Author Topic: Asshole DUmmy with horrible credit walks away from huge mortgage  (Read 7515 times)

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Offline BannedFromDU

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Asshole DUmmy with horrible credit walks away from huge mortgage
« on: September 06, 2011, 06:31:48 PM »
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phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:27 PM
Original message
In 6 years, I've paid $70,000 to my mortgage companies ...
   
And today I walked away from it all. I've moved out, left the keys and appliance manuals, turned off the power, and called the mortgage companies to tell them they better hurry up and insure the property and change the locks, because I've abandoned it. Oh, and I'm declaring bankruptcy for protection (partially due to the mounting medical bills, but mostly due to the mortgages).

Of the $70,000 paid to my mortgage companies in the last 6 years, only $2,000 went toward principal. The other $68,000 went toward interest. I don't feel one ounce of guilt.

There's no need to feel guilt ... I'm the victim. If guilt is holding you back from leaving an unfair mortgage situation, I urge you to look at how much you've already paid your mortgage company, toss the guilt aside and free yourself.

A huge weight has been lifted off my shoulders today.

Peace.

Sven :)

Feeling bouncy-ish


That's the mark of a DUmmy - signs a mortgage and is shocked that he has to live up to its terms.
« Last Edit: September 06, 2011, 06:38:53 PM by BannedFromDU »
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Offline jukin

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #1 on: September 06, 2011, 06:47:46 PM »
Less than a $1000 a month?  Pretty good rent around here.

Sure this is a bouncy because the DUmbass never mentions his down payment and calling in your abandonment will not fly in any court. Plus how could this have happened when our country has been under the benevolent rule of the SCOAMF?
When you are the beneficiary of someone’s kindness and generosity, it produces a sense of gratitude and community.

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Offline Ballygrl

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #2 on: September 06, 2011, 06:48:00 PM »
WTF? that's how mortgages work, what did he think going in?
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Offline Freeper

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #3 on: September 06, 2011, 06:52:17 PM »
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Logical Donating Member (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:28 PM
Response to Original message
1. So they forced you to sign the contract? Or you didn't understand it? Serious question.

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phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
   
But it was a predatory lending situation, interest-only on the first mortgage and a higher interest rate on the second mortgage, 100% financed, no money down.

I thought they were all sooper geniuses at DU, you would think they would understand that an interest only loan would not pay down the principle.

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Logical Donating Member (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:33 PM
Response to Reply #4
8. Hmmmm.....I can see the first mistake but you then got another mortgage?
   
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phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:37 PM
Response to Reply #8
16. Both mortgages were signed at the same time, in the beginning
   
The first mortgage was 80% of the value, while the second mortgage was for the remaining 20% of the value.

So basically Einstein here, couldn't afford the house anyway, yet he got it, and was shocked to find out how much it would cost in the end.

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Dreamer Tatum Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:34 PM
Response to Reply #4
10. To clarify: you seek sympathy?
   
Maybe you should have called the police to report the gun put to your head?

 :rotf: :rotf: :rotf: :rotf: :rotf:

Tatum is not long for DUmmyland.

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phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:39 PM
Response to Reply #10
22. Not nice
   
Perhaps you should pull your head out of your ass and see what predatory lending can do to people.

Perhaps you should have read the contract, said no thanks and lived in an Apartment for the past 6 years.

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Dreamer Tatum Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:40 PM
Response to Reply #22
28. I get what you're saying, but you put nothing down.
   
Can you not see why that would call for a higher interest rate, as they feared exactly the thing you
just did?

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phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:43 PM
Response to Reply #28
34. That makes sense
   
I understand why the second mortgage was advanced to me at a higher interest rate

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Fumesucker (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:40 PM
Response to Reply #10
23. I saw something about medical issues..
   
Perhaps the OP's situation changed drastically, it's certainly happened to me before.

I may not lock my doors while sitting at a red light and a black man is near, but I sure as hell grab on tight to my wallet when any democrats are close by.

Offline Ballygrl

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #4 on: September 06, 2011, 06:53:11 PM »
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Logical  Donating Member  (1000+ posts) Tue Sep-06-11 07:28 PM
Response to Original message
1. So they forced you to sign the contract? Or you didn't understand it? Serious question.

Quote
phrigndumass Donating Member (1000+ posts) Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
   
But it was a predatory lending situation, interest-only on the first mortgage and a higher interest rate on the second mortgage, 100% financed, no money down.

Quote
Logical Donating Member (1000+ posts) Tue Sep-06-11 07:33 PM
Response to Reply #4
8. Hmmmm.....I can see the first mistake but you then got another mortgage?
   
Quote
phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:37 PM
Response to Reply #8
16. Both mortgages were signed at the same time, in the beginning
   
The first mortgage was 80% of the value, while the second mortgage was for the remaining 20% of the value.

This is the crap that really ticks me off, when we went for our mortgage we had to have 20% down, had to clear up all our debt, and we had a pre-approval done to show we were serious, it worked well for a long time until Democrats came along and said everyone deserves to own their own home, no they don't, it's a serious investment that isn't cut out for everyone.
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"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline Ballygrl

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #5 on: September 06, 2011, 06:56:53 PM »
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Dreamer Tatum  Donating Member  (1000+ posts) Tue Sep-06-11 07:34 PM
Response to Reply #4
10. To clarify: you seek sympathy?
   
Maybe you should have called the police to report the gun put to your head?

Quote
phrigndumass Donating Member (1000+ posts) Tue Sep-06-11 07:39 PM
Response to Reply #10
22. Not nice
   
Perhaps you should pull your head out of your ass and see what predatory lending can do to people.

Quote
Dreamer Tatum Donating Member (1000+ posts) Tue Sep-06-11 07:40 PM
Response to Reply #22
28. I get what you're saying, but you put nothing down.
   
Can you not see why that would call for a higher interest rate, as they feared exactly the thing you
just did?

Quote
phrigndumass  Donating Member  (1000+ posts) Tue Sep-06-11 07:43 PM
Response to Reply #28
34. That makes sense
   
I understand why the second mortgage was advanced to me at a higher interest rate
Quote
"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline Chris_

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #6 on: September 06, 2011, 07:02:52 PM »
How much did he buy the house for? 

I remember when you could buy a decent 3BR/2BA house (2,000 ft2) for under $200,000.  During the run-up to the collapse of the housing bubble, they were selling for 2x-3x that amount and I didn't see a single person complaining about it, DU included.
« Last Edit: September 06, 2011, 07:09:23 PM by chris_ »
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Offline seahorse513

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #7 on: September 06, 2011, 07:03:55 PM »
I know i am not cut out for it. I rent, because that is all I can afford at this moment. I would love to get a home of my own, but don't want to get into something financially, that I cannot get myself out of...
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Offline BEG

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #8 on: September 06, 2011, 07:08:53 PM »
We lost $100k (actually more than that if you count the bathroom remodel, new carpet and having the whole outside of the house repainted) on our house in CA (we didn't have to pay realtor fees, thanks to my husbands company).  $100k loss in just under two years, thanks stupid state of CA and Obama.  We still came out of the sale with some of our money back (sold it in a month) but it sure pisses me off to think about it.

Why didn't you try to sell it first DUmmie?  Even a short sale would be better than a foreclosure.  People like this lying DUmmie piss me off.

Offline seahorse513

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #9 on: September 06, 2011, 07:10:34 PM »
    
This is the crap that really ticks me off, when we went for our mortgage we had to have 20% down, had to clear up all our debt, and we had a pre-approval done to show we were serious, it worked well for a long time until Democrats came along and said everyone deserves to own their own home, no they don't, it's a serious investment that isn't cut out for everyone.
Mortgage lenders and banks should do preapprovals, and ask for money down....They have to watch their own asses. They can get screwed if they are approving faulty loans(intentional(like above DUmmy) or intentionally, somebody gets laid off...
The sea is treacherous, but an even hand on the keel brings it safely to port.

Nothing is sexier than a man and his gun!!!

A man should prefer his own company to that of others, because no matter where he goes,he'll find himself there..

"The problem with socialism is that eventually you run out of other people's money".  Lady Maggie Thatcher

Offline BEG

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #10 on: September 06, 2011, 07:11:31 PM »
    
This is the crap that really ticks me off, when we went for our mortgage we had to have 20% down, had to clear up all our debt, and we had a pre-approval done to show we were serious, it worked well for a long time until Democrats came along and said everyone deserves to own their own home, no they don't, it's a serious investment that isn't cut out for everyone.

H5

Offline LC EFA

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #11 on: September 06, 2011, 07:13:55 PM »
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Fumesucker (1000+ posts)  Journal  Tue Sep-06-11 07:40 PM
Response to Reply #10
23. I saw something about medical issues..
  
Perhaps the OP's situation changed drastically, it's certainly happened to me before.

I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive"  medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".


Offline Ballygrl

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #12 on: September 06, 2011, 07:48:37 PM »
I know i am not cut out for it. I rent, because that is all I can afford at this moment. I would love to get a home of my own, but don't want to get into something financially, that I cannot get myself out of...

When we went out looking for houses we saw some that we really liked but we knew we couldn't afford the mortgage payment, we bought within our means, and now with the housing market down? we still have a good amount of equity in the house, something we wouldn't of had if we bought above our means.
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"The nation that couldn’t be conquered by foreign enemies has been conquered by its elected officials" odawg Free Republic in reference to the GOP Elites who are no difference than the Democrats

Offline DixieBelle

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #13 on: September 06, 2011, 07:53:29 PM »
What an idjit! But then I am repeating myself. :-)
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Offline BEG

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #14 on: September 06, 2011, 08:01:27 PM »
I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive"  medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".



I'm not really saying this to you as you have probably already heard this from me but I have/had a serious medical condition. I had a stroke (Takayasu's Arteritis, left carotid artery closed) at age 28 with no insurance. We thought nothing would happen to me at such a young age so we made the conscious decision not to pay for my portion of the insurance (company at that time only paid for my husband's insurance) as we didn't have too much extra income during the glorious days of the Clinton years (my husband wasn't too far along in his career in 1995).  

We were eventually able to pay my doctor bills (took years and I watch kids for extra money to help pay the doctor bills) pay for the treatment after my stroke (all my doctors agreed to monthly payments, one even saw me for months for free, did not bill me or the government) and I was able to get on my husband's insurance a few months after my stroke.  We made it a priority instead off thinking I was a victim and giving up.  I was treated great by the hospital and all of my doctors even though I had no insurance.  I'm still standing (literally) and we have had great credit even during the lean years because I always paid something every month and was in contact with who ever we owed money to at the time. I didn't hide or put off anyone and we always paid our mortgage first.

I can't stand the victim mentality of DUmmies.
« Last Edit: September 06, 2011, 08:06:22 PM by BEG »

Offline Boudicca

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #15 on: September 06, 2011, 08:06:52 PM »
Look at the DUmmie's screen moniker.  When I sound it out, it sounds alot like friggin' dumbass.
Just sayin'.
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Offline Freeper

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #16 on: September 06, 2011, 08:07:42 PM »
I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive"  medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".



Most of them are probably fine physically, they just need an excuse for medical dope.  
I may not lock my doors while sitting at a red light and a black man is near, but I sure as hell grab on tight to my wallet when any democrats are close by.

Offline Chris_

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #17 on: September 06, 2011, 08:10:08 PM »
Bunch of whiners and crybabies.
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Offline NHSparky

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #18 on: September 06, 2011, 08:24:45 PM »
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Of the $70,000 paid to my mortgage companies in the last 6 years, only $2,000 went toward principal. The other $68,000 went toward interest. I don't feel one ounce of guilt.

You should.  Shit like what you pull, multiplied by a factor of, oh, a few MILLION, makes it more difficult for the rest of us who, while we do struggle, still manage to pay our bills.  Could I walk away from my obligations, file for bankruptcy, and stick someone with the bill (as my ex did to me?)  Sure, but ya see, I've got a little more pride in myself, and a little more respect for my fellow citizen.  

I don't expect you to do for me what I could and should do for myself.  Therein lies the difference between you and me, DUmmies.  I honor my obligations out of respect for myself and for those around me.  You do it begrudgingly, if at all.  Your board is replete with examples of how you'll almost eagerly **** over friends, coworkers, family, even your own children for what you want, what you think you're entitled to without having earned it.

One EARNS the privilege to own a home in much the same way one earns the privilege to drive.  Don't show the proper respect and maturity, you don't get to play, or you have to pay a lot more to level the playing field to cover for your ****-ups.  Interest only in 2005, and you didn't see the shit storm that was coming?  I know how it happened--because my ex did the same exact ****ing thing: bought too much house with a bullshit mortgage which only could have been covered had the housing market kept on with an unsustainable boom that by 2005-06 was already starting to fade.  You didn't have the FICO score to buy your home with a conventional loan, so you bullshitted your way (with your broker's help) into something rather than wait, because like petulant little children, it didn't matter that you couldn't manage to KEEP the house, all you saw was what you wanted RIGHT ****ING NOW.

So now you, like my ex, are either stuck waiting for a repo order or have walked away from a home you knew deep down you could never afford, and flooded a market which you never should have been involved with in the first place.  Your credit is shit, but worse than that, you've ****ed over everyone around you by screwing over housing values for people who HAVE played the game by the rules, only to find that the equity they had in their homes is now pretty well ****ed.  Home prices in places like Las Vegas won't return to 2005 price levels by 2030.  That's right, assholes--20 ****ing YEARS.  Even my area which has gone pretty much unscathed, relatively speaking, still has taken a hit.  My assessed value has dropped by 15 percent since I bought my house.  Even with everything I've put into it, I'd be lucky to break even.  Thankfully, I'm not considering moving or selling anytime soon.

Oh, and DUmmie?  I also did a 100 percent loan, but through my credit union.  No second, no PMI, 5 1/2 percent, no intention to refi as I wouldn't save enough and I really don't want to take on a 15-year loan at this point.  I've probably paid close to $60K interest in the last 5 years, but my principal has gone down about $20K.  Gee, maybe if ya'll hadn't done that interest-only scam....
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Offline Tucker

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #19 on: September 06, 2011, 08:53:49 PM »
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phrigndumass Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
   
But it was a predatory lending situation, interest-only on the first mortgage and a higher interest rate on the second mortgage, 100% financed, no money down.


Lets see if I have this right. He signs a interest only mortgage and then complains that the payment is going to pay interest. DUH!!!

Come to think of it, unions do create jobs. Companies have to hire two workers to do the work of one.

Offline NHSparky

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #20 on: September 06, 2011, 08:57:51 PM »


Lets see if I have this right. He signs a interest only mortgage and then complains that the payment is going to pay interest. DUH!!!



Translation--he knew there was no way in hell he could ever afford the payment on a conventional so he takes out a 5/1 ARM, only he never had the income/FICO/reserves to qualify for a standard mortgage, and whoopsie, can't finance a house for 125 percent like ya could in the old days!
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Offline Chris_

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #21 on: September 06, 2011, 08:58:06 PM »
That's what galls me about these assholes.  They knowingly signed ARMS and scream and cry "predatory lending" when they can't cover the payment 24 months later.

**** you illiterate assholes.  You deserved it.
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Offline BEG

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #22 on: September 06, 2011, 09:01:51 PM »
Quote
Xithras (1000+ posts)             Tue Sep-06-11 08:09 PM
Response to Reply #1
61. Or maybe he just changed his mind. It doesn't matter.
   
The buyers contract says: I want to borrow $X, and if I fail to pay it back, I agree to give you my house as compensation.
The banks contract says: I agree to lend you $X, and if you fail to pay it back, we agree to take your house as compensation.

Whatever the reason, the buyer has decided to exercise his legal right to walk away from it. The bank may not be happy about it, but it now gets to exercise its legal right to claim ownership of the house as compensation.

If the banks didn't want to deal with this, they shouldn't have made the loans. The REASON for the buyer walking away, and the OPINION of the buyer toward the contract, is ultimately irrelevant. It's a contractual business relationship in which the buyer has the right to terminate the contract at any point. The bank agreed to it. That's all that matters.

Nobody should be ashamed to exercise their legal and contractual rights.


Offline BannedFromDU

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #23 on: September 06, 2011, 09:05:24 PM »
That's what galls me about these assholes.  They knowingly signed ARMS and scream and cry "predatory lending" when they can't cover the payment 24 months later.

**** you illiterate assholes.  You deserved it.


     Actually, I'm thinking this is a decent mole appearance. Notice how patient the OP is when challenged. Also the screen name.
This signature is intended to remind you that we are on conquered land.

Offline Chris_

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Re: Asshole DUmmy with horrible credit walks away from huge mortgage
« Reply #24 on: September 06, 2011, 09:05:51 PM »
It's the bank's fault.  Right.  Again, you're an asshole. :whatever:

"Hey, man.  That bar shouldn't have served me those hot wings.  Now I got the runs."
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.