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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Is it okay to walk away from your mortgage so you can buy a bigger house?
from a topic on the home board & a topic that is frequently discussed on other message boards.
Here's the scenario, you are not sick, you are not in debt(more than anyone else), you did not loose your job, you do not need to relocate.
You did "overpay" for your current house, you want a bigger, better house but can't sell the one you have because you are upside down. You can't rent it because the numbers don't jive.
Would you consider buying a new house then defaulting on the original home's loan & trying to do a short sale because you know the government has decided not to penalize people that "can't afford their homes"?
Believe it or not this is playing out ALL OVER the country. Its working for people too because many times only one spouse is on the loan that they default on so they still have the other persons credit score to fall back on.
How do you feel about this?
Is it right or wrong?
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Posted 8/25/08 9:10 AM  |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
It is completely wrong and the government needs to have better screening tools if this is happening. It is never okay to walk away from your responsibilities just because.
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| Posted 8/25/08 9:19 AM |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
no, I would never do that. if you have no problems to pay the bills on the house your in you should stay there and wait it out and sell it.
WOuldn't we all like a bigger and better house? People need to take their responsibilities seriously instead of thinking with a me, me, me attitude.
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| Posted 8/25/08 9:21 AM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
This is unethical IMO and scamming govt. resources, since in this scenario, the people involved can pay their bills, they just want something bigger and are annoyed that they bought at the market peak.
If that was me I would wait it out, and if consider remodeling the house I have to better fit my needs. Or just deal with the house I have.
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| Posted 8/25/08 9:27 AM |
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metagefken
LIF Adolescent
Member since 5/08 679 total posts
Name:
J
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
its about as wrong as wrong can be. what ever happened to people living up to their responsibilities and being adult enough to stand and take the consequences for their actions?
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| Posted 8/25/08 9:30 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Not okay. I am sickened that we live in a society where people feel so entitled to have something bigger or better that they think it's okay to shirk their existing financial obligations in order to get more. I am also sickened that the government makes it fairly easy for people to do just this, too.
Whatever happened to personal integrity and personal responsibility?
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| Posted 8/25/08 9:32 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by KellyFG
from a topic on the home board & a topic that is frequently discussed on other message boards.
Here's the scenario, you are not sick, you are not in debt(more than anyone else), you did not loose your job, you do not need to relocate.
You did "overpay" for your current house, you want a bigger, better house but can't sell the one you have because you are upside down. You can't rent it because the numbers don't jive.
This is the statement that totally bugs me out. I definitely agree with what you are saying.
It annoys me when people say "they can't rent it because it won't work". I say poo to that.
You can ALWAYS rent it, even if you aren't getting back in rent what you are paying for it.
It's one thing to forclose on something and cough it up as a bad decision. I would assume this person would simply start renting to try to catch up with their lives financially.
But to use the government as their excuse for a bailout and THEN go ahead buy something else. That person has some serious moral issues.
With the thread in question, that person could very EASILY rent out their current home (even at a loss) and rent out a place for themselves. The difference in the mortgage they would pay with the 4br house they want to buy would easily cover the difference in rental income (minus what they owe) they would get and the rental for their new place.
But of course the same person probably thinks "renting is throwing money away" which is why they got in trouble in the first place.
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| Posted 8/25/08 9:39 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by ave1024
This is the statement that totally bugs me out. I definitely agree with what you are saying.
It annoys me when people say "they can't rent it because it won't work". I say poo to that.
You can ALWAYS rent it, even if you aren't getting back in rent what you are paying for it.
Amen to that, I wish every one of my investment properties had positive cash flow, I'd be a friggin real estate mogul.
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| Posted 8/25/08 9:41 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
No way. All we have in this life is our personal reputation and my conscience would eat me up inside if I took advantage of the system like that. The root cause of this phenomena is why we haven't bought something yet.
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| Posted 8/25/08 9:43 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
never, ever.
I made my bed, now I have to lie in it.
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| Posted 8/25/08 9:45 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by ave1024
Posted by KellyFG
from a topic on the home board & a topic that is frequently discussed on other message boards.
Here's the scenario, you are not sick, you are not in debt(more than anyone else), you did not loose your job, you do not need to relocate.
You did "overpay" for your current house, you want a bigger, better house but can't sell the one you have because you are upside down. You can't rent it because the numbers don't jive.
This is the statement that totally bugs me out. I definitely agree with what you are saying.
It annoys me when people say "they can't rent it because it won't work". I say poo to that.
You can ALWAYS rent it, even if you aren't getting back in rent what you are paying for it.
It's one thing to forclose on something and cough it up as a bad decision. I would assume this person would simply start renting to try to catch up with their lives financially.
But to use the government as their excuse for a bailout and THEN go ahead buy something else. That person has some serious moral issues.
With the thread in question, that person could very EASILY rent out their current home (even at a loss) and rent out a place for themselves. The difference in the mortgage they would pay with the 4br house they want to buy would easily cover the difference in rental income (minus what they owe) they would get and the rental for their new place.
But of course the same person probably thinks "renting is throwing money away" which is why they got in trouble in the first place.
I agree.
I hate people.
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| Posted 8/25/08 10:04 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Never, can't stand people who don't take responsibility for their actions and look for the easy way out.
I have a family member who did this and I laughed my arse off when their SO was turned down for a mortgage for the new house and they ended up having to rent something for more each month than the original house's monthly note was.
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| Posted 8/25/08 10:14 AM |
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melbalalala
Little Lady
Member since 5/07 5014 total posts
Name:
Melissa
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Is it okay? Nope.
Would I do it? Heck, why not? If the gov't is going to be stupid enough to bail me out, I'd do it in a heartbeat.
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| Posted 8/25/08 10:23 AM |
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Mimacat
LIF Infant
Member since 8/08 293 total posts
Name:
Heather
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by melbalalala
Is it okay? Nope.
Would I do it? Heck, why not? If the gov't is going to be stupid enough to bail me out, I'd do it in a heartbeat.
Yay for being honest, Ov.
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| Posted 8/25/08 10:26 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
No it's not ok and the fact that our government is stupid enough to do this is just embarrassing .........
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| Posted 8/25/08 10:28 AM |
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kimbalina
Bring on the glitter and bows!
Member since 6/08 15158 total posts
Name:
Kim
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
I am not 'in the know' with any of the real estate property laws or loop holes.. i didnt even know that this is a possibility!
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| Posted 8/25/08 10:28 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
its part of the new housing bill that was passed a few months ago. There is also a credit for first time home buyers up to i think $7500 that you do have to pay back but its essentially a tax free loan.
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| Posted 8/25/08 10:37 AM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by Kara
Not okay. I am sickened that we live in a society where people feel so entitled to have something bigger or better that they think it's okay to shirk their existing financial obligations in order to get more. I am also sickened that the government makes it fairly easy for people to do just this, too.
Whatever happened to personal integrity and personal responsibility?
I completely agree. How about the gov't help out the people who are doing what they should! I would love to get some kind of tax break because I pay my mortage and bills on time! I would love to be excused from my 1K student loan payment, because sometimes it's a really tough payment to make! Instead we go without and live within our means; we will continue to do so and just look forward to the day when I don't have student loans.
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| Posted 8/25/08 10:41 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by Kara
Not okay. I am sickened that we live in a society where people feel so entitled to have something bigger or better that they think it's okay to shirk their existing financial obligations in order to get more. I am also sickened that the government makes it fairly easy for people to do just this, too.
Whatever happened to personal integrity and personal responsibility?
ITA. I would never - unless there was some other catastrophic event.
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| Posted 8/25/08 10:53 AM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by Kara
Whatever happened to personal integrity and personal responsibility?
It's gone. We live in a world where EVERYTHING is disposable; so why not add our financial obligations to the list?
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| Posted 8/25/08 10:55 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Everything everyone else said is right on---absolutely not, its not okay to do what you are thinking of doing.
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| Posted 8/25/08 10:56 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by melbalalala
Is it okay? Nope.
Would I do it? Heck, why not? If the gov't is going to be stupid enough to bail me out, I'd do it in a heartbeat.
I appreciate your honesty.
The "why not?" for me, though, is personal integrity. There are plenty of things I CAN do in this life that I choose not to. Why? Because they are wrong (morally and ethically, if not legally). This country is sorely lacking in people who take responsibility for themselves and their actions. I refuse to add to that problem.
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| Posted 8/25/08 11:02 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
Posted by Kara
Not okay. I am sickened that we live in a society where people feel so entitled to have something bigger or better that they think it's okay to shirk their existing financial obligations in order to get more. I am also sickened that the government makes it fairly easy for people to do just this, too.
Whatever happened to personal integrity and personal responsibility?
ITA
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| Posted 8/25/08 11:03 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
NEVER
I just found out a family memeber is going to pulling something like this
he only bought the house in his name
so his wife is free and clear
he also owes 20% more then he paid for the house 2 years ago - that doesn't just happen - he pulled money out of the house
they were just in NY talking about needing a larger house with a back yard
and I found out (since it's a matter of public record) that the house is in pre-foreclosure
he is taking a HUGE risk- considering he worked for the company that gave him this loan- this loan could be investigated
and not to mention his credit is done- and he has no job- and they jobs he wants are ones that would require a credit check - he isn't even smart enough to realize that
if he doesn't want this house- he should have tried to sell it- or rent it out- I don't think it's fair to make the rest of cover it
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| Posted 8/25/08 11:08 AM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Is it okay to walk away from your mortgage so you can buy a bigger house?
No Freaken way. It makes me so angry that people even think its okay to do this. Completely irresposible. Grow up and take responsibility on your actions.
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| Posted 8/25/08 11:08 AM |
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