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 online now
Administrator
 
Join Date: May 2003
Posts: 37,457
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: 10
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: 66
Posts: 1,082
Rep Power: 8
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 online now
Administrator
 
Join Date: May 2003
Posts: 37,457
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: 66
Posts: 1,082
Rep Power: 8
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
Before & After tree...
COREtreeservice
Today 09:20 PM
Today 09:20 PM
by COREtreeservice
0 14
Dogs
Mr. Mow
06-29-2015 02:37 PM
Today 11:28 AM
by Steve
6 1,768
Ready to learn and get...
Koley Lawn & Landscape
06-28-2015 05:16 AM
Today 11:26 AM
by Steve
8 1,783
Three Stripe Land Care...
hammr04
Yesterday 07:19 PM
Today 11:24 AM
by Steve
1 45
Just about mid year, how...
GreenWorx
06-24-2015 07:05 PM
Yesterday 07:41 PM
by hammr04
5 1,848
Country Life Lawn Care
darleneh
06-29-2015 11:24 AM
Yesterday 01:25 PM
by Steve
3 1,703
Rubber mulch...
avetslawncare
06-24-2015 09:28 PM
06-29-2015 09:23 PM
by Chilehead
6 1,799
I dont know what to do...
Bradcook21
06-21-2015 08:49 AM
06-29-2015 02:30 PM
by Mr. Mow
11 2,026
Marketing ideas
xandrew245x
04-29-2014 06:35 AM
06-25-2015 07:11 PM
by GreenWorx
34 5,645
Never ending sod jobs
avetslawncare
06-05-2015 09:46 PM
06-25-2015 11:42 AM
by Steve
11 2,275
Weed and Feed Service...
mike94740
06-23-2015 05:50 PM
06-24-2015 09:56 PM
by avetslawncare
2 1,755
Trimming hedges / trees,...
Hard-Body lawn & garden
06-23-2015 07:08 PM
06-24-2015 09:59 AM
by Steve
1 1,753
Hi Everyone from Arkansas
KellyMarie
06-04-2015 04:16 PM
06-23-2015 01:34 PM
by KellyMarie
4 2,032
how to make customers...
Bradcook21
05-27-2015 05:04 PM
06-23-2015 06:36 AM
by GreenWorx
7 2,255
problems with a customer...
LawnCareMan280
06-16-2015 10:26 PM
06-22-2015 11:11 AM
by Steve
6 2,021
Please review this FREE...
markty
06-21-2015 07:42 AM
06-22-2015 11:00 AM
by Steve
1 1,779
A good commercial bid...
burtle
06-20-2015 09:09 PM
06-22-2015 10:56 AM
by Steve
1 1,838
What would you do with...
holymoly
06-20-2015 06:48 PM
06-22-2015 10:48 AM
by Steve
1 1,774
New Member just joined...
vgoleco@hotmail.com
06-19-2015 03:49 PM
06-22-2015 10:42 AM
by Steve
2 1,813
Credit Cards - What's in...
Shark1611
06-16-2015 03:04 PM
06-21-2015 07:24 PM
by Chilehead
4 1,904
Blade usage
Wolf4dk
06-16-2015 12:18 AM
06-21-2015 05:35 PM
by kslawn
4 1,919
Hello, I am new to the...
adamslawnservices
06-17-2015 08:06 PM
06-19-2015 10:28 AM
by Steve
3 1,847
Is it too late to do...
markty
06-16-2015 05:28 PM
06-19-2015 10:22 AM
by Steve
4 1,911
First commercial bid
SGL1
06-12-2015 08:57 PM
06-18-2015 05:04 PM
by SGL1
9 2,270
Needing a website built
burtle
06-17-2015 09:02 AM
06-18-2015 11:02 AM
by Steve
7 1,988
I have been rude and...
biglee
06-15-2015 10:11 PM
06-18-2015 10:46 AM
by Steve
10 2,073
Start LIKING FACEBOOK...
rlclawncare123
02-26-2015 12:06 AM
06-17-2015 08:38 AM
by burtle
9 3,165
Customer keeps adding...
Mr. Mow
06-13-2015 06:22 AM
06-16-2015 10:23 AM
by Steve
11 2,127
Pass discounts onto...
burnell76
06-03-2015 06:33 PM
06-16-2015 10:02 AM
by burnell76
3 2,008
burned grass only where...
nhauto
06-15-2015 05:28 PM
06-16-2015 09:45 AM
by Steve
2 1,881
Half year mark review.
Steve
06-02-2015 11:24 AM
06-15-2015 01:04 PM
by Steve
18 2,591
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
06-15-2015 01:01 PM
by Steve
86 9,630
New Member
Bruce Fehr
06-05-2015 07:13 PM
06-15-2015 12:53 PM
by Steve
6 2,009
New to the business,...
CarefreeMowing
06-12-2015 02:36 PM
06-15-2015 12:50 PM
by Steve
1 1,892
Beginner Mistakes:...
Steve
01-31-2007 11:45 AM
06-13-2015 08:48 AM
by holymoly
45 11,962
New to the forum, new to...
CarefreeMowing
06-11-2015 12:35 PM
06-12-2015 10:44 AM
by Steve
2 1,811
problems with a customer
LawnCareMan280
05-19-2015 06:28 PM
06-11-2015 10:50 PM
by stallman419
8 2,359
Website Review
Outdoordesignsknox
06-08-2015 08:44 PM
06-11-2015 09:48 PM
by Just for Cuts
13 2,235
another newish job for me
holymoly
06-07-2015 08:34 AM
06-11-2015 10:05 AM
by Steve
8 2,031
Anyone need help? I have...
biglee
05-06-2015 12:22 PM
06-10-2015 01:45 PM
by holymoly
15 2,948
Hello from the GREAT...
gbfarmsllc
06-09-2015 11:10 AM
06-10-2015 01:29 PM
by Sprinkler Buddy
2 1,883
Hey guys and gals, I'm...
Joeyhall
06-03-2015 03:54 PM
06-08-2015 02:15 PM
by chris2500hd
8 2,125
Mowing Bermuda...
Mr. Mow
06-02-2015 12:45 PM
06-08-2015 12:45 PM
by Steve
12 2,283
Hey Guys
PrattLandscaping
06-07-2015 06:37 PM
06-08-2015 12:23 PM
by Steve
2 1,894
Share your stolen...
SGL1
05-27-2015 09:05 PM
06-08-2015 11:54 AM
by Steve
25 2,828
Hello there My name is...
zwalk1839
06-04-2015 11:10 PM
06-08-2015 11:52 AM
by Steve
4 2,010
Laid off oil field...
Mr. Mow
05-30-2015 09:03 AM
06-08-2015 06:20 AM
by Mr. Mow
4 2,118
How do you find one time...
Greg'slawnandlandscape
06-02-2015 09:57 PM
06-05-2015 09:49 PM
by avetslawncare
4 2,042
Show us your stripes
Just for Cuts
05-21-2015 03:07 PM
06-04-2015 05:24 PM
by ExtremeLawncareServices
6 2,341
Replacement Parts -...
nicholas-KC
08-16-2014 08:40 AM
06-04-2015 11:45 AM
by Steve
9 3,831
» Popular Tags
ad landscaping advertising apartment complex apartment lawn care estimate applying bark billy goat brushcutter blowout bob villa collections commercial curb appeal services demonstration design door hangers edging employee problems equipment dealer equipment rental facebook foreman free advertising free lawn care google growing a lawn care business hardscapes hills how to husqvarna increase customers jobs landscape landscape services landscaping lawn aeration lawn care lawn care busines plan lawn mowing marketing marketing secrets more customers business mr dave new business ordinance past due patio install per hour service plowing pricing push versus ride scripts secrets to landscaping shell shreaded small engine repair snow plowing sq ft square foot trailer trailer mate pro tree tree pics trimmer rack up sell employee web design website website design winterization wood www.greenturion.co.za
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 11:49 PM.


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

All times are GMT -5. The time now is 11:49 PM.

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