Mortgage Foreclosure: Should we stop paying?

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We bought our house in 2006 (it was built in 2005). We need more than $ 260,000 hüpoteek.Meie our house is now worth more than $ value 160000Kinnisvara collapsed in our neighborhood (which includes a free house, and many of our streets). We have a variable rate mortgage. Our mortgage payments will increase in February 2010.Me can rent a house in our street for half the price of our re mortgage makse.Me “both busy. We have no credit card võlg.Me do not need credit. We did not particularly if our credit is being undermined by a lack of nearby hüpoteegimaksed.Meie failed to make mortgage payments for eleven months. He received a foreclosure notice in the mail. The lawyer told him he can still live in the house at least four months (without pay). Our state laws prohibit the lender to sue a landlord who fails to hüpoteek.Kui we stop paying our mortgage, we can save at least $ 20 000 next year. Then we can move across the street and rent. Then we get an FHA loan for three years and re-buy the house a fair hinnaga.Nii why not just stop paying our mortgage? What do you think?
I was wondering …. True, but I know almost nothing about the financial problems caused by the collapse of the owners of the house has to do with the inability to pay their mortgages after they have increased prices, why not simply reduce your monthly mortgage payments by increasing the years of the loan. Say …. grant a mortgage of 20 years to 30 years. Banks are likely to increase your overall return on their investment, and the owner of the house would not default.Mida I do not understand here?

  1. Reply
    February 17, 2011 at 3:47 am

    In you position, i would probably do the same thing…Quit paying and save some money for a year til they throw you out.

    Of course no one can predict what the real estate market will be like in 4 years…The same house could be worth more than 260k in 4 years….or what the mortgage rules will be at that time.

  2. Reply
    February 17, 2011 at 4:01 am

    no 4 years from foreclosure. The fact that you can pay and are willing to do this is an affront to people in your same situation and they pay as they promised. What is to say with all the foreclosures that the rules won’t change and go to 10 years. This says volumes about your character

  3. Reply
    Simpson G
    February 17, 2011 at 4:46 am

    If you allow the house to foreclose, you are going to drop your credit score by as much as 300 points and are going to have a hard time getting anyone to give you a loan, including an FHA loan. The foreclosure will stay on your credit for at least 7 years and perhaps longer.

    In addition, a landlord is going to run a credit check and see that you are a high risk tenant. I would not rent to someone who doesn’t care about their obligations and is willing to walk away without a second thought.

    People like you are a huge part of the problem with the economy. YOU chose to invest in a house. YOU chose to get an ARM. Your investment lost money and now you expect the bank to take the loss for you and your lack of planning on the ARM.

    If you can continue making payments, then you need to. The house will eventually increase in value and you’ll have ruined your credit for no reason.

  4. Reply
    February 17, 2011 at 5:43 am

    Not paying is a viable option. You should also consider negotiating the mortgage with your bank. They certainly don’t want the property.

    Consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. Another good place to start is the website the Federal Government set up to educate homeowners about the loan modification process. See

    Your goal is to learn as much as you can about the process before you contact your lender so you will be prepared and able to meet their guidelines. Take the time to do your homework and your time and effort will be well spent. Thousands of homeowners have gotten the mortgage loan modification help they needed, you can too!

    Homeowners don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. A good strategy is to talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation.

    A good site I used to begin the education process can be found at where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.

  5. Reply
    Liberal AssKicker
    February 17, 2011 at 6:19 am

    Here’s my solution:

    Let the crap heads in Congress argue for 2 more weeks so that the American people can realize that there is no crisis, it was all dreamed out of the liberal media hooka rooms.

    (Haven’t you noticed that the “strong fundamentals” of our economy have been propping up the stock markets while Congress deliberates? No collapse, very few failures, no run on the banks, not even a significant loss in the DOW.)

  6. Reply
    Healthy Environment
    February 17, 2011 at 7:13 am

    Instead of giving irresponsible wallstreet 700 billion……..

    Let’s give 10 million people each $ 70,000.

  7. Reply
    February 17, 2011 at 7:40 am

    I am not a fan of this idea to bail out. I remember that there was once this thing called capitalism and companies used to rise and fall on their own merit.I do not know if your plan would work but I do know that neither of us should be paying for this. Call and write in to voice your opinion on this subject. Re mind these people that we elected that they work for us not the big and Capitol Hill Switchboard: (202) 224-3121

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