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People Walking Away On House Payments Because House Isn't Worth As Much As They Paid For It

Posted by on Mar. 8, 2009 at 8:18 PM
  • 81 Replies

I was reading an article in the newspaper today about the mortgage/housing crisis.

Some people who paid more for their home than it is now worth are just walking away.  I'm not talking about people who are in trouble and can't make the mortgage payments.  I'm talking about people who can make the payments but choose not to pay off a house that is worth less than the mortgage.

Does this seem wrong to anybody else?  It almost feels like theft to me.  The bank is left holding the bag because somebody agreed to pay a certain amount on the house and then said, "Never mind."

How do you ladies feel on this issue?

I'm a toe-stubbing, coffee drinking, loud laughing, chocolate addicted, chunky mom with a totally inappropriate sense of humor.
Educated moms don't ASSume that parenting choices are one size fits all.

by on Mar. 8, 2009 at 8:18 PM
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Replies (1-10):
jessdamian77
by on Mar. 8, 2009 at 8:22 PM

i think that every situation is different... but if you can afford it.. and dont pay it simply because you dont want to or dont feel as tho your house is worth it... you shouldnt have signed on the dotted line...


And yes i agree it is WRONG.

MyndRayne
by Silver Member on Mar. 8, 2009 at 8:23 PM

first off, let me say that i love your siggy.

and secondly, i totally agree that it is theft. it's just ridiculous. people shouldn't be alloud to get away with that.


this presious lil one is now in heaven :(





at least i still have these two.

stormcris
by on Mar. 8, 2009 at 8:24 PM

It happens a lot. I know they will come after those people and sue them so ....it really seems pointless to me.

jennifer16
by on Mar. 8, 2009 at 8:25 PM

I think it is wrong too. I mean the housing market always goes up and down, if your house is not worth as much right now, stay there and wait it out like most people are doing. It will go up in value again maybe not in the next few years but eventually.  Regardless it is still your home and you are responsible for it!

DeTora_Family
by on Mar. 8, 2009 at 8:26 PM

There are at least a dozen families in my neighborhood who have done this.  The neighbor across the street pulled a large UHAUL truck into their driveway in the middle of the night and the next morning the house was empty.  The husband lost his job and their mortgage balance was much higher than the market value of their home.  It's happening a lot here in the SF bay area :-(. 

                             

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maybaby08
by on Mar. 8, 2009 at 8:27 PM

100% agree it's theft.

Yes we CAN and Yes we DID!!!!

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thisnametaken
by on Mar. 8, 2009 at 8:27 PM

Yes, it seems like to me if you were willing to pay a certain amount of money for it, then you wanted it THAT bad, regardless of current value.

Quoting jessdamian77:

i think that every situation is different... but if you can afford it.. and dont pay it simply because you dont want to or dont feel as tho your house is worth it... you shouldnt have signed on the dotted line...

 

And yes i agree it is WRONG.


thisnametaken
by on Mar. 8, 2009 at 8:28 PM

Thank you.  I had fun making it.  I think I've crossed from chunky to rotund since then.  LOL


 

Quoting MyndRayne:

first off, let me say that i love your siggy.

and secondly, i totally agree that it is theft. it's just ridiculous. people shouldn't be alloud to get away with that.


Dzyre1115
by Desiree` on Mar. 8, 2009 at 8:30 PM

A lot of those situations are in what is being called modern day ghost towns.  The neighbors are all gone because they could not afford the mortgage and the home values are so low there's no point anymore.  The neighborhoods are dangerous because of all of the vacant homes and I would leave too.

thisnametaken
by on Mar. 8, 2009 at 8:31 PM

I didn't realize they got sued.  It's good to know there are some ramifications to their actions besides bad credit.

Quoting stormcris:

It happens a lot. I know they will come after those people and sue them so ....it really seems pointless to me.


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