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Well I am sorry, but that is the way it should be. If you cant afford to buy the house in the first place, EVEN IF THE BANKS GAVE YOU THE MONEY, then be it on your head. You dont buy something you cant afford then walk away from the payments. That really stuffs with the rest of those people that CAN afford to buy a house. They up all the interest rates, and those that walked away from those houses, get off scott free... NO WAY ... You brought the house, you finish paying for it (well the difference anyways).
I just wish we waited a bit longer before we bought our house two years ago...
Originally posted by Blue_Jay33
reply to post by The_Seeker
Well I am sorry, but that is the way it should be. If you cant afford to buy the house in the first place, EVEN IF THE BANKS GAVE YOU THE MONEY, then be it on your head. You dont buy something you cant afford then walk away from the payments. That really stuffs with the rest of those people that CAN afford to buy a house. They up all the interest rates, and those that walked away from those houses, get off scott free... NO WAY ... You brought the house, you finish paying for it (well the difference anyways).
That is an unrealistic comment for an economy in ruins, when the economy is booming maybe, but not right now.
This person is either rich or....
has never been suddenly layed off or lost their job. Or perhaps had massive medical bills.
Realistic empathy is not their strong suite either way.
What people also fail to see is the money that the banks have is everyones.... so again when you default everyone is loosing out!
But I am just saying if the banks offers you $1 mill and your home your after is only worth 300 thou, common sense prevails, just cause the banks offered it to you doesnt mean you take it.
Actually it does affect the interest rates. If you dont pay off your debt, they raise either their fees or the rates and whatever else they can find to cover this shortfall....And we all end up paying for it.
Originally posted by amatrine
So if I rent my house out, because I can not afford it myself, but want to avoid foreclosure, then the renter does not pay, and it does, this means I have to pay the difference to the bank it what they can sell it for , and what I paid.
This is so unfair on SOO many levels. What about the insurance that "I " pay for so if I can not pay, the bank gets the money back.
The bank is double dipping and I can have my wages garnished.
What a crock. I can not believe this passed!!! Not a whisper about it on the news either.
It is in repeal.
www.azcentral.com
(visit the link for the full news article)
Originally posted by The_Seeker
Not if you couldnt afford it in the first place.