On a side note.... how bad can this get? I agree with Anaconda regarding the shadow inventory. I know people that have been in the same house for almost two years and no payments! I think this could get really ugly. I just don't see how Fannie and Freddie and FHA don't need more $$$$ in the future. We have a long way to go, and I think Banks are far from out of the woods yet.
Dude, they will shatter the LLC veil in about 3 minutes and get your wife under rico statutes. Your up shit creek without a paddle.
I agree, unfortunately the days of individual pride and integrity are long gone. From an integrity standpoint, we seem to be in the proverbial race to the bottom.
you blame the government and people around you for allowing yourself to walk away but you were the one that originally put yourself over your head in the property
my primary income is real estate investing. im very aware of how things work. i just dont agree with walking away with someone else's money. it's that simple.
you are right, i havent but i would like to believe that if i had experienced it that it would not change my moral compass
correct, but it's still not an excuse to walk away with someones money. i understand that loans will always default but it is the mass mentality of walking away from homes that helped tank the economy. it is way to accepted
People who walk away may not have much clue what that is going to do to their future job hopes. In a hypercompetitive economy, people with bad credit histories will learn that many companies use credit rating for a large number of professsional, perm jobs...
In my opinion it is not theft as long as you move out the month you decide to stop paying and dont trash the property and give the bank a deed in lieu of forclosure. After all, you bought the house for a set price, then you give the house back when you dont want it. They are getting the exact same product back. The banks wanted to screw with interest rates and do all sort of speculative things that messed with housing prices, so they should take the brunt of the damage. I mean...as a buyer, you put down at least 3%, you pay off principal every month and if you walk away and let the bank know and not try to stay in your house rent free for 6 months like some do, its not theft and actually the bank got some money back in mortgage payments in what should have been a fair deal.