I will repeat the message I sent you privately now on the public forum since you brought it up:
"PSG,
I don't want to have a big argument with you in public. However, whereas you say I routinely bait you, in this thread you responded to my comment to TonyB. I did not start a discussion...
You're welcome CCJ. I hope that things work out the best for your son. I think understanding all the plusses and minuses of a strategic default and then deciding is the best thing for him. You are a good father trying to give your son guidance.
By the same token, repeating that is it theft won't make is so. If it got to the worst case scenario, and the bank had to force him out of the house, and the sheriff got involved, would he be charged with theft, or trespassing? It would be trespassing.
Thanks for the details CCJ.
I would expect that a 30% pay cut makes the payments difficult. 6.25% is a high interest rate these days.
If the bank itself is telling him to do this so they can give him a modification, he might as well go ahead, as long as he fully understands all the...
Again, if he lives in the house for a while without paying for it that is squatting, not theft. He can live there until the banks force him out after non-payment. I have heard that in the US, the land of foreclosures, the banks would rather have the defaulter in the house. An empty house...
I think there might be more going on than meets the eye. From what I have observed, people are very reluctant to admit the depths of financial problems and often let things get pretty bad before they try to fix things or take any kind of action - such as defaulting or refinancing or whatever the...
Knowing it is $200k underwater isn't enough? Does he owe a million on a house worth $800k? Then stay in it because the value of the home will very likely come up so that it makes sense financially. Does he owe $300k on a house worth $100k? Then there is no financial reason to stay with the...
But by the same token, we don't know enough about the young man's situation, so isn't it twisted logic to condemn him without knowing more? Does he owe a million on a house now worth zilch? Or does he owe $550k on a house worth $500k? If it is the first scenario, I would urge him to get out of...
And the bank risked the money by lending it to him. It is noteworthy that you think the bank should not have any risk. What a world that would be if there was no risk.
Look, the bank fully knows that any deal can go bad. I am surprised that there is so much pro-bank sentiment.
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