Consequences of stopping paying mortgage

Discussion in 'Economics' started by sharknyc, Jan 3, 2008.

  1. sharknyc


    what happens to the people who just say f.. it an stop paying their mortgages? is that equivalent to bankruptcy?

    credit history is done for a while, but what else are they facing?
  2. Its more than just credit,

    since you can't declare bankruptcy, then they will hound you and your children 'till the grave and beyond.

    they planned this, and the objective is to destroy the middle class completely, and return to the notion of a 1 class society, where you have these over wealthy persons and street trash, which is what most are becoming the longer these persons stay in office(s) of influence.
  3. You will lose your house of course.....

    you may have trouble getting into apartments, if they are the type to run credit checks, or they may require pretty steep deposits, etc as a result of your foreclosure....

    and limitdown is correct, AS LONG AS you are either currently in bankruptcy or have recently filed...but you having your house foreclosed on doesn't prevent you from filing bankruptcy to my understanding.

    You have to file bankruptcy, then there is a certain time period that you cannot re-file, that is when you will get HOUNDED.

    Funny thing, after you file bankruptcy, you will have excellent credit. So in essence once you've filed bankruptcy, you'll end up with better credit than most out there, oddly enough.....I think that is merely to entice you to take out more if your bankrupt ass needed any enticing in the first place with credit. lol
  4. Issuers of credit (like banks and credit card companies) are free to consider the fact of a bankruptcy filing in deciding whether to extend credit. Credit reports may list bankruptcy filings for up to 10 years. Some issuers of credit may decide to extend credit regardless of a bankruptcy. Others may be willing to extend credit only after a number of years have passed, or until the bankruptcy filing is no longer on the credit report. After bankruptcy, it may be difficult to rent an apartment.

    Lately, some creditors have been offering credit to bankruptcy debtors more freely than other people in financial difficulty because the debtor cannot file another bankruptcy for many years to come. For the most part though, for obvious reasons, it is best for bankruptcy debtors to avoid incurring new debt as much as possible after bankruptcy.
  5. "what happens to the people who just say f.. it an stop paying their mortgages? is that equivalent to bankruptcy?

    credit history is done for a while, but what else are they facing?

    Foreclosure isn't the end of the world...and as for this "hounding you till the grave and your children"....that's 100% bullshit.
    IF the Mtg Co./Bank decides to TRY to get a state court judgement against you, that will take some time...
    Filing Bktcy in Federal Court is no biggie...but the rules have changed and it's harder to discharge CC debts.
    You can file Bktcy while in foreclosure, so don't let bullshitters scare you, ok? A bank cannot force you to file Bktcy, either.

    All the above is just my opinion, and I"m no attorney.
    Seek qualified legal counsel no matter what.
  6. 1000% b.s.

    why don't you file for bankruptcy and let me know how your fico turns out?

    i can't believe some of the crap i read on e.t.
  7. Go do some research and then come back- let me know what you find out okay?

  8. Prevail

    Prevail Guest

    so true. fico under 600 in no time.
  9. P.S. In order to clarify and give you a chance to see what I am saying before you argue something on a false premise...I am referring to what happens to your credit score once the bankruptcy is DISCHARGED.

    Before you make a smart ass comment, make sure you know what discharged means. Thanks.
  10. After the 7 year period, it could get better, but I agree with you essentially. When you look for a decent job now they run credit so good luck there unless you employer is in a similar situation to you.
    #10     Jan 3, 2008