2 grand? You got it?

[PeteMugg]

It's just that i hear that a lot of folks can afford to rent, yet they will wait til they are overwhelmed before they try to sell. So they just walk away a make the lender try to sell.

[randallscott35]

Originally Posted by PeteMugg

It's just that i hear that a lot of folks can afford to rent, yet they will wait til they are overwhelmed before they try to sell. So they just walk away a make the lender try to sell.

Look its a 3 bedroom 1 bath home....But with one kid left with one more year of school, they can rent a small apartment for the 3 of them I think. Either way, something has to change. I'm not a lawyer, I will give them the best personal econ advice I can and tell them to pay a few hundred to see a lawyer to discuss options before they do anything else. They can live with me for awhile if they need to. They are like family.

[randallscott35]

But on the other end of the spectrum...when the pitchforks come out, I will be near the front.

May 24 (Bloomberg) -- It’s been more than 500 days since Stanley Cheslock put his 26,000-square-foot Greenwich, Connecticut, “dream home” on the market for $17.95 million.

The house and its surrounding estate -- custom built by Cheslock in 2003, with a movie theater and 3,700-bottle wine cellar -- is waiting for a buyer who sees the current asking price, $15.95 million, as a bargain.

“It’s a steal,” said Cheslock, a co-founder of an investment firm, who has knocked almost 50 percent off the price he was asking when he first tried to sell the property five years ago. “It’s way underpriced.”

http://noir.bloomberg.com/apps/news?...3kxTAx0w&pos=5

[PeteMugg]

Originally Posted by randallscott35

Look its a 3 bedroom 1 bath home....But with one kid left with one more year of school, they can rent a small apartment for the 3 of them I think. Either way, something has to change. I'm not a lawyer, I will give them the best personal econ advice I can and tell them to pay a few hundred to see a lawyer to discuss options before they do anything else. They can live with me for awhile if they need to. They are like family.

I'm glad they have a good friend they can count on. I'm sure every walk-away has their own unique set of circumstances. It just seems the bottom line for most is that they live beyond their income when it isn't necessary.
I wish your friends the best of luck getting back on track.

[randallscott35]

Originally Posted by PeteMugg

I'm glad they have a good friend they can count on. I'm sure every walk-away has their own unique set of circumstances. It just seems the bottom line for most is that they live beyond their income when it isn't necessary.
I wish your friends the best of luck getting back on track.

If you are talking about the general morality of it, there is none to me. The banks have pillaged this country to no end and they can break whatever agreements they want and get whatever bailouts they want. Why people don't jingle mail them to death is beyond me...Unless you love where you are living a mortgage can be broken like anything else. You are going to face years of sh.it credit and if you know the ramifications and live in a state without recourse, you're stupid not to walk.

[PeteMugg]

Originally Posted by randallscott35

If you are talking about the general morality of it, there is none to me. The banks have pillaged this country to no end and they can break whatever agreements they want and get whatever bailouts they want. Why people don't jingle mail them to death is beyond me...Unless you love where you are living a mortgage can be broken like anything else. You are going to face years of sh.it credit and if you know the ramifications and live in a state without recourse, you're stupid not to walk.

Again, each set of circumstances is different. It sounds like your friends live modestly and have suffered a setback or two. I wish them well.
Others simply have a lifestyle they know they really can't afford. It's all about instant gratification, why bother to save for anything. These people usually become a burden to us all. It's hard to feel sorry for them.

[jms62]

Originally Posted by PeteMugg

Again, each set of circumstances is different. It sounds like your friends live modestly and have suffered a setback or two. I wish them well.
Others simply have a lifestyle they know they really can't afford. It's all about instant gratification, why bother to save for anything. These people usually become a burden to us all. It's hard to feel sorry for them.

How many lived a life style they could afford until both lost their jobs and the real estate market collapsed taking away their option of down sizing. I think a
whole lot of this has happened.

[PeteMugg]

Originally Posted by jms62

How many lived a life style they could afford until both lost their jobs and the real estate market collapsed taking away their option of down sizing. I think a
whole lot of this has happened.

I'm not talking about these people. Like I said, circumstances differ. But face it, we all know people that have to have the latest gadgets, new cars, big houses. And they usually buy entirely on credit. Sorry, but they are just a hiccup away from crisis and should know better.