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sunnyplus3
:)
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Re: What would you do if your home value fell to the extreme?
Posted by sometimesmommy
U are not worth getting banned for. But its the thought that counts---- So let me clarify for you --
BTW you can comment on their situation but dont speak for me and what I intend to do/not--there is a difference between what I do vrs what a broker suggested years ago---BIG difference. So keep it to topic before this thread takes a really horrible turn off topic.
I have no idea how any of that clarified anything for me or anyone else. You started this post empathizing for people in this situation & claiming some sort of knowledge about why this form of stealing was an appropriate "out".
if you want to change your tune now because nobody here's agrees with you AND deny something you said yourself about your personal future intentions in another thread you started that is fine. Whether I am on or off topic you hinting that there is something "horrible" in store for me is really pushing it.
Here's my advice to you, before you tell a vague story about people you know on a board that is frequented by people that are well versed in the Real Estate & Mortgage business, think about the question you are posting. Don't just keep repackaging it under different titles & expecting different responses. 
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Posted 1/4/09 2:42 PM  |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Re: What would you do if your home value fell to the extreme?
Posted by KellyFG
Posted by sometimesmommy
U are not worth getting banned for. But its the thought that counts---- So let me clarify for you --
BTW you can comment on their situation but dont speak for me and what I intend to do/not--there is a difference between what I do vrs what a broker suggested years ago---BIG difference. So keep it to topic before this thread takes a really horrible turn off topic.
I have no idea how any of that clarified anything for me or anyone else. You started this post empathizing for people in this situation & claiming some sort of knowledge about why this form of stealing was an appropriate "out".
if you want to change your tune now because nobody here's agrees with you AND deny something you said yourself about your personal future intentions in another thread you started that is fine. Whether I am on or off topic you hinting that there is something "horrible" in store for me is really pushing it.
Here's my advice to you, before you tell a vague story about people you know on a board that is frequented by people that are well versed in the Real Estate & Mortgage business, think about the question you are posting. Don't just keep repackaging it under different titles & expecting different responses.
The horrible I meant was flaming as its about to turn into a war of words between u and I--once again you twist meaning---ask a question to clarify if you dont know..You know what they say about assuming.
I am not versed in the RE industry so I think its a free board asking questions. I truely didnt have an issue until you called them A$$Holes--regardless I dont think you would appreciate it if I was to call you one--would you?  No one would.
Anyways--some people on here know me IRL and I dont need you or anyone to understand or know my character--its a WEBSITE. Thanks for the insight and if you want to continue to insinuate go ahead. You seem to be good at disagreeing disrespectfully.
P.S I dont mind if no one agrees with me--they will do what it is they will do regardless of what I say or anyone else--such is life. And for the record there are others who understand why people walk away just as I do even if they wouldnt do it. I think I said that--I wouldnt do it but can understand why people might..kinda of like abortion--never siad it was the right thing...This board is not representative of everyone ... its not high school where everyone needs to agree..to call someone I have a friendship with A$$$$$$---come on now---
just wanted opinions and never tried to tell anyone they were Dumb or A$$$ because they didnt agree with me feeling empathy for them...
Life goes on.
Message edited 1/4/2009 4:17:57 PM.
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| Posted 1/4/09 3:35 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: What would you do if your home value fell to the extreme?
I really can't believe someone would just walk away from their house because someone else got a better deal on theirs. That seems crazy-especially if they can afford the house, etc. I don't know, I just cannot imagine doing that.
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| Posted 1/5/09 1:51 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
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remember, when Gulliver traveled....
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Re: What would you do if your home value fell to the extreme?
it doesn't matter what they PAID.
I don't understand why anyone is suprised at the decrease in market values.
no one was complaining when prices DOUBLED...people paid b/c it was "worth" it to them to buy the house now.
everyone's future plans are tied to their present. whether you suffer home devaluation, job loss, illness whathaveyou, sometimes **** happens and you have to roll with it. it's that old adage "we plan and God laughs"
I think Kelly's tv analogy is perfect. what has our culture become that we can now excuse walking away from a HOME b/c it's not giving us the "return' we want?
NOTHING is a guarantee. those that can afford to pay for their homes need to suck it up, settle down, raise their kids...and use a home for its primary purpose...as a place to LIVE. no one ever promised a home is more than a place to lay one's head at night. that was our greedy culture that got these ideas of quick and speedy returns.
they bought into that idea as much as into the house...but honestly, anyone with a drop of sense could see that the homes were not worth that...and how anyone could imagine that a regular run of the mill one family house in a regular run of the mill town on LI could appreciate dramatically from $650k is beyond my ability to understand.
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| Posted 1/5/09 2:12 PM |
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JessInCA
live laugh love
Member since 8/06 5082 total posts
Name:
Jess
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Re: What would you do if your home value fell to the extreme?
Well, DH and I bought a little over 3 years ago and our home value has depreciated so much by now that I don't even like to think about it. So speaking as someone in that exact situation as the friends in the OP, I can tell you what we're going to do:
Continue to pay our mortgage and enjoy living in our home.
Walking away would a) leave us without a home to live in at all for the time being, b) screw up our credit, c) not get us into a new home any faster since we would then have lower credit scores and could have difficulty getting another mortgage, and d) contribute further to the housing market's downturn, which is not good for anyone. The way I figure, it'd be pretty irresponsible and selfish of us in general. We're going to honor our committment.
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| Posted 1/5/09 2:57 PM |
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Re: What would you do if your home value fell to the extreme?
Just as we never really know what goes on in other peoples' relationships, only the parties involved really know what goes into a decision to walk away from a home. I don't see this thread as being much different from several others in which people have debated who is to blame for current market conditions. It seems like most people's viewpoints come directly from their own personal experiences, which is fine, but no one has experienced every single set of circumstances that exists out there. Some patterns are the same but that is about it.
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| Posted 1/5/09 11:34 PM |
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sleepie76
enjoying every minute
Member since 12/07 3881 total posts
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Re: What would you do if your home value fell to the extreme?
it sucks, but it is happening to all of us.
I bought when the housing market was high. Im sure my house has lost value. I haven't checked, its my home.
I dont understand the mentality of walking away from a contract you AGREED to when you can afford to pay for it.
They CHOOSE to buy a house at that time, at that price. I don't really think it matters what it is worth now.
Thats like buying a new car and turning around 2 years from now and saying, "it depreciated too much, Im not going to continuing paying it."
I have to say, Posts like this make me angry and makes me understand why our economy is such a mess!
Message edited 1/6/2009 8:54:52 AM.
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| Posted 1/6/09 8:50 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: What would you do if your home value fell to the extreme?
Posted by KellyFG
Posted by sometimesmommy
-that wasnt needed..you can state how you feel without going there. Thats really immature.
No, what's immature is two educated people entering a business deal understanding the risk, being able to afford it and then walking away because they can't cash out on their "life goals". 
you asked opinions & used an example, we only have the info you gave us to base our opinion on. If you know more about the situation & you want to defend their choice that is your perogative.
Meanwhile based on your example I think they are PART of the problem, not victims.
I completely agree with this and don't think the 'karma bus' bit was outta line. These two adults in the example are blaming the market, the broker, the neighbors...when do they stop and just realize everyone is in this economy but most of us are handling it by paying or mortgages and doing the responsible thing?
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| Posted 1/6/09 10:12 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Re: What would you do if your home value fell to the extreme?
Whatever the case --the fact is that people are walking away--
Are other home owners paying for it----YES
Is it uncommon--NO
They havent acted yet but have considered it along with others as you can see so the thought has crossed other's minds--are they A$$$$$$--NO--misinformed--YES. Trying to work out whats in their best interest --YES. So I'll take them out the equation since they havent made a decision. So A$$$$$ membership revoked...
ETA: Kerri you make a great point about experiences---
There was a time where I was quick to condem people but after maturing I started to think out the box and not make decisions just based on "my own" expereince but put myself in others shoes. This economy is scary and when you have conversations with people who lose their jobs on a daily basis you get a chance to look through many eyes--so boo boo for understanding why someone who works at a company who laid off THOUSAND (and not done yet) for being concerned that maybe it was a poor investment since the security blanket can be ripped out from under them at any minute and the thought of walking away crosses their mind..THEY DIDNT DO IT YET. THEY THOUGHT about it. My goodness--no keys are in the mail.
I can understand if they did--guess what I am affected by every person just like the rst of you who walk away but just because I wouldnt do it for myself doesnt mean I dont get "WHY".
P.S --you dont have to agree with people's actions in order to understand why they might do something--thats the point I think most people are missing.
Message edited 1/6/2009 11:43:03 AM.
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| Posted 1/6/09 10:34 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What would you do if your home value fell to the extreme?
do the words
"personal responsibility" or "integrity"
mean ANYTHING these days??
just because other people are walking away from their houses DOES NOT make it ok for others to do so.
I signed an agreement to pay $X for a house and borrowed $Y. It doesnt matter if that house is worth $1 tomorrow, I agreed to pay and I will.
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| Posted 1/6/09 11:38 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Re: What would you do if your home value fell to the extreme?
Posted by Meaghan729
do the words
"personal responsibility" or "integrity"
mean ANYTHING these days??
just because other people are walking away from their houses DOES NOT make it ok for others to do so.
I signed an agreement to pay $X for a house and borrowed $Y. It doesnt matter if that house is worth $1 tomorrow, I agreed to pay and I will.
This could actually start another topic that I am curious about...I get the homeowner side--people are essentially responsible for their own decisions and opinions...
Are there any plans to penalize the brokers who knowingly deceived ?
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| Posted 1/6/09 11:45 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: What would you do if your home value fell to the extreme?
Posted by sometimesmommy
I can understand if they did--guess what I am affected by every person just like the rst of you who walk away but just because I wouldnt do it for myself doesnt mean I dont get "WHY".
P.S --you dont have to agree with people's actions in order to understand why they might do something--thats the point I think most people are missing.
your OP was pretty cut and dry...no mention of potential lay offs...nothing.
so I think MOST posters put themselves in the shoes of people who CAN still pay their mortgage but think they can cut their losses now and walk away to find a better INVESTMENT.
that is how I read it and my response was based on how I would feel in THOSE shoes.
I can completely understand why people who have lost income and such would contemplate this.
I can understand even how it could cross ANYONE's mind who's home has depreciated...but to take it from a flight of fancy to the next level of contemplation under your ORIGINAL situation is wrong to me.
it's silly to fault people now or call them immature b/c they didn't speculate on the families financial condition over what you wrote initially (CAN still afford the house, but considering it a bad investment) into something more dire.
every situation is unique, of course. and we do not know, should not be, and are not privy to the inner workings of every relationship....but that doesn't necessarily take away from the conclusions that are drawn based on the info given.
Message edited 1/6/2009 12:11:49 PM.
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| Posted 1/6/09 12:09 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: What would you do if your home value fell to the extreme?
Posted by Ophelia
Posted by sometimesmommy
I can understand if they did--guess what I am affected by every person just like the rst of you who walk away but just because I wouldnt do it for myself doesnt mean I dont get "WHY".
P.S --you dont have to agree with people's actions in order to understand why they might do something--thats the point I think most people are missing.
your OP was pretty cut and dry...no mention of potential lay offs...nothing.
so I think MOST posters put themselves in the shoes of people who CAN still pay their mortgage but think they can cut their losses now and walk away to find a better INVESTMENT.
Exactly, in the OP it states that these people CAN afford to pay.
The assumption is then that they are deciding if they WANT to-which is irresponsible IMO.
If they could NOT pay (due to layoffs, loss of job, etc)-then there are obviously fewer choices available to them and I could understand the situation more. But, that's not what was stated. It was stated that these people could in fact afford to pay, in which case I think it is their obligation to continue to do so and to do otherwise is completely irresponsible.
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| Posted 1/6/09 12:17 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Re: What would you do if your home value fell to the extreme?
Posted by Ophelia
Posted by sometimesmommy
I can understand if they did--guess what I am affected by every person just like the rst of you who walk away but just because I wouldnt do it for myself doesnt mean I dont get "WHY".
P.S --you dont have to agree with people's actions in order to understand why they might do something--thats the point I think most people are missing.
your OP was pretty cut and dry...no mention of potential lay offs...nothing.
so I think MOST posters put themselves in the shoes of people who CAN still pay their mortgage but think they can cut their losses now and walk away to find a better INVESTMENT.
that is how I read it and my response was based on how I would feel in THOSE shoes.
I can completely understand why people who have lost income and such would contemplate this.
I can understand even how it could cross ANYONE's mind who's home has depreciated...but to take it from a flight of fancy to the next level of contemplation under your ORIGINAL situation is wrong to me.
it's silly to fault people now or call them immature b/c they didn't speculate on the families financial condition over what you wrote initially (CAN still afford the house, but considering it a bad investment) into something more dire.
every situation is unique, of course. and we do not know, should not be, and are not privy to the inner workings of every relationship....but that doesn't necessarily take away from the conclusions that are drawn based on the info given.
True which is why when responses were given I added more info that wasnt included in the OP as the discussion went along--that happens in many posts. It happens in real life--
and the reference to immature is referncing to name calling-not people's opinions..I never said that so apples to apples--oranges to oranges...please
What if I said people who talk about fashion or shoes all day were shallow or people who puit down neighborhoods etc were snobs, or the list goes on--its an opinion...But when you add in other info that the person was a designer etc or a reviewer/writer it makes more sense and brings to light more info...not trying to sway but sometiems viewpoints change or they dont.
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| Posted 1/6/09 12:32 PM |
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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: What would you do if your home value fell to the extreme?
Posted by sometimesmommy
and the reference to immature is referncing to name calling-not people's opinions..I never said that so apples to apples--oranges to oranges...please
I don't know what this refers to...but I will say that you left out the additional information re: what you found immature, which is why I may have drawn an *incorrect* conclusion from it.
if you want people to post based on the FULL story...update your OP. this way those of us who just read the OP and perhaps a few other comments along the way will follow you better.
conversation flows very differently than the written word as I am sure you know...so apples to apples I guess
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| Posted 1/6/09 12:43 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
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Re: What would you do if your home value fell to the extreme?
Posted by Ophelia
Posted by sometimesmommy
and the reference to immature is referncing to name calling-not people's opinions..I never said that so apples to apples--oranges to oranges...please
I don't know what this refers to...but I will say that you left out the additional information re: what you found immature, which is why I may have drawn an *incorrect* conclusion from it.
if you want people to post based on the FULL story...update your OP. this way those of us who just read the OP and perhaps a few other comments along the way will follow you better.
conversation flows very differently than the written word as I am sure you know...so apples to apples I guess
No I did not--I said the name calling is immature. I said that in the post--you may want to reread.
ETA: And I agree with conversation flowing differently--which is how I was responding as if its a conversation--Before I respond I tend to read others responses in case more info comes to light. But I realize that all dont do that but its pointless now to update a thread like this...
Message edited 1/6/2009 12:57:29 PM.
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| Posted 1/6/09 12:51 PM |
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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: What would you do if your home value fell to the extreme?
Posted by sometimesmommy
Posted by Ophelia
Posted by sometimesmommy
and the reference to immature is referncing to name calling-not people's opinions..I never said that so apples to apples--oranges to oranges...please
I don't know what this refers to...but I will say that you left out the additional information re: what you found immature, which is why I may have drawn an *incorrect* conclusion from it.
if you want people to post based on the FULL story...update your OP. this way those of us who just read the OP and perhaps a few other comments along the way will follow you better.
conversation flows very differently than the written word as I am sure you know...so apples to apples I guess
No I did not--I said the name calling is immature. I said that in the post--you may want to reread.
you know what... i don't care enough.
honestly, you are being snotty for no reason. relax and understand that we don't know Kimmie and Bobby and how fantastic they may be in EVERY other area of their life except this one.
you went fishing for trout and came up with the boot. you'd better better off saving your bait for another day.
Message edited 1/6/2009 12:55:49 PM.
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| Posted 1/6/09 12:55 PM |
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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: What would you do if your home value fell to the extreme?
Posted by sometimesmommy
Are there any plans to penalize the brokers who knowingly deceived ?
What does this have to do with somebody buying a 650k house and walking away because their friend is paying 200k less for theirs?
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| Posted 1/6/09 12:55 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: What would you do if your home value fell to the extreme?
Posted by ave1024
Posted by sometimesmommy
Are there any plans to penalize the brokers who knowingly deceived ?
What does this have to do with somebody buying a 650k house and walking away because their friend is paying 200k less for theirs?
I said it would make for another interesting thread..whats wrong in asking that? I am curious since there were other posts where people questioned broker's actions.
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| Posted 1/6/09 12:59 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: What would you do if your home value fell to the extreme?
Posted by Ophelia
Posted by sometimesmommy
Posted by Ophelia
Posted by sometimesmommy
and the reference to immature is referncing to name calling-not people's opinions..I never said that so apples to apples--oranges to oranges...please
I don't know what this refers to...but I will say that you left out the additional information re: what you found immature, which is why I may have drawn an *incorrect* conclusion from it.
if you want people to post based on the FULL story...update your OP. this way those of us who just read the OP and perhaps a few other comments along the way will follow you better.
conversation flows very differently than the written word as I am sure you know...so apples to apples I guess
No I did not--I said the name calling is immature. I said that in the post--you may want to reread.
you know what... i don't care enough.
honestly, you are being snotty for no reason. relax and understand that we don't know Kimmie and Bobby and how fantastic they may be in EVERY other area of their life except this one.
you went fishing for trout and came up with the boot. you'd better better off saving your bait for another day.
No you are assuming i am being snotting--I truely meant you should reread. Not everyone gets up on the nasty side of the bed. Its a website and its easy to assume people mean the worse but sometimes when you use certain wordage there is no room for assuming.
Message edited 1/6/2009 1:06:22 PM.
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| Posted 1/6/09 1:04 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: What would you do if your home value fell to the extreme?
all of the OP's "immature" remarks & references to name calling are about me.
Appartently my dumbazz comment & my karma bus comment are too immature for this thread 
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| Posted 1/7/09 8:17 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: What would you do if your home value fell to the extreme?
Posted by KellyFG
all of the OP's "immature" remarks & references to name calling are about me.
Appartently my dumbazz comment & my karma bus comment are too immature for this thread
 point proven..NOT
Kelly I am over it but its raining outside so lets be entertaining and carry on. I have no work to do today.
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| Posted 1/7/09 9:02 AM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: What would you do if your home value fell to the extreme?
OK so they are upset their house decreased in value- but who's hasnt?!? Its the market, you make an investment for the LONG term (hence the 30yr mortgage) and you enter into it knowing that you are taking a risk. What about their cars? They depreciated in value as soon as they drove them off the lot. Are they going to give them back too?? I'm sorry but I just don't understand this mentality, walking away from your responsibilities. I wonder what they will do when they have kids, you can't return them and they end up costing a LOT more then you expect!!
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| Posted 1/7/09 9:38 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: What would you do if your home value fell to the extreme?
What would I do ??
I'd pay the bank the money I borrowed from them to buy my home on the price that was agreed upon -
Come on - 
If I buy a pair of shoes at full price at the beginning of the season, and my friend gets the same pair for 80% off yesterday, am I going to go back to the store and demand my money be returned after I've been wearing them for 4 months ???
Maybe it's not the BEST analogy - but it SHOULD be.
I didn't hear the people who sold us the house complaining when THEY made a $260k profit a few years later !!!! And WE had to pay an additional $260k for a house that was only 'worth' $200k 10 years ago -
It's real estate - it's supposed to be long term. -
It's a LOAN, it's SUPPOSED to be paid -
No wonder why we're called stupid, spoiled Americans !!! -  
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| Posted 1/7/09 10:04 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: What would you do if your home value fell to the extreme?
Marisa totally agree--my parents paid 133K and the house is now worth 430K but was up to 480K in 2006. They dont really care too much about house prices falling since its about paid off. I think the proccupation with equity is more so for new buyers since the majority who bought in 2006/07 paid premium. Zillow estimated 39% of homes bought 2006 and 30% of homes bought 07 to have lost significant equty and most buyers are unaware how much.
This post is passionate and I do agree with many of the points. Although I (dont think)the couple is probably not going to walk away..think they were just tossing around ideas like anyone would...I researched and found that economists are predicting that millions will be turning in keys (actually acting) and surprisingly its not only those in financial harship but those who have negative equity/upside down who can afford payments with good credit. So granted I want to hope that most wouldnt walk away since I would love to see my home appreciate for retirement reasons but the stats say otherwise....and that its already begun.
Hopefully lenders start looking at the group they think is the least risk....
Message edited 1/7/2009 12:27:15 PM.
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| Posted 1/7/09 12:26 PM |
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