BF2S Forums It just doesn't pay to be Fiscally responsible

ATG wrote:

lowing wrote:

HollisHurlbut wrote:

I think he's suggesting, however you manage to buy the second home, you let the first one slide into arrears because the mortgage is so much more than the house is now worth.

I'm think anyone who could qualify for a second mortgage for a second home, even with perfect credit, is making so much money that the mortgage on the first home isn't putting too much of a crimp on their lifestyle in the first place.

Perhaps, but it is still stupid to pay 265,000 dollars plus interest for a home that is worth only 200,000 dollars.  SO why not use your perfect credit, go buy 300,000 dollar home that is now selling for 200,000 dollars, let your over valued home go back to the bank, and sit on your new home until the market recovers? So, you now have bad credit, just like everyone else, big deal.

You just explained 1/3rd of the foreclosures.

Probably so, if ya can't beat the losers, join them, and let some one else pay my bills.

ATG wrote:

Lotta_Drool wrote:

lowing wrote:

I don't see why you can't just stop paying yuor mortgage without going bankrupt. Just walk away. My thing is, just do it AFTER you have secured a new place to live BEFORE your credit goes to shit.


I am hoping an expert gets on here and shead some light on this idea. Half the country is getting forclosed on, so what if you join the crowd.

If you walk away from your first mortgage and the bank forecloses on it they will still bill you for what they lost on it when they resell the home + realtor fees + penalties.  You will get your new home attached by the bank and your pay check garnished.  Then when you decide to file bankruptcy I don't know what would happen and it would depend on what kind of bankruptcy you file, but I am sure if a judge looked over things you would be in deep dooo dooo.

But yeah, this is a great question because I need to do it.  Fuck credit if I have a house (resonably priced) and I have two cars that are paid off.

So in my case i will get a bill for 210k on a house I no longer live in, + realtor fees + penalties.

I wish them luck collecting that.

Well, yeah and you will never have credit and will always have your pay check garnished, tax returns garnished, bussiness attached, new house attached......  basically they would make your life so miserable you would have to file bankruptcy for relief.

Not sure what the bankruptcy laws are now since the Republicans changed them when bush first got in but I think they don't allow you to leave assets out of a bankruptcy anymore so everything is fair game.  Best bet would prolly be to put stuff in somebody else's name and hid money away for a year while not making any payment on things and living off credit.  Then after foreclosure quit your job, file bankruptcy, and then after bankruptcy get a job again and put stuff back in your name.

I should put both my vehicles that are paid for in my kids name and run off the 20K+ worth of credit cards I have by living off them.  Then stop payments on my house.  If my wife devorces me she would get free college, health care for her and the kids, and welfare, while I just crash at her place and get a PO box. 

I need to take advantage of the stupid broken system before it finishes taking advantage of me.  I could probably buy a 120K house outright in 3 years if I play my cards right.

Sounds like the shit has hit the fan.
And no one is ever prepared. We never are.
The motto of humanity: WTF!!!

Damn!