60 Minutes - On Walking Away From Your Mortgage, And Now EVERYONE Wants To Know How They Can Do It

The Business Insider ^ | 5-10-2010 | Joe Weisenthal

[screaminsunshine]

You just don’t pay it.

[rarestia]

I’m thoroughly confused. Up is down, black is white, left is right, and not paying your mortgage is acceptable?! Do these folks not give a rip about their credit? If the market swings back up and Conservative leadership returns to DC, these people will be forced to rent since no bank in their right mind would lend to them. Or is there something in the works to “adjust” credit ratings or otherwise pay off defaulted mortgages of those who were too irresponsible to buy a home in the first place?

I bought a home well under what I could afford, make my monthly payments, maintain it and upgrade it, and these asshats get to simply walk away? Momma always told me life isn’t fair, but this is downright obscene.

[I cannot think of a name]

Why should this be a surprise?

Don’t want to be married? - just divorce.

Don’t want a kid? - just have an abortion.

Don’t want your Mortgage? - just walk away.

Don’t want to face up to your bills? - just leave it for future generations to sort out. Wait, only congress gets to use this one!

[TexasCajun]

Oh, you want to lease my rent house?

Let me check your credit history.

I see you walked away from your mortgage.

Sorry, keep looking pal. I see how you are.

[GOPJ]

The left has been pushing this idea for a long time... it puts the middle-class into the “outlaw” group - a group that votes dem...

[Ann Archy]

MOST landlords demand a CREDIT REPORT!1 These LOW-LIFES that just walk away from their mortgage are NOT going to be renters!!

[CodeToad]

Many of the rentals are by people that cannot afford their mortgage. Take someone who usually pays $3,000/month but no longer can. So, they rent from someone who has a $2,000/month mortgage but no longer can pay and rent it tothe $3,000/month people. They think $2,000 is cheap.

There are loads of rentals on the market.

[justsaynomore]

I’m sure the leftists LOVE this idea. They can tank the banks without lifting a finger. They don’t even have to take any blame, and then they get to step in and completely take over our financial system.

I believe it is unethical, first of all, if you can afford to pay your mortgage, and you walk away. But I also believe it plays right into the socialist’s hands.

[CodeToad]

“MOST landlords demand a CREDIT REPORT!”

Not any more. They want cash and anyone with a job is qualified. I knwo several large proeprty management companies that are not turning away cash.

[Dr. Ursus]

Walk away from your mortgage-spend up your credit cards all
while visiting the olde country-Pok-e-stan-The new American
Dream!

[rarestia]

I can see the Feds expanding Section 8 rules to accomodate these “poor people.”

Let them buy an acre of land in some rural area and plop a trailer on it. Hell, they shouldn’t be living out of tents, as far as I’m concerned!

[savedbygrace]

Don’t you face a large tax liability if you walk away from a mortgage?

[Dudoight]

And, if it REALLY REALLY bothers you to lose your house, you can drive your gas and firecracker filled SUV in to Times Square to make an explosive statement.

Then...everyone will understand the ‘cocktail’ of emotional disappointments which led you to this act!

[Oldexpat]

When they walk away from a mortgage and house..it is not the banks taking a big hit..it is mostly Fannie and Freddie and the taxpayer is making up for the loss. Plus the Fed bought who knows how many of the mortgage backed securities.
So if you think this hurts anybody but the taxpayer..think again. Do you hate the taxpayer also?

[bergmeid]

I was thoroughly disgusted with the individuals interviewed on 60 Minutes.

No shame whatsoever. Just entitlement.

[bgill]

Oh, you want to lease my rent house? Let me check your credit history.

Exactly. They can walk away from their mortgage but where are these losers walking to?

[PeterPrinciple]

Not any more. They want cash and anyone with a job is qualified. I knwo several large proeprty management companies that are not turning away cash.

---

Talked with my local uhaul business. Always a shortage of trucks at the end of the month as people are getting kicked out. Even though they know they are getting kicked out they don’t reserve the truck until that day. Imagine what those apartments look like but there is always another sucker landlord................

[bgill]

So, they rent from someone who has a $2,000/month mortgage but no longer can pay and rent it tothe $3,000/month people. They think $2,000 is cheap.

Renting is nothing but throwing money out the window. They'll have nothing in the end.

[B-Chan]

Oh, you want to lease my rent house? Let me check your credit history. I see you walked away from your mortgage. Sorry, keep looking pal. I see how you are.

"Hi, this is DaMarr Washington from the County Housing Authority. I'm just calling to tell you that you are being named in a discrimination lawsuit by the county Equal Opportunity office, the U.S. Depertment of Housing and Urban Development, and are being made subject to a criminal investigation by the Department of Justice hate crimes bureau. I've also been informed that you are being served today in a civil suit brought by the party to whom you refused to rent, the local chapter of the NAACP, and your city's Attorney. I'd hire a good lawyer if I were you."

In other words. YOU A RACISS