Mortgage Meltdown: The Risks of Walking Away

Can you simply walk away from your upside down mortgage?

Category:

Entertainment

Tags:

• homes
• home buying
• home financing
• foreclosure
• mortgage

[RayAir1]

I could give a damn about my FICO. I have over $25K in cash and another $15K in gold and silver. I paid $225 for my house in 2003 and now it's worth $120K. Not to mention I got another 6K tacked on to the principal when I refinanced.

Now my wife lost her job and I'm not paying on this house that we never wanted to stay at for too long any more. I'll save up another $20K in cash by not making payments and then I'll go rent for a few years. I hide my money.

Peace.

[ghostriderinms]

I did it and bank of America did not pursue me in any way. Since then I got a new job with a fortune 50 company. Background check included. This story seems to try to reinforce fear in people who are already afraid to buck the system. Do not squander your savings in a bad investment. Stand up for yourself, real estate agents and mortgage lenders won't!

[fivequotes]

I would like to thank you for sharing your thoughts and time tot this!! Thumbs up

[troybrownrigg]

Somes states the bank can only get the property back interest owed and late payments. Not loss of principle due to the housing market! Arizona and Nevada the banks will take the loss with no recoarse!

[TheCashistrash]

if your house loan is 300,000 dollars and now worth 100,000 who in their right mind would continue to make payments? at that point screw the fico score, and if the banks decide to sue you do to state laws move states. it is that simple. this video is about fear mongering trying to make people pay for something that is worthless.

[SkyOne1111]

@CraneStBlues Yes, this video is just a scare tactic. This news guy probably has a ton of stock in Bank of America.

[SkyOne1111]

Scare tactics here. If you're under-the-water, seriously consider walking. Of course it's the bank's fault our homes lost value Shandee! This whole crisis is the fault of the banks (predatory lenders). Wake up!!

[ShandeeSmith]

I am so sick of hearing people say to walk away. If you can pay it pay it. If you can't get help to try to pay it. You borrowed what you borrowed. It is not the bank's fault or anyone elses fault that you investment lost value. If you walk away and rent you will lose all the money anyway. At least this way you will get something when you sell. Geez!

[alexnds1]

In Ohio, a bank needs to have 8 bad loans for every one good loan, that is 8:1 ratio. If that ratio is exceeded, the bank can no longer stay as a bank. So a bank I will not mention by name, had 20:1 ratio and started GIVING AWAY HOUSES FOR FREE to get them off the their books. So people literally got houses for free because the bank involved stood in being dissolved. They took insurance from AIG just in case this happened by the way, so they didn't lose. Chase came in and bought them out.

[CraneStBlues]

Here is what you idiots forgot to mentions: PEOPLE CAN FILE BANKRUPTCY.

So, its more confirmation that we have determined your video sucks ass.

[shanemacc]

I'm not saying either should - but you know what - i reject my previous comment, Do whatever you feel is right. I now think that it really doesn't matter in the end - it's all a phony system anyways... just a game... so ya - play by their rules for a while :)

[ReverendKyle78]

@shanemacc Banks walk away from bad investments all the time. Why shouldn't consumers have the same privilege?