Do it Yourself: Re: [DIY] Walking away/was Flooring

08 October 2011

Re: [DIY] Walking away/was Flooring

Roger, really though, it frightens me that the ship might sink with me in it. As I learned more about the condo situation in general, I realize what a locked situation it is. For instance, we have had in this area severe hurricanes and entire properties were knocked out of operation. They were declared uninhabitable, yet the mortgage companies and the condo developments wanted their money. One that I think of stayed that way for years, naturally people lost a lot of money, if not their life savings and possibly credit standing. But we were all sold a bill of goods in the condo market. That's how I look at it. If my parents had told me about the serious problems they were having with the board, etc., it might have been different. But they died before the crash and many of the old garde were still alive and kickin' down here. I am glad we're having these discussions because it helps me to face my fears, perhaps pay up my mortgage while I have the money and my husband is still alive (I would only get half his pension if he should die), and stop procrastinating, get the work done at the best price I can find to fix up the condo to sell, and leave the rest up to God. Thanks for all the help and discussions. REALLY helps set my mind straight. straight-er. :-) Cindi

From: Roger <frontierrog@yahoo.com>
To: "DoIt_Yourself@yahoogroups.com" <DoIt_Yourself@yahoogroups.com>
Sent: Friday, October 7, 2011 7:24 AM
Subject: Re: [DIY] Walking away/was Flooring

Cindi, I was not addressing you when I said that! I'm addressing anyone that has or is thinking of it. I have seen firsthand the impact it has on the immediate neighbors. More than the effect on property values it is a matter of safety for any family in the vicinity. I thank God that there are people like you with integrity and character who are willing to live up to the agreement that you signed, no matter the current market they are in.

From: Cindi Waters <clean_boost@yahoo.com>
To: "DoIt_Yourself@yahoogroups.com" <DoIt_Yourself@yahoogroups.com>
Sent: Friday, October 7, 2011 6:26 AM
Subject: Re: [DIY] Walking away/was Flooring

We wouldn't walk away because we would find that hard to live with. Even if we have to go into bankruptcy because others have cheated us, we would not in good conscience be able to walk away. Despite the fact that we have money in the bank now (not much but enough to cover expenses), I am aware that like many others in this country due to various reasons, I may lose it due to circumstances beyond my ability to control. So now we will have the hardship of bearing the burden of those who have walked away. Many of the children of those who have died in this senior complex are not willing to take care of the property and do not care even if they are -- they simply do not accept the property and many have willed it so they do not bear financial responsibility or carry out the expenses incurred as written in the will. I am trying to cosmetically fix up the condos in order to sell at least one, but the cost of fixing it up so I can get anything atall would completely eradicate the money I would put into it, in fact, I might have to put more money into fixing it up than I can ever get back from a sale, meaning I might have to literally give it away so I can stop paying maintenance, yet I will be still paying out the mortgage. Things just aren't selling here and so the cost of maintaining the property may completely drain whatever savings we have. But -- c'est la vie. I do agree that people are selfish who walk away. But then again, let's not forget how we, as a society, got to this point where the "walk-aways" are so common nowadays. When I hear the sob stories of those who were literally sucked into the vortex of buying "real estate," I realize they were not capable in the first place of carrying the property. But the advertisements, the banks, and others were more than happy to sell them the property. If the complex were stable and I thought I would live here until I had to go into an old-age home, I'd fix it up to my liking. That isn't happening.

From: Roger <frontierrog@yahoo.com>
To: DoIt_Yourself@yahoogroups.com
Sent: Friday, October 7, 2011 4:32 AM
Subject: Re: [DIY] Walking away/was Flooring

My neighbors have walked away from their house. Not long after that I noticed that a back window had been pried open and a screen pushed in. It was obvious that someone had broken in and done who knows what in there. It is an incredibly selfish thing to do, aside from the financial aspect. You are leaving your neighbors to deal with a vacant property.

--- On Thu, 10/6/11, Cindi Waters <clean_boost@yahoo.com> wrote:

From: Cindi Waters <clean_boost@yahoo.com>
Subject: Re: [DIY] Walking away/was Flooring
To: "DoIt_Yourself@yahoogroups.com" <DoIt_Yourself@yahoogroups.com>
Date: Thursday, October 6, 2011, 11:12 PM

I have bookmarked the article and will copy it and give it to her. It's a sorry mess

From: sandaidh <sandaidh@localnet.com>
To: DoIt_Yourself@yahoogroups.com
Sent: Thursday, October 6, 2011 6:02 PM
Subject: [DIY] Walking away/was Flooring

From: "Cindi Waters" The next door neighbor was telling me, as many are here, that she is thinking to "walk away" from her condo, a 3-bedroom which she bought a couple of years ago and paid $131,000 for. It is a nice develpment but the neighborhood is changing to a more crime-ridden one than it used to be. And now that same condo is going for $31,000. She is paying much more for her mortgage than she wants to and the bank won't reduce her interest. (8%) ------------------------ Your neighbor should be aware that if she 'walks away,' the bank can come after her for what's due on the mortgage. You can read more here - http://finance.townhall.com/columnists/mikeshedlock/2011/10/04/walk_away_homeowners_shouldnt_be_suprised_by_court_judgment and here - http://online.wsj.com/article_email/SB10001424053111904060604576572532029526792-lMyQjAxMTAxMDAwMTEwNDEyWj.html?mod=wsj_share_email Sandaidh bean-fhigheadair a' bhreacain sandaidh@localnet.com