More Americans Walk Away from Their Mortgages

More Americans Walk Away from Their Mortgages

Crystal G., 42, figured it was time to move when groups of college students started renting in her condominium complex in Cincinnati, Ohio. She’d bought her apartment in 2005 for $98,000 and had been faithfully paying down a 15-year mortgage. But when the real estate market collapsed and neighbors started suffering foreclosures, her unit’s value plummeted to about $30,000.

As the complex started feeling more like Animal House than home, she approached her bank about refinancing into a 30-year loan so that she could afford to move elsewhere and rent out her condo. But the bank told her it wouldn’t refinance an upside-down mortgage. So she’s planning to stop paying — she heard that missing a payment would encourage the bank to renegotiate her loan.

If it doesn’t, she’s planning to walk away from the mortgage and let the home fall into foreclosure. But she’ll stay in the apartment and save the extra money that would’ve gone toward her mortgage.



10 Responses to “More Americans Walk Away from Their Mortgages”
  1. 1ofthemany says:

    This is how the tyrannical entities are still choking the public, instituting $lavery big time, they can not put people in jail fast enough, most are privatized jails.. Big Buck$, yeah we are sick of it as well …. All of the men and women out here, the wrong people going after the wrong people here.
    Then you have the tax payers paying for the other part of whatever it is they are ramming down the throats of the public.
    The total taxpayer cost of prisons in the 40 states that provided data was
    13.9 percent higher than the costs represented by their combined corrections
    budgets. The full price of prisons to taxpayers—including costs that fell outside
    the corrections budgets—was $39 billion, $5.4 billion more than the states’
    aggregate corrections department spending, which totaled $33.5 billion.

    And now for the private prisons (states are selling them off)…got to wonder if all of this is connected somehow??

    And again it is all about the love of money…a little bigger picture here, and why isn’t FM adn FM doing the right thing, oh I see!! they want you to fear them…well not this one I fear nothing from them…

  2. bobbi swann says:

    @ Shelly Erickson – Really? Where did you read this? I searched the internet and could not find anything on jurisdiction for this.

  3. Look up the articles on the fed cops gearing up to arrest and detain indefinately homeowners who walk away from the mortgages.

  4. Tee says:

    GOOD FOR HER !!!!!!! She has no choice, and her bank wont work with her ?? Thats utterly rediculous!. My kid brother owned 3 mansions he bought in Florida that were a wreck, and he poured thousands into them to fix them up so he could rent them. He had to take a huge pay cut (engineer) to help a company survive. He needed help from banks to modify his mortgage payments to a slight degree and they arrogantly refused to help him…….he begged for months while struggling to keep up…they cared less ??? so he dumped them, totally walked away and last he checked on them two of the three were being lived in as drug houses. All graffitied up etc Screw the banks….everyone in this situation should stop paying and stay there saving enough to start again…shove their BS right back at them!!!

    • I hope you are right, however I have not seen much justice and a lot of harm to the victims. The governement used Hamp against us in such a sinister way, foaming the run way for the banks victimizing us the homeowners in such a deceitful way, actually using HAMP to lure us into foreclosure when we were not in foreclosure. lieing to us we were getting relief and help. This govenment is very sinister. I dont trust them at all nor the Fed that is not government. How far are they going to take this.? All homeowners have been accused of liar loans, and being dead beats, when in reality i only a verysmall portion of the foreclosures are due to this falasy. How can one trust just how far thes fed cops will go and claim we fit the ticket? Our rights have been stripped from us.

      • I must be tired. I really dont think the people under water walking away should be criticised. and punished either, especially not jail. The banks black mailed the appraiser to raise the value of the houses, the banks have caused the houses to be under water, therefore the debt slave homeowners would spend the rest of their lives paying off det fraud appraised, and never get ahead due to the bank crimes. I dont blame the ones who walked away. Or did anything to keep themselves under a roof/ The banks are the cause of this catastrophic economic disaster and the urgent need to protect themselves to keep out of a false debt and a roof over their heads. We have all been betrayed and decieved. Under water homes, foreclosures , fraud mods you name it, investments, pensions empty. We are all victims of these bankster criminals.

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