Obama what are you going to do about this

[duanet75]

I just recently bought a house here in NC yes im walking away from my mortgage down in FL. I did the pros and cons of it. Lets see 7 years of bad credit vs 7 years of struggling. Does Obama expect the American people to struggle paying a mortgage when in the last 2 years all of a sudden people owe more on there house then its worth. They bail out the banks but how about giving me back the $90000 that i lost in equity. My mortgage just went from $1200 to $500 not to mention taxes and insurance are'nt even a 3rd of the property taxes i ws paying in FLA. If your in a bad spot with your mortgage you might want to consider doing what i did. I already own 2 vehicles and im 2 years in on an brand new 07 cobalt so should i care about my credit.

[John Galt?]

Part of me says that is irresponsible, part of me understands. It used to be that a man was only as good as his word, and if you agreed to something you did it, despite the hardship. I guess those days are gone.

On the other hand, how can I blame someone for not being up right, when the faceless institutions aren't upright with us? It used to be you went to your local bank, met with Bob or Jim, shook his hand and worked something out. Now days, you take a loan out, and before your first payment, the loan has already been sold twice and your sending your payments to some company you never heard of half way across the country. How are you supposed to feel an obligation to some faceless corporation that you never dealt with nor agreed to deal with.

[duanet75]

I agreed on a $150000 loan on a house at the time was worth $179000. Now the house is appraised at $89000. The days of trying to get that $1200 plus payment in time are behind me. We can enjoy life alot more now. They told me insurance was $350. I asked if that was quarterly they said nope thats for the whole year I almost fell out of my seat when they said that especially when are taxes in FLA were $2700 for the year.

[Morgan]

I just recently bought a house here in NC yes im walking away from my mortgage down in FL. I did the pros and cons of it. Lets see 7 years of bad credit vs 7 years of struggling. Does Obama expect the American people to struggle paying a mortgage when in the last 2 years all of a sudden people owe more on there house then its worth. They bail out the banks but how about giving me back the $90000 that i lost in equity. My mortgage just went from $1200 to $500 not to mention taxes and insurance are'nt even a 3rd of the property taxes i ws paying in FLA. If your in a bad spot with your mortgage you might want to consider doing what i did. I already own 2 vehicles and im 2 years in on an brand new 07 cobalt so should i care about my credit.

You shouldn't be allowed to ever buy another house if you walked away from your mortgage.

And President Obama isn't responsible in any way for recovering your poorly planned real estate investment.

You should never have purchased a home - you should be renting an apartment.

Don't buy what you can't afford.

There are too many people  like you in our country that are irresponsible and looking for a handout.

[cyberdude557]

Be aware that the bank will foreclose your FL home and then try to come after you by putting a lien on the new property for the difference. So in other words, the debt might follow you. Whenever you try to sell your NC home, the bank will make a claim for any positive equity you have on the property.

This is why lawyers constantly advise people not to just walk away from an underwater loan. Banks usually have a special department called loss litigation that offer different programs such as loan modifications, short-sales, even reducing interest, foregiving late charges, or putting late payments on the back of the loan. There is also the possibility of Deed in lieu of Foreclosure. Foreclosure and walking away are the worst possible things to do legally.

[SnookAU]

That's possible, cyber, but I doubt it.  Banks are big huge elephants that are much too large and too slow moving to be able to track someone from FL to NC.  Especially with foreclosures in record numbers...

[keeponbucn]

I agreed on a $150000 loan on a house at the time was worth $179000. Now the house is appraised at $89000.

And I agreed to buy American Steel at $42 per share, now it's $22.

Any investment is a risk, typical that you would blame everyone but yourself for not projecting the real estate burst. It's your fault, not Obama or anyone else.

If the home jumped to $250,000 shouldn't then the bank come in and say "we only agreed on $178,000 home value, now that it's increased that much we are pulling the mortgage"

All invesment is a risk, even real estate.

[Morgan]

Can't see how any business would intelligently allow this guy to buy another home.

[SnookAU]

If the home jumped to $250,000 shouldn't then the bank come in and say "we only agreed on $178,000 home value, now that it's increased that much we are pulling the mortgage"

Exactly... or want the $71,000 in profit if you sold it.

Like most things these days, it boils down to the lack of personal responsibility.

[Biggs3535]

Can't see how any business would intelligently allow this guy to buy another home.

They are forced to by the Community Reinvestment Act, or they risk being labeled "discriminatory."

[duanet75]

Can't see how any business would intelligently allow this guy to buy another home.

Why not  I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.

[cyberdude557]

Can't see how any business would intelligently allow this guy to buy another home.

Depends if that loan in Florida wasnt in default at the time, and had the income to cover both loans, the new bank assumed the payments were being made.

You can have an infinite number of mortgages as long as you have the income to support it. Big investors usually have several mortgages.

[SnookAU]

Can't see how any business would intelligently allow this guy to buy another home.

Why not  I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.

You said in the first post "yes im walking away from my mortgage down in FL".

[duanet75]

Can't see how any business would intelligently allow this guy to buy another home.

Why not �I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.

You said in the first post "yes im walking away from my mortgage down in FL".

Cant sell it. Will try to rent it. But most likely saying bye bye to it.

[John Galt?]

That's possible, cyber, but I doubt it.  Banks are big huge elephants that are much too large and too slow moving to be able to track someone from FL to NC.  Especially with foreclosures in record numbers...

On top of that, most banks sell the loan soon after they make it. The bank makes the loan, then sells the servicing of the loan to one company, sells the loan itself to a second company, who then packages it with other loans and sells it to fanny/freddie who then repackages those and sells them to some fund that sells them to someone in Dubai or where ever. By the time the servicing company finds out he is not paying, and figures out who now owns the loan, he has already bought house #2 and maybe walked away from that one.