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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

Posted on 05/10/2010 6:26:23 AM PDT by blam

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

Joe Weisenthal
May. 10, 2010, 9:09 AM

Did 60 Minutes prompt a big cultural and economic moment last night?

The weekly TV news show ran a big feature on strategic defaults, and from what we gather it made strategic defaults look pretty sympathetic.

It also acknowledged that it could undermine the recovery.

Either way, we know LOTS of folks decided they want in on the action. How do we know?

Because all of the sudden we got flooded with search hits from people searching for information on how to walk away from your mortgage.

They were all landing on this handy how-to guide we drew up in January.

Do you want to get in on it? Click here to find out how.

[snip]

(Excerpt) Read more at businessinsider.com ...


TOPICS: Culture/Society; Extended News; News/Current Events
KEYWORDS: abandon; defaults; economy; housing; mortgages; realestate; shortsale; walkaway
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1 posted on 05/10/2010 6:26:23 AM PDT by blam
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To: blam

You just don’t pay it.


2 posted on 05/10/2010 6:26:57 AM PDT by screaminsunshine (S)
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To: blam

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.


3 posted on 05/10/2010 6:30:29 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: blam

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!


4 posted on 05/10/2010 6:31:01 AM PDT by I cannot think of a name
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To: blam
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.

5 posted on 05/10/2010 6:32:02 AM PDT by TexasCajun
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To: blam
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...
6 posted on 05/10/2010 6:33:23 AM PDT by GOPJ ("Draw Mohammad Day" - - May 20, 2010 - Draw for freedom - draw for your children's freedom.)
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To: rarestia

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


7 posted on 05/10/2010 6:33:56 AM PDT by Ann Archy (Abortion,,,,,,the Human Sacrifice to the god of Convenience.)
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To: TexasCajun

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.


8 posted on 05/10/2010 6:34:32 AM PDT by CodeToad
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To: rarestia

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.


9 posted on 05/10/2010 6:35:23 AM PDT by justsaynomore (The Hermantor - 2012 - www.hermancain.com)
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To: Ann Archy

“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.


10 posted on 05/10/2010 6:35:36 AM PDT by CodeToad
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To: blam

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


11 posted on 05/10/2010 6:36:52 AM PDT by Dr. Ursus
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To: Ann Archy

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!


12 posted on 05/10/2010 6:37:08 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: blam

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


13 posted on 05/10/2010 6:37:56 AM PDT by savedbygrace (Rev 22:20 He which testifieth these things saith, Surely I come quickly. Amen. Even so, come, Lord)
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To: blam

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!


14 posted on 05/10/2010 6:38:12 AM PDT by Dudoight
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To: rarestia

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?


15 posted on 05/10/2010 6:39:44 AM PDT by Oldexpat
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To: blam

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

No shame whatsoever. Just entitlement.


16 posted on 05/10/2010 6:40:35 AM PDT by bergmeid (Fumigate Washington NOW)
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To: TexasCajun
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?

17 posted on 05/10/2010 6:41:28 AM PDT by bgill (how could a young man born here in Kenya, who is not even a native American, become the POTUS)
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To: CodeToad

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................


18 posted on 05/10/2010 6:43:14 AM PDT by PeterPrinciple ( Seeking the truth here folks.)
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To: CodeToad
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.

19 posted on 05/10/2010 6:43:53 AM PDT by bgill (how could a young man born here in Kenya, who is not even a native American, become the POTUS)
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To: 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.

"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

20 posted on 05/10/2010 6:45:28 AM PDT by B-Chan (Catholic. Monarchist. Texan. Any questions?)
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