Comments on: Do You Think It Is OK To Walk Away From A Mortgage You Cannot Afford? http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/ A place to discuss money...for the rest of us. Sun, 08 Nov 2009 11:35:12 -0500 hourly 1 By: Maria http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-34801 Maria Sun, 01 Nov 2009 17:48:31 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-34801 When speaking of personal responsibility, people should look to the banks first. They think nothing of changing terms midstream... I took out a mortgage 4 years ago. It was based upon 2 people's salaries. Now we are in a bind because my husband's business is belly-up. Now we are trying to pay a mortgage (and childcare) on one salary. I tried to contact the bank to see if there was a way to work this out. I cannot refinance because my mortgage (for a townhouse) is over 100K upside down. The bank's reply was, "sorry, we can't help you." A tribute to this same bank... has anyone ever accidentally bounced a check and had the bank charge them overdraft fees 5 times (that's $35 x 5)in ONE day? Trust me... the banks are not the victims here! When speaking of personal responsibility, people should look to the banks first. They think nothing of changing terms midstream…

I took out a mortgage 4 years ago. It was based upon 2 people’s salaries. Now we are in a bind because my husband’s business is belly-up. Now we are trying to pay a mortgage (and childcare) on one salary. I tried to contact the bank to see if there was a way to work this out. I cannot refinance because my mortgage (for a townhouse) is over 100K upside down. The bank’s reply was, “sorry, we can’t help you.”

A tribute to this same bank… has anyone ever accidentally bounced a check and had the bank charge them overdraft fees 5 times (that’s $35 x 5)in ONE day? Trust me… the banks are not the victims here!

]]> By: joe http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-34313 joe Wed, 23 Sep 2009 22:49:57 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-34313 i sure hope David never gets into a bind!! he's so responsible. wonder if he's a banker i sure hope David never gets into a bind!! he’s so responsible. wonder if he’s a banker

]]> By: david http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-33897 david Mon, 17 Aug 2009 20:49:00 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-33897 Well, we see how well it's been working I guess. Let's keep buying houses we can't afford, yipee! Well, we see how well it’s been working I guess. Let’s keep buying houses we can’t afford, yipee!

]]> By: Terry G http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-33896 Terry G Mon, 17 Aug 2009 20:46:03 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-33896 David, you need a reality check. It is great that you have strong morals, however, purchasing a house is a financial business transaction. Within that financial transaction are stipulations in the event that one party defaults on the agreement. The purpose of the default is irrelevant. The buyer agreed to pay fees and interest to the bank to borrow the funds to purchase a home. The bank set the fees and interest rate based on their perception of the risk. The bank was paid to accept the risk and now they are assuming those risks and must absorb the losses. This is called capitalism. Welcome to America. David, you need a reality check. It is great that you have strong morals, however, purchasing a house is a financial business transaction. Within that financial transaction are stipulations in the event that one party defaults on the agreement. The purpose of the default is irrelevant. The buyer agreed to pay fees and interest to the bank to borrow the funds to purchase a home. The bank set the fees and interest rate based on their perception of the risk. The bank was paid to accept the risk and now they are assuming those risks and must absorb the losses. This is called capitalism. Welcome to America.

]]> By: Tammy http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-33430 Tammy Fri, 03 Jul 2009 04:45:30 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-33430 I agree with Enzo. We are in this situation right now. My husband had to relocate for his job. We are upside down in the house. We have a renter, but it does not cover the mortgage. Why is it okay for the banks and real estate agents to lie, but wrong to forclose. We can't continue to be in the hole every month anymore. I agree with Enzo. We are in this situation right now. My husband had to relocate for his job. We are upside down in the house. We have a renter, but it does not cover the mortgage. Why is it okay for the banks and real estate agents to lie, but wrong to forclose. We can’t continue to be in the hole every month anymore.

]]> By: Enzo http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-33355 Enzo Mon, 29 Jun 2009 04:42:24 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-33355 Actually, you promise to repay or the bank can take the house back. So by giving the house back, you are honoring the agreement. What's so hard to understand about this? When an corporation gets in trouble they fire people or file bankruptcy and their stock goes up and everyone applauds. But if a regular Joe forecloses everyone beats them up over it. People should do what is financially best for them. If the house is 100k upside down within a year or two, then the appraiser & bank should be charged with fraud since they were obviously full of shit. Actually, you promise to repay or the bank can take the house back. So by giving the house back, you are honoring the agreement. What’s so hard to understand about this?

When an corporation gets in trouble they fire people or file bankruptcy and their stock goes up and everyone applauds. But if a regular Joe forecloses everyone beats them up over it. People should do what is financially best for them. If the house is 100k upside down within a year or two, then the appraiser & bank should be charged with fraud since they were obviously full of shit.

]]> By: D- http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-31473 D- Wed, 11 Feb 2009 01:13:10 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-31473 I'm going to have to say let them walk... its not like a large percentage of people took these loans with the intent to default. My wife was laid off and I took a large pay cut to keep my job. Do i stay in a house where paying the mortgage means bleeding money every month, not a few dollars, but hundreds out the door each month. sure credit will be crap for a decade but our quality of life will hopefully be much better I’m going to have to say let them walk… its not like a large percentage of people took these loans with the intent to default. My wife was laid off and I took a large pay cut to keep my job. Do i stay in a house where paying the mortgage means bleeding money every month, not a few dollars, but hundreds out the door each month. sure credit will be crap for a decade but our quality of life will hopefully be much better

]]> By: Caroline http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-28314 Caroline Fri, 22 Aug 2008 21:01:15 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-28314 Braun, my heart went out to you when I read your post about Wells Fargo (also, my mortgage holder)! We moved out of state as well, 10 months ago, and left a house behind STILL on the market for sale today, and we've dropped the price by over $30,000 since then and still - nothing! We are renting while we pay on the house back home, and we are straining each month just to pay all the rest of the bills! I know people who can't even make one mortgage payment let alone two. I was thinking of doing a short sale with Wells when we reach the 1 year mark but now I'm not sure that's such a good idea. I am shocked that they are unwilling to use logic and work this out to everyone's benefit. I cannot believe that a mortgage company as big and as old as Wells tells you they "don’t have any procedures in place to deal with the situation I am describing"!! WTH??? I'm very concerned that they will also brush us aside with a flippant lie such as this. While the mortgage world explodes in all our faces, the banks seem to be washing their hands of us! We aren't the ones who bought above our means with fancy schmancy interest-only loans, we actually did it the normal way, but now we're caught up in the rushing flood waters of the mortgage crisis caused by greed, greed, and more greed! And the lame brains who sit in the side lines casting down judgement on things they know nothing about, make me want to puke. I say, give them time, they have lessons of their own to learn. Braun, my heart went out to you when I read your post about Wells Fargo (also, my mortgage holder)! We moved out of state as well, 10 months ago, and left a house behind STILL on the market for sale today, and we’ve dropped the price by over $30,000 since then and still – nothing! We are renting while we pay on the house back home, and we are straining each month just to pay all the rest of the bills! I know people who can’t even make one mortgage payment let alone two. I was thinking of doing a short sale with Wells when we reach the 1 year mark but now I’m not sure that’s such a good idea. I am shocked that they are unwilling to use logic and work this out to everyone’s benefit. I cannot believe that a mortgage company as big and as old as Wells tells you they “don’t have any procedures in place to deal with the situation I am describing”!! WTH??? I’m very concerned that they will also brush us aside with a flippant lie such as this. While the mortgage world explodes in all our faces, the banks seem to be washing their hands of us! We aren’t the ones who bought above our means with fancy schmancy interest-only loans, we actually did it the normal way, but now we’re caught up in the rushing flood waters of the mortgage crisis caused by greed, greed, and more greed! And the lame brains who sit in the side lines casting down judgement on things they know nothing about, make me want to puke. I say, give them time, they have lessons of their own to learn.

]]> By: David http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-28297 David Thu, 21 Aug 2008 17:11:37 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-28297 Josh, who is silent about it? I rail against corporate B.S. all the time! Josh, who is silent about it? I rail against corporate B.S. all the time!

]]> By: Deamiter http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/comment-page-1/#comment-28296 Deamiter Thu, 21 Aug 2008 17:10:37 +0000 http://www.mytwodollars.com/2008/02/06/do-you-think-it-is-ok-to-walk-away-from-a-mortgage-you-cannot-afford/#comment-28296 What makes you think that people are silent when corporations walk away from pension plans?!? Braunn - try getting a loan from Prosper.com. Under $5000 should have little difficulty getting funding, tough your rate might not be great, it'll be lower than credit cards. What makes you think that people are silent when corporations walk away from pension plans?!?

Braunn – try getting a loan from Prosper.com. Under $5000 should have little difficulty getting funding, tough your rate might not be great, it’ll be lower than credit cards.

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