Foreclosures?

all this is music to my ears, come to US borrow to buy whatever my heart desires live it very large for as long as I manage to dodge the system, when the proverbial hits the fan stick it to the banks and than come back home!

 

If you are truly in financial distress I get it, get out, but if you aren't and you are taking advantage of the system you are a douche in my book, that type of behavior is not acceptable, I don't want to teach my children that it's ok to commit to something and than bail out when the going gets tough.

 

I am quite amazed that someone would contemplate doing that, exactly what's wrong with our society and the sole reason why our economies are in the crapper.

 

 

 

 

 

 

all this is music to my ears, come to US borrow to buy whatever my heart desires live it very large for as long as I manage to dodge the system, when the proverbial hits the fan stick it to the banks and than come back home!

 

If you are truly in financial distress I get it, get out, but if you aren't and you are taking advantage of the system you are a douche in my book, that type of behavior is not acceptable, I don't want to teach my children that it's ok to commit to something and than bail out when the going gets tough.

 

I am quite amazed that someone would contemplate doing that, exactly what's wrong with our society and the sole reason why our economies are in the crapper.

 

fortis,

 

it is the exact same way as any business operates. If times are good, and you are making money, you keep things going as is or try to make adjustments to make more money. When the shit hits the fan, you close your doors, claim bankruptcy on your business, and all the debts you have with that business are gone. They can try to sue you, but that usually gets nowhere.

 

Honestly, this housing discussion is peanuts compared to some of the things I see people do in the US.

sounds like this doctor would have wonderful bedside manner.

 

Must be a surgeon.

 

 

Ouch!!

fortis,

 

it is the exact same way as any business operates. If times are good, and you are making money, you keep things going as is or try to make adjustments to make more money. When the shit hits the fan, you close your doors, claim bankruptcy on your business, and all the debts you have with that business are gone. They can try to sue you, but that usually gets nowhere.

 

Honestly, this housing discussion is peanuts compared to some of the things I see people do in the US.

 

 

If others commit fraud that doesn't make it right for everyone else to do it, what sort of reasoning is that?

That way of thinking is flawed and it will never get you anywhere in life.

It sounds like you are surrounded by bad company, ask any successful person out there if they share the same sentiments, I firmly believe that between success and failure is your state of mind, the way you think!

 

 

Nothing was given to me and let me tell you that I went trough hardships in my life that I don't wish upon anyone, in a strange way I am glad that I had to endure what I did because it thought me valuable life lessons and I came out a better person, I always smiled kept my head up high and got where I am, bailing out is not an option, accepting my responsibilities and honoring my commitments is my only option.

 

You win some you lose some the basics of business dictate that if you win more than lose you are on top even if the difference is $1, going bankrupt when you can afford your responsibilities defies business commonsense and defines your character, you are asking me to accept it, there is no way I can do that, this is not about the banks this is about your character as an individual, if you bail on the bank you are willing to bail on your wife, kids, family friends business partners etc.

 

I am not trying to have a go at you but in some other thread you are looking to buy foreclosed homes and complain about the fact that they are not accepting your offers, than you turn around and tell us that you want to walk away from your initial responsibility because at least for now that investment looks like a bad business decision, how are you bankrupt or your doctor friend that can pay his mortgage but refusing to do so? Am I missing something here?

 

You than try to explain to me business basics, if things don't go well you get out etc etc

 

You do get out but only if you can't genuinely afford it and you are forced into filing for bankruptcy unless that's the case if you decide to get out be a man and do it on your own money don't stick the bank with your loss because the circumstances changed, you live in a capitalist country you know how business works, most banks are publicly listed companies, whom do you think carries the loss ultimately?, maybe one of your uncles has shares in the bank that you are trying to stiff with your bill, the banks executives will always get their $ first your uncle will be the last person to see it so you aren't screwing the banks, in most cases you will be screwing the moms and dads that invested in shares and ultimately yourself.

 

As far as I am concerned if you have money to shop for another house you have money to keep your existing house, I do understand what you are saying about the safety etc but did that change so radically in the last two years?, gangsters moved in etc in such short period of time? If that's the case I agree with you not living there but rent it out and make up the shortfall which you seem to be able to afford since you are shopping for a new place.

I wouldn't have any issues with this if I wasn't certain that this will turn around and bite us all in the ass.

 

I am sure this will sound very harsh to you but when you are prepared to air your dirty laundry in public you should expect a variety of opinions.

If I were you I would make life altering decisions in order to meet my obligations, things will progress and be brighter in the future but only if we help the situation.

 

Good luck with whatever you decide.

 

 

 

Fortis,

 

I accept all opinions as I opened my life up on this website. I do value your opinion, however, this is a business decision, and not a moral decision as you have put it. In no way shape or form does doing what is right for your family the wrong thing, IMO.

 

The issue I had in the other thread is dirty banks and scandalous appraisers. I may or may not end up buying a home. I came to hear opinions from people who are in the same situation as me, or have factual data to support answering my question, not for a lesson in life values.

 

We are in a strange time. Everyone is essentially fcuking everone here in the US, and either you get fucked, or you are the person doing the fcuking. Investment companies such as Morgan Stanley are foreclosing on 5 large buildings, not because they can't afford to pay for them, but because it doesn't make financial sense to keep them.

 

I wish I wasn't in the situation I am in. My wife and I make good money, have great credit, and a great life. I have been through tough times as well, and appreciate what I have. If the home we bought was not next to people who rob people for a living and sell drugs to pay the bills, I would probably keep it. Ot has made a huge change for the worse in the 5 years of ownership.

 

Lastly, do not judge someone, or think of them differently without walking in their shoes first. I do surround myself with good people. I don't believe walking out of a financial obligation is a good thing, or fun thing to do. It's not something I am looking forward to doing it if I do it. There is absolutely nothing fraudulent about this. It's what businesses do every day. Walk away from a bad decision and cut your losses.

Just realized something, ignore everything I said about what happens in my area. Florida is a judicial foreclosure state which means it is going to court. Many west coast states handle things non-judicially, hence the reason for no judgements.

This is exactly what the problem is in America these days. Nobody takes responsibility anymore. So, you can afford the home that you purchased 5 years ago but just want to walk away because everyone else is doing the same thing?

 

I am sorry, but this is exactly why the economy is what it is...because of people walking away from their homes when they can certainly still afford their mortgage.

 

It saddens me when people take advantage of the system and all the people that do the right thing, still pay their mortgages, and NOW HAVE TO PAY FOR THE LOSERS BAILING ON THEIR HOMES.

 

You do not lose money if you do not sell your home. Meaning, stay in your home, pay your mortgage just like every other hard working American, and in five to ten years your home will be back up in value.

 

Just my two cents but anyone that can afford their home should look at it long term and stay in their home. Why ruin your credit, etc for something that you do not need to walk away from or that you can easily afford right now...again...YOU DO NOT LOSE MONEY IF YOU DO NOT SELL YOUR HOME. I personally recommend taking the high road and stay with your original commitment with the bank. Let all of your weak ass friends, drop their homes, ruin their credit and see where you are and they are in 5-10 years.

This is exactly what the problem is in America these days. Nobody takes responsibility anymore. So, you can afford the home that you purchased 5 years ago but just want to walk away because everyone else is doing the same thing?

You do not lose money if you do not sell your home. Meaning, stay in your home, pay your mortgage just like every other hard working American, and in five to ten years your home will be back up in value.

 

Just my two cents but anyone that can afford their home should look at it long term and stay in their home. Why ruin your credit, etc for something that you do not need to walk away from or that you can easily afford right now...again...YOU DO NOT LOSE MONEY IF YOU DO NOT SELL YOUR HOME. I personally recommend taking the high road and stay with your original commitment with the bank. Let all of your weak ass friends, drop their homes, ruin their credit and see where you are and they are in 5-10 years.

 

correct in some respects, but why stay in a home that I don't want in a bad area when I can get into one that my payment would be the same, and double in price when the market rebounds as opposed to MAYBE breaking even in 15-20 years.

 

What do I need credit for when I have the house I want and own my cars? I could also wait until more and more people do this in Miami as it will be happening all over the place throughout my city for the next few years.

 

 

 

 

Fortis,

 

I accept all opinions as I opened my life up on this website. I do value your opinion, however, this is a business decision, and not a moral decision as you have put it. In no way shape or form does doing what is right for your family the wrong thing, IMO.

 

The issue I had in the other thread is dirty banks and scandalous appraisers. I may or may not end up buying a home. I came to hear opinions from people who are in the same situation as me, or have factual data to support answering my question, not for a lesson in life values.

 

We are in a strange time. Everyone is essentially fcuking everone here in the US, and either you get fucked, or you are the person doing the fcuking. Investment companies such as Morgan Stanley are foreclosing on 5 large buildings, not because they can't afford to pay for them, but because it doesn't make financial sense to keep them.

 

I wish I wasn't in the situation I am in. My wife and I make good money, have great credit, and a great life. I have been through tough times as well, and appreciate what I have. If the home we bought was not next to people who rob people for a living and sell drugs to pay the bills, I would probably keep it. Ot has made a huge change for the worse in the 5 years of ownership.

 

Lastly, do not judge someone, or think of them differently without walking in their shoes first. I do surround myself with good people. I don't believe walking out of a financial obligation is a good thing, or fun thing to do. It's not something I am looking forward to doing it if I do it. There is absolutely nothing fraudulent about this. It's what businesses do every day. Walk away from a bad decision and cut your losses.

 

 

it is moral, definitely not business, how is this business? in business you have to hold your end of the bargain, you are running away from your obligations, since when what's right for your family equals giving the finger to your creditors and filing for bankruptcy when you aren't bankrupt?

 

You need lessons in life not opinions from other scam artists that teach you how to dodge the system, how come you don't see anything wrong with your way of thinking?

 

I think I am entitled to judge because I am quite confident that I walked in worse shoes than you have, I will leave it at that because my life is private.

 

to the question as to why you shouldn't bail out there are few simple answers that I can think of:

 

Honesty, Integrity, Respect, Honor.

 

Once again just because others do it doesn't make it right. I am quite sure that you would be willing to drop your $200k mortgage and than turn around and call the banks scumbags for not selling it back to you for $60k, if this statement shocks you it shouldn't because by your own admission that's what you've been trying to achieve. You call this business I call it a slap in the face of everyone that's doing the right thing.

 

I am out of this discussion because I am very saddened by the whole subject.

 

 

Not claiming bankruptcy. Don't know where you got that from. I mentioned that businesses do that to avoid paying debt.

 

It is a financial-business decision because I have no ties to my lendor other than signing a couple papers. This is not running away from a loan my family gave me. If the bank were in the same position, they would do the same.

 

I'm not getting into another long winded post with you. We will just have to agree to disagree.

By the way. Go to dinner with my best friend last night. He invites 6 random people that I don't know to come out with us to a night club, and 4 of them were in some stage of doing this. Again, I know the saying just because everyone is doing it, it doesn't make it right. Just wanted to put it into perspective as to how much worse home values will be in Miami.

PikeMike,

 

I guess you have to do what you think is best for you and your family. Same with your doctor friend.

 

It is very discouraging reading these things some times though. Like Fortis, I have been through a very tough time. Very tough. 2 companies I worked for going bankrupt, one telling me "the cheque is in the mail" while they were declaring bankruptcy. I went many months over the last 2 years (probably 12 out of 24 months) with no income and huge debt.

 

I had to sell my house last year at a huge loss because I was also going through a divorce.

 

Try telling your kids that they can't play the sports they are used to playing because daddy can't afford the registration.

 

I am still not out of the woods and still working hard to try and crawl out of what seems to be (to me) an impossibly deep hole. But I haven't walked away from any responsibilities and it may be killing me.

 

That is my choice. Doesn't mean I'm right or wrong, just as you and your buddy are making your choice. But it is pretty discouraging to hear.

 

All the best either way in a tough decision.

Thanks brotha. Sorry to hear of your problems. Wish the best to you and your family. Everything will eventually get better.

How about this.....Sell your 60K house which you rent out for ~1100$/month and buy 2 30K townhouse that you can rent out for 800$/month. The additional rental income should break even for you for the time being. Plus I'll be damned if in 7-10 years you do not get a nice return on those 30K houses.

 

You may think that getting a bad credit in exchange for a 170K debt is a good idea for the time being, but 7-10 years is a long time.....and you will be closing yourself to many future opportunities because of this. You may take your good credit rating for granted, but trust me, when you do need it and you don't have it, you'll regret it.

 

Good business sense is about thinking ahead and finding creative ways of turning negative situations into positive ones.

 

If you rationalize foreclosure as sticking it back to the banks that screwed people over, you might as well not pay your taxes either.

and 4 of them were in some stage of doing this.

 

Isn't this creating a new bubble which will explode and a cause a new downfall?

 

It's only postponing losses.

 

 

I wish you the best of luck, but it doesn't sound right.

 

 

Do you think the neighbourhood you used to live in will improve in 5-10-15 years?

Not sure. The neighborhood was the only safe, gated, non section 8 complex in the area when I bought it. It is much different now. The area is developing with more shopping centers, malls, and restaurants now. The problem was when the bubble was inflating, there were no other affordable areas in Miami, so many younger people were buying there. Then the market took a dump and everyone pulled put of their preconstruction deposits, and thousands of new homes sat empty. Add that to the fact that it is about a 45 minute drive into Miami, it made things very difficult. When Miami experienced a extreme demand for gomes once again, that market will rise again. God knows when they will get through all of the distressed inventory here though.

This is exactly what the problem is in America these days. Nobody takes responsibility anymore. So, you can afford the home that you purchased 5 years ago but just want to walk away because everyone else is doing the same thing?

 

I am sorry, but this is exactly why the economy is what it is...because of people walking away from their homes when they can certainly still afford their mortgage.

 

It saddens me when people take advantage of the system and all the people that do the right thing, still pay their mortgages, and NOW HAVE TO PAY FOR THE LOSERS BAILING ON THEIR HOMES.

 

You do not lose money if you do not sell your home. Meaning, stay in your home, pay your mortgage just like every other hard working American, and in five to ten years your home will be back up in value.

 

Just my two cents but anyone that can afford their home should look at it long term and stay in their home. Why ruin your credit, etc for something that you do not need to walk away from or that you can easily afford right now...again...YOU DO NOT LOSE MONEY IF YOU DO NOT SELL YOUR HOME. I personally recommend taking the high road and stay with your original commitment with the bank. Let all of your weak ass friends, drop their homes, ruin their credit and see where you are and they are in 5-10 years.

 

+1 for Charlie and Fortis.

 

I find some of the justifications presented in this thread to be utterly disgusting.

 

+1 for Charlie and Fortis.

 

I find some of the justifications presented in this thread to be utterly disgusting.

 

good for you. Honestly, I have always not given a fcuk what people have thought of me, and I am sure the million people+ in Florida doing this feel the same sentiment.

 

If it makes financial sense, and is my last resort, I will do it. If not I won't. It's as simple as that. It's not about honor, morals, etc. I can give a fcuk about the banks.

If it makes financial sense, and is my last resort, I will do it. If not I won't. It's as simple as that. It's not about honor, morals, etc. I can give a fcuk about the banks.

 

How about the mid-level guy working at the bank to support his family who won't get a raise, or may take a paycut because of your actions? When you say "fcuk the banks" you are saying fcuk you to hundreds of hard-working people. Do you think you are really just fcuking over some big CEO boogyman?

 

How about the mid-level guy working at the bank to support his family who won't get a raise, or may take a paycut because of your actions? When you say "fcuk the banks" you are saying fcuk you to hundreds of hard-working people. Do you think you are really just fcuking over some big CEO boogyman?

 

you are wasting your time, there will always be people with pikemikes views in our society, the unfortunate thing is that in all cases the hard working genuine people end up carrying their burden while they are out clubbing, let's agree to disagree!

How about the mid-level guy working at the bank to support his family who won't get a raise, or may take a paycut because of your actions? When you say "fcuk the banks" you are saying fcuk you to hundreds of hard-working people. Do you think you are really just fcuking over some big CEO boogyman?

 

couple things come to mind. Number 1: the fish stinks at the head, and the executives of the banks fucked the consumer, and now the consumer is fcuking them back. Number 2: The socialist emporer Hussein Obama will fix everything so I am not worried about there jobs.

you are wasting your time, there will always be people with pikemikes views in our society, the unfortunate thing is that in all cases the hard working genuine people end up carrying their burden while they are out clubbing, let's agree to disagree!

 

Looks like you are spot on. Guess there is always an excuse to use to justify it.

you are wasting your time, there will always be people with pikemikes views in our society, the unfortunate thing is that in all cases the hard working genuine people end up carrying their burden while they are out clubbing, let's agree to disagree!

you are wasting your time, there will always be people with pikemikes views in our society, the unfortunate thing is that in all cases the hard working genuine people end up carrying their burden while they are out clubbing, let's agree to disagree!

 

yes he is. first off I have done nothing yet, so you have no right to criticize something that has not happened. I probably am one of the hardest working people on this board. What I learned through my 6 years of writing and reading on this board is that you shut your mouth (or keyboard in this instance) unless you have either a-experienced something identical to the topic firsthand, b-you can relate to it as you know someone that is/has experienced/experiencing the same thing. C- you have positive feedback to offer.

 

I don't own a Lamborghini, but I have driven them quite a bit. I shut my mouth and don't type unless I have one of the 3 criteria above met.

 

You don't live in the US. You don't live in South Florida. You aren't experiencing what I am going through. So you have nothing to add to my thread.

yes he is. first off I have done nothing yet, so you have no right to criticize something that has not happened. I probably am one of the hardest working people on this board. What I learned through my 6 years of writing and reading on this board is that you shut your mouth (or keyboard in this instance) unless you have either a-experienced something identical to the topic firsthand, b-you can relate to it as you know someone that is/has experienced/experiencing the same thing. C- you have positive feedback to offer.

 

I don't own a Lamborghini, but I have driven them quite a bit. I shut my mouth and don't type unless I have one of the 3 criteria above met.

 

You don't live in the US. You don't live in South Florida. You aren't experiencing what I am going through. So you have nothing to add to my thread.

 

you have no idea who I am, what I went trough and what I've achieved in my life, my life is private and it will stay like that as long as it is under my control.

 

if you knew the answers to the above you would learn that I qualify for your nonsense A,B,C posting etiquette on LP

 

I would't mind adding that some people are paying me to tell them what I just told you for free so consider yourself fortunate in that respect.

 

I am more than qualified to voice my opinion trust me on that and as for you being the hardest working guy on the board that might be true but once again if that's the case and you are in the situation that you are in contemplating to dump your mortgage if further reinforces my beliefs that you are getting advise from dickheads, as for me giving you positive advice, are you kidding me? you are way to blind to see the positives in what I am saying to you.

 

Not living in America has nothing to do with commonsense, how about this practical advice, concentrate as much on business as you are on internet porn, curb your expenses and give those nightclubs a miss so you can take care of your financial obligations, do not air your dirty laundry in public if you don't want to hear criticisms, if you want to be babysitted and be told what you want to hear you have your good friends.

 

I wish you were listening to me because as I helped many others to get on top of their financials I could possibly have some good advice for you, the matter of the fact is that you decided to take the easy way out and nothing else makes sense to you, the usual, if you are not with me you are against me.

 

Good luck to you and don't be surprised when you see replies as above, you picked the wrong forum to ask for advice on unscrupulous business decisions that don't make sense.