Walking away from mortgage- please no flames here just advise or experiences

[C.Ann]

If you go to your User CP which is at the top left hand side of the screen, then Settings & Options and then Edit Ignore List. From there you can type in the names of posters whose jibberish you don't wish to see/read and you will be forever spared .

Thanks I'm off to ignore!! You learn something new everyday.

One of the nicer features here..

Makes posting and reading on the DIS a much more pleasurable experience..

 

[dfchelbay]

I understand that in principle, but in practice I'm not sure I agree. I just can't wrap my mind around the idea that perfectly good homes are basically worthless because of the tightening of credit standards, but that's what we're seeing in our area right now. The people who would buy in this town - a Mayberry-esque small town with excellent schools - can't get financing or are unwilling to take on debt, and price doesn't seem to be a factor. $25K homes are sitting on the market for months or years right along with houses priced many times higher.

Also, I wanted to add that in Michigan, unemployment is amongst the worst in the country. There are little to no jobs to be had. Companies are closings down or downsizing. Look how far the auto industry has fallen. Many of the companies that fueled the Michigan economy relied on the auto industry. Many of them are already gone, or nearly gone/closed down due to the economy.

How will these people continue to pay for their Michigan homes? If they can no longer pay for their homes, who will buy them? Who will move to Michigan where there are no jobs, the state is going bankrupt and the housing market is in the toilet.

The value of my home is $150,000 less today than when we purchased it eight years ago. Yet, my property taxes are higher today and continue to keep going up annually. Who's going to buy my house, or any of the houses around me for sale...no one. We've always paid our bills, even paid extra to try to get a little ahead. What do we have to show for it...a devalued house that we're probably not going to be able to get rid of. My properly priced home for sale will just be looked over because there are a hundred foreclosures to choose from for pennies on the dollar in Michigan...who's going to give me my fair market value when I have to compete with that.

 

[deerhart]

My grandmothers home has been on the market for over 18 months (estate sale).

The one couple who put down an offer were denied credit. The reason WHY they were denied credit, because they both work for the same company!

The REALLY crazy thing, is that through this entire economic mess, this major company at the location they work at has been hiring like crazy.

 

[Colleen27]

Also, I wanted to add that in Michigan, unemployment is amongst the worst in the country. There are little to no jobs to be had. Companies are closings down or downsizing. Look how far the auto industry has fallen. Many of the companies that fueled the Michigan economy relied on the auto industry. Many of them are already gone, or nearly gone/closed down due to the economy.

How will these people continue to pay for their Michigan homes? If they can no longer pay for their homes, who will buy them? Who will move to Michigan where there are no jobs, the state is going bankrupt and the housing market is in the toilet.

The value of my home is $150,000 less today than when we purchased it eight years ago. Yet, my property taxes are higher today and continue to keep going up annually. Who's going to buy my house, or any of the houses around me for sale...no one. We've always paid our bills, even paid extra to try to get a little ahead. What do we have to show for it...a devalued house that we're probably not going to be able to get rid of. My properly priced home for sale will just be looked over because there are a hundred foreclosures to choose from for pennies on the dollar in Michigan...who's going to give me my fair market value when I have to compete with that.

Exactly. Who is going to buy here? Sure, there are those who are hoping to ride this out - my own family among them - but most aren't looking to purchase a property that would be nothing more than dead weight if they do have to move to find work. Renting is the better position right now for anyone who counts on a paycheck to pay the bills.

Meanwhile, the state budget is in shambles with the loss of income and property tax revenues combined with increasing need for unemployment, food stamps, and other social programs. It won't take long for that to so devastate our public schools and infrastructure that Michigan will become an even less attractive place to live/work, which will in turn mean businesses don't want to come here, which just keeps the downward spiral going.