posted on Sep, 8 2009 @ 10:25 PM
It's late. I'm tired. Nevertheless, let me throw in some words of advice on this matter.
Having worked in the world of banking and finance for most of my adult life, I would only make a few suggestions.
First, if you can afford to make the payments, and still want to walk away from the house, consider turning the property into a rental unit. In many
cases, you can become a landlord with minimal hassle, especially if you know a good handyman. A lot of times the rental income offsets your monthly
payment. You can then move into something else that is either more affordable, or more suits your taste. Call your lawyer, and he can draw up a
rental agreement. Hire a realtor to find a good tenant.
Secondly, if you walk away from your house, you will have collectors calling you for the next couple of decades. They will hound you at work, and at
home. You'll get quite unpleasant collection letters in the mail. Even if you file bankruptcy, the nightmare may still continue - legal or not.
Worse yet, your credit report - Equifax, TransUnion, and Experian - will be trashed. Your credit score will plummet, and the foreclosure will stick
out like a sore thumb on your credit report.
If you ever lose your job, a foreclosure on your credit report could be the difference between being hired, and not being hired. You'll could lose a
lucrative job opportunity in the future over this decision.
You have to live somewhere. You did sign a contract. Yes, the bank you are with is notoriously arrogant, condescending, and perhaps even vile and
despicable. Welcome to reality. You could say the same thing about a large majority of companies around the world that are engaged in similar or
even more nefarious activities.
If you must walk away, for reasons due to health or job loss, approach the bank with a short sale offer. If you don't know what a short sale is,
just Google it.
The argument that you are upset that your house lost value, and that the bank got TARP funds and didn't lend those funds to the public, is a pretty
weak argument. Welcome to capitalistic America. Where the highs are really high, and the lows are really low. The alternative? You can live in a
communist country where free enterprise capitalism is suppressed, and you are at the whims of a tin pot dictator that tells you where you can live,
how much money you make, and all the other fine details of your life here on planet Earth. No thanks.
Don't make a decision you will regret later. I am sorry you lost equity in your home. A lot of Americans did, and will continue to lose equity in
their home. That's life. Roll with it. Go have a beer. Loosen up. Life is too short. Be glad you are healthy, have a job, and can afford to
make your mortgage payment. No need to get in a hissy fit over Bank of America. They aren't worth a moment of your time anyways.
Lastly, live debt-free. Cut up your credit cards, pay off your car, and stop that siphon from sucking your economic health dry. Live well below your
means. Pay cash wherever you go. That will do more to turn around this economy than living on credit ever will.
[edit on 8-9-2009 by CookieMonster09]