2010-08-29 — blogspot.com
``I believe I can conservatively estimate that my decision to walk on the house will essentially increase my net worth by approximately $300K over the next 100 months had I struggled in the existing loan. Moreover, that assumes the old house increases in value in that timeframe. If not, the number may be more like $450K... The only real downside I see at this point is that my credit is shot. I guess I'll have a foreclosure on my "record" for the rest of my life. However, the irony is that if there has ever been a time in my life when I do not want to borrow any money for anything, it is now.''
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catherine at 06:47 2010-08-30 said:
oh the banks and the government are still talking about it being a 'moral' problem - and the people that have paid on time - but this has always been about survival...... the banks don't talk much about 'morality' when they take the taxpayer's handouts, do they? this is to me the best thing possible for recovery, leave and let the home fall to its real value, this has too happen whether we like it or not......... hanging on to an asset that is not affordable does not do us any favors in the long run...........the owners don't recover and we aren't ripping the band-aid off............and the government can't SAVE ANYONE..............and remember when bankruptcies were 3 years to fix, then 24 hours and a new house................when you get to the 30-40% foreclosure mark - there will be no credit blot...thanks for sharing, there are millions in your shoes and 470,000 lost their jobs on Friday, smells like 300,000 foreclosures or more.............. Permalinkadd a comment | go to forum thread
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