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thebbqguy:
I am beginning to see lawyers in my community advertise on TV to advocate "a managed foreclosure" to include walking away from houses and mortgage loans when under water.  I can't believe lawyers are actually advertising this approach. 

"Walking away" is discussed in the newspapers, news casts, and all over the net.  Now I understand people have circumstances that are beyond their control.  Loss of job, marrital issues, health issues, etc., but when people with jobs, money, etc. have the ability to pay, but "walk away" because they are "under water" I think it's irresponsible, unethical, and nearly fraudulent.  It may not be legally fraudulent, but it's one of the largest moral frauds I know of....and it's picking up steam.

So those who were more responsible when purchasing their homes are now forced to subsidize those who were irresponsible.  Unbelievable to me. 

(Can you tell this has hit a nerve with me?)

Mikekoz13:
I agree 100% but this is just an expansion of the "it's not my fault" society. I have MUCH more I could say on this but Forum rules dictate that I do not.
I'm always open for lively PM discussions on things though..........

GASlick:
We haven't walked away, BUT for those who have been around for a while know what my wife have been through.  We owned a small business that went under last year and we wound up in Chapter 7.  Full discharge bankruptcy.  We went from a credit score of over 800 to NOTHING.  We can walk away anytime we want.  It's a little different that what you're talking about. I did get a full time job back in healthcare and made the payment every month even though we didn't have to.

Last week I got laid off, yes direct patient care (x-ray tech) due to hospital budget cutbacks, i.e. low reimbursements from medicare and medicaid (government).  So, If I get a job in another city and have to move I will stop making this payment and leave.  The way I look at it, I've paid into this system for over 20 years only to watch others squander it.  And NO I have not and will NOT apply for unemployment.  I'm not wasting my time with that, my energies are better spent waiting tables and job hunting!  It's my life and my responsibility to keep my family fed, clothed and sheltered.  Welcome to McDonalds, how can I help you?!  ;D Sorry, just got caught up there.

I read on the news the other day that with mortgage rates at all time lows, people are buying new houses and walking away from their old ones after they get the new mortgage instead of trying to sell the old one.  That is sucky!

thebbqguy:

--- Quote ---I read on the news the other day that with mortgage rates at all time lows, people are buying new houses and walking away from their old ones after they get the new mortgage instead of trying to sell the old one.  That is sucky!
--- End quote ---

I think that is more along the lines of the advertisement I saw this morning on TV.

GASlick:
I've seen those commercials here in the Atlanta area too.  That's just wrong in my opinion.  Sorry, I didn't mean to unload on your thread! Back to your regularly scheduled thread.........

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