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Old 02-22-2010, 11:07 AM   #1
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when you stop paying your mortgage...can the bank sue you?

Lately I have read several articles about how now not only people who can not afford to pay their mortgage, but people who can afford to are stoping payments. It makes since, say you bought a house for 500k 3 years ago, you still owe 450k, the house in only worth 300k. So you walk away. Would that not make these people liable for their debts? Are banks going after people?
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Old 02-22-2010, 11:09 AM   #2
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wtf

this thread is now about birdman and lil wayne, you can thank me later f2b:

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Old 02-22-2010, 11:10 AM   #3
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This thread is now about babies:



Edit: Damn, beat me!
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Old 02-22-2010, 11:10 AM   #4
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It's been going on for years Just like if you let a car get repoed they come after you for the balance
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Old 02-22-2010, 11:10 AM   #5
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I would think it would cost more to try and prosecute all the people that did that, then just foreclosing....but i could be very wrong
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Old 02-22-2010, 11:13 AM   #6
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I would think it would cost more to try and prosecute all the people that did that, then just foreclosing....but i could be very wrong
Depends on if its worth it or not, if the person has a good job, where the house is located and all kinds of stuff. When you forclose they usually look into the situation sometimes they do quick sales if they think they can come out better on it then they can't sue.
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Old 02-22-2010, 11:13 AM   #7
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Lol
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Old 02-22-2010, 11:19 AM   #8
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I even see financial "experts" coming out and even suggesting such actions of people seeking their advice. Dave Ramsey etc. People that can afford to make the payments, but see it as a lost cause due to the ratio of balance to market value. Do not get me wrong I to would consider walking away, throwing good money after bad sucks. But banks would be foolish not to seek some sort of wage garnishment on these people. America needs a debtors jail or else this whole mess will repeat itself over and over again.
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Old 02-22-2010, 11:20 AM   #9
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Almost all mortgages are recourse loans. That means the person is financially responsible. They will probably foreclose and then sue for the difference. You can try to get the bank to agree to a short sale.
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Old 02-22-2010, 11:28 AM   #10
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I even see financial "experts" coming out and even suggesting such actions of people seeking their advice. Dave Ramsey etc. People that can afford to make the payments, but see it as a lost cause due to the ratio of balance to market value. Do not get me wrong I to would consider walking away, throwing good money after bad sucks. But banks would be foolish not to seek some sort of wage garnishment on these people. America needs a debtors jail or else this whole mess will repeat itself over and over again.
The peson in bold is Smart on some terms but is usally a idiot
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Old 02-22-2010, 12:15 PM   #11
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ur house in detroit is probably only worth $14k anyway, let them take it
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Old 02-22-2010, 01:40 PM   #12
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Foreclosure vs. bankruptcy, hardly any difference other than with BK, no recourse!
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Old 02-22-2010, 01:42 PM   #13
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i think i saw an article about this on ***************
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Old 02-22-2010, 02:05 PM   #14
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I saw a news report about people buying homes across the street from their houses under a relatives name and leaving their old house that was underwater. Currently they are trying to fix this loophole I believe...
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Old 02-22-2010, 02:06 PM   #15
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wtf

this thread is now about birdman and lil wayne, you can thank me later f2b:

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Old 02-22-2010, 02:16 PM   #16
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The peson in bold is Smart on some terms but is usally a idiot
I dont think Dave Ramsey is the smartest financial adviser out there. But show me an example where he has steered someone in the wrong direction. Sure he doesn't usually give people investment advice that seeks very much risk. He basically tells people to get out of debt before they buy ANYTHING else, then set up a savings plan with AT LEAST 6 months-a year in emergency money before buying anything. and this is bad....why?
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Old 02-22-2010, 02:20 PM   #17
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I dont think Dave Ramsey is the smartest financial adviser out there. But show me an example where he has steered someone in the wrong direction. Sure he doesn't usually give people investment advice that seeks very much risk. He basically tells people to get out of debt before they buy ANYTHING else, then set up a savings plan with AT LEAST 6 months-a year in emergency money before buying anything. and this is bad....why?
He tells people all the time to let there cars go back just so they can pay other bills faster and or buy a payed for car, no advisor should tell you to let you stuff get repoed.
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Old 02-22-2010, 02:28 PM   #18
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I have never heard him tell someone to let their car or cars go back. He tells them to get with the bank and sell them and keep paying on the loan to the bank if they are upside down. Buy a beater that you can pay cash for. While most of what he talks about is common sense to some of us, it definitely must not be common sense for the majority.
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Old 02-22-2010, 02:33 PM   #19
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He tells people all the time to let there cars go back just so they can pay other bills faster and or buy a payed for car, no advisor should tell you to let you stuff get repoed.

what he should tell them is why would you ever get a car loan to begin with? Obtain a loan that is for the most part above prime on a depreciating non income producing asset? And people wonder why they have money problems.
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Old 02-22-2010, 02:50 PM   #20
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what he should tell them is why would you ever get a car loan to begin with? Obtain a loan that is for the most part above prime on a depreciating non income producing asset? And people wonder why they have money problems.
depends on your definition of income.
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