Comments on: Got An Upside Down Mortgage? Would You Foreclose and Walk Away From Your Mortgage?

By: Just saying

Just saying — Fri, 19 Aug 2011 06:18:37 +0000

The banks do not want to help because they have for one thing made their money back just off the interest payments people have been paying. Secondly they wont work with you to lower the interest or payments, because they are greedy. They can and do sell the house out from under people for less than what you owe, and then cry to uncle sam about their loss, and Freddy and Fannie may pay them up the difference for their loss. so they stand to make more money in the short of it by not helping you to stay.And all of this after the feds bailed them out with all of our money not once but twice. And then Freddy and Fannie may keep going broke because of these pay outs, and the feds take more of our tax dollars and give it to Fannie and Freddy in the tune of 1.8 billion or so a shot. We as a people are so screwed by all of these greedy banks with their million dollar bonuses, and a runaway spending misguided government that only caters to the wealthy.

By: hateMyLoan

hateMyLoan — Thu, 04 Aug 2011 12:10:24 +0000

I am sorry. I have never missed a payment. I have never been late. I have paid enough in interest alone in 7 years to cover 60% of the home original value. But because my homes value has crashed, I am required to keep paying PMI. Basically I will be out of PMI 10 yrs into a 30 yrs mortgage. And I don’t get to deduct the value.

The bank is robbing us blind. If I walked away now they would $20K in PMI and $126K made in interest on a $200K loan.

The “hit” banks are taking is strictly not receiving the income on the books. But the interest income on most of the loans more than covers the actual value of the property.

It’s like saying I lost a renter. I still got all the rent income and I still own the property. And if the bank wasn’t such a greedy SOB; he/she would make it appealing for people to keep their loans in the worst economy in US history since the depression. Which we didn’t have because we but a floor on falling stocks and printed money.

By: A.E.

A.E. — Sat, 04 Jun 2011 05:17:59 +0000

Sorry, that was supposed to be “unfinished LOTS” (houses that were never built).

By: A.E.

A.E. — Sat, 04 Jun 2011 05:16:35 +0000

Even with triple-digit (about $200k so far) losses, We didn’t even CONSIDER walking away until recently, as the HOA has allowed our unfinished development (the builders all went bankrupt and simply packed up and moved on) to go into blight. We now have tons of unfinished lost, with holes in the brick wall fences, fire hazard shrubs/brush growing out of control…this was supposed tonbe the home for our children to grow up in, but now not 1 but 2 drug-dealers have moved into the neighborhood.
Ethical?? We were flat-out lied to! This is supposed to be a “Master-Planned Community, but it no longer has a plan of any kind. It is now the “Land that Time Forgot”. We are walking, as soon as we figure out how to do it!

By: Franklin Min

Franklin Min — Tue, 31 May 2011 13:03:47 +0000

In an upside down mortgage. Bought in 2006 at $143,500, now worth $71,000. I am 65 retired on fixed income. Current mort is 30 year fixed at 2.9%, bal of $123,000.00 monthly $730 including taxes and insurance.
I am figuring if I walk at this stage it will cost just as much to rent. Any advice appreciated. I live in Georgia.

By: Paul

Paul — Fri, 06 May 2011 01:16:29 +0000

To all,

Many of us have the same problem. I read in the wall street journal that 1 in 5 homes in America are now worth less than the amount owed. Underwater or not, home values continue to drop nationally eating away at perhaps years of equity building for everyone, including those that owe the banks little or nothing currently.

We as home owners need to join forces and quit paying our mortgages. More radically, we should quit doing business with the banks altogether. It is the old strength in numbers argument. Only then, will we the banks act to right the wrong they have done to each and every home owner.

Each and every home owner in the county should have at least a one time base adjustment to current market value and receive cash or a mortgage forgiveness adjustment. I think this will stop the continual property value declines. It will give people the wherewithal to sell homes that are otherwise no longer underwater and maybe even help the return of the housing market.

So how do we create a grass roots rising to join forces and put this plan into action.

By: BEN

BEN — Tue, 22 Mar 2011 02:49:44 +0000

HECK WITH ETHICS ,WE ALREADY KNOW WHAT THE BANKS’ ETHICS WERE — DUMP THAT HOUSE , I’M UPSIDE DOWN AND CAN’T EVEN MAKE REPAIRS. THE HOME IS FALLING APART BUT I CAN’T LOSS EVEN MORE MONEY. GOT TO JUNK IT.

By: anita

anita — Tue, 23 Nov 2010 21:58:45 +0000

Take the emotions and stupidity out of your decision. Sit down and do your numbers. Ask yourself how long you have to make up the loss in value and how much it will cost you. Do your homework and understand the consequences if you should walk. This nonsense that your credit is ruined forever is not true. you have to consider that it will be less than perfect for a while, but hat may be a good thing.
If after all of this, it makes financial sense, then do it, however, do not let these people trying to have moral high ground influence you. These are the same people who look at homeless and jobless people and call them lazy! they do not realize they could very easily be there too!
Also, please look at this as a business transaction. Most business will cut their losses when it makes sense, but only if it truly makes sense. They usually have a plan of action afterwards and so should you! Good luck to all!

By: Andy

Andy — Sun, 24 Oct 2010 23:58:55 +0000

I’m a responsible buyer – I purchased my condo back in 2007 with 15% down in California. Back then it was worth $480,000, these days same condos in the same complex are selling for $290,000. Now, considering my 15% immediate loss and credit score going down the ditch, what would be the best solution in this situation? My current credit score is 790 and HOA is threatening with additional $20,000 in special assessments.

By: Alicja

Alicja — Sun, 18 Jul 2010 18:02:26 +0000

In 2006, I bought a condo-conversion in southern California for $250,000. It is now worth $120,000. BofA will not refinance. I want to walk away unfortunately the mortgage is under my parents’ name/credit. I’m in my 30′s and feel like a huge shackle has been tied around my ankle. I didn’t realize how angry and depressed this so-called investment would make me feel. I don’t know what to do. I feel like I’ve smashed into a brick wall and with it my dreams have been shattered, too.