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post #1 of 11 Old 01-20-2011, 06:04 AM Thread Starter
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what a surprise

I can't imagine why people just walk away from their houses. MAYBE its cuz the banks are greedy,, like mine, they lost 130k by me walking away. whats wrong with this system????




the-eight-states-running-out-of-homebuyers: Personal Finance News from Yahoo! Finance

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post #2 of 11 Old 01-20-2011, 06:17 AM
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I was channel flipping the other night and started watching the Vanilla Ice Project.He was looking at a home to flip in Palm Beach,Fl. I guess and it sold new in 2005 for 1.6mil and he got it for 450K. It was not stripped by the former owner and was in really good shape. Talk about screwing a bank when they hauled azz.

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post #3 of 11 Old 01-20-2011, 06:55 AM Thread Starter
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lol, my neighbors stripped their house, I didn't I just stayed for free for over a year. how stupid they are being about all this. another friend LITERALLY destroyed his house. He owed 130k total been there 29 years they took it & just sold it for 51k makes no sense to me

it is funny watching these shows on what people are doing to screw the big corporations......or are they???

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post #4 of 11 Old 01-20-2011, 07:17 AM
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I really don't know what they expect. The economy is in the tank, LOTS of people lost their jobs.....so they lost their houses....and because of their income can't qualify for another one. Cause and effect. Sure unemployment seems to be coming down, but because employees are getting back to work, they are probably working to pay off their debts first. Many home loan companies want to see you've worked somewhere for a certain amount of time before they will consider loaning you a large sum of money. And many people could be afraid of it happening to them -OR- happening again to them. Could be home ownership jitters.


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post #5 of 11 Old 01-20-2011, 07:16 PM
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Originally Posted by korg70kbc View Post
I can't imagine why people just walk away from their houses. MAYBE its cuz the banks are greedy,, like mine, they lost 130k by me walking away. whats wrong with this system????




the-eight-states-running-out-of-homebuyers: Personal Finance News from Yahoo! Finance
The banks are greedy, did they force you to take out a loan bigger than you could afford?

People who trash the house should be forced to pay for the damages or put their sorry *** in jail.

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post #6 of 11 Old 01-20-2011, 07:23 PM
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The banks are greedy, did they force you to take out a loan bigger than you could afford?

People who trash the house should be forced to pay for the damages or put their sorry *** in jail.
I agree. Everyone wants to live beyond their means. It's just the american way.

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post #7 of 11 Old 01-20-2011, 07:28 PM Thread Starter
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no, they came to me & wanted what I owed I said no, the house had devalued, they said no, paid me to move out then sold it for 75k less.....they did absolutely NOTHING to the house cuz I kept it up, crap I had hoped I could work with them & I lived there & had neighbors I liked, why devalue your neighbors house cuz the banks are greedy & get a write off by pushing me out..
I had 2 different neighbors in the process of losing their houses after ~20yrs, cuz their banks wouldn't modify their loans, they were extremely upset, as they should of been, there were 20 houses on my street & 8 of them were empty when I left, & 3 others were in jeopardy of losing theirs. They all have good jobs, cop, fireman, SMUD worker, they just wanted their payments lowered. complete bs. 1 guy we thought went on vacation only to find out they walked away & left all the stuff they didn't want.
when does it stop?? now rentals have skyrocketed due to this mess....

oh I could afford it, but refused to pay the 30k it had devalued

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post #8 of 11 Old 01-20-2011, 07:33 PM Thread Starter
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I agree. Everyone wants to live beyond their means. It's just the american way.
very true, when I went to buy a house I "qualified" for triple of what I KNEW I could afford, work went south cuz no one pays for pets when they are struggling, but I still had income & great roommates who also had to find places to live. Along with the family I had to boot out.....secure incomes.
It amazed me they wouldn't budge at all, so be it. the sap from the trees was ruining my truck I do not regret it AT ALL especially seeing how much worse it has gotten in the last year

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post #9 of 11 Old 01-21-2011, 06:50 PM
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Originally Posted by korg70kbc View Post
no, they came to me & wanted what I owed I said no, the house had devalued, they said no, paid me to move out then sold it for 75k less.....they did absolutely NOTHING to the house cuz I kept it up, crap I had hoped I could work with them & I lived there & had neighbors I liked, why devalue your neighbors house cuz the banks are greedy & get a write off by pushing me out..
I had 2 different neighbors in the process of losing their houses after ~20yrs, cuz their banks wouldn't modify their loans, they were extremely upset, as they should of been, there were 20 houses on my street & 8 of them were empty when I left, & 3 others were in jeopardy of losing theirs. They all have good jobs, cop, fireman, SMUD worker, they just wanted their payments lowered. complete bs. 1 guy we thought went on vacation only to find out they walked away & left all the stuff they didn't want.
when does it stop?? now rentals have skyrocketed due to this mess....

oh I could afford it, but refused to pay the 30k it had devalued
So it's the bank's fault that your house devalued, I guess than if things were different and you sold the house for more than you paid for it then the bank should get the extra money? If you had a certain locked interest rate, would it be fair for the bank to raise it if all the other interest rates went up? No offense, but as far as I'm concerned, you owe the bank the money, it's not their fault your house value went in the crapper. The bank isn't greedy, it's just doing it's job to stay in business. What would you do if you loaned someone money for a house, the value went down and they said they would only pay you what it was worth now instead of what you loaned them????


It's a gamble you take in buying anything, if you buy a new vehicle and drive it 20 feet, do you think your going to get your money back if you don't want it?

I saw many people buy houses that weren't what they were worth, because they didn't know how to look to see how the house was built, now they're stuck in a pice of $%^& that's not worth anything.

In the mid 1990's when my parents decided to move to Des Moines, Iowa from the farm, we went and looked at several houses that the seller claimed were well built, after we got done telling them all that was wrong with it, they wouldn't even talk to us. Anyone who didnt' know what to look for would of bought that house only to have to spend thousands of dollars in repairs in only a few years.

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post #10 of 11 Old 01-21-2011, 07:22 PM
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No one made anyone make the deal-it was all by choice,thus,once the deal is made,the obligation is soley on the buyer,don't bite off more than one can chew.
That is called personal responsibilty to agreement of contract--to buy--and to pay back.

Note to add-should hard times happen---that is what insurance of this kind is for--not always cheap....but that's why it's called insurance----the game of chance..............use it or lose it---it's one's choice
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