I want out of my house.

[yankee44]

So I hate my house and hate the neighborhood I live in. We bought the house when the market was out of control and got what we could get. We have tried to sell the house several time but we can not get what we owe on it.

The question I have is My name is the only one on the morgage should I just stop paying and let them take it and buy a house in my wifes name? Isn't Obama saying that I wont get in trouble.

 

[BadGirl]

You bought the house, and you bought in to the neighborhood. Pay your mortgage like you agreed to.

I'm not sure why people don't just do what they agreed that they'd do.

 

[Chasey_Lane]

should I just stop paying and let them take it and buy a house in my wifes name? Isn't Obama saying that I wont get in trouble.

Yes, you should! It's your ENTITLEMENT to do it! Live the American dream, baby!!

 

[yankee44]

You bought the house, and you bought in to the neighborhood. Pay your mortgage like you agreed to.

I'm not sure why people don't just do what they agreed that they'd do.

Exactly!!!

The reason I posted this is I wanted to get a few points of views on what people thought.

I actualy am not in this situation but I know of 2 people who plan on doing this exact thing.

 

[JULZ]

So I hate my house and hate the neighborhood I live in. We bought the house when the market was out of control and got what we could get. We have tried to sell the house several time but we can not get what we owe on it.

The question I have is My name is the only one on the morgage should I just stop paying and let them take it and buy a house in my wifes name? Isn't Obama saying that I wont get in trouble.

Why not fix the house up the way you want it?

 

[GWguy]

You bought the house, and you bought in to the neighborhood. Pay your mortgage like you agreed to.

I'm not sure why people don't just do what they agreed that they'd do.

Exactly!!!

The reason I posted this is I wanted to get a few points of views on what people thought.

I actualy am not in this situation but I know of 2 people who plan on doing this exact thing.

They could continue to pay off the mortgage AND move away if they were willing to rent. I'm not sure I would do that myself, but just walking away from a commitment like that screws up your credit, your families future, changes the economy of the neighborhood (ever lower property values), makes it more difficult for the rest of us to get a mortgage.... and on and on....

 

[kvj21075]

So I hate my house and hate the neighborhood I live in. We bought the house when the market was out of control and got what we could get. We have tried to sell the house several time but we can not get what we owe on it.

The question I have is My name is the only one on the morgage should I just stop paying and let them take it and buy a house in my wifes name? Isn't Obama saying that I wont get in trouble.

your taxes are paying for everybody elses crap, why not get a piece of the pie for yourself? i say stop paying.

 

[yankee44]

They could continue to pay off the mortgage AND move away if they were willing to rent. I'm not sure I would do that myself, but just walking away from a commitment like that screws up your credit, your families future, changes the economy of the neighborhood (ever lower property values), makes it more difficult for the rest of us to get a mortgage.... and on and on....

your taxes are paying for everybody elses crap, why not get a piece of the pie for yourself? i say stop paying.

And this is the debate that we will have forever over this BS. Like I said in a previous post I am not in this situation but I know of 2 people who are going to do this and it is in my neighborhood and it will efect me and my other neighbors for a long time, and that is what pi$$es me off.

The only ones that will get in the behind are the ones with their head screwed on right and play the game of life the right way and reep what they sew.

 

[smilin]

They could continue to pay off the mortgage AND move away if they were willing to rent. I'm not sure I would do that myself, but just walking away from a commitment like that screws up your credit, your families future, changes the economy of the neighborhood (ever lower property values), makes it more difficult for the rest of us to get a mortgage.... and on and on....

There seems to be a myth that you can walk away with no problems. Wait until you try to rent a place with no credit. Most landlords today are turning people down for credit problems because they don't want get stuck with deadbeats and end up losing a rental home.
I talked to a lady who had five kids and was working two jobs along with her husband who couldn't find a rental who would take her because their credit was shot.
Landlords are in business to make money and if you don't have the money you don't get the lease.
I don't even want to guess what the Feds are going to do.

 

[GWguy]

They could continue to pay off the mortgage AND move away if they were willing to rent. I'm not sure I would do that myself, but just walking away from a commitment like that screws up your credit, your families future, changes the economy of the neighborhood (ever lower property values), makes it more difficult for the rest of us to get a mortgage.... and on and on....

I should clarify: If they were willing to rent their own home to someone else before moving. They could use the income to pay the mortgage AND still move, credit intact.

 

[TotalEclipse31]

Walking away and just not paying would be one of the dumbest things someone can do. Do you have any idea what a foreclosure does to your credit? You are probably better off fileing BK. You won't be able to rent or buy a home, buy a car...etc. The only type of credit you will be able to obtain is sub-prime (second chance) and you will pay HUGE interest rates. Anyone who thinks "obam is going to make it ok.", "It won't hurt you that bad" is not living in reality. Just my .02. Have a wonderful day.

 

[vraiblonde]

your taxes are paying for everybody elses crap, why not get a piece of the pie for yourself? i say stop paying.

I completely agree with this. If the fed wants to take my money to bail out dumb people, I intend to get whatever I can out of the deal. Not that I want to give up my house, but I will be refinancing and now that my house is worth less than I owe, thanks to bursting bubbles, I can probably get a break on that as well.

Thanks, Obama! You think you're going to sock it to the responsible middle-class, you better think again.

 

[Christy]

Walking away and just not paying would be one of the dumbest things someone can do. Do you have any idea what a foreclosure does to your credit? You are probably better off fileing BK. You won't be able to rent or buy a home, buy a car...etc. The only type of credit you will be able to obtain is sub-prime (second chance) and you will pay HUGE interest rates. Anyone who thinks "obam is going to make it ok.", "It won't hurt you that bad" is not living in reality. Just my .02. Have a wonderful day.

When you have so many people going in to foreclosure and bankruptcy, it is beginning to take the stigma away. In case you haven't been paying attention, the folks getting the deals on interest rates and deals on their unsecured debt, are those who stop paying.

Pretty much the only reason to pay your bills on time and do the right thing is personal ethics. Sadly, THAT is the reality.

 

[vraiblonde]

Pretty much the only reason to pay your bills on time and do the right thing is personal ethics. Sadly, THAT is the reality.

And it's getting to where it's not very bright to follow the rules and do what you're supposed to. If you're a person who pays their bills and keeps their credit clean, you will still get to pay the burden for those who don't.

The responsible are penalized and the irresponsible are rewarded.

 

[Christy]

And it's getting to where it's not very bright to follow the rules and do what you're supposed to. If you're a person who pays their bills and keeps their credit clean, you will still get to pay the burden for those who don't.

The responsible are penalized and the irresponsible are rewarded.

Sure you'll be able to refinance and get maybe a 5% interest rate, but if you don't pay for a couple of month's you'll qualify for a 2% mortgage. Also if you pay your credit card bills they still can arbitrarily jack up your interest rate but if you stop paying them they'll be calling 24/7 to work out a deal where you don't even have to pay back the full amount, just a partial amount of the total debt. Crazy days, crazy days.

 

[yankee44]

to vrai

I know of 2 people who are going to do this and it is in my neighborhood and it will efect me and my other neighbors for a long time, and that is what pi$$es me off.

The only ones that will get it in the behind are the ones with their head screwed on right and play the game of life the right way and reep what they sew.

 

[Chasey_Lane]

I will be refinancing

How long before interest rates start climbing due to everyone bailing on their loans?

 

[Beta84]

i thought you had to apply for a mortgage with both names if you're married and they check both credits. is that not the case?

 

[Chasey_Lane]

i thought you had to apply for a mortgage with both names if you're married and they check both credits. is that not the case?

No, that's not the case. Sometimes it is better that married couples hold separate assets. Sometimes one person just wants to be on the loan.

 

[angelbaby]

Sure you'll be able to refinance and get maybe a 5% interest rate, but if you don't pay for a couple of month's you'll qualify for a 2% mortgage. Also if you pay your credit card bills they still can arbitrarily jack up your interest rate but if you stop paying them they'll be calling 24/7 to work out a deal where you don't even have to pay back the full amount, just a partial amount of the total debt. Crazy days, crazy days.

Christy, I don't know where you are getting your info from but you are wrong. The ones who have paid on time are getting the better deal. They will get "refinanced". That means they get their whole loan redone at a lower interest rate and lower payment. If they are "upside down" in their house (owe more than it's worth) then they fix that also.

The ones who are delinquent will only get a loan "modification" that is different. Yes, they may get a lower interest rate. Yes, they may get a lower payment. That is only if the modification cost less than it does to foreclose. The other catch is that the modification is only good for 5 years. If the homeowner makes payments on time then they can refinance the loan.

Finally, none of this means anything if the lender decides not to participate in the program. The program is voluntary. Yes, the program has incentives for the lender but some lenders don't care.