What happens if I just quit paying my mortgage?

[Carl]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3938271

Prefer (1000+ posts)        Sat Sep-06-08 04:21 PM
Original message
What happens if I just quit paying my mortgage?
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Edited on Sat Sep-06-08 04:23 PM by Prefer
details

1. I got interest only fixed rate loan about 3 years ago because i thought the real estate market might collapse and, if so, I wanted to have no equity in my home.

2. I have it %100 financed.

3. I have two rental homes financed at a great rate, so I don't feel like I will be missing out on any investment if I walk away. I don't really care if I can't buy another house for 7 years - I already have enough of them! I'd be OK renting for 7 years


I feel my main house has lost value and I don't want to absorb it. Can I just stick the bank with it and walk away? to what extent can they try to get money out of me? Can they attach my wages if I walk away?

EDIT: I wouldn't feel too guilty morally, walking away, since the entire real estate bubble was predicated on lending fraud anyway.

DUmmy financial stupidity on display.

[Wretched Excess]

I wouldn't feel too guilty morally . . .

interesting sentence.  not sure why it grabbed my attention, but guilt and immorality are very different things.

[bijou]

I don't know much about US mortgages, but if they are anything like UK ones you will have signed a document which tells you what would happen if you don't pay.  I recommend reading it, it is far more likely to give you the right answer than a bunch of anonymous 'tards on the net.

[Tucker]

Curtland1015 (90 posts)      Sat Sep-06-08 04:27 PM
Response to Original message
4. Pffft... cut and run, a typical democrat! 
 Just kidding!
 

He's living on the edge. He's not kidding. Whose mole is this?

[Miss Mia]

What an idiot.   

[GOBUCKS]

Prefer (1000+ posts)      Sat Sep-06-08 04:50 PM
Response to Reply #22
26. what? because I don't want to take the brunt of the loss due to the mortgage fraud
perpetuated by Bush's deregulation, that makes me not a democrat?
why should I pay for the crimes of others out of my pocket?

I knew this was somehow Bush's fault.

DUmmy dems_rightnow risks a tombstone by insulting DUmmy Prefer:
dems_rightnow (526 posts)      Sat Sep-06-08 04:57 PM
Response to Reply #33
36. Moron's already set in stone.
 We're debating on "thief".

[Vagabond]

While I was working one day (okay while waiting on equipment) we were talking.  Somebody wondered what would happen if your mortage company went out of business before they could sell your loan.  The premise was that while you would still owe money, you wouldn't have anyone you could pay. It was good for some laughs anyway.