Consequences of stopping paying mortgage
- Thread starter sharknyc
- Start date
I totally agree, it's crazy how not only do they have no idea what they are talking about-
They will argue their case vehemently and only add to their image of ignorance.
Really weird how people will get so combative and belligerent even if they don't know what they are talking about.
But yeah you're right, I guess that's where the 95% does come from. You gotta have people that think they're right no matter what, even if they have no idea what they are talking about. Those people make good losers in trading.
My wife is in mortgage banking. You think lending is completely objecive? Think twice before you reply. 
Wouldnt it be cool if you had to file bankruptcy you could do it like corporations and save your income for a few years and pay off debts, like kmart did.. in USA when you file you have to take financial classes to make sure you understand money,,wonder if trump ever took any government mandated classes lol, I wonder if we should do like some european nations do and limit how much credit card debt you can handle,,so as not to allow people to become slaves of corporations, or indentured servants lol,
As far as I know Trump has never declared bankruptcy but one (or more) of his companies has.
I believe in CA the homeowner has a statutory option to do what is called a deed in lieu. you throw the keys to the home on the financial institution's desk and say goodbye. Of course it probably wood kill your credit, given it is forfiture of collateral.
Actually regarding your main question, thousands and thousands all over the country are doing exactly what you are saying. They are just stop paying their mortgages and walking away. I think one the main reasons is they simply can't afford it the mortgage and many did not understand the terms when they bought the home. Secondly, many bought the home as investment thinking it would continue to appreciate like properties had in the past. But, the two go hand in hand, in most cases in this means because they got mortgages they couldn't afford and many did not understand the terms. Reading th posts there were differing opinions on consequences. But, no matter how you cut it, the consequences of walking away from a home and mortgage payments by whatever means (BK, deed in lieu, recourse, short sale) are not going to be favorable. But if a preson or family can't afford to pay makes it almost an inevitable choice.
Actually regarding your main question, thousands and thousands all over the country are doing exactly what you are saying. They are just stop paying their mortgages and walking away. I think one the main reasons is they simply can't afford it the mortgage and many did not understand the terms when they bought the home. Secondly, many bought the home as investment thinking it would continue to appreciate like properties had in the past. But, the two go hand in hand, in most cases in this means because they got mortgages they couldn't afford and many did not understand the terms. Reading th posts there were differing opinions on consequences. But, no matter how you cut it, the consequences of walking away from a home and mortgage payments by whatever means (BK, deed in lieu, recourse, short sale) are not going to be favorable. But if a preson or family can't afford to pay makes it almost an inevitable choice.