Not to mention that owners of houses at $1 million or more were not immediately foreclosed on. One guy in the SF area has been in his house for more than 2 years and hasn't paid on his mortgage at all.
'Safe'
Spike's Bitches 47: Someone Dangerous Could Get In
[NAFDA] Spike-centric discussion. Lusty, lewd (only occasionally crude), risqué (and frisqué), bawdy (Oh, lawdy!), flirty ('cuz we're purty), raunchy talk inside. Caveat lector.
They could afford to keep paying the mortgage but it didn't make financial sense so they just took a hike.
I'm getting there.
I don't even live in my house, so they could swoop in and foreclose the next business day for all I care.
Skipping to ask for some ~ma. I have to tell my boss I fucked up in a way that involves money. Thank god there aren't tools in the office for him to bludgeon me with.
the crappy thing about that is, it will hurt your credit score, and so much is tied to credit scores these days. Not just car/home loans. Applying for jobs checks credit score! Which makes sense for a managerial job that has money stuff in it. But for average joe... I dunno. So yeah, rich folk walk away from real estate that is upside down, because they can afford to have a ding on the credit rating. They have enough collateral to back up any loan they may want to take out.
~ma for Smonster!
he crappy thing about that is, it will hurt your credit score, and so much is tied to credit scores these days.
Only for 7 years!!
Ugh Nora, you may indeed want to walk away from it, if you can take the ding to your credit rating.
If we get a tenant in there, we won't- I wouldn't want to do that to anyone. But if it doesn't work out, then maybe. Or maybe a short sale.
There was an article, I think in the Chron recently, indicating that the highest increase in percentage of people walking away from underwater mortgages were actually wealthy people. They could afford to keep paying the mortgage but it didn't make financial sense so they just took a hike.
I'll admit to giving this some consideration.