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Bragi

(7,650 posts)

72. That was the whole point of the article

Reply to sufrommich (Reply #15)

Tue Jan 10, 2012, 12:59 PM

Jan 2012

People are doing strategic defaults.

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As home prices fall, more borrowers walk away [View all] Huey P. Long Jan 2012 OP

The sunshine pumpers and rectal smoke blowers will ignore this reality. -eom Huey P. Long Jan 2012 #1

This message was self-deleted by its author LaurenG Jan 2012 #2

To just sit by for that long is stupid, imo. 'They' are being allowed to get away with Huey P. Long Jan 2012 #5

This message was self-deleted by its author LaurenG Jan 2012 #8

Well, everyones situation is different. If you are happy, stay. Huey P. Long Jan 2012 #10

11 years is not so long. Lance_Boyle Jan 2012 #9

Chaining yourself to a losing burden when you have another option is, at this point, foolish. -eom Huey P. Long Jan 2012 #28

As long as you have assets beside your home, walking away is not much of a problem. nt Snake Alchemist Jan 2012 #3

I would think finding a new home sufrommich Jan 2012 #13

If you have cash or assets you can sell, then credit is of no consequence. nt Snake Alchemist Jan 2012 #14

If you have cash or assets enough that credit sufrommich Jan 2012 #15

Business decision. Snake Alchemist Jan 2012 #17

nonsense! If you are in such a position, this is EXACLTY every bit of 'your business' walking away. Huey P. Long Jan 2012 #23

"Efficient breach" is a basic concept in contract law. nt Romulox Jan 2012 #25

Great term! /nt Bragi Jan 2012 #71

That was the whole point of the article Bragi Jan 2012 #72

What some have done is buy or rent before they walk away. Gormy Cuss Jan 2012 #52

Depends on the state and your situation. JDPriestly Jan 2012 #58

A house with underwater mortgage is not an asset, it is a liability. Fool Count Jan 2012 #64

Prices HAVE to be adjusted down, somehow. Think of it from a prospective buyer's perspective Romulox Jan 2012 #4

Thats why just walking away is the answer. Huey P. Long Jan 2012 #7

It seems to me that the gov't has a responsibility of helping transition to new, lower valuations Romulox Jan 2012 #11

I didn't buy in the "bubble" and didn't over-extend so I don't want anybody snooper2 Jan 2012 #20

"Mama may have. Papa may have. But god bless the child that's got his own." Romulox Jan 2012 #21

There is no such thing as god but your poem is cute snooper2 Jan 2012 #40

"My" poem? Culturally illiterate much? Romulox Jan 2012 #41

No, I just wasn't born in 1940 LOL snooper2 Jan 2012 #42

Is being born in 1940 a basis to be mocked? Romulox Jan 2012 #43

you took the bait lol snooper2 Jan 2012 #46

Nope. I googled your crap first (internutz, lol!) and ignored it. There's an objective difference Romulox Jan 2012 #50

Tell that to my daughter LOL snooper2 Jan 2012 #54

... leftstreet Jan 2012 #62

I laugh at this. Your home will have a lower valuation regardless of what you 'want'. Watch.- oem Huey P. Long Jan 2012 #26

If values are falling across the board MattBaggins Jan 2012 #74

Sometimes. Snake Alchemist Jan 2012 #12

well, home prices steadily appreciated for the entire 20th century...at about 5% annually..until now xiamiam Jan 2012 #60

Huey P. Long, please permit me to respectfully disagree with what you stated. ms.smiler Jan 2012 #55

It does not matter if homeowner "has more money in the property than the bankers". Fool Count Jan 2012 #65

Fool Count, oh I�m sorry; those words sent you off in the wrong direction. ms.smiler Jan 2012 #69

People bought in the bubble thinking prices/value just go up 30% a year forever snooper2 Jan 2012 #18

Did you respond to me by mistake? None of your post relates to my post, to which you respond. nt Romulox Jan 2012 #27

Haha, prepare to take a hit! You are next. It will then be time to laugh at yourself! -eom Huey P. Long Jan 2012 #32

Bought my house for 370,000 10 years ago... trumad Jan 2012 #47

So values have fallen over 30% of (pre-bubble) values? snooper2 Jan 2012 #49

During the bubble the house was appraised at 610,000 trumad Jan 2012 #51

that's just nuts... snooper2 Jan 2012 #57

Well a couple of factors... trumad Jan 2012 #59

In Los Angeles (near Ladera Heights), some of the 2 BR units in our building coalition_unwilling Jan 2012 #61

I wish I had sold in 2007 quaker bill Jan 2012 #68

They have fallen alot in central FL quaker bill Jan 2012 #67

Depends on what you think will happen in the time MineralMan Jan 2012 #70

My home was valued at 295k in 08 a similar one just sold for 162k...... Historic NY Jan 2012 #6

I believe he has the same stove I do :) snooper2 Jan 2012 #16

A font of compassion. nt Romulox Jan 2012 #22

I'm sorry, from now on every post will be 100% deathly serious and to the point... snooper2 Jan 2012 #53

The banks would love to guilt-trip people into thinking there is some kind of moral issue here, Nye Bevan Jan 2012 #19

Exactly. -eom Huey P. Long Jan 2012 #24

Completely, absolutely agree. closeupready Jan 2012 #44

You're right. Delphinus Jan 2012 #75

Unenlightened homeowners will walk away while enlightened homeowners will file a Quiet Title suit. ms.smiler Jan 2012 #29

Good post. -eom Huey P. Long Jan 2012 #30

I don't understand why anybody would pay on a mortgage... Bigmack Jan 2012 #33

And you won't. They are being allowed to get away with all this, and we/us are going to pay for it Huey P. Long Jan 2012 #35

In some respects, yup. Better to preserve unfair inequality than to level the playing field justly. closeupready Jan 2012 #45

DEFICIENCY STATE? One question to consider is whether or not your state is a "Deficiency" state. cyberpj Jan 2012 #31

What ever happened to PMI-Private Mortage Insurance CanonRay Jan 2012 #34

Good question. You would think that. I do not know, but suspect they are being protected as well. Huey P. Long Jan 2012 #36

PMI (the company) is indeed going under. nt Dreamer Tatum Jan 2012 #38

CanonRay, the PMI is actually one of many occasions the banksters collect upon the loan. ms.smiler Jan 2012 #39

Good post, thanks and good luck with the lawsuit. CanonRay Jan 2012 #48

kick Liberal_in_LA Jan 2012 #37

This message was self-deleted by its author Mosby Jan 2012 #56

and is the previous homeowner or builder whistler162 Jan 2012 #66

The 2006 peak was a market fabrication, they were never worth that much. joshcryer Jan 2012 #63

This guy is not contemplating walking away Yo_Mama Jan 2012 #73