Comments on: Strategic Foreclosure And The Last Man On The Boat

By: Singer R. Kelly Faces Foreclosure | Brittany Gregory

Singer R. Kelly Faces Foreclosure | Brittany Gregory — Tue, 26 Jul 2011 21:55:55 +0000

[...] Sources quoted in the article say that the singer-songwriter hasn’t lived in the Chicago-area home for over a year and he has decided to move out and stop making payments in an effort to force his lender to make a loan modification. Essentially, he’s doing a strategic foreclosure. [...]

By: SportsRelocation.com – Singer R. Kelly Facing Foreclosure on Mansion « Sports Relocation I Sports Relocation Blog I Athlete Relocation

Wed, 13 Jul 2011 23:18:51 +0000

By: Singer R. Kelly Facing Foreclosure on Mansion | Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News

Wed, 13 Jul 2011 20:39:56 +0000

By: Birch Barlow

Birch Barlow — Sat, 07 May 2011 15:44:02 +0000

Wow…what a boring rant. You can always tell the “intellectuals” from the common folk. When you aren’t ranting about the greedy elite, you brag about your future income as an MD. To make matters worse, you thank the stars for the loophole that allowed you to defraud someone of $145,000. Your personal greed and fraud is no better than anyone else’s, so ranting about the Fed Reserve/banks/thieves is pointless. I find it HILARIOUS that you seem to know the ins and outs of economic policy, yet you couldn’t keep yourself out of bankruptcy. FRAUD. YOU scammed the system that you also blame for encouraging scamming and thievery. Your scam would make Welfare Queens green with envy.

How glad you must feel that you weren’t saddled with the burden of actually paying off the debts you happily ran up. Nobody cares why you took on ENORMOUS amounts of debt. We care that walking away from $145,000 was so easy for you to stomach. If everyone approached debt like you do…

By: Why Obama wants home top prize | Zurich car insurance

Why Obama wants home top prize | Zurich car insurance — Tue, 08 Mar 2011 01:23:35 +0000

[...] want to raise the price of real estate? The answer: to restore confidence enough owner to prevent a stampede of strategic default values which could paralyse the economy.For example: If Obama said that the Government seeks to keep our [...]

By: Jon B

Jon B — Wed, 04 Aug 2010 03:47:25 +0000

I agree with Steve. It is beside the point whether he has a fixed rate or even has a mortgage, his point is not dependent on his circumstances actually. Neither should anyone’s integrity be based on whether another person or corporation had integrity. Are we so lost that we cannot even see that anymore? This is sad… Whether the banks were right or wrong, it does not mean it is ok for someone else to do wrong. And honestly, I think the banks were not nearly as wrong as people accuse them. A) Banks were forced to make subprime loans at threat of legal action by the DOJ and Congress, and B) How is loaning money to someone at terms to which they freely agree an imposition upon the other person? Do people not have free will? Everybody wants freedom until they have to be responsible for their actions, and then they demand slavery.

Miguel – why do you want to see Steve be the last man on the boat? Does it make you feel better about the world that somebody who would point out your lack of integrity might fail? With neighbors like you, maybe Steve or anyone else might be lucky to sink beneath the waves. Then you and the rest of the pathetic non-payers can be left floating with the sharks you so respect, and they might find peace to be free of your dishonorable and shameful mockery. It is sad to think there are really people like this, but happily, looking at history, it is clear while they may still win a battle, or even many, they have already lost the war. Thuggery is the ethos of a sorry lamentable stage in human civilization but like a crushed spider, still wiggles around as though it were alive for a while.

By: Greg Fielding

Greg Fielding — Sun, 16 May 2010 16:45:53 +0000

Tis complicated for sure…Do you want to stay? Would you save money by renting?

Also, the fact that you’re halfway through your loan means that you are paying a lot of principal each month and wasting little on interest. If you bailed and started over, you would be starting back again at mostly interest payments…

By: John

John — Sun, 16 May 2010 00:05:51 +0000

I refinanced into a 15 year mortgage about 8 years ago. I’m 25-30,000 underwater at this point. So I’d have to stay here for another 5 years to walk away with nothing. I thought I did everything right. Buying a house has turned out to be this biggest mistake that I’ve ever made. I’ve already paid back to the bank the full amount of the original loan and then some. And I’m still drowning in an underwater mortgage.
I’ve called the lender (who is now citimortgage (who received a $300 billion bailout)) and I asked them for some help in the form of a principal reduction, since the property is now appraising for 1/3 of what I paid for it eight years ago. I got no help, just an endless list of phone operators that were exceptionally callous.
So, I’m wondering what to do. Do I wait it out and pay $30,000 for someone to take this home? Then I can turn around and do this miserable house buying experience all over again.

By: David

David — Fri, 14 May 2010 13:35:27 +0000

Just would like to add my .02! I, like many others on this site, am contemplating walking away from my house. My situation is like many others, we purchased our home in Oviedo FL 6 years ago for 305K. (Grossly inflated!) We didn’t buy to make a quick buck, we bought because it was a great place to raise our kids. We were basically given a zero down loan on a handshake and a couple of cereal box tops. Fast forward to today, as I watch the house across the street sell at auction for 155K, and I now have a 3000 a month mortgage for a home that is worth MAYBE 200K IF I could find a buyer. I could pack up my stuff, move 3 houses down to a bigger floor plan and save 2000 per month. That’s a lot of money that could be invested in my families future. Some will argue that it’s immoral, to those I say WHATEVER! I will struggle some more with my own feelings but on paper if I don’t walk away I’m a fool.

By: MomInOTown

MomInOTown — Fri, 14 May 2010 02:15:45 +0000

So grateful I found this site. I’ve read every single comment, and I have to say that I don’t feel so alone in this mess anymore.

I appreciate the “cleansing by fire” comment, Jeff. That’s exactly how I have been feeling. I too pray every night for guidance and direction.

With God’s help this will spark a real revolution. Maybe people will start focusing on what really matters. We can hope, right!