ST Alpha - "i'm assuming you're not able to make your monthly payments? we're stuck in a house that's worth way less than what my husband bought it for and yeah" (Reading a Post)

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In response to "LYC (just need to rant and whine a little) Our house is now priced at 159,900. We owe 197,000-ish. We have only had 4 people come and look at it " by sycor

i'm assuming you're not able to make your monthly payments? we're stuck in a house that's worth way less than what my husband bought it for and yeah

Posted by kare (aka kare) Jul 18 '11, 11:48

it sucks. but we just figure we're stuck here for awhile (but our payments are very doable so we're fortunate).

i can understand the temptation to walk away, but what i don't understand is this: can't the bank eventually sue the people who walk away for the money still owed? i don't understand how people get away free and clear, but i'm also a little uninformed.

sorry you're dealing with this and marriage troubles too. :( but there are plenty of free or nearly free things you can do while spending quality time together...

Responses:

If we do separate, neither of us can afford the house on our own. so this is sort of a step one by getting rid of it, but in getting rid of it money - sycor Jul 18, 11:57
I would imagine they wouldn't bother suing someone who doesn't have money? -- nm - loosilu Jul 18, 11:49 5
- what about in 5, 10 years? it just seems like something that the banks might be able to come back and legally claim somewhere down the line. - kare Jul 18, 11:52 4
  - The American people gave the banking industry how much money in bailout? And I can't get some help in return? - sycor Jul 18, 11:54 1
    - oh i totally agree. i just can't get my brain around the idea of being able to truly walk away. -- nm - kare Jul 18, 11:59
  - statute of limitations? I honestly don't know. -- nm - loosilu Jul 18, 11:54
  - usually there's a three-year(ish) statute of limitations for bringing civil actions -- nm - moles Jul 18, 11:53
To answer one of your questions, they don't totally get away scot-free, as their credit will be hurt badly for ~7 years. -- nm - Don Homer Jul 18, 11:49 2
- well yeah. but scot-free as in just being able to walk away from a 50k, 100k or more debt? -- nm - kare Jul 18, 11:50 1
  - there are federal and state tax implications as well -- nm - tRuMaN Jul 18, 11:51

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i'm assuming you're not able to make your monthly payments? we're stuck in a house that's worth way less than what my husband bought it for and yeah

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