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 ...
Ok so now take your job away and make your payments.
Sorry, keep looking pal. I see how you are.
Easy to get around, simply walk away and rent before any type of credit issue hits the report.
Do you ever plan to buy insurance? Insurance companies base their rates on your credit score with people with lower scores getting screwed over for higher rates
Yeah its too bad the bakers who helped create this mess aren’t getting hounded.
The banks didn't "saddle" anybody with anything. The person with a $50K income freely signed up for the $2K/month mortgage payment. They were not forced to do so by the bank, the realtor, or anybody else. They chose their path in life - the consequences of that choice belong solely to them.
It used to be that you were taxed on anything you were forgiven. If you walked with $200,000 left to pay, and the bank could only get $150,000 for the property and they forgave the $50,000, then you were liable for taxes on that $50,000 as income.
However, I heard recently (but have not actually looked it up), that those who had walked away, and had money on a mortgage forgiven, were no longer going to be held liable for taxes as a result of one of the plethora of new laws passed. Again, I haven't looked this up, so I'm not sure of this being true.
You think that's obscene? My friend, today our central bank is bailing out Europe. Spiro in Greece gets to retire at 50 but our great grandkids will be saddled with his debts all their lives.
You know, I rent. I cannot afford to buy a house. Probably never will again. I don’t care. It seems to me that you put value on people based on what they have.
I don’t have much. I don’t care. We all go naked before God anyway. I have a decent job, a roof over my head, family and friends. What more do I need?
They’re the NOW generation. They want instant gratification. They enjoy everything now. Pay later. When later comes, they expect to die heavily in debt at which time the debt is wiped clean because there’s nothing for the creditors to get from their estate. So they end up not having to pay much.
You wake up, no-one forced anyone to purchase a home.
I wonder if the new requirement on billing statements showing how long it will take you to pay it off, and the amount of interest you'll pay, if you only make the minimum payment has had any affect on them.
Could also be viewed as aborting an “unplanned” expense. An “owner’s choice” kind of issue. A private matter that society has no business interfering with!
I believe there are some who would through their conservative ideals out the window for the almighty dollar. RINOS do it all the time. It really is a shame.
There really is such a thing as honor and integrity, no matter WHAT the situation is. No one forces anyone to make a bad choice.
through = throw (sheesh)
If you make a deal keep to it unless it is impossible to do so otherwise.
Boy I hope so, but I am not very confident. If someone that works in an engineering office can’t multiply their balance times .21 and figure out how much they’ll be paying this year - yikes. It’s almost as if there is just no mental connection between the money paid and what it goes for. Just “a payment is a payment” kind of mentality.
A lot of people feel that way. However, I have seen an increase in the number and types of employers who are performing credit checks in addition to the now common background checks and not just for prospective accountant-type employees. Even local PTA's are running credit checks on those serving as officers not just the treasurer because any two officers can sign a PTA check.
My grandparents, who raised me, were from the Depression era. They always paid cash for everything: house, car, appliances, etc. If they couldn't pay cash, they didn't need it that bad. They did without or repaired what they had. My Granny is now 95 years old. She cannot understand the housing bubble. It's beyond her comprehension and not because she's senile - she ain't.
Unplanned expense! I love it. Priceless.
This is just another logical consequence of the campaign against traditional morality which has been going on in this country since the 60’s.
Would that mean that if you have assets you pay? Such as if you have a $100,000 mortgage forbearance but have $25,000 in assets such as furniture, you pay taxes on $25,000?
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