Posted on: 24th Jun, 2009 03:02 pm
I personally know many people who are walking away from their current mortgage even though they are not in any financial difficulty. They are doing this because they are unable to sell their current homes and because they are able to get the foreclosed home of their dreams at a price that is lower than what they owe on their current mortgage. My home has been up for sale for almost a year now (homes in my area are selling for less than $50,000), but I'm really hesitant to ruin my credit by walking away. Who's crazy, me or the folks enjoying the home of their dreams???
i think the whole usa has gone crazy.
i don't have a better answer than that - i think the concept of walking away makes no sense, but clearly there are those who disagree.
what i don't understand is this: how can someone walk away from an existing home, owing plenty of money, and be able to purchase something else right away? are you actually seeing this happening? it seems too far-fetched to me - especially since credit ratings will go south immediately if they walk away.
i don't have a better answer than that - i think the concept of walking away makes no sense, but clearly there are those who disagree.
what i don't understand is this: how can someone walk away from an existing home, owing plenty of money, and be able to purchase something else right away? are you actually seeing this happening? it seems too far-fetched to me - especially since credit ratings will go south immediately if they walk away.
It has happened due to the supply and demand law of the free economy.I won't blame the people, rather 'water will flow the direction where there is a slope.'
So there is no doubt about it and Intelligent guys (???) will take advantage of the situation.So this has to be dealt by government and all the people of USA should do their own efforts for fair market practices.
keep in touch.....
:arrow: :arrow: :arrow:
So there is no doubt about it and Intelligent guys (???) will take advantage of the situation.So this has to be dealt by government and all the people of USA should do their own efforts for fair market practices.
keep in touch.....
:arrow: :arrow: :arrow:
yeah
Seriously I wish I could walk and then just buy another. I'd go from paying $3000 a month to paying around $1000. Currently I estimate it is actually cheaper to buy a home than to rent the same home in my area. I'm hoping rents go down a bit by the time my foreclosure actually completes. Maybe some smart lender will catch on and see that some of us got caught in a bad situation. I'd be able to put 30% down on a place after my foreclosure completes if I could get someone to loan me the rest.
how is it that you'll be able to make a purchase after a foreclosure? i suppose you can use a hard money lender, but that's going to be a prohibitively high interest rate. no conventional or fha lender is going to touch you for years.
People are getting these foreclosed homes by applying for the mortgage before their current home goes into foreclosure. When I went in for pre-approval for a mortgage, the lender said there would be no problem getting an additional mortgage, even though I have a current mortgage. As long as you are not behind on your mortgage and have no credit issues, the lenders are willing to give you an additional mortgage. I guess your ability to manage two mortgages is not their concern. In other cases, the new foreclosed home is so inexpensive it can be bought outright and then folks just walk away from their current home. I have personally seen this happen many times. By the time the foreclosure shows up, they are already in their new home!
It would be more advantage to buy a home than for renting.because if you rent a home, you still have to pay for the owner of the house which you have rented rather than to stay with your own.
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