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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: What do you make of this?
Posted by rileysmama
Posted by KLSbear
Posted by Mushesgirl
I guess people don't care about credit anymore, you can always rent.
You may have a hard time renting, or even getting a decent job with bad credit these days. Rental companies will look into credit before renting and lots of companies will include a credit check when considering a new hire.
yeah, I had to jump through hoops for my current place. I have a great rating, but I had to prove it. Same thing with getting a car, or anything else these days.
Me too...if you want to rent any where decent you will need good credit. Even car insurace is partly based on credit
People are living in dream worlds if they think they can foreclose on 1 house and buy another 1 anytime soon.
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Posted 4/12/10 8:06 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: What do you make of this?
I can't tell you how many of my tax clients have told me they were doing this.
So many brought their paperwork in and we would ask for the 1098 Mortgage interest statement that they had the previous year, and they say "Well we haven't paid the mortgage in 1 year." Then they explain they are just 'riding it out' right now, and waiting for the home to be foreclosed.
UNREAL
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| Posted 4/12/10 8:17 AM |
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GioiaMia
Let's Go Rangers!
Member since 1/07 14818 total posts
Name:
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Re: What do you make of this?
I hope I don't offend anyone by saying this but I honestly feel like people just don't have any integrity anymore. I KNOW people are going through tough times but can we honestly say we have it HARDER than the generations before us? The lack of integrity and of pride is really sad to me.
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| Posted 4/12/10 8:25 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: What do you make of this?
Posted by eddiesmommy
at the risk of being flamed for being honest.....this whole mortgage bail out thing and people like this PISS me OFF!
Its one thing if they lose their jobs, have some medical hardship and cant pay....I get that, and it happens, always has.
Its the new, lets bailout everyone who bought a house they couldnt afford. Who signed up for an ARM, and then went the rate went up and they couldnt afford it, they defaulted. When everyone was so obsessed with McMansions and bought homes they couldnt afford.
What ever happened to personal accountability. YOU took out the mortgage....YOU are responsible for it. I honestly, dont care what your bank told you, its your mortgage, your home, your money and YOUR responsibility to work out all the numbers and make sure you can afford it. I dont care that mortgage companies gave people mortgages who shouldnt have had one in the first place......these people HAD to know they were financially unfit to buy a home.
I bought during the bubble and my home is now worth SIGNIFICANTLY less than what we paid for it. Oh well......at least we took personal responsibility when we were buying it in the first place and ONLY bought a home we could afford. We didnt over extend ourselves. Could we take the easy way out and default just for the hell of it.....so we can take advantage of the burst and upgrade....we could. However, we WONT.
We bought a home we could afford, we were eligible for a traditional (not subprime mortgage) and thats what we did. We are responsible and will continue to be.
It p#sses me off to no end, that we the responsible home owners have to shoulder the burden for those who didnt have a pot to pee in but bought a house anyway.
Our house is worth less that it was when we bought, like I said, but you know what.....thats the housing market. It happens, suck it up and be responsible.
If I was as good of a write as you are, I could have written this word for word.
The bottom line is that people who do things like this are STEALING a major amount of money and they should be prosecuted.
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| Posted 4/12/10 8:31 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: What do you make of this?
I worked with someone who did this close to 2 years ago. I bit my tongue, having just bought my own house after waiting an extra few years to make sure we had the money to keep it.
She started to tell me how excited she was, looking for new houses because she had two babies and a convicted child molester living next door. Said that her lawyer told her to do it too, and that since their next house would be their forever house and they wouldn't make the same mistake twice (moving into a not-so-great area with a not-so-great SD), they could afford to wait until their credit got better.
You can't fault a parent for wanting to give their children a better life and education right? Well, then she started showing us MLS listings in the same neighborhood, same SD, and ones in areas that are known for their high numbers of child molesters. She said, but the houses are so nice, and so cheap! And that's what they did. Bought a much larger house in an equally dangerous neighborhood.
I just think it's trashy.
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| Posted 4/12/10 8:36 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: What do you make of this?
and thats why we are in this situation with mortgages- its irresponsible
My dh was out of work for 6 months and we made each and every payment and some months, I didnt think we could do it, but that was the absolute first thing we paid
I agree with the other posters, its 1000000x worse that an attorney advised and agrees with this plan- he or she should be dis-barred.
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| Posted 4/12/10 9:05 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: What do you make of this?
Posted by Kerie-is-so-very
Posted by prncsslehcar
I think the fact that an attorney advised her to do this is even scarier than the fact that she's doing it. 
Only she and the attorney really know the entire context of the conversation. I'm only saying this because I cannot tell you how often I have had clients or potential clients say, "but you said I should _______" when I would never advise what they are saying. I have even been in the exact situation of having people ask me how long a foreclosure would take, me just answering that question and the person later telling me that I offered advice on what to do with that information. This is why I summarize so many meetings in writing.
I agree with this too...I once was working on a modification for someone and they told me..."well you told me to stop paying my mortgage"
my response to him (I do think he had a drinking problem too - so I blame that) Not only did I not tell you that- but the last time you made a payment was JUNE - I didn't even meet you till October
that shut him up
People who don't pay their bills - also like to blame others for their problems!
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| Posted 4/12/10 9:43 AM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: What do you make of this?
I've seen it recommended as a way to force the bank to renegotiate the mortgage etc.
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| Posted 4/12/10 9:46 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: What do you make of this?
I think it is a very bad idea and the wrong thing to do.
If you lost your job and CANNOT pay, that is one thing. Tough times have fallen upon you and you just CANNOT pay.
But to save the money for your next home? Who is she hurting? herself and all of us! She is hurting our economy.
Talk about me, me, me.
It turns my stomach that someone would do this.
No integrity. No sense of right and wrong.
But in the end--she will have terrible credit and guess what? good luck going on a job interview, getting car insurance etc.
ugh
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| Posted 4/12/10 9:54 AM |
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MissRadiant
Happily Ever After
Member since 9/08 2534 total posts
Name:
N
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Re: What do you make of this?
I don't know anyone that is doing this, I am sorry but I think it is disgusting. We all work hard for what we have and that little scheme is just another way of "getting over". So it's ok for them to live rent free save a ton of money and probably get a better and nicer home in 2 years bc they got fed up??? It's just not fair.
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| Posted 4/12/10 9:56 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: What do you make of this?
Posted by DancinBarefoot
I've seen it recommended as a way to force the bank to renegotiate the mortgage etc.
you can still be denied for a modification - there are so many other factors involved
the main one being- who is the investor on your loan
if you don't pay- and then get denied- you better have the back payments in the bank or bye bye house
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| Posted 4/12/10 9:57 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: What do you make of this?
Posted by MissRadiant
I don't know anyone that is doing this, I am sorry but I think it is disgusting. We all work hard for what we have and that little scheme is just another way of "getting over". So it's ok for them to live rent free save a ton of money and probably get a better and nicer home in 2 years bc they got fed up??? It's just not fair.
the one thing they are most def not getting is a bigger nicer home- unless then can save up the cash to buy it
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| Posted 4/12/10 9:58 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: What do you make of this?
One word:
Trash
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| Posted 4/12/10 10:00 AM |
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MissRadiant
Happily Ever After
Member since 9/08 2534 total posts
Name:
N
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Re: What do you make of this?
Posted by Beth
Posted by MissRadiant
I don't know anyone that is doing this, I am sorry but I think it is disgusting. We all work hard for what we have and that little scheme is just another way of "getting over". So it's ok for them to live rent free save a ton of money and probably get a better and nicer home in 2 years bc they got fed up??? It's just not fair.
the one thing they are most def not getting is a bigger nicer home- unless then can save up the cash to buy it
If they are capable of pulling this off, you never know what they can and will do.
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| Posted 4/12/10 10:04 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: What do you make of this?
Posted by MissRadiant
Posted by Beth
Posted by MissRadiant
I don't know anyone that is doing this, I am sorry but I think it is disgusting. We all work hard for what we have and that little scheme is just another way of "getting over". So it's ok for them to live rent free save a ton of money and probably get a better and nicer home in 2 years bc they got fed up??? It's just not fair.
the one thing they are most def not getting is a bigger nicer home- unless then can save up the cash to buy it
If they are capable of pulling this off, you never know what they can and will do.
one missed mortgage payment = 100 points or more off your credit on average
now figure 2 years
plus foreclosure
and most likely judgements and being sued...
good luck trying to get approved for a new loan
they really aren't pulling off anything here...
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| Posted 4/12/10 10:08 AM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: What do you make of this?
Posted by Beth
Posted by MissRadiant
Posted by Beth
Posted by MissRadiant
I don't know anyone that is doing this, I am sorry but I think it is disgusting. We all work hard for what we have and that little scheme is just another way of "getting over". So it's ok for them to live rent free save a ton of money and probably get a better and nicer home in 2 years bc they got fed up??? It's just not fair.
the one thing they are most def not getting is a bigger nicer home- unless then can save up the cash to buy it
If they are capable of pulling this off, you never know what they can and will do.
one missed mortgage payment = 100 points or more off your credit on average
now figure 2 years
plus foreclosure
and most likely judgements and being sued...
good luck trying to get approved for a new loan
they really aren't pulling off anything here...
I think you may have missed the point...no offense.
the point I think some people were making, was that its not the same person whose name is currently on the defaulted mortgage applying for a new one.
Its a spouse who wasnt on the current mortgage or something of that nature, where their credit is not harmed as they have not defaulted on anything.
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| Posted 4/12/10 10:11 AM |
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MissRadiant
Happily Ever After
Member since 9/08 2534 total posts
Name:
N
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Re: What do you make of this?
Posted by Beth
Posted by MissRadiant
Posted by Beth
Posted by MissRadiant
I don't know anyone that is doing this, I am sorry but I think it is disgusting. We all work hard for what we have and that little scheme is just another way of "getting over". So it's ok for them to live rent free save a ton of money and probably get a better and nicer home in 2 years bc they got fed up??? It's just not fair.
the one thing they are most def not getting is a bigger nicer home- unless then can save up the cash to buy it
If they are capable of pulling this off, you never know what they can and will do.
one missed mortgage payment = 100 points or more off your credit on average
now figure 2 years
plus foreclosure
and most likely judgements and being sued...
good luck trying to get approved for a new loan
they really aren't pulling off anything here...
You're right IF they get it under their names, for all we know they might use someone elses name.
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| Posted 4/12/10 10:12 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: What do you make of this?
Posted by eddiesmommy
Its a spouse who wasnt on the current mortgage or something of that nature, where their credit is not harmed as they have not defaulted on anything.
So they get to save the $$ they SHOULD be paying on their mortgage,and buy a nice new home under HIS perfect credit?
and you know what her having piss poor credit is probably going to them in the *** somewhere, somehow...
This really bothers me, I would not be able to sleep at night doing such a thing.
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| Posted 4/12/10 10:13 AM |
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Ayne11
Yep
Member since 1/09 18021 total posts
Name:
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Re: What do you make of this?
Aaaaaaaaand this is why my DH & I can't buy a house.
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| Posted 4/12/10 10:15 AM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: What do you make of this?
Posted by DiamondGirl
So they get to save the $$ they SHOULD be paying on their mortgage,and buy a nice new home under HIS perfect credit?
and you know what her having piss poor credit is probably going to them in the *** somewhere, somehow...
This really bothers me, I would not be able to sleep at night doing such a thing.
yup, this is what some people are actually doing!
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| Posted 4/12/10 10:15 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: What do you make of this?
Posted by MrsGmomof3
I've heard of it. I think its disgraceful. They are "fed up with" the housing market, so lets make it worse by flooding it with foreclosures 
I agree
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| Posted 4/12/10 10:19 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: What do you make of this?
Posted by DiamondGirl
Posted by eddiesmommy
Its a spouse who wasnt on the current mortgage or something of that nature, where their credit is not harmed as they have not defaulted on anything.
So they get to save the $$ they SHOULD be paying on their mortgage,and buy a nice new home under HIS perfect credit?
and you know what her having piss poor credit is probably going to them in the *** somewhere, somehow...
This really bothers me, I would not be able to sleep at night doing such a thing.
Yes, this is exactly what they are doing.
It actually sickening that people think "oh I can do it, others are doing it too". Like it's justified!
I find it unbelievable. I think you SHOULD have to prove that in order for your spouse to buy a house under their name after the other spouse defaulted on their loan is to make sure of proven expenses of the couple if they lived together.
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| Posted 4/12/10 10:23 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: What do you make of this?
Posted by smdl
I find it unbelievable. I think you SHOULD have to prove that in order for your spouse to buy a house under their name after the other spouse defaulted on their loan is to make sure of proven expenses of the couple if they lived together.
Wonderful idea!
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| Posted 4/12/10 10:25 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: What do you make of this?
I think its disgusting that they are doing this.
She says she's stressed trying to make ends meet? Well she should have thought about that before purchasing a house that they CLEARLY cannot afford.
When we took out our mortgage for our small 1 bedroom co-op we did it knowing that if GOD forbid one of us should lose their job or can't work, the other could still make the payments.
We could have taken out another $200,000 but we decided to not "stress" ourselves out 
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| Posted 4/12/10 10:26 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: What do you make of this?
Posted by BriBri2u
I think its disgusting that they are doing this.
She says she's stressed trying to make ends meet? Well she should have thought about that before purchasing a house that they CLEARLY cannot afford.
When we took out our mortgage for our small 1 bedroom co-op we did it knowing that if GOD forbid one of us should lose their job or can't work, the other could still make the payments.
We could have taken out another $200,000 but we decided to not "stress" ourselves out
Or she could sell her house. Maybe at a loss but at least it's ethical and the right thing to do.
Loans are not meant to be defaulted. And if you do, it better be a better reason that just wanting out of a loan.
This is another one of those examples of how people have this feeling of entitlement.
Yes, some people got an ARM loan. They made a mistake. Their mortgage raised $1000 more a month. Completely unmanageable for some people. To top that a spouse lost his job. Those people were stucked in a situation they could not help themselves. Banks would not renegociate the loan when those people were trying to keep their house and pay. Those people were the people that the bailout was for. Help them out ride the wave, refinance into fixed rates and not foreclose. It was not created for people intentionally defaulting on loan to buy another house or get housing for free and save money. Those people should go to jail. Because to me.... it's a scam! If you made a mistake buying a house, you have not used EVERY penny to try to pay for it, then you are not entitled to a bailout. If you want out, sell your house. Take your losses and then buy another house in your budget or that you like better.
But in my opinion there is NO WAY those people should not be procecuted if they made no intention to pay their mortgage for the whole purpose to live mortgage free for 2 years, save money on the side or to live lifestyle they could not afford with a mortgage.
Then add to the insult to buy another house on the spouse's name? Ballsy!!!!
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| Posted 4/12/10 10:42 AM |
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