geez, complete with a flag. walking away from your commitments is so patriotic.
>>”While we’re certainly not encouraging this, if the numbers were to grow substantially, it would provide leverage to get servicers to be more proactive in offering modifications, particularly principal-balance reductions.”<<
Hey, how about reducing MY principal? What a fool I was, when I:
* Bought a house I could afford
* Paid as promised (actually better, since I overpay to reduce principal faster)
* Saw it as a place to live, not an investment. I never took a dime of equity out.
I am not saying these all apply for the instant case, but heck, why don’t I qualify for principal reduction?
Answer: Liberalism rewards bad decisions and punishes (or ignores) good ones. It this cultivates those bad decisions, thus turning them into good ones (from an outcome perspective).
>> “It’s better to cut our losses, get out of there and go rent.”
The same argument could be made for bailing on any commitment.
Why do we continue to make our car payments when just about every car on the road is “under water”?
I’ve never even been in a home worth a half million dollars. I wonder what they look like inside.
livin’ the new American dream
no mortgage payment, no recourse by the lender, no worries
So, in other words, they bought a house that they could only afford if they didn't have kids and now are using its value to renig on their promise to pay. Also, isn't it "special" that they can afford to make the payment, but have decided not to since last summer, while continuing to live in the house. What honorable folk.
It’s not just the rich in Napa County that are surrendering to “the moral hazzard!”