Comments on: Ask Us: Why Walk From Your House But Not Your Car

By: cody

cody — Fri, 19 Jun 2009 17:23:33 +0000

and i don’t consider it stealing from the banks when the banks got us all in this situation in the first place and the heads of those banks make the money they do. with the way they took advatage of young adults and older americans, heck even illigal imigrants got approved for homes the banks stole from us to make thier bottom line better. they took advatage of us all so why should i feel guilty about walking away from my house.

By: cody

cody — Fri, 19 Jun 2009 17:09:47 +0000

currently live in las vegas and i am paying 11.5 percent on a large home loan for 205k. my second mortgage is 8.5 percent on a 40k loan. my townhome was baught when i was single and by myhself five years later i have a newborn a wife and 2 dogs. the town home now feels like a apt. so am i supposed to stay here in a cramped home with my growing family and throw half of my paycheck to a townhome that is 100k in the whole. 1 i cant have my family grow and live in this home and 2 i cant sell it so it is up to me to decide to walk or not. and i am, my wife is not on the mortgage so we will save the money and go buy new. it is not about morals but about my family’s future.

By: Tommy

Tommy — Sun, 07 Jun 2009 21:06:09 +0000

Whoever wrote this article had nothing else to do today huh? Now that is crazy!

By: Jasmine

Jasmine — Sun, 07 Jun 2009 21:04:07 +0000

I agree Brown Suga! Go girl…I have been there to and it was a nightmare. Especially when you are use to paying your bills on time. Are these people collectors or credit bureau workers?

By: Brown Suga

Brown Suga — Sun, 07 Jun 2009 20:58:33 +0000

I agree. Maybe some of you guys have never been laid off but I have. I am currently dealing with a pre-repossession f my car and was force to do a short sale on my townhome in 2007. So there, does that make me a dead beat payer? It just means the economy sucks and that there is less jobs out there!

People are not sympathetic to others until they are laid off or in the shelter homeless themselves…and that is the bottomline….

By: Kristine

Kristine — Fri, 05 Jun 2009 00:19:32 +0000

A car is a national coming of age symbol. Giving up a car rings with retreat to childhood. Yes they are repoed but rarely given up unless the scammer has figured out how to bilk the insurance company.

Easy credit for the irresponsible has enabled consumers to live beyond their ability. The result –utilities unpaid, credit cards maxed, and bankruptcies.

Many of today’s foreclosures are loans to people who bought their home with no money down and payments cheaper than rent until the ARM rate raised to a rate that exceeded the ability to pay, walking away is in their mind a cost effective solutioon esspecially when one considers that just like a deadbeat tenant they can walk away. Furthermore, in todays economy the homeowner could, by walking away, get a better house for less money than thee mortgage.

A wise modern consumer sets aside ethics and calls it stupidity. Those of us that don’t take every advantage to make a buck are a rare breed today. It’s about the dying of ethics, social responsibility and religion in favor of the $$ at any cost. The economic climate existing now will just hasten the demise of the integrity and ethics. Corpporate irresponsility is gradually teaching that personal irresponsibility if acceptable.

By: missionite

missionite — Tue, 26 May 2009 03:36:55 +0000

First of all people walk away from their cars all the time. That’s why repo men have full time jobs.
Second of all to the extent people don’t walk away from their cars when they could or should it’s because they need them to get to work (or take the kids to school etc), and renting cars is more expensive then owning.
The reverse is true when it comes to housing. Renting is a lot cheaper. And if your ARM is about to adjust and double your payments, and your home is underwater which means you can’t refi, then you really are in quite a pickle. You can either continue to throw money into a black hole and watch your net worth continue to decline or you can cut the anchor that is pulling you down and start the climb back up into financial stability.
Those who think they should just make the payments because they can and “it’s the right thing to do” are forgetting they are players in a system called capitalism. Trust me the banks are not worried about your net worth, they only care about their money. Likewise you should not worry about the banks net worth and should do what is right for your money. If you love your home so much you are prepared to go down with the ship, fine. But winning players in the game of capitalism do not typically allow themselves the luxuries of such sentimental niceties when they are in direct conflict with wealth generation and/or preservation.

By: eddy

eddy — Thu, 21 May 2009 23:24:23 +0000

dothemath, this is a troll post if I’ve ever seen one.

http://i63.photobucket.com/albums/h159/Seahawklady/Non-card%20stuff/LOLZ/trolls.jpg

By: dothemath

dothemath — Thu, 21 May 2009 16:02:19 +0000

And you know the ONLY way to eliminate the risk that you may be paying too much for your house? Never sell.

umm…not quite.
How about not buying it?

Then you don’t have to live in the same house for the rest of your life regardless of whether you lose a job, want to relocate, get married, have kids, suffer a death in the family, get bored of the area..

presumably then, we should be equally un-concerned about the recent 50% fall in peak from equities – only a paper loss also. and most people will be selling their house before they realise their 401k if you look at average ages, average home hold periods etc.

also, never sell..and what? just pass on the house to the next generation?
I’d be pissed if my ‘rents bought a bunch of houses at the peak of the market with the attitude ‘it’s OK, we will never sell’ and passed on their underwater positions to me on death.

By: Traumatic

Traumatic — Thu, 21 May 2009 15:57:39 +0000

To echo Stu, people are shedding their toys, such as boats (which have a very stable resale value) and just letting them be free!

http://www.nytimes.com/2009/04/01/business/01boats.html