sharedRespon
Registered User
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- 5
Is it just me or is their more and more of these type threads appearing lately?
The problem I have is that we will pay 200k approx of dead money. We take the full hit for a mistake of buying our first and only house and that's how it is I suppose!
You have got to ask yourself why bother? If you had the option to walk away and earn good money elsewhere wouldn't you? Especially if you are young and have the rest of your life ahead of you.
Totally agree with your sentiments Cremeegg, there has to be an incentive for people to continue servicing their debts if they are in serious negative equity regardless of how they got there and if they are on an average income (even a relatively ok income).
In my (strong) opinion, when a property market crashes by 50% to 70% and an economy contracts so severely that it's a once in a century phenomenon, then all bets are off!! We are living in unprecedented times and normal lending and repayment terms no longer apply to legacy debt. It is only human nature that people will want a brighter future for themselves by removing the burden of debt they find themselves in, and good luck to them I say. Don't be a debt slave for the next 30 years because you think it's 'the right thing to do'. Make your decisions based on whats right for you and your family's future and don't let anything else cloud your judgement on that.
Totally agree with your sentiments Cremeegg, there has to be an incentive for people to continue servicing their debts if they are in serious negative equity regardless of how they got there and if they are on an average income (even a relatively ok income).
Your problem is not your mortgage it’s your discretionary spending.
My point was, as was mentioned, about the 35 years. There were two parties to our mortgage yet we must take the entire burden of the loss.
I am not looking to walk away from the debt but if some sort of way is found what's to stop me from declaring bankruptcy?.
Thank you for the continued responses.
My point was, as was mentioned, about the 35 years. There were two parties to our mortgage yet we must take the entire burden of the loss.
I am looking for a way forward, like crystallise the loss and share that with the bank. We could then plan for some sort of future beyond this debacle. I am not looking to walk away from the debt but if some sort of way is found what's to stop me from declaring bankruptcy?
We are in that sector of society that can afford their mortgage in the short term but long term we will need some sort of attention as 35 years of paying dead money is utterly depressing and unsustainable.
Also we don't get 6k net a month I don't know where that has come from, it is based on a false premise.
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