway if you hadn't bought the house in the first place.

If you can't afford the mortgage, it's one thing. But why be bitter because you made a bad deal?

Naw. I just saw some piece on the news about how people were trashing their home becuase of foreclosure, and one bank said they had a program that cuts people a check if they don't smash the place up. I wish I had a vid of it.

 

[tiznow]

If you walk, where are going to live?

rent :think2:

 

[Willie99]

I didn't.

In the mid 90's my home was appraised at $ 175,000 when I owed $ 250,000. Suffice to say, both numbers are drastically different today.

 

[NES]

Naw. I just saw some piece on the news about how people were trashing their home becuase of foreclosure, and one bank said they had a program that cuts people a check if they don't smash the place up. I wish I had a vid of it.

I have seen one of those checks first hand, I actually helped make sure the house was clean and ready up to the banks standards for a percentage of the check.