Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Lawn Care, Landscaping, and Property Management Forums > General Talk

General Talk If it doesn't fit anywhere else, post it here.

Walk away from that underwater mortgage?


General Talk

If it doesn't fit anywhere else, post it here.
Reply
 
Thread Tools Search this Thread
  #1  
Old 12-04-2009, 03:55 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 36,516
Rep Power: 10
Steve has disabled reputation
Default Walk away from that underwater mortgage?

Is walking away smart if home underwater?
One expert says Americans would be ‘better off financially’ if they defaulted - Stop paying your mortgage. That's the underlying message from a University of Arizona law professor, whose new paper is hitting a nerve as the nation's housing crisis enters its fourth year.

This is something, it makes you wonder if this concept is going to pick up steam and start happening on a large scale. The more you see it talked about in the media, the more mortgage holders will get comfortable with the idea and do it.



If you look around at others you know who are underwater with their mortgage, do you feel they are wanting to simply walk away too?

What's your take on this?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 12-04-2009, 07:24 PM
picframer's Avatar
picframer picframer is offline
Andy
 
Join Date: Jan 2009
Location: Halifax, Nova Scotia
Posts: 2,885
Rep Power: 9
picframer will become famous soon enough
Default

Lawn care business tipsLawn Care Business Book
This is why I posted a couple of weeks ago that the USA economy is no where near being out of the woods, honestly and do not take this the wrong way, if your debt were, lets say a third world coultry, based on per capita, you are bankrupt.

IMHO you will not see a turn around until the mentality changes, it has changed some but a long way to go.
__________________
Andy
Halifax, Nova Scotia
Reply With Quote
  #3  
Old 12-04-2009, 08:29 PM
SuperiorPower
Guest
 
Posts: n/a
Default

This is a very interesting topic. So happens that a friend of mine called me just tonight asking me what I know about this. They are separating and are considering just walking away and leaving it since they can not afford to pay it anymore. She said they owe more than the house is worth and she was afraid they would "throw us in jail" if thy walked away from it. After I assured her that they would not be thrown in jail but could be made to pay the difference plus other costs incurred, she agreed they probably need to go talk to an attorney.

And Andy, you are exactly right. We will never fix this until the mentality changes. And most people will have to go through "hell and high water" before they change their mentality. And will forget what they learned as soon as they get out of hot water again.....
Reply With Quote
  #4  
Old 12-04-2009, 10:40 PM
swstout's Avatar
swstout swstout is offline
Steve
 
Join Date: Jan 2009
Location: Canastota, NY
Age: 65
Posts: 1,082
Rep Power: 7
swstout is on a distinguished road
Default Mentality

Quote:
Originally Posted by picframer View Post
This is why I posted a couple of weeks ago that the USA economy is no where near being out of the woods, honestly and do not take this the wrong way, if your debt were, lets say a third world coultry, based on per capita, you are bankrupt.

IMHO you will not see a turn around until the mentality changes, it has changed some but a long way to go.
I could not agree more with Andy. Mentality has changed and desperately needs to be changed back. The entitlement mentality has harmed America. Owning a house is a privilege not an entitlement. Credit is a privilege, not an entitlement. Employment is a privilege, not an entitlement. College is a privilege, not and entitlement.
 
Value comes from working for something, not having it being just given to you. I didn't put 20% down for my first house. I paid cash for the tax lien on it. There were restrictions on the purchase that I agreed with fully. The main restriction was that it could not be sold or rented out until I personally took up residence in it for 366 consecutive days. This stopped slumlords and speculators while securing the taxes that paid for schools and public services such as fire and police.
 
I lived in that house for 3 and a half years. I bought it for $1,990.00 dollars and sold it for $28,000.00. I used the profit from the sale to purchase another property. Cost $42,000.00. Financed the balance with a mortgage of $52.00 per month. I put more down than the (then required) 20% down. My next two homes were handled the same way. All profit went toward the next purchase. My fourth home was sold to cover medical expenses of a child with cancer after the insurance ran out.
 
It took me 12 years to save enough for a 20% down payment. 12 years I gladly spent.
 
Somewhere along the road, home ownership became an entitlement. Fanny Mae and Freddy Mack guaranteed the banks would be covered so the nothing down, no equity, no income real estate market came into existence. When you actually had something invested, you took care of it, worked to improve it, fought to save it. When it was just given to you, you had nothing to lose.
 
Well, the governments guarantee's went bankrupt. Property values tanked. Values were under water. TARP was passed to buy up Toxic Properties to stabilize the real estate market but was spent on bailouts and the purchase of banks and auto industries.
 
Has the mentality changed? Not nearly enough! Entitlements get votes. Entitlements that someday have to be paid for.
 
Steve
__________________


Reply With Quote
  #5  
Old 12-05-2009, 03:11 AM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 36,516
Rep Power: 10
Steve has disabled reputation
Default

Quote:
Somewhere along the road, home ownership became an entitlement. Fanny Mae and Freddy Mack guaranteed the banks would be covered so the nothing down, no equity, no income real estate market came into existence. When you actually had something invested, you took care of it, worked to improve it, fought to save it. When it was just given to you, you had nothing to lose.
I think you said that well. The thing I wonder is, can this ever be rolled back to where home ownership is a privilege and not an entitlement? Maybe things seemed to be rolling well for a while that everything seemed to need to be an entitlement. I think that, at a point, it became the American way. It really seemed to become all entitlement.

How does it get back to the point of it not being all about entitlement?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #6  
Old 12-05-2009, 09:17 AM
swstout's Avatar
swstout swstout is offline
Steve
 
Join Date: Jan 2009
Location: Canastota, NY
Age: 65
Posts: 1,082
Rep Power: 7
swstout is on a distinguished road
Default Rights

Quote:
Originally Posted by Steve View Post
I think you said that well. The thing I wonder is, can this ever be rolled back to where home ownership is a privilege and not an entitlement? Maybe things seemed to be rolling well for a while that everything seemed to need to be an entitlement. I think that, at a point, it became the American way. It really seemed to become all entitlement.

How does it get back to the point of it not being all about entitlement?
The "Rights" of American Citizens has been established for 233 years and set fourth in The Constitution and the Bill of Rights.
 
The Bill of Rights defines the rights of citizens and the government. If it is not in the Bill of Rights, it is not a RIGHT.
 
The 10th Amendment says it all!
 
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people".
 
If Congress wants to change the Constitution, there is only one way to do so. By Amendment. Congress can't "Legislate" change. The Supreme Court can't "Dismiss" it. No matter how hard they try, It can't be circumvented.
Steve
Attached Images
File Type: jpg BOR.jpg (2.9 KB, 0 views)
__________________


Reply With Quote
  #7  
Old 12-05-2009, 10:11 AM
SuperiorPower
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by swstout View Post
The "Rights" of American Citizens has been established for 233 years and set fourth in The Constitution and the Bill of Rights.
 
The Bill of Rights defines the rights of citizens and the government. If it is not in the Bill of Rights, it is not a RIGHT.
 
The 10th Amendment says it all!
 
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people".
 
If Congress wants to change the Constitution, there is only one way to do so. By Amendment. Congress can't "Legislate" change. The Supreme Court can't "Dismiss" it. No matter how hard they try, It can't be circumvented.
Steve
I humbly bow in your presence! You have just stated this very well.

I do not believe that we have people representing us in Washington right now that I would trust to pass ANY Amendment that affected ANYTHING......

I was listening to The Derry Brownfield Show the other day and they had someone on who mentioned they do not trust any new "Amendment" that our currently elected representatives might try to pass. I have to wholeheartedly agree. Not even if it only affected the way toilet paper is sold! PERIOD.

As you said, "If it is not in the Bill of Rights, it is not a RIGHT." Our society does not know which of the things they have come to expect as SOP (like getting a loan with no credit, no job, and "stupid" written on their forehead.) are actually "rights" and which are merely privileges and which are stupidity on the behalf of the banks or who ever.

Just my thoughts,
Eli

P.S. If any of you all get a chance, I would highly recommend listening to The Derry Brownfield Show if it is broadcast in your area. Its a good 1 hour program. You can also go to their page and download podcast of their show. Worth your time and better than listening to some stupid music! lol
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
1 in 6 homeowners is underwater! Steve General Talk 0 10-08-2008 05:30 PM
emergency help needed with tree half underwater UnitedEnvironment.com Tree Care, Irrigation, Landscaping, Hardscapes 10 06-10-2008 10:16 PM
From lawn care to the mortgage industry. Steve General Business Discussions 0 07-26-2007 11:20 PM
Buried by mortgage Steve General Talk 2 03-15-2007 06:19 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
12 Years in Business!
Chilehead
Yesterday 08:07 AM
Yesterday 11:08 PM
by Chilehead
2 98
Dealing With Gas Can...
Mr. Mow
10-21-2014 01:41 PM
Yesterday 11:06 PM
by Chilehead
9 301
Lawn Care business...
crieg122
Yesterday 01:23 PM
Yesterday 06:56 PM
by Matther777
2 109
raking leaves ?
robert8509
10-22-2014 09:19 PM
Yesterday 06:40 PM
by robert8509
7 198
hey everyone
robert8509
10-22-2014 08:16 PM
Yesterday 06:16 PM
by robert8509
5 150
Cheapskate Landlord...
Mr. Mow
10-20-2014 06:33 AM
Yesterday 05:55 PM
by biglee
13 409
My Newest Toy (B.P....
Dan Tanner
Yesterday 05:50 PM
Yesterday 05:50 PM
by Dan Tanner
0 65
Pressure Washing Like a...
TNTurf
08-01-2014 11:47 PM
Yesterday 03:33 PM
by TNTurf
10 828
Hi from SoCal
Jmoney
Yesterday 11:29 AM
Yesterday 12:51 PM
by Steve
1 76
Workmans compensation...
CDLAWNCARE
10-15-2014 08:05 AM
Yesterday 12:33 PM
by Steve
5 529
Pda
stevef1201
10-18-2014 02:05 PM
Yesterday 06:12 AM
by ringahding1
4 358
Leaf Box & Loader Set...
ringahding1
10-21-2014 06:20 AM
Yesterday 05:13 AM
by ringahding1
5 248
Hello, from TEXAS
sanchez5
10-17-2014 09:56 PM
10-22-2014 01:27 PM
by Steve
6 426
Organic Lawn Care...
NHray
10-17-2014 06:05 PM
10-22-2014 01:23 PM
by Steve
3 400
Hi Steve From West...
Mr. Mow
10-21-2014 01:59 PM
10-22-2014 01:19 PM
by Steve
1 175
Help a brother...
tbtigers03
09-28-2014 11:41 AM
10-22-2014 08:51 AM
by ringahding1
12 1,541
first year update
cmdlawncare
08-12-2014 05:41 PM
10-22-2014 07:47 AM
by ringahding1
4 1,358
What parts do you carry...
Just for Cuts
10-17-2014 09:08 AM
10-21-2014 01:36 PM
by Mr. Mow
16 677
Jungle to Beautiful
stevef1201
10-17-2014 09:54 AM
10-21-2014 01:26 PM
by stevef1201
11 528
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
10-21-2014 01:19 PM
by ExtremeLawncareServices
158 11,422
Sunny Beach Tennis...
SGL1
10-19-2014 11:24 PM
10-21-2014 01:04 PM
by SGL1
4 282
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
10-20-2014 08:34 PM
by biglee
10 1,836
Look out Bob Villa -...
Mr Dave
09-30-2014 10:06 AM
10-20-2014 05:42 PM
by SGL1
7 1,340
how to fi d commercial...
mchampion319
10-19-2014 09:50 PM
10-20-2014 04:41 PM
by Steve
1 247
Hello From Tennessee
mrmann901
10-17-2014 10:02 PM
10-20-2014 04:24 PM
by Steve
1 320
questions on order to...
jack2048
10-13-2014 11:15 AM
10-20-2014 03:27 PM
by Mr. Mow
15 769
This sucks...
Matther777
09-18-2014 04:56 PM
10-20-2014 02:14 PM
by Steve
14 2,223
Cement mixer
KevinsLawns
10-15-2014 08:03 PM
10-20-2014 02:11 PM
by Steve
7 504
Hello ! New guy Rob here
RWorthley1
10-17-2014 04:05 PM
10-20-2014 02:09 PM
by Steve
1 350
Snow Blowing
gwilson98
10-12-2014 02:21 PM
10-17-2014 02:51 PM
by Steve
6 689
Spreading Weeds?
WesleySnips
07-27-2014 09:46 PM
10-17-2014 07:49 AM
by SGL1
6 992
Grasswhoopins.com Anyone...
GRASS WHOOPINS
06-21-2011 11:38 PM
10-16-2014 01:30 PM
by ExtremeLawncareServices
42 9,357
I Want to buy old...
ExtremeLawncareServices
10-10-2014 10:04 PM
10-15-2014 09:12 PM
by ExtremeLawncareServices
6 716
Say Hello !!!
Steve
03-19-2007 11:18 AM
10-15-2014 06:43 PM
by NHray
1,190 340,253
Do you find weed eating...
chuck2s
10-15-2014 02:10 PM
10-15-2014 02:10 PM
by chuck2s
0 436
Incorporating &...
WesleySnips
10-01-2014 09:39 PM
10-15-2014 01:37 PM
by kslawn
20 1,534
Falling into business
stellarmowing
09-28-2014 04:35 PM
10-15-2014 05:57 AM
by ringahding1
8 1,545
Apartment Complex and...
lxarth
06-22-2011 01:10 PM
10-14-2014 06:25 PM
by jrs.landscaping
42 9,633
I LOVE hedge trimming
stevef1201
10-13-2014 09:05 AM
10-14-2014 01:06 PM
by Steve
5 573
Help with seeder...
ExtremeLawncareServices
10-09-2014 07:39 AM
10-13-2014 08:09 PM
by ExtremeLawncareServices
5 734
The Market watch
WesleySnips
10-12-2014 08:47 PM
10-13-2014 05:40 PM
by SGL1
3 574
Help pricing a large...
Bradcook21
10-07-2014 06:49 AM
10-13-2014 02:00 PM
by Steve
7 918
leaf removal
Double J LLC
10-03-2014 04:24 PM
10-13-2014 06:46 AM
by Billy Goat
19 1,572
Acerage Rake
acrajchel
04-23-2014 07:23 PM
10-12-2014 10:53 PM
by SGL1
2 884
John Deere z235 Deck
WesleySnips
09-29-2014 06:02 PM
10-12-2014 06:20 PM
by kslawn
25 1,696
Credit card contract
SGL1
10-06-2014 05:31 PM
10-12-2014 03:40 PM
by SGL1
18 1,109
Truck craft dump bed...
ExtremeLawncareServices
10-04-2014 08:41 PM
10-10-2014 11:35 AM
by Steve
7 1,016
First Time River Rock...
berryjam
10-09-2014 06:09 PM
10-10-2014 11:08 AM
by Steve
2 656
West cost lawn prices
SGlawncare
10-09-2014 09:51 PM
10-10-2014 11:03 AM
by Steve
1 649
Question?what should I...
dalvan0
09-24-2014 11:10 PM
10-09-2014 05:58 PM
by kslawn
28 2,187
» Popular Tags
2wd aerocore apartment bid apartment lawn care estimate applying bush charge christmas commercial deliquentaccounts demonstration exmark ferris first truck georgia gopherhaul grass gravely hills holiday how much to charge how to hydraulic labor cost landscape services lawn lawn care lawn care busines plan lawn care business book lawn care business podcast lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo lighting lighting brass outdoor lights managing a lawn care business marketing mechanic monthly mowing mulch mulch price new business ordinance patio install podcast property management company push versus ride savannah scag scag v-ride seo snow plowing starting a business starting a lawn care business start up lawn care business stihl sulky toro tractor auger trailer mate pro tree walk behind walker won't return wright stander rh
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 07:24 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 07:24 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy