Alisa Valdes-Rodriguez got upside down on her home, owing more than the home was worth. She then decided that the bank was victimizing her, because they were going to make a profit.
And instead of just paying off the loan, or refinancing the loan, or renting the house out to pay off the loan, or selling the home and taking a loss on it, that she was just going to mail the keys to the bank and walk away.
Clear, rational thinking on her part. At least in her own mind.
She also decided that blogging this experience was a good idea. She apparently saw it as good advice to others in the same situation.
If you own a house in any of the areas hit hardest by this thing, you are wasting money if you continue to pay for a worthless property. Many of us realize this, and we are walking away, mailing in the keys, saying “thanks but no thanks for this bridge to nowhere.”
First of all, unless your property is hit with an atomic radiation device, it will never be “worthless”. And even then, giving it a few decades, someone will want to buy it.
It was not easy to come to terms with this, to realize I would never recover that money. But once I did come to terms with it, I felt free, in charge of my own destiny and wallet. I was ready to walk away from the house, to propose a deed in lieu, or to foreclose if needed.
Apparently to Ms. Valdes-Rodriguez, “Never” is defined as longer than a couple years.
After all, the bank loaned me $450,000 – and will end up making $600,000 on the deal, from my down payment, a year-plus of on-time mortgage payments, and the home sale for $405,000. But I will still be penalized. Make sense to you? Me neither. But oh f****ng well. The system is broken, and no one but Barney Frank seems to give a s**t about people like me.
First point of error: The bank did not get her downpayment. They did get her “year-plus” of payments, and so probably got around $36,000.
Second point of error: Barney Frank wouldn’t give half a rat’s asshole to save her from her own stupidity unless said fraction of asshole belonged to someone else.
Third point of error: It makes perfect sense that someone so ignorant and self-centered as she is SHOULD be penalized for her actions. Anyone who can do basic math and has a sense of self-responsibility knows these things.
So, think about this. I played by the rules. The banks did not. And, here I am, not only losing a massive amount of money, but being punished on my credit report for a housing transaction that, in the end, makes money for the lender.
She never quite gets around to pointing out exactly WHERE the bank broke “The Rules”, though I suspect that it is a combination of Ms. Valdes-Rodriguez’s own confused idea of what “The Rules” are and her own need to be a victim that caused her to write that line.
You can try to click on the above link to go to Ms. Valdes-Rodriguez’s website and read the entire diatribe, but you will fail unless you click this link (Alisa, The Internet Never Forgets). If you only click the first link you will see where she has deleted the post and declared anyone who disagrees with her or finds her to be a Grade-A Imbicile to be a “fascist”.
So have fun laughing, you fascists. Here is her main website.