Many people are literally abandoning their house to get rid of their slavery to their mortgage payments. Some people did it after losing their jobs and others did it after losing their retirement money and losing their faith in the current system. Will you do the same thing if it means freedom from the biggest debt in your life and more food on the table for your own family?
My hubby and I have sort of joked about this many times - the local taxes keep going up along with the cost of electricity, oil, and everything else except our salaries. It can seem impossible to get anywhere with a mortgage these days (and he is in the mortgage business!). If it came down to it, yes - we would drop the keys in the floor and just leave. I would hate for it to come down to that, but it has nearly gotten there more than once in the past few years. Thankfully, thus far we have been able to pull through - but I can see that not being a possibility for many families.
Only if renting were cheaper than mortgage payments, which it often is not....
Once me and my husband buy a house, we won't let it go. We both know what it's like to not have a place at all, so we are pretty protective about our rental. I know it will be more so when we actually own a home. But if that ever does happen we bounce back fast.
More and more banks are not simply accepting the return of the keys, walk away option.
You can do that, but they will come after you for the difference especially when negative equity is involved.
Depends on how much you put down.
If very little, why not?
Bankrupcy is a thought. Let the bank flail with the lost payment if they won't consider a new mortgage payment.
If your down payment was small or nothing and the bank repo's the home, it takes almost a yr in many states before you have to leave the house. Save your monthly payments for that yr for rent for a new place.
It's been done many times.
Personally I think the bigger issue that needs to be addressed is mortgages in general - specifically that 85% of the mortgages in the country are not being paid to the correct party (because of securitization). Too many families are sending in monthly payment checks to Banks and Lenders that don't actually hold or have the right to enforce their mortgage (or foreclose). The TRUE mortgage holders are the investors of the Mortgage Backed Securities (MBS) that the mortgages were sold and pooled into. But how many people actually know that?
Not many... until we start educating ourselves and standing up for our rights and learning the truth, many of the families and homes throughout America will face financial hardships, difficult decisions and potentially lose their homes.
I've tried, but now I'm facing a situation in which I have to sell my house and get out from these payments.
It's like choosing between the worst three choices.
If only I would have just rented these past few years....ugh!!!
Renting would be waaaay more around there then buying your own house....
I could pay for that easily just with some of my internet earnings!
That would be so nice.
You could also pay off your mortgage in just a few years, like our grandparents were able to do...
Yea, it only cost me 10,000... an elderly lady owned it. It wasnt too bad though. Everything just needed updated and its 5 bedrooms. Ive done 3 of the bedrroms so far and the bathroom has been remodeled...
its true that a mortgage is often cheaper than a rent payment, but you have to remember all the bills that come with a house. taxes, maintenance, hydro, water...etc. Sometimes its better to rent.
I have a friend that just walked away from her house. She had not only a 1st but also a 2nd mortgage. It was crazy to keep it, she owed like $200,000 more than it's worth.
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