Nobody wants to move because they can't sell their homes. They're tethered to underwater mortgages.
Nobody wants to move because they can’t sell their homes. They’re tethered to underwater mortgages... my house isn’t underwater. My house was bought 17 years ago, hit a high of over $200,00, I owe less than $93,000 and figured I’d sell at $X.00 and move to Belize, to get away from this crap in the USA (which I fought for). Six people told me how much they want this place and agreed to my price, if they could get the money. No banks are lending, thanks to our Communist In Chief.
>>Nobody wants to move because they can’t sell their homes. They’re tethered to underwater mortgages.
That was the plan. The Central Planners in Soros’ War Room didn’t want us migrating around to stay employed. They need us tied down and begging for handouts for the middle class to abandon the free market in favor of communism.
They should just cut their houses loose immediately if they can’t make the payments.
Here is the situation:
1. House was purchased for 320k
2. House is worth 220k
3. House payment is 2500
4. House is 3 Months behind in Payments
5. Income is limited to Unemployment Insurance of 1000
The government is doing you a disservice by trying to keep you in the home. They don’t have the discipline for what is needed, but short of the government reducing the principle and wiping out all the late payments, once you are in arrears, it is almost impossible to recover short of winning the lottery or pulling retirement money out.
You have no job....#1 Need Income / Job, UI Insurance destroys your marketability for future jobs, that UI isn’t going to be around for ever. Don’t stay on it no matter what #2 You need expenses that match up to your Job, if your job is 1/2 what you used to make, then you need to have expenses 1/2 what they used to be
Bingo. Plus, if they file bankruptcy to get out from under all that debt it destroys their credit rating and then they can't get a job because employers are now looking at credit scores of potential hires.
It's a Catch 22 situation.