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.
What is your childhood trauma?
Cordelia ,'Lessons'
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.
Nora Deirdre - Feb 29, 2012 6:34:35 am PST #8786 of 30001
I’m responsible for my own happiness? I can’t even be responsible for my own breakfast! (Bojack Horseman)
Nora Deirdre - Feb 29, 2012 6:35:11 am PST #8787 of 30001
I’m responsible for my own happiness? I can’t even be responsible for my own breakfast! (Bojack Horseman)
I don't even live in my house, so they could swoop in and foreclose the next business day for all I care.
smonster - Feb 29, 2012 6:59:59 am PST #8788 of 30001
We won’t stop until everyone is gay.
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.
omnis_audis - Feb 29, 2012 7:00:08 am PST #8789 of 30001
omnis, pursue. That's an order from a shy woman who can use M-16. - Shir
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.
omnis_audis - Feb 29, 2012 7:00:40 am PST #8790 of 30001
omnis, pursue. That's an order from a shy woman who can use M-16. - Shir
~ma for Smonster!
Nora Deirdre - Feb 29, 2012 7:04:18 am PST #8791 of 30001
I’m responsible for my own happiness? I can’t even be responsible for my own breakfast! (Bojack Horseman)
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!!
Burrell - Feb 29, 2012 7:06:01 am PST #8792 of 30001
Why did Darth Vader cross the road? To get to the Dark Side!
Ugh Nora, you may indeed want to walk away from it, if you can take the ding to your credit rating.
Nora Deirdre - Feb 29, 2012 7:11:37 am PST #8793 of 30001
I’m responsible for my own happiness? I can’t even be responsible for my own breakfast! (Bojack Horseman)
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.
brenda m - Feb 29, 2012 7:17:03 am PST #8794 of 30001
If you're going through hell/keep on going/don't slow down/keep your fear from showing/you might be gone/'fore the devil even knows you're there
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.
le nubian - Feb 29, 2012 7:21:59 am PST #8795 of 30001
"And to be clear, I am the hell. And the high water."
Nora,
some friends of mine had to convince their bank to do a short sale on a house they had in LA area. The bank didn't want to do it until my friends told them they would stop paying altogether.
This was around 1999 or 2000. So I am not sure if circumstances will change.
I think you need to report short sales on your income tax so be prepared for that if it happens.