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If you knew you were going to loose your house, would you make every effort to cut back?

I have a friend who is going to loose her house to forclosure and its nothing to do with the economy although her looser of a husband would like you to beleive that. He is blaming the state of the economy for the debt he is in. Not the fact that he has a drinking problem and took out a loan for over $200,000 on his home. So he hasn't paid his mortgage since May and the bank wants them to pay $4,000 a month so he is letting the house go. He has also lost two other houses that he invested in. Their credit cards are maxed and yet they still go to the movies, dinner and all the other stuff that normal people for go when they are in financial ruin. So they get to walk away from their house and they think that it's ok. to strip it bare as if they own all the stuff in it. It was never theirs to begin with. O.k. I needed to vent so much!!!


Asked by Anonymous at 10:03 PM on Nov. 16, 2008 in Money & Work

This question is closed.
Answers (9)
  • I am a real estate agent and have seen a ton of people lose their homes. There are those people who lose their job and have lived honestly...and it's a real tragedy to see a foreclosure happen. Then, there are those people who live beyond there means or have an addiction that results in them no longer having to make their monthly payment. If there is no way to catch up and the person knows that they are going to lose their house, there's no reason to send money to the bank. But, being financially responsible is something that everyone should be. I don't understand people who buy brand new cars and own luxerious things and are losing their homes; the biggest investment most people will ever have in their lives. They will not walk away without a penalty, however. Their credit will be destroyed for 10 years (in my state) and it will be difficult, if not impossible, to lease or buy any thing on credit.

    Answer by hgibsonorc at 10:21 PM on Nov. 16, 2008

  • Im about to loose my house because my husband lost his job, we have cut back and we are saving the money we would normally pay on our mortgagee for a down-payment.

    Answer by Anonymous at 10:05 PM on Nov. 16, 2008

  • on an apartment

    Answer by Anonymous at 10:06 PM on Nov. 16, 2008

  • I am the poster and I commend you for that. You have to do what you have to get by right now. You are being wise and honest. My husbands job is not secure right now either. Its a scary time but you make decisions based on your situation and I wouldn't expect people to bail me out.

    Answer by Anonymous at 10:09 PM on Nov. 16, 2008

  • Poster again.... I totally agree with you . This guy is one smooth talker and I shouldn't talk about them but I have seen it all and heard it all from him. You would die to listen to him. They are going to let their house go and move into a nice gated community with a diving pool. OMG... Well he is a Property Manager although I don't know what he does to be honest. He just got done for a DUI and he thinks he got off lightly. He is an A**. Ok. I need to let it go and I have for the most part. Vent Vent Vent!!!

    Answer by Anonymous at 10:32 PM on Nov. 16, 2008

  • I feel that these type of irresponsible people are a big part of our economic problems. Yes, the mortgage companies should have never loaned them the money in the first place, but I think that most people know exactly what they are getting into and what their financial responsibilities are. It really makes me mad that these type people are not being held accountable for their actions. As long as we keep rewarding bad decisions, irresponsible people will continue to take advantage of those of us who pay our bills and taxes.

    Answer by Goodthings at 11:23 PM on Nov. 16, 2008

  • This market is incredible right now, I have heard a lot of stories about people "walking away" from a house because the value dropped so drastically they felt it was no longer worth what they paid and owed and would rather have a foreclosure then pay the remainder of the loan off! We actually had a neighbor across the street do much the same, his job moved him and when we asked about his house he said he was going to "let the bank have it back" ?? When I was alone with my husband I told him, "You know that means he's letting them foreclose, you don't give your house back!" Just insane.

    Answer by Serafyna at 3:15 AM on Nov. 17, 2008

  • I feel your pain OP, I have a friend that I love dearly but they constantly make horrible money choices :( Its a hard place to be in when she wants to vent about money issues to me... and I am biting my tongue wanting to point out the new luxury bedding she bought or the vacation to Hawaii they are planning. (While living with zero savings and juggling which bill gets paid this month!) Ugh. It's hard because you really can't say anything - that will just make you a royal b*tch that doesn't know "what it's like!"

    Answer by Serafyna at 3:16 AM on Nov. 17, 2008

  • OMG, the situation you described is my BIL exactly except his addiction is gambling and not drinking. It's hard to sit back and watch what is taking place, particularly because there are children involved, but until he/they deal with the real issue (the gambling, not the economy), I'm afraid things will get much worse before (if) they get better.

    Answer by Anonymous at 10:31 AM on Nov. 17, 2008