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Anyone here stop paying their mortgage?

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frostedflakes said:
The sad thing is that, at one point in time, there was actually a pretty big stigma surrounding stuff like this. If somebody had to default on their mortgage, or use food stamps to survive because they couldn't provide for their family, it was an embarrassment. But now it's like people not only think these things are perfectly OK, but actually pride themselves on how much they can game the system. I just don't get it.
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At one point in time, banks used to be happy giving account holders interest while using their money to loan out to others at a higher interest. Then default banking (methods that encourage penalty fees) and account scraping became the business model. I just don't get it either.
 
sphinx, are u illiterate or just a moron? i didn't say i was going to stop complete payment. only for 5-8 months. i would resume afterwards. i need the cash to go on a cruise vacation.
 
jjsole said:
Nope.

Chapter 7 discharges debt. It also delays the foreclosure proceedings until the bank acts to lift the collections 'stay' that's automatically placed by the courts upon filing.
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The thing about Chap 7 though is you have to qualify. If his income does not qualify, or the bankruptcy trustee determines he has too much disposable income, too many assets eligible for liquidation to pay creditors or appears to be simply gaming the system (more than $100 per month free), then he will be forced into Chap 13 and must repay some portion of his debts over three to five years. By the year 2015 in Chap 13, depending on his financial situation he might be able to cram down his remaining debt. He might also be able to hand back the keys to the home, the cars and any other secured debt (escape obligations). However, he will have "bankruptcy" on his credit until 2020 or longer.
 
SandEagle said:
sphinx, are u illiterate or just a moron? i didn't say i was going to stop complete payment. only for 5-8 months. i would resume afterwards. i need the cash to go on a cruise vacation.
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SandEagle said:
sphinx, are u illiterate or just a moron? i didn't say i was going to stop complete payment. only for 5-8 months. i would resume afterwards. i need the cash to go on a cruise vacation.
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You must have a shitty job if it takes you 8 months to save up for a cruise.
 
frostedflakes said:
The sad thing is that, at one point in time, there was actually a pretty big stigma surrounding stuff like this. If somebody had to default on their mortgage, or use food stamps to survive because they couldn't provide for their family, it was an embarrassment. But now it's like people not only think these things are perfectly OK, but actually pride themselves on how much they can game the system. I just don't get it.
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the same way the banksters on wall street game the system to their advantage? Its legal. who said anything about ethical.
 
FelixDeKat said:
The thing about Chap 7 though is you have to qualify. If his income does not qualify, or the bankruptcy trustee determines he has too much disposable income, too many assets eligible for liquidation to pay creditors or appears to be simply gaming the system (more than $100 per month free), then he will be forced into Chap 13 and must repay some portion of his debts over three to five years. By the year 2015 in Chap 13, depending on his financial situation he might be able to cram down his remaining debt. He might also be able to hand back the keys to the home, the cars and any other secured debt (escape obligations). However, he will have "bankruptcy" on his credit until 2020 or longer.
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I'm getting confused differentiating the two bankruptcies because I'm reading conflicting information on various sites, so if I continue speaking about them, google might blow up.

Therefore I'll just sit back and take in what you and the bankruptcy experts of ATOT have to say, and perhaps learn something at the same time.
 
I doubt anyone, even the OP would be stupid enough to do this ... but this is Sandeagle. Who knows, he might actually be considering this ... and not trolling for a rise (like he's been getting plenty of).

OP, I haven't made a payment on my mortgage in about 72 months ... because I paid it off. If you are trolling ... shame on you. Your rep just hit an all-time low. If you are seriously considering this then go ahead. I highly doubt that the bank will just patiently await your next check. I'm no psychic but I foresee a foreclosure in your future if you attempt this.

Good luck ...
 
dud said:
I doubt anyone, even the OP would be stupid enough to do this ....
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I've been in consumer finance for 23 years and nothing surprises me anymore. Had a guy tell me he wasn't going to make his payments because I didn't lend him the amount he asked for in the first place. What?
 
Is there a term for watching, with great enjoyment, an obvious troll thread get taken seriously by a rediculous number of regular posters? Woud it be like, voyeur-trolling or something?
 
Blackjack200 said:
Is there a term for watching, with great enjoyment, an obvious troll thread get taken seriously by a rediculous number of regular posters? Woud it be like, voyeur-trolling or something?
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Is there a term for watching you do that? voyeur-voyeur trolling?
 
Blackjack200 said:
Is there a term for watching, with great enjoyment, an obvious troll thread get taken seriously by a rediculous number of regular posters? Woud it be like, voyeur-trolling or something?
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Only if trannies are not involved. Then it would just be tranny porn.
 
the cruise vacation part was a joke. the rest is 100%. honest.

the original loan was 175K, 30 yr fixed at 5.x%
after 5 years, i now owe 145K or so.
I took out a 30K equity, so i'm basically back to what i bought the house for.
the value tanked and is worth roughly 140K now. so basically im now 35K. im not considering bankruptcy as i do like my home, i just want miss a few payments because i need cash for other stuff.

like i said earlier, this never crossed my mind until i read the article. simply amazing that people can do it and get away with it. why not me?
 
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