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When Banks Walk Away, Homeowners Don`t Always Win

When Banks Walk Away, Homeowners Don`t Always Win

countdown_to_facebook_ipo | Jan 14, 2013 12:33 PM ET When the BANKS walk away, their executives get bonuses!

ckoffend | Jan 14, 2013 12:35 PM ET Hah. It`s funny that our government mandates that the banks do all these things when they choose to just release the property. What were the people with the mortgage who just vacated their houses required to do? Nothing. They just up and left, thinking they were scot free to do as they wish - blaming somebody else for their stupidity. Remember, when the bank releases you from your mortgage, you owe taxes on that! If you owe $100K and leave your house and the bank releases your mortgage, that`s $100K in income you owe taxes on! Good luck IRS with these deadbeats that the government forced the banks to lend to - thanks Barney Frank!

gskinner | Jan 14, 2013 12:43 PM ET I like it. These people tried everything to scam the system and now the banks gives them what they wanted. A free home. Except they didn`t count on the taxes, etc..., but for those tempted to feel sorry for them, don`t, President Obama will bail them out with your money!

Earth_Scientist | Jan 14, 2013 12:45 PM ET I can`t think of another industry where such unqualified people are advising buyers on what easily could be a life-destroying decision. It`s difficult to imagine people owing money on a home that they don`t even know that they own. Real estate has to take the prize for industry with the lowest IQ. Yet, it`s hard to see the situation improving against industry propaganda. People must learn to be much more careful in buying homes and selling them, signing crappy loan deals, etc.. Most buyers only buy once or twice in their lifetimes, so they don`t get a learning curve.

tradereye | Jan 14, 2013 12:59 PM ET Next step: Scammers will file Quit Claims on these abandoned properties (forged signatures of owners) and then resell. Watch all these "investors" think they are getting a great deal when they are getting a nightmare when the title companies figure it all out.

tradereye | Jan 14, 2013 01:03 PM ET IMO, banking as previously known for the middle class will be disappearing. More and more people are putting their paychecks into the prepaid credit cards which charge only a nominal fee and no usage or check printing fees; or minimum balance requirements. Bank fees keep going up with little to no benefit to most people, just to keep another passel of vice presidents employed.

MarkD1 | Jan 14, 2013 01:06 PM ET This is beyond infuriating. People default on their mortgages and get to keep their homes for free. People walk away from their debts and are rewarded with principle reductions and / or lower mortgage rates. What about all of those who have struggled and sacrificed so that they could to stay current on their mortgages and debts? THEY GET NOTHING! This country is going down the tubes and fast. Reward thives, illegal immigrants, and deadbeats. Do nothing to help those honest Americans who are underwater on the mortgages and still struggling to pay their obligations. We may as well default on our National debt because we are a Nation full of deadbeats who get rewarded for being lowlifes!

Jay070 | Jan 14, 2013 01:16 PM ET "ckoffend | Jan 14, 2013 12:35 PM ET Hah. It`s funny that our government mandates that the banks do all these things when they choose to just release the property." There is ckoffend defending banking as legitimate businesses again. Oh those poor bankers - they have to follow rules and get stuck with homes. Just exactly what did a bank do to deserve ownership of the homes doesn`t concern this guy. He thinks the loan was legitimate and that a banker somewhere actually risked his money! It never sinks into ckoffend that banks create ALL our money as interest-bearing debt owed to themselves. If he understood this statement, as a just person he wouldn`t side with banks - ever.

motorcitybro | Jan 14, 2013 01:26 PM ET Hey Ms. O you just gave me an idea: although not sure if it`ll work, my neighbor who walked away got a call from BofA and was told that she could move back into her old digs with a princiipal reduction, but she opted out and went on and paid $24,000 cash for a 4BR 2.5 bath in northwest Detroit. But I may stop paying my mortgage and go through the process and maybe my bank will bluff with a sheriff sale and I`ll just see if they`re selling wolf cookies.

SunnySea | Jan 14, 2013 01:27 PM ET If you think banks are best investment, then think again. Why so many banks recently brag about a lot of layoff if they are doing well?

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When Banks Walk Away, Homeowners Don`t Always Win

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