Comments on: I Changed My Mind – Go Ahead And Walk Away From Your Mortgage.

By: thought alot

thought alot — Tue, 30 Mar 2010 12:11:05 +0000

We got an 80/20 loan where the first loan is an interest only and ARM. We are now up side down living in a house worth 140 K paying on a 318 k loan. I remember asking our loan officer at the time if what we were doing was risky and the response was don’t worry about it everybody refinnances in 10 years and the bank was more than willing to help originally aproving us for one amount then upping that number. I admit we are smart people who did a dumb thing, and now we are not putting aside money for retirement, kids college, or making necessary repairs just so we can continue to pay on a mortgage. Why should I let my retirement fund and kids suffer their future just to make the bank happy. A bank who refuses to help modify a loan because we are not “poor” and we are so up side down they won’t get any gov help. Do I really want to go through the credit dings, uproot my children, no. I’m not poor yet but we will be if we continue to pay on this house. If you see a train coming do you wait to the bitter end to die or does it make more sense to get out of the way first? We’ve talked to realtors, lawyers, the bank and to each other as a couple to figure out what to do reviewing consequences. I can rent something equivalent for half the price of my mortgage. All my neighbors are under water and there are many foreclosures in our neighborhood. The smart ones are either buying now or have already been here for more than ten years and don’t have crazy loans. They will still be here no matter what we do or don’t do. Ironicly, we have been working the last five years to pay off all credit card debt and we are now credit card free. So maybe we are just half dead beats to those righteous among us.

By: No Debt Plan | Money Smart Life

No Debt Plan | Money Smart Life — Tue, 23 Feb 2010 09:49:35 +0000

[...] I Changed My Mind – Go Ahead And Walk Away From Your Mortgage. @ My Two Dollars [...]

By: Frugal Babe

Frugal Babe — Mon, 22 Feb 2010 18:34:33 +0000

During the boom real estate years, it was common to hear stories of people who bought houses for $200,000 and sold them for $300,000 a few years later. In those sort of scenarios, should the homeowner have been required to pay a sum of money to the person who sold them the house for $200,000 – to make up for the huge gains that the house made?
I doubt that sort of argument works if we look at it in reverse…
Basically, when we buy real estate, we have to accept that one of three things can happen: the value can go up (sometimes by a lot), it can go down (sometimes by a lot), or it can stay the same. When we take out a mortgage, we have to keep in mind that there is no guarantee as to what the value of the property will be a few years down the road. I think way too many people had the idea that property values would always go up… alas, that is not the case.

By: Weekly round-up

Weekly round-up — Mon, 22 Feb 2010 05:25:55 +0000

[...] Two Dollars has changed his mind about walking away from your mortgage. I’m still not sure I am completely comfortable with [...]

By: Roundup and Link Love: Please No More Snow Edition 2010

Roundup and Link Love: Please No More Snow Edition 2010 — Fri, 12 Feb 2010 17:21:27 +0000

[...] I Changed My Mind ““ Go Ahead And Walk Away From Your Mortgage [...]

By: Now OK To Walk Away From Your Mortgage?

Now OK To Walk Away From Your Mortgage? — Fri, 05 Feb 2010 22:22:26 +0000

[...] Sean Dave echos a sentiment I’ve begun to hear more and more often. Apparently, it’s getting more and more OK to walk away from ones mortgage: This isn’t about having your credit score ruined or not being able to get another mortgage for a [...]

By: Everybody Loves Your Money - Living for today – Planning for Tomorrow » Walking Away From a Mortgage – Is it Okay?

Fri, 05 Feb 2010 13:40:26 +0000

[...] Away From a Mortgage – Is it Okay? By Hazzard David over at My Two Dollars blogged about whether he thinks it’s okay to walk away from a mortgage. Originally, back in [...]

By: David/Your finances 101

David/Your finances 101 — Fri, 05 Feb 2010 03:58:37 +0000

I think it is unethical to walk away from a mortgage if you can still afford to pay it.

Plain and simple

By: Evan

Evan — Fri, 05 Feb 2010 01:29:42 +0000

I never thought I was being a dick, but then again, who *thinks* they are the dick. I simply thought that what I see to be 2 opposite views from the same person interesting. I guess you don’t see a connection, and that’s fine.

I don’t expect anyone to rollover for me, except maybe my dog, and even she only does it about half the time.

Lastly, I have no interest in proving anyone right or wrong, nor do I believe you should give a “crap” about my journey.

By: David

David — Fri, 05 Feb 2010 01:19:06 +0000

Only being dickish because of your tone, but thanks for all your comments. You can’t expect to tell people they don’t make sense and then get offended when they don’t roll over and agree with you. And I am sorry to know that how I decide to do things bothers you so much that you feel the need to prove you are “right” – you aren’t for me, only for you and in your mind. I don’t give a crap that you are on a “journey to millions” which I could care less about; money doesn’t interest me enough to try to make millions or be mad about those who do. Just saying that I didn’t come to your site and start telling you that your desire or decisions to make a million bucks is wrong, did I?

You can disagree all you want – but when you come to a site and say:

“Is this the same author that thought he shouldn’t claim his Haiti deduction? For the betterment of the gov’t?

Just to connect the posts, you think it is “˜better’ (whatever that means to you) to walk away from your mortgage and the direct harm to a bank AND it is better not to deduct your charitable donations?”

You are, in fact, being a dick.