Finally, its over (walking from home, chapter 13).

[espo1357]

Can't see the point of paying for a home that is 100k under, and a BK that is also too much.

Hopefully, I can convert to a 7. If not, I am going to go for a 13 modification. If that doesn't work, then I will let the 13 get dismissed and let them come after me.

I don't think I will have much to worry about though, because my job is not going to last (downsizings are about 99 percent sure within the next year). That is when I can go to a 7.

I want to thank all of you for the advice here, and best of luck to all of you.

The "play" that broke the camels' back for me was:

a. the home keeps losing value (already over 100k under)
b. the city I live in has a terrible job market and terrible long term potential (12 rejections for jobs I was well qualifed for in the last 2 years)
c. I can't stand the city I live in either, no future here at all.

Just had to get that out somewhere, where someone might "listen".

And a special thank you to Flamingo, Just Broke, HHM (or whatever), catleg (or whatever), Mom of 3, and sorry if I missed any of you.

Darn it, I feel so good about by decison.

[TShoot]

Best of luck to you.

[FishersMike]

[momofthree]

gl & keep us posted!

[parkd]

GL to you too as I am not far behind. My home is underwater $60k now after losing 70% of its peak value. The town is overrun with illegal aliens and section 8 renters and everything is dilapidating very quickly. A few months ago we had to scrub MS13 graffiti off of our fence. I also flat out REFUSE to pay the bank back for the deficiency if they come after me and since I have no other debt other than the home value delinquency I would almost certainly be on a 100% repayment plan in a ch13 BK, which as I stated before, I would refuse to pay on idealistic principles alone. It's preposterous what these vultures have done to this country. They have already been more than paid via TARP and QE2 via the FED window of free money. I will quit my job and go off grid if they try to garnish my wages. It's truly criminal the behavior that this 'government' has allowed to occur and I refuse to take part in it by paying back what they consider to be MY debt. NOT GONNA HAPPEN. EVER.

[espo1357]

GL to you too as I am not far behind. My home is underwater $60k now after losing 70% of its peak value. The town is overrun with illegal aliens and section 8 renters and everything is dilapidating very quickly. A few months ago we had to scrub MS13 graffiti off of our fence. I also flat out REFUSE to pay the bank back for the deficiency if they come after me and since I have no other debt other than the home value delinquency I would almost certainly be on a 100% repayment plan in a ch13 BK, which as I stated before, I would refuse to pay on idealistic principles alone. It's preposterous what these vultures have done to this country. They have already been more than paid via TARP and QE2 via the FED window of free money. I will quit my job and go off grid if they try to garnish my wages. It's truly criminal the behavior that this 'government' has allowed to occur and I refuse to take part in it by paying back what they consider to be MY debt. NOT GONNA HAPPEN. EVER.

Wow, what a great post. So, you are not going to file?

That is my problem with keeping the home, that the government could care less about the little guy and that this home is not going to get even for at least ten years (and that is with the second getting stripped!).

However, my neighborhood is established. There have been 1 or 2 foreclosures out of 200+ homes in the gated community. When I did a public records search, over 80 percent in my neighborhood (gated) have trusts of some sort. That's a good sign.

Your point about the government allowing this to happen is dead on. They just let the banks gamble with our money, and when the banks lost, they still used our taxpayer money to cover those losing bets.

I was a first time homebuyer when I bought. So, I was naive. I simply thought that the market was honest. What a fool I was. That, and a 30-40k pay cut really set me back.

Now, with the HAMP, I thought I would be ok. I have been in the HAMP for one year. So, in the short term, things are good. However, in the long term, I am going to get killed in this property. The HAMP is really a scam to get people to stay in their homes, their underwater homes that they will likely never own.

To sum it up, in the short term, its a good deal to stay in the home. However, in the long run, this is really going to be bad. That is my situation. That is why I change my mind on this everyday. At least I am current and have options. Moreover, I am single with no kids, so moving is easy.

Thanks for your feedback.

[parkd]

In 2008, 24 out of 96 homes in my development were in or had been in some form of foreclosure in the past year. You can imagine what a neighborhood default rate like that can do for your home's value. I have not checked the stats since then but prices have not come up that much since then either to justify checking. The neighborhood was completely overrun with illegal aliens and their ilk and when the construction jobs dried up in 2008 they all pretty much disappeared overnight causing a foreclosure and abandonment tsunami of epic proportions. We had a house full of male laborers set fire to their unit and burn down 3 adjoining homes along with it. That fiasco took over a year to rebuild from. We were in the top 10 hardest hit zipcodes nationwide for defaults in 2008 as well. Now the town is pretty much a rental area for illegal aliens and section 8 deadbeats and all the trouble that those groups bring with them. Needless to say, there will probably be no significant rise in property values any time soon and I have no desire to rent to one of them since nobody with any means who would be a reliable tenant would ever want to live here. There would be no point in me claiming ch13 BK for the home deficiency either as I would be on a 100% repayment plan which I am not willing to do. My only hope is that I can get them to go away with a 15% offer on the deficiency which will take every cent I have to even pay them that. I will NOT become a debt slave for these hucksters who lent money to illegal aliens and other assorted cretins who could never afford mortgages while working as maids or groundskeepers. I was naive doing the responsible thing buying at 3x income in a neighborhood that I could afford. After watching my neighborhood turn into the illegal barrio overnight, I can say unequivocally that location, location, location should be any prospective homeowner's first consideration. GL my friend. May you do what is right for you and your family and not lose a MINUTE of sleep over it.

[espo1357]

In 2008, 24 out of 96 homes in my development were in or had been in some form of foreclosure in the past year. You can imagine what a neighborhood default rate like that can do for your home's value. I have not checked the stats since then but prices have not come up that much since then either to justify checking. The neighborhood was completely overrun with illegal aliens and their ilk and when the construction jobs dried up in 2008 they all pretty much disappeared overnight causing a foreclosure and abandonment tsunami of epic proportions. We had a house full of male laborers set fire to their unit and burn down 3 adjoining homes along with it. That fiasco took over a year to rebuild from. We were in the top 10 hardest hit zipcodes nationwide for defaults in 2008 as well. Now the town is pretty much a rental area for illegal aliens and section 8 deadbeats and all the trouble that those groups bring with them. Needless to say, there will probably be no significant rise in property values any time soon and I have no desire to rent to one of them since nobody with any means who would be a reliable tenant would ever want to live here. There would be no point in me claiming ch13 BK for the home deficiency either as I would be on a 100% repayment plan which I am not willing to do. My only hope is that I can get them to go away with a 15% offer on the deficiency which will take every cent I have to even pay them that. I will NOT become a debt slave for these hucksters who lent money to illegal aliens and other assorted cretins who could never afford mortgages while working as maids or groundskeepers. I was naive doing the responsible thing buying at 3x income in a neighborhood that I could afford. After watching my neighborhood turn into the illegal barrio overnight, I can say unequivocally that location, location, location should be any prospective homeowner's first consideration. GL my friend. May you do what is right for you and your family and not lose a MINUTE of sleep over it.

In the words of Bubba Smith in Police Academy: "thanks".

I did buy in a great location, but the bigger issue is that my job is imploding. I would have to scrape by to keep my home. And why do that when I can just go back to school and make my six figure income that I was used to making before my job went bad.

A little pain now is probably worth much less pain in the future.

Its a shame that time just move so darn fast, isn't it?