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 ...
I fear there will be a new law that says these defaulters will not have these transactions shown on their credit reports. To me, they really are no better than common scammers. If you can’t pay because you lost your job, have huge medical expenses, etc., that’s one thing...if you decide not to live up to your contractual obligations as a purely financial decision, that’s something else....
That would be too bad...just encourages bad behavior.
AZ does not have this law. There are 6 or 7 states that do not. All others do. This is the root of the problem. No one will be calling these people trying to get them to pay this money back. Typically that debt is SOLD to some collections agency that sends you threatening letters, etc.
This is not the law in AZ amoong other states.
This is the problem their state govt. has created. However, we will all pay for it through Fannie May and Freddie Mac.
Your throwing it out the window at a much faster rate if you are feeding a property that is underwater. As far as the morality of it, that went out the window when the banks and congress started raping the taxpayer.
It’s going to be the new normal. Everyone will be doing it as long as they are upside down. Of course, they wouldn’t walk away if their value had gone UP.
/PUKE
n insight into the entitlement mindset.
I had this exchange with another poster on the subject of food stamps recently. The other poster's comments are in green
My first post
Nearly 40 million Americans received food stamps
Nearly 40 million parasites received food stamps - fixed it.
Response from "Spunkets":
No, you change what was a correct statement, to being false.
My next go round in response to "Spunkets" and "rural Jew" who appears to a troll:
Then you are obviously in favor of forced wealth redistribution which is the basic premise of socialism. Sorry Jack, anyone who is too lazy or too cowardly to steal from me directly, but relies on the government to steal for them is a PARASITE. I'd be willing to bet that 95% of those receiving food stamps at the expense of those of us who work have at LEAST one flat screen TV, and of those I'd be willing to bet that at least 80% have a dog or cat. I have neither pets nor flat screen TV's, yet the government robs me at gunpoint to subsidize the lifestyle of those who do. THEY ARE NOTHING BUT F*****G parasites, and the pair of you are obviously either members of the parasite class or liberals. You either receive stolen goods or you approve of the process so you're not any better than the parasites themselves. The hell with you both especially "rural J" who has the unmitigated chutzpah to scold me for disapproving of his goniff friends for stealing from me.
Next go-round from "Spunkets"
Doom on you, parasite
My response to "Spunkets"
let me get this straight - my taxes are supporting you and your worthless ilk and you call me a parasite. Add lack of english comprehension to your other deficiencies
"Spunkets" again
You are a parasite. You’ve contributed nothing to America and have been way overpayed for it.
My final response to "Spunkets."
I've contributed far more that you ever will since your contribution is collecting welfare paid for by those of us who actually PAY taxes. I see. With that comment you add yourself to the ranks of the certifiably insane. It appears that your definition of "contributing" is collecting welfare. Since you are obviously on the dole, what are you doing with a computer? How many flat screen TVs do YOU have? How old is your car? How many dogs do you have?
At this point I suspect that "Spunkets" decided to go have a beer and a smoke and go scratch off some lotto tickets.
This is exactly what kept me from investing in rental property.
The fast run-up in home prices was a disaster. Let's face it, the 2005 paradigm was “home prices are relatively stable”. Yes, there were some that warned that the run up wasn't real, but they were laughed at.
Well there is comfort in knowing the will be hounded by collectors for years over the mess they created.
A man’s word used to be his bond. Now a man’s word means bupkiss.
When trust goes, an economy soon collapses.
Did you forget the sarcasm tag?
I have had three mortgages in my lifetime. No bank ever forced my into any one of them. For each mortgage, I knew precisely the terms and the monthly payment the bank was "saddling" me with.
That is the problem. They will not be hounded by collectors in the state of AZ.
Exactly!
When did "taking responsibility for one's decisions" stop being a conservative standard?
What do you mean I'm now on the 'Watch List'?
Banks got bailed out. Large Corporations (AIG) had debt forgiven. Just today, stock markets around the world are celebrating a Country getting bailed out.
I don’t know anymore what constitutes bad behavior.
I think you may be onto something there. It’s not walking away from your house. It’s divorcing your mortgage lender for irreconcilable differences. Your lender keeps the house. You keep the contents. The lender doesn’t get housal (how-sul) support.
$3000 a month??? That's about the average gross household income in the US.
heck Europe is walking away from their bills. The Fed is printing money to loan Europe.
When the communists talk about ‘changing’ and ‘breaking it’ this is what they mean.
For what it's worth, I do not give a rip about my credit, as I never plan to borrow money again for the rest of my life.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.