Tell me why we SHOULDNT foreclose.

of course... my credit sucks, so I dont follow this advice, i just give it

And it's nothing personal to Father or anyone else. But if you can afford something but feel you are entitled to more and pass your problems on to someone else it's not the right thing to do. Simple as that. Doesn't matter who's fault it is or who it does or doesn't affect. It's simply the wrong thing to do.

Sorry if having to read at a 12th grade level caused partial liquefaction of your brain, but with your highly evolved cerebral cortex, evinced by the touting of your self employment, hard work, self sufficiency, and forward thinking, I think you can afford to lose a neuron or two.

Vanzack, when i was posting about this back in november, you started a thread that said it was the dumbest thing you'd read on covers and i was an idiot.

be easy 6 mos. ahead of the curve as usual

golden goose too, he was calling me an idiot for saying people would walk away from their homes once they'd lost enough equity

fatherfeelme up,

vanzack was right though, you should stop paying now, and start depositing the ENTIRE MORTGAGE payment into a savings account.  Two years from now when they finally get around to booting you out of the house, you will have saved up 50k for a downpayment on your next house

No hurry to buy, we will never return to 'prices only go up' or 'buy now or get priced out forever'. Your kids might have to worry about that in 20+ years but there is no rush, housing won't bottom for another 4+ years.  Check out Michigan house prices. that is where Las Vegas is heading

i have all kinds of resources i can help you with fatherfeelup, just gonna have to wait till after the holiday



check out this graph

know that housing will over-correct on the way down, so believe me, there is no rush

foreclosure is your only option

if you have time and want to do some research search my name on here (search easy and select username) and go back and check some of the threads i've made related to housing over the last 6-7 months

p.s

foreclosing doesn't hurt the taxpayers, it will actually help the economy .  fatherfeelmeup has too much of his income tied up to servicing unrealistic debt for his shelter. Once he sets that money free, he can use it elsewhere in the economy, rather than just going to the few zombie/gov't banks that are sucking our economy dry thru debt service


remember this


be easy

dont see how it helps the economy, the debt doesnt just vanish

i do remember that thread

covers at its best: call someone a moron and then offer someone else the same advice

how bout this one

Goose

Vanzack started a thread dumbest shit you've seen on covers today after i made that mortgage strike thread . 

just saying

Roosters, getting people out of paying (80k a year in interest only debt on a 300+k house thats only worth 100k) is the solution for the economy.  All his labor converted to money is going to waste servicing obscene debt.  Wouldn't you rather him be paying 800 per month for shelter and using 1200 per month in parts of the economy that keep the wheel going 'round:?

btw, beware of the sewn socks

It's really not going to save him much money. He's not going into a cheaper house. He's UPGRADING.

And signing an interest only loan was dumb to begin with. It all comes down to personal responsibility and anyone that favors this kind of move really doesn't have a good name or honor. Say what you want. Save how many dollars you can by screwing someone else. But in the end your word won't mean shit to anyone.

How is he screwing someone else .  The system was designed with foreclosures and bankruptcy in place for a reason.

You are honestly telling me if you were in his shoes you would suck it up, and voluntarily stay in a debtors prison for the next 15 years just to hope to maybe of dug yourself out of negative equity by 2025. I'm calling bullshit

Maybe the housing bubble and crash was all staged to helpe 'solve' the immigration problem

The Mexican Dream is to escape from debt peonage. The American Dream is to get into debt peonage.

Short answer, you buy the new house in your name and let the other one go like a few others said.  That's what I would recommend for you, though it doesn't seem you're in any financial difficulty with the current house.  Skip trying to rent it, unless you feel like taking the monthly hit on it.

With that said, I am tired of people who acted like their primary house was an ATM machine/short term investment tool.  If anything comes of all this garbage, that type of mentality will be removed from primary home ownership going forward.  You can easily afford the payment, you're just whining because the value went down and you want a prettier house. 

And for lemonsky, read the post by pitbullowner, there were lots of people like this guy during the boom, so don't make it sound like the bankers are the only bad guys in this scenario.  There's an never ending supply of people who ATM'd their equity year after year.

The system wasn't designed for people to abuse it. And this situation is abuse to the system. I believe there are honest people who have legitimate hardships that force them to foreclose or file for bankruptcy.

And no I wouldn't do this. I bought a house based on how it appealed to me, the location, and what I could afford. Not for an investment. The house is still the same whether it's worth $100,000 or $1 million.

And while not the same thing but similar in principle a year ago I bought a 50" plasma tv. Now the same tv costs 1/2 of what I paid for mine a year ago. I financed it 2 yrs same as cash. Did it ever cross my mind to stop paying on this one and use that money to buy a bigger better one for the same price??? Hell no. It wasn't the stores fault that I bought it when I did. I was happy when I bought it and I'm happy as hell to have it today.

Call bullshit all you want but when I put my name to something I honor what I agreed to.

 

I was single at the time & my home was an investment to make money.  I got 10 yrs out of it plus money...whats wrong w/ that.  I didn't over buy in 1998.

nothing wrong with it, but I think it's safe to say there's plenty of people who pulled out tons of equity AND walked from the house when appraised values took a shit.  That I do have a definite problem with.  I also have a problem with the banks being bailed out, so I'm ok with the original poster doing what's best for him.  If the banks hadn't got a free pass, I wouldn't be ok with the original poster trying to walk.

Your specific situation seems to have a few gray areas.  I'm curious about the part of putting the house in your dad's name and doing a max cash-out withdrawl.  why'd you just put him on title and what happened with the house after he passed away?  And of course the mortgage broker was happy with churning you and making their 3 to 5% each time for about an hour of work.  And they let you sign for your father.  Sounds like the typical dirtbag loan officer that was out there during this boom