When do good homeowners throw in the towel and walk away?

Tips and Deals Forums Consumer Credit Improve Credit When do good homeowners throw in the towel and walk away?

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    • #376511
      Anonymous
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      I’m a good homeowner.
      I pay mortgage on time every month.
      I feel shafted by the banks and the government.
      The govt is bailing out the banks and the people with poor credit.
      While my local govt refuses to lower my taxes to its true value in today’s market.
      I have new neighbors in bigger nicer houses then mine, paying a fraction of what I do and lower taxes.
      Is it true that if you skip a couple of payments your lender will work with you and lower your principle?
      I have good credit. In upper 7’s. But what good is it? I can’t afford to buy a better house. Or even a new car. I have no other debt other then the house.
      What about the homeowners that have done the right thing. Whats in it for us other then huge debt that is unrecoverable and good credit scores that we can do nothing with?
      Can someone put a monetary value on my credit rate if I walk away from my house? At what point is my houses losses worth my credit?
      Is it true it only takes a couple of years to recover your credit from a foreclosure?
      I would hate to be a contributor to the national credit crisis. But there has got to be a point where it doesn’t make any sense for me to eat all this debt.
      How do I get this question asked to the presidential candidates in a debate or something?

      I really want to hear about my moral obiligations. The banks didn’t feel obligations to me or other owners with good credit when they gave out so many loans to people with bad credit that could not possibly afford to repay them. I feel no moral obiligation at all!
      It’s easy for people not in my situation to say eat the debt. I bought the house in pursuit of the american dream. A house that at least stay’s the same value if not above the value purchased.
      When the banks caused this market turn down they have stripped us all of that dream that bought a house is the past 6 years. Thanks a lot.

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