Keep our house or give it to bank and take dead uncles

Sky_Render wrote:

Datsun1500 wrote: In reply to Sky_Render: He is saying if your value system will let you walk away from a large financial obligation that you can easily pay, walking away from a marriage when it gets tough is not that far of a stretch. I think what bothers most people is he's going to walk away for no reason. He can afford it, just doesn't want to. If someone loses a job and the bank says berkeley off, that's different. He's not haing financial difficulty, he's not behind on payments, he's doing it willingly because he "sees contracts differently"

I understand that it isn't the best or most honorable thing to do, but insinuating that someone would cheat on their wife just because they consider walking away from a loan with a bank is offensive and insulting. Again, people seem to think that a bank is a person. They're not.

And AGAIN, yes, a bank, or any other business is made up of a group of people. Jesus christ, is it that hard to understand? AGAIN, the chick behind the counter is not the CEO. She IS the person who doesn't get a raise because Joe "The world revolves around me" decides to default on a loan; not the CEO. And AGAIN, you're not just berkeleying the bank, you're berkeleying your neighbors. Plenty of us (myself included) are upside down. Instead of berkeleying my neighbors and my credit, I refinanced at 2.875% on a 15 year, which will pay off the principal more rapidly. And the ONLY reason I'm anywhere NEAR upside down is because we had a couple E36 M3head neighbors who berkeleyed the rest of us and defaulted on their loans. If you think people here are being hard on the OP, you should see what I'd do to the worthless pieces of E36 M3 who cost me 30 grand in equity if I could catch them in a dark alley.

I CHOSE to pay what I paid for my house, and the bank loaned me the money to pay the builder. Nobody sold me a proverbial pig in a poke, or held a gun to my head and made me sign that piece of paper.

poopshovel wrote: I CHOSE to pay what I paid for my house, and the bank loaned me the money to pay the builder. Nobody sold me a proverbial pig in a poke, or held a gun to my head and made me sign that piece of paper.

This is the part about signing the contract in the first place that makes welching on it later such a bad thing from a moral standpoint. Even if the house were a turd, that's the fault of the builder not the bank.

As far as dumping the house not hurting anyone else: a few years ago, people in Detroit were just walking away from their houses because they just could not find a job and thus make their payments. Housing values plummeted as a result. Yeah, those decisions on an individual level probably did not seem like such a big deal, but when 100,000 people decide to... it's a domino effect.

Some of those people may have had a 'sort of' reason: if you can't find a job, your back's against the wall and your kids are starving, then yeah maybe it's time to take drastic action. But just because it's inconvenient? Nope.

In reply to Curmudgeon:

And now there are huge open fields in urban Detroit.......

I just cannot figure out how he didn't expect to get flamed to oblivion here.....

Unlike many here I am probably the poster child for irresponsible spending. Hell I dump money into a Wartburg and a Yugo. But walking away from a home loan would be the last thing I could ever consider doing.

When I was much younger and in the military making about $25k a year. My now ex wife had just left with my daughter leaving me with all our debt (she had no credit so it was all in my name) including the house payment. I was in a car accident destroying my only means of getting to work and visiting my daughter. I had next to nothing. My own commanding officer recommended I walk away from the house, move back on base and get a nice car loan. I lost all respect for that man that day. Instead I bummed rides for 2 weeks, I rented out the 2 bedrooms in my house to help cover the mortgage and I ended up buying a POS $500 truck to get me to work. I sucked it up and did everything I had to in order to not default on my OBLIGATIONS. I never missed a payment on the house, on my bills, on my child support. I didn't have much but I eventually pulled through it.

I understand that at any minute I could have had a major emergency which would have changed all that which is why I do understand that sometimes good people have to walk away from their obligations. Doing it because it is "convenient" does not make you good people.

Ditch the truck. I towed 3000+ miles round trip to the challenge with a $1000 truck, if you really need a truck then you'll get by with a cheap one. Live with the house you have and don't get mired in what will surely end up being some family drama if you take the Uncles house. Live up to your obligations. If you can't put food on the table or take care of your family come back and ask your question again, right now you have neither my sympathy nor my support.

Do I have to lock this? Stop calling each other shiny happy people and focus on the more important things in life, like dandelions and fulfilling contractual obligations.

IBTL

JThw8 wrote: Unlike many here I am probably the poster child for irresponsible spending. Hell I dump money into a Wartburg and a Yugo. But walking away from a home loan would be the last thing I could ever consider doing. When I was much younger and in the military making about $25k a year. My now ex wife had just left with my daughter leaving me with all our debt (she had no credit so it was all in my name) including the house payment. I was in a car accident destroying my only means of getting to work and visiting my daughter. I had next to nothing. My own commanding officer recommended I walk away from the house, move back on base and get a nice car loan. I lost all respect for that man that day. Instead I bummed rides for 2 weeks, I rented out the 2 bedrooms in my house to help cover the mortgage and I ended up buying a POS $500 truck to get me to work. I sucked it up and did everything I had to in order to not default on my OBLIGATIONS. I never missed a payment on the house, on my bills, on my child support. I didn't have much but I eventually pulled through it. I understand that at any minute I could have had a major emergency which would have changed all that which is why I do understand that sometimes good people have to walk away from their obligations. Doing it because it is "convenient" does not make you good people. Ditch the truck. I towed 3000+ miles round trip to the challenge with a $1000 truck, if you really need a truck then you'll get by with a cheap one. Live with the house you have and don't get mired in what will surely end up being some family drama if you take the Uncles house. Live up to your obligations. If you can't put food on the table or take care of your family come back and ask your question again, right now you have neither my sympathy nor my support.

Sir, I salute you. For many reasons. And some of them have nothing to do with the Wartburg.

Amazon has a Package for you OP. Should be there Thursday.

Seriously, ditch the truck. You haven't really said what you haul and why you haul it, and I'm assuming that if it created income you would have mentioned it. You can get a reliable, fuel efficient car for $1k, you can also get a truck that's capable of towing for the same or a little more, but as others have mentioned it would probably be a hell of a lot cheaper to rent a truck and trailer for the amount of towing you do. You truck is not "creating equity", it's a hole you're throwing money into for no reason.

In reply to 16vCorey:

I'm betting he has a camper/travel trailer too.......not that many other trailers weigh 10000lbs.

yamaha wrote: In reply to 16vCorey: I'm betting he has a camper/travel trailer too.......not that many other trailers weigh 10000lbs.

Very true. In that case:

1. sell it all

2. put a $50 tent in the trunk of a $1k car

3. profit.