Comments on: Should You Walk Away From a House and Mortgage?

By: Lyle

Lyle — Sat, 11 Feb 2012 15:10:18 +0000

Relax!
I`m no lawyer, I can say you will have bad credit for 7 years or so, if you cannot make the payments it is maybe better you back away and if your young you will still have time in your life to get a home and go on and be happy. It is tough to letting your home go, if you cannot make the payments you do not have any other choice, well maybe you could starve and save it, then you would be in bad health or die, so you need to do what you have to to stay healthy. good luck.

By: Debra

Debra — Sat, 11 Feb 2012 14:40:45 +0000

I just missed my first payment I don’t know if I should call them yet or just wait for them to contact me…….I am a wreck!

By: scott

scott — Fri, 10 Feb 2012 03:31:53 +0000

im 41 single was making 40 000 a year ive lost my job in construction. i bought a cheap townhouse when things were good economy for 43000 put new roof, new heat ,new ac, new bathroom, new floors, new windows, after 10 years of never missing a payment at 6.5 percent nothing down fha loan i owe like 30000. the townhouses like mine in worse condition are just about all vacant in process of foreclosure. crime is moving in the area, people dont even want them for 10000 my moms health is going down fast i want to move in with her and take some minimum wage job or maybe 11 an hour and take care of her shes 63. she is disabled and in the modification program also. im thinking i dont want my mom miserable to die alone. it seems obvious to me take what furniture i have or want and move in her basement. lock the door and call b.o.a and tell them come get it!
i havent eaten but 1 meal a day for three weeks and have begun thinking about suicide. we both are underwater. together i could eat food though. please god someone help me, she cant take care of herself and i cant either

By: Gill_I_AM

Gill_I_AM — Wed, 08 Feb 2012 22:04:25 +0000

I bought my 92 year old house 6 years ago for $130,000. I was able to make the payment and pay the monthly bills comfortably. I planned on going in and fixing it up and being out in 5 years. I was young and naive. After tearing into the basement, I found that my foundation walls and support system were failing. My 40 year old furnace and 10 year old air conditioner were not energy efficent. Basically, I got hosed. 5 years later, I lost my job, had a baby and my boyfriend decided to travel for work just to make our $1100 a month payment. We have to put $30,000 into the basement just to make it safe for us. So now that my house is only worth $80,000, we can’t afford to put the work into it that it so despreatly needs. My boyfriend wants to walk away from it but I am too proud. It is ruining our relationship but I am so afraid of ruining my credit for life. Any suggestions??

By: NorseCode

NorseCode — Wed, 08 Feb 2012 20:13:01 +0000

Mine is another sad story. I am a single woman in my 60s and bought a little house 8 years ago after having rented it for 2 years. I’ve enjoyed it enormously. Up until November, upon my return from seeing kids/grandkids—–It had been raining while I was away and was very cold. On Monday evening, I decided to turn on the heat (gas furnace in crawl space). Well, it made a horrendous noise, so I immediately turned it off and looked up an HVAC repairman to come out the next day @ 2pm. That day, I went to unlock the crawl space prior to the tech coming out and found the whole place filled with water. No one could get in and my plastic storage bins were floating. So, I called the insurance company to come out the very next day. The adjuster said that it was surface water coming through the foundation vents and I said “no it is not and you can very clearly see that.” He was not happy with my response so he countered that he would send out an independent engineer for an assessment. I was away on business the next Wednesday when the engineer came to do his review. He called me and said that the foundation was crumbling (still no idea where the water is coming from because the city meter was not moving at all) and that I was in danger of the house collapsing with me in it. He stated that I must do something to correct the foundation problem as soon as possible. Well, like so many of you, I am upside down in the mortgage (50%). The foundation repair would cost 1/2 the mortgaged amount. Then on 2/1, I get a cancellation notice which will be effective 3/1. Okay, now I am in a home that may collapse at any moment plus I will not have any insurance in 3 weeks time. I conferred with family and they said “get out of that death trap and don’t put any more money into it.” This has literally made me sick. I am current on the mortgage and all my bills, so walking away is going to destroy my credit and is hurting my hyper-responsible nature. That being said, I went out and rented a little house this week and will not be staying in the dangerous house I own any more. Come March, no more payments will be made and the mortgage company will no doubt ruin me. Sad, but the danger became the issue, not making the payments on an upside-down mortgage. My life and my health were what motivated my action. How bad will it be when I am foreclosed? It is killing me and I loved my home. That is my sad story.

By: Barnebyte

Barnebyte — Mon, 30 Jan 2012 14:21:31 +0000

That is weird. In my country, there’s no such option as simply “walk away”. If you cannot pay your doubled mortgage, the bank will sell your house. They will sell it for the half of the actual price, and you will always owe them with the remaining amount. If you die, your child will complete the payment. Or your parents. Or your dog.
Sorry for my bad English, i’m not a native speaker.

By: RJ

RJ — Tue, 24 Jan 2012 03:07:27 +0000

My father was recently diagnosed with vascular dementia in addition to suffering a stroke a few months ago. He no longer can live in his house independently. I had to move him into an assisted living facility to address his medical needs. His house has a mortgage balance that is about $25,000 higher than the values of similar homes in his neighborhood so trying to sell it and making up the difference isn’t possible because his only income is his pension and social security. He has no assets and very limited savings. I’ve got to help him out in this situation because he isn’t able to do this for himself. He can’t afford the costs of assisted living as well as continuing to make mortgage payments which include real estate taxes and homeowner’s insurance premiums. Is the best option to let the bank foreclose on his house?

By: Joe

Joe — Mon, 23 Jan 2012 03:22:47 +0000

John,

The commitment was to pay or let the bank secure the property. Get over yourself. I am abiding by my signed contract.

By: Debra

Debra — Thu, 19 Jan 2012 22:19:18 +0000

Very well said!

By: Lyle

Lyle — Thu, 19 Jan 2012 21:04:31 +0000

Why don`t the banks refinance the people that have made thier payments? Yes we owe more than the house is worth, I just do not understand why they won`t lower your interest rate and help you save some money, but no! they say because your current on payments and you are not having any problems. Well! Then why don`t they refinance you before the problems start? The banks don`t want to help a person that is trying to make it and does have good credit and has always made thier payments, I feel we are the one`s they want to fail too just s they can have it all, so why should we try to pay for our home when we owe twice as much as it is worth, Save our money now and let them have our house too, some day they will come back and wish they would not have been so greaty.

By: Debra

Debra — Thu, 19 Jan 2012 20:15:17 +0000

You are so right….we had faith in them and lost all our investment of a life time….this is the worst feeling in the world, like a death as you leave all your money behind and all the work, hopes and dreams…..only to face the cold judgmental world because you did what anyone who has a brain would do to even attempt to re-build a life keep your enemys close!

By: Debra

Debra — Thu, 19 Jan 2012 20:07:46 +0000

Also…Has everyone heard yet ….The Government is going to take all the stressed empty homes and make them into rentals….what crap! no more American dream to own your home!….its a take over thats been long in the making….open your eyes people. great info on housewire.com.

By: Debra

Debra — Thu, 19 Jan 2012 20:02:28 +0000

I say RUN very fast indeed!!!! you are so right!

By: Debra

Debra — Thu, 19 Jan 2012 19:59:41 +0000

I agree 100%….It is a very hard decision VERY HARD! This was done with the best intent and being stuck in a 50,000 and up extra debt… and people are eating noodles to get by, there is no shame in walking out!….I am going to stop paying this month and start saving….the banks will not ever loan us money again, not after a bankruptcy and a forecloser….It is a choice for survival!

By: X Guy

X Guy — Thu, 19 Jan 2012 03:29:13 +0000

So many stories here… reading each make me feel very sad for all, yet at the same time I have come to acceptance of ‘walking’ with the help of some of the above comments. — My story – We paid $629,000 June 2007 when our first son was born because we wanted him to have a home for at least the next 18 years of his life :-( . Our home is now worth $355,000 per the last comp which is identical in sq footage to my unit (townhome). So, $274,000.00 less in value AND we put at least $50,000.00 bring the place from 1974 era as it had not been touched since new. So, $274,000.00 + $50,000.00 = $324,000.00! We put down $125,000.00 or 20%- “WE I DID THE RIGHT THING!” We decided to have my wife stay home until our child was 2 and then began looking for work. Has looked for 3 + years now and nothing above $30,000.00 offered. With the cost of babysitter, she would work for free. We worked for 12 months with Wells Fargo to get a modification only after paying a lump $5,000.00 payment to them back in 2010 did they allow a rate reduction that took off $400.00 for 3 years. After the recent SHORT SALE in my lovely complex, we have decided to call it quits. We will rent a modest condo in a good school district here in the Bay Area and she can remain a stay-at-home mommy which is for the ‘betterment’ of our child. We should have left during the modification negotiations with Wells Fargo (in which we sent the required docs in on 4 seperate occasions!) long ago and would have saved a ton of $ per:

http://youwalkaway.com/output24/InterectiveFlashCalculator.html

Word of advice – If you are 20% under now and are struggling to feed your kids or save $ for your family, and have done all you can to get a favorable loan with your lender, WALK AWAY and do not feel guilty about it. You are holding onto what is called a bad investment and the bank who owns your home can afford the loss. You can’t. Lesson learned and now I’m hoping to help someone else not to make the same mistake we have made by waiting.

By: Kristi

Kristi — Wed, 18 Jan 2012 17:47:47 +0000

[But I still believe that when you walk into that bank branch and ask for money, the expectation is that you will pay it back, not follow the winds of the real estate market.]

When you obtain a mortgage (the ask for money part) you are doing it with the house iteself as collateral. The deal is – you give me the house, I make payments until you are paid back, and if I don’t/can’t/won’t pay you back, you get to take the house back. As so many others have said, this is not an ETHICAL issue, it is a business decision and the banks are 100% NOT willing to play ball with consumers.

By: Lyle

Lyle — Fri, 13 Jan 2012 15:38:33 +0000

Here is one! Why should I keep paying on a home that is worth sixty percent of what we owe? I`m 62 and by the time we have it payed for I will be dead or close to it. We have tried to get cheaper interest, no deal thay say, (banks) we are current and have a credit score over 800 but as long as we have not fallen behind on paying they will not even try to help us out with lowering the interest. We have tried many different places for lower int. nothing doing they say, We have even ask if we could get a lower int. rate if we dropped it to fifteen years, they say no, Why should we be punished for being the people that are commited and have been paying out mortgage and still they don`t want to help us, for this reason I feel the bank can have the house, all they want is money money money, they can still make money if they would refinance people like us that have a higher interest rat and have great credit, but no thay want everyone to have bad credit.

By: Lyle

Lyle — Fri, 13 Jan 2012 15:22:39 +0000

WE did the same thing, I`m 62, Spent all my savings and still have a house that is worth only 70,000, (Not fancy here) We are just about ready to stop paying on it, Just is not worth staying here, would rather rent and have the same thing than have
maintaining this place.

By: Debra

Debra — Fri, 13 Jan 2012 07:11:56 +0000

I am getting ready to default as well, we put 36000 down in 05 and another 50,000 in the home remodeling it….I hate to leave my home I have all my money in it, but the facts are its only worth 90,000 and I owe 150,000….we are almost 60 years old we will be dead before its paid off…..property’s will not get better fast enough to warrant us staying….we have been living on saving until they are almost gone, so leaving seems to make the most since, just wondering what advice I can get.

By: LMH

LMH — Fri, 13 Jan 2012 06:21:58 +0000

Not sure when you wrote this or if the tax laws still allow this but if this was your primary residence you were allowed to exclude up to 250K income due to forgiveness of debt. If it was an investment home and you can prove insolvency (assets – debts < 0) on your taxes you are able to exclude the income. I had to do this numerous times as I lost 9 investiment homes when the market collapsed. The bank sends you a 1099 form. Give this to your tax preparer.

By: Mitchell Ball

Mitchell Ball — Tue, 03 Jan 2012 23:58:30 +0000

I walked away from my mortgage due to preditory lending. My house sold for 22,000 @ auction I owed 90,000 on the loan. They sent the 60 some thous.and dollar difference to the I.r.s as income now im supossed to pay income tax on that difference. Dont walk away you will not gey away with it. Has any one else found a way to get out of this trouble im in now ? Please help

By: Rosalind

Rosalind — Tue, 20 Dec 2011 11:40:48 +0000

Let me tell you, I left my house and the foundation was very bad the house is still in our name. The bank write off the house and the city is coming after us for property taxes. They have decided to garnish my wages. How do I get this house out if my name. It’s been 3 years. Help

By: Richard Cato

Richard Cato — Wed, 09 Nov 2011 17:26:20 +0000

Matt, you assume there is a willing buyer who will pay your asking price. Banks may be willing to work a short sale for a small percentage below the mortgage value but not 30% or more. The people who are having problems are 50% or more underwater, not a few thousand. If I am a buyer and you are selling short, why should I accept your initial offer? You are desperate and the market is distressed. I can name my own price. Short sales may work in a few special cases, but it just is not an option for most people who are in trouble. Same for refinancing.The bank is not going to take a loss until they absolutely have to.

By: Richard Cato

Richard Cato — Wed, 09 Nov 2011 17:14:45 +0000

Sorry, I meant Lmm, not Lyle

By: Richard Cato

Richard Cato — Wed, 09 Nov 2011 17:13:47 +0000

Think about this,Lyle.In the not too distant future your circumstances may require you to consider selling your house. Your house may still be underwater and you may have to sell at or below your original purchase price, meaning you would take a loss on all the money you poured into the house because you felt “obligated ” to pay your mortgage. Your decision to stay in the house would be a good one if the cost to move and pay for alternate housing was much higher. But,and here is the good part, what if you could have found similar housing for much less and not have spent thousands on an underwater mortgage? Would it have still been a good decision?

By: Richard Cato

Richard Cato — Wed, 09 Nov 2011 17:04:13 +0000

Buying a house should be,should be, strictly a business consideration. The bank looks at it that way, why shouldn’t you?True enough that there is an emotional component, but that emotional component needs to take a back seat in tough times. Most people will pay their mortgages as long as they have the funds and they feel it is a worth while investment. When you are underwater with no hope of recovery and you can find shelter for a lot less, why continue paying for a losing asset? Your house is an ASSET;treat it that way. The bank most certainly is. They care not a whit about your emotional ties. They only care about your willingness and ability to pay. The bank has the means to handle your “non-performing asset”(that’s what your underwater house is called)so don’t worry about the bank.

By: Lyle

Lyle — Wed, 19 Oct 2011 18:29:11 +0000

It would really help if we could at least get a lower interest rate, With a credit rating over 800 it is horrible not beable to get a lower interest loan, if we could get the going rate we could lower the interest rate over two points. We can`t becuase we owe to much, it makes us feel like they want everybody to fail

By: Lmm

Lmm — Wed, 19 Oct 2011 17:43:43 +0000

Lyle,
I’ve heard that too from some friends that were approved for a loan modification, they needed to get behind on payments and then take a chance that the bank would approve them for the modification, to me that is too risky to do, cause if the bank doesn’t approve it, then you could end up facing foreclosure. We personally are not willing to take that risk as to having too much invested in our house over the last 10 years. It’s just so unfortunate, the government should reduce everyone’s payments/balance across the board to reflect the housing economy. After all, it was the banks fault that everything got out of control in the first place, and again, the ones that make payments on time are the ones that get it socked to em!

By: Lyle

Lyle — Wed, 19 Oct 2011 17:04:48 +0000

Yes! They told us we do not qualify for that. We were told the company will not take anything less than what we owe because we are not late on payments.

By: Lmm

Lmm — Wed, 19 Oct 2011 15:25:35 +0000

Lyle,
have you tried a loan modification? I know of people that have done this and got their mortgage amounts greatly reduced due to their homes values decreasing. It messes their credit up for about 2 years and they cannot sell for 2 years, but, this would be worth checking into.

By: Lyle

Lyle — Tue, 18 Oct 2011 18:29:59 +0000

Stuck in Mn.

My wife bought the house we live in over six years ago before we got married, it is an FMHA loan, we owe $120,000 and I have been told it is maybe worth $75,000 at best, I have retired and my wife will be working a few more years, we would like to move to a warmed climate. We cannot refinace they tell us, do to the fact we owe way more compared to what it is now worth. It is a manufactured home, I feel if we stay here we will have nothing when we get it paid for do to the fact these manufactured homes are getting very hard to refinance, I think that is going to elimanate them down the road. We are not late on payments. Are we here for life or is there away out? Can someone tell us what we should do? Thank you

By: LMM

LMM — Sun, 18 Sep 2011 14:26:09 +0000

When we bought our house 10 years ago we paid 175,000 and within 4 years we sunk in another 50,000 adding another 2 story garage, made our driveway circular, 2 decks, finished basement yada yada yada, paid off our 50,000 equity loan 3 years ago and have never been late on payments, problem is now, the house is worth about 150,000 which is approx what our balance is on the mortgage and even though we continue to pay on our mortgage, we are the ones that have been screwed!!! while others around us now by their homes for 100,000 although their homes on the outside don’t have what ours have, we can’t sell cause we would lose our ass! so much for buying, adding to the value and selling at a profit… it’s the banks fault!!! All those interest free loans, no doc loans etc..etc..etc…I believe is what made us homeowners lose our butts and made them richer cause of all the money they made at closing on those homes… I think the banks need to pay or GREATLY reduce our mortgage… Why should we be in the hole because of banks all over the nation allowing these loans to go through. it’s not fair to the homeowners who still continue to pay on their mortgages while watching others around them get their homes for next to nothing!!!! Any advice would be greatly appreciated on what to do. Thanks

By: Stuck, but willing

Stuck, but willing — Wed, 17 Aug 2011 18:15:57 +0000

We’re in a slightly different situation, but are faced with the same issue. We lost our business of 15 years, and it totally broke us. Like an American Trooper, I poured what I had into it to keep it going, until we had to close, then, continued to pay my bills (including the mortgage and credit) for another year – tapping the rest of our savings – because I was sure I would find something and wanted to maintain my credit rating. It took a year and a half to land something that pays less than half of what I made. I still kept up on the mortgage but not the taxes, I paid what I could afford and the bank worked with me the whole time. I’ve got 3 judgements against me and a garnishment in the works so I have no choice but to file BK. The question becomes, do I work with the bank on a refi that includes the mortgage balance and back taxes?, the sum total which is more than what it’s worth and unreasonably affordable?, or discharge that as well as everything else and start over. I have a family and I’m afraid with the BK, and discharging the house we won’t be able to find anything to rent reasonably or in a safe environment for my kids. If we refi, we’ll still have the house and neighborhood but a new 30 years to pay and high taxes (the monthly tax contribution is about 40% as much as the mortgage payment), and the total PMIT would be about 50% of my check. Any feedback?

By: Inez Arias

Inez Arias — Wed, 17 Aug 2011 16:01:06 +0000

I’m also debating to walk away from the house. My husband is the only one working at the moment. We have a First Mortgage and a home Equity loan and the payments are between them including insurance and taxes $1395.00 a month. When we took the loans in 2006 and 2007 we was making good money… We was bringing home $1200.00 to $1500.00 a week we make some renovations to the house for wich we spend over $20,000.00 the value of my house was $17500.00 at the moment. But now the value of my house at this moment is $70,000.00, ((( We still owe $130,000.00 on it))) I’m not currently working because my son got sick, and I resign at the begining of the year to care for him, He pass way in May – 6 -11… but I have no luck founding a Job and my husband hours at work when from 60 – 70 a week a few years ago to 28 to 32 a week at the moment.

By: Guy

Guy — Sun, 14 Aug 2011 01:56:20 +0000

This is a tough decision for anyone in any situation. Yes, we agreed to a price. A price that was dictated by a value certified by my lender who graciously and somewhat eagerly gave me my interest only loan. I’m not a specialist in the department of buying/selling homes so all I can go by to confirm the value of my potential home is to review comps. If these are inflated, what is my reliable source for investing my down payment, my credit and my livlihood? I’m seriously contemplating getting out of it one way or another because it is ridiculous to stand by and spend twice as much as I have to because the controls were not in place to protect my investment. Don’t forget, I’m losing everything I’ve put into the place, not just the interest and the exaggerated monthly mortgage I’ve been paying for the last 8 years. As mentioned in a previous comment, my commitment was for the house. If I don’t pay, they can have it. If that isn’t a winning situation for them, why did they do the deal in the first place? Greed.

By: John baker

John baker — Sat, 06 Aug 2011 19:47:08 +0000

This whole thing sickens me. I know that some people run into hard times and can not afford the lifestyle they created financially anymore. To them I am truly sorry, and they must do what they have to.

To those of you out there that are planning on strategically foreclosing there homes, I too feel sorry for you. You are throwing away your financial future over a hypothetical loss of value? What happened to people taking responsibility of there commitments and not blame others for your decisions? You agreed to pay a set amount, and now that times are tough you want to just give up. I sure hope there are enough honest and responsible people out there to keep this housing market together until it turns around. I promise all of you that do keep to there commitments that some day you will be rewarded, and the ones who give up will be slaves to higher debt and higher interest rates in the future.

Let’s all make America a better place to live. We live in a self serving, in the now, instant gratification, and selfish world. Only you can change that.

By: matt

matt — Sun, 17 Jul 2011 09:08:20 +0000

Many people who go through shortsales are taking terrible advice, advice that will cause them such doom for many years to come. You will hear either real estate or mortgage brokers ask the most infamous question: Are you current or behind on your mortgage payments? Some will say yes and some will say no! Those who say no are then hit with this: In order for me to qualify you for a shortsale you have to go through 3 months without making a mortgage payment..Well this sometimes is one of the worst suggestions you as the homeowner can take. Never put your trust into the hands of any broker. My advice is to call an attorney who specializes in real estate shortsales and forceclosures. What many homeowners do not realize is that if you are having issues with negotiating a loan mod or a restructure with your current lender, the banks usually have a dept called the exectuve responce unit which is the higest dept right under the President of the lender. Many times the executive responce unit is willing to help you and there also times when they will approve a shortsale without you having to fall behind on payments. They many also protect you from getting your credit crushed as well as guarantee a 30 day closing which most shortsales can take months..Please do all that you can in terms of taking your time to gather all the right info to protect you from the damage you can take when selling your home short

By: Sallie

Sallie — Thu, 14 Jul 2011 21:41:57 +0000

Banks are committing modern day bank robbery on home owners! This is so wrong. The government bails them out only for them to steal from the people. Do not sign a contract loan from any bank. They will give your money away and hold you liable for the money. They force you to sign a contract loan to turn it into a reg loan by charging you a high 21% rate for disagreements. The contractor goes free; even if the home is incomplete. You will be stuck like chuck. This is what the bank has done to me and my family and the news in the great state of Kansas will not even look into it to let the public know what has happen to life after a military service to our great country. I have sent out several packages to the media all over the US and no one will air my story.

By: Sallie

Sallie — Thu, 14 Jul 2011 21:25:51 +0000

What do you mean, underwater? In the ocean or in delt?

By: Sallie

Sallie — Thu, 14 Jul 2011 21:21:32 +0000

I truly agree, if they can afford it, do it. Don’t hate.

By: Yana

Yana — Tue, 12 Jul 2011 20:57:55 +0000

I think it’s great if anyone can thrive off of the economy, such as by buying 10 condos at dirt cheap prices. After all, if they are doing so on credit, they will fall just as the rest, but if they have managed finances properly to the extent that they can pay cash, they deserve their success. As far as health care, I am for socialized medicine and think the USA system is a disgrace. Anyone who can live without proper care deserves whatever else good they can get.

By: Liz Roy

Liz Roy — Tue, 12 Jul 2011 16:02:07 +0000

Wow. I am shocked at how all this have been allowed to happen. The banks definitely have us by the neck. I finally could buy a condo after saving for many years (I am now 64 ) I was married and my husband decided to leave he couldn’t handle the stress of trying to catch up to the market that was shooting through the roof in the 80s , so we could never afford to buy our home then even with both of us working.
When I was 60 I got some money after my parents passed away and I had a full time job, the price of a condo had come down in price (in 2007) and I took that money and bought my condo not knowing then that the market would do the exact opposite from the 80s. I lost my job only two months later. I bought not for investments but for a place to live probably for the rest of my life and it makes me sick to see how people with “spare change” are buying all the ones that has been foreclosed on; they will be making a mint in a few years after renting them out all this time; that should not be allowed. One woman told me proudly “I just bought 10 condos here in this complex” She doesn’t even live here in any of them. I hope she feels good about steeling it from the poor persons who had to give it up. I might have to give mine up soon. My savings are dwindling and I will have nothing to live on at my old age. I have no children so am I going to end up on the street in this great country of ours? I was told at the clinic when I wanted a mammogram that they didn’t have the funds to help me get one, so we are getting sicker too on top of everything. I am not sick, but are trying to prevent getting sick by having a checkup now and then. Insurance you say? What insurance? Where am I going to find the money to pay the insurance companies which is another way to get very little for all the money you pay in premiums? Eat right, don’t smoke and stay healthy is the best insurance, but we should be able to get help with checkups.
I have been working part time although always looking for work, but being 64 and with so many out of work it is not likely that anyone will hire me even though I am healthy, look younger ( or so they say) and active in sports and have lots of experience and work cheap even though I am worth more. I may have to try to rent my condo ( I still have to pay part of it since my payments are higher than what I will get in rent money) and move in with my sister if she let me stay there for free. She lives in a place where they take care of their citizens. Perhaps we should all get together and build our own hotel where we can live happily ever after like they in the 1800s. The banks may be interested.???

By: John

John — Sun, 17 Apr 2011 01:01:57 +0000

You are so very ture in you comment ! What ever happen to “Govnered for the people,by the people ! “

By: Totally Confused

Totally Confused — Tue, 12 Apr 2011 01:37:45 +0000

OK, I am totally confused. I am recently seperated and have 2 small kids. My husband moved out and the kids and I are still living in our house. We decided to try making the Home Affordable program (Obama) and after a LONG road, last Friday we were approved. I cannot afford to live in the house with our 2 kids (my husband had decided to keep thye house) so I am working with a realtor to help my sister and her husband purchase a home for me and the kids and we will pay her as we would a bank. My husband and I both had over 800 credit scores until we applied for the Making Home Affordable program. As the gentleman said above, we had to default on our mortgage just to qualify! OMG! Now my husband tells me he is not sure if he wants to keep the house, I can’t afford it, what do I do? Do I just continue with the MHA program and try to stay in the house myself or stop paying altogether and walk away. I am completly confused!

By: Cp

Cp — Tue, 05 Apr 2011 23:48:56 +0000

DP, such a brilliant summation. I am having such a hard time with this, and your words helped me. Thank you.

By: DP

DP — Fri, 28 Jan 2011 11:45:14 +0000

Not sure where you live but you could rent a nice 3 bedroom for less than 3k a month and save the money. 150k is a lot of ground to make up. You could even save 9k by just defaulting 3 months although I hope the bank would work with you to find a affordable solution.

By: DP

DP — Fri, 28 Jan 2011 11:41:39 +0000

I keep hearing about contract and honor. The “contract” states that if I don’t pay the bank gets my property. How exactly am I going against the contract? The interest I have paid over the years has pretty much equated to the value of the property that I have lost. What exactly has hurt the bank? I’m the one without a home and with a credit score taking a hit. People should walk away if it’s best for them and their family.
Also if the bank does sell the property again on a loan they will continue to make money….just not as much.

By: vannie06@gmail.com

vannie06@gmail.com — Wed, 26 Jan 2011 05:39:11 +0000

I am currently paying a little over $3K on my house that’s now at least $150K less than the purchase price ($370K) , and although both my wife and I have jobs , we are still struggling with the mortgage payments ‘coz we are also paying for babysitter ( $400 per month for 2 kids) , car payments, gasoline, etc … I AM GETTING READY TO DEFAULT THIS MONTH OF FEBRUARY…GOOD LUCK TO ME! ..I don’t need your sympathy but would really appreciate comments or suggestions . Thanks !

By: Virginia

Virginia — Mon, 10 Jan 2011 04:30:20 +0000

Not just the banks. Wall Street, Rating Services (Moodys,etc) Politicians that cave to Corporate lobbists. Just a few that helped bring on this mortgage crisis. It’s all greed. Piss on the little guy. Well, I say, now its time to piss back. Just don’t stand in the wind.

By: Mark Jellison

Mark Jellison — Sun, 09 Jan 2011 20:58:12 +0000

I think it is pure crap for the banks and for anyone on here to say anything about people being backwards in their loans is wrong to walk away, we have been in our home for 7 yrs, we pay 1700/month and are still physically able to pay the mortgage, however, we are currently backwards in our home and it pisses me off. We have lost over 80,000 in value in our home. For many a years it has been said that your greatest investment is in a home, but what if it is no longer an investment? I than think it would be safe to say screw the banks. We currently owe more than 40,000 dollars more than what our home is worth, and I say that the government should make the banks, since this is mostly their fault that we are into this crisis, forgive the amount that a homeowner is backwards on their home. Why should the homeowner be at a loss? why can’t the bank take that resposibility? We have never been late nor skipped a payment on our mortgage even since being backwards, trust me, it has gone through my head to do it when I see a house with same property size, same sq. footage, bedrooms, bathrooms ect…. that are going for $100,000 less than what we owe on our house, it is sad. The banks put this country into a financial ruin and should pay for what they have done.