[quote=alarmclock]Without exception, the (male) house fools that I personally know were driven by their wives/gfs to nest in an overpriced house during the boom. I don’t dispute that the men were 50/50 complicit in the decision, but fundamentally the rush to get one before they are all gone was driven by the women (again this is just my personal experience). I am grateful that my stubborness and my wife’s house apathy allowed us to wait, as I probably would have given in just like everyone else.
So the line that stood out for me is this: “Patty discovered a small but stately brick home in a leafy, kid-filled neighborhood in Silver Spring, Md. We sent in an offer of $460,000 and one day later got our answer: the sellers accepted. ”
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Well, now there’s an exception. It was I, the wife who fought everyone (husband, MIL, and other in-laws, etc.) in order to sell-to-rent in 2004. I know of many other women in the same position, some here on this site. On Ben Jones’ site, at least half of the posters are women, and had the same experience I did. It is NOT gender-specific. Perhaps your male friends are too wimpy to admit their part in the purchase, and like to blame it on their wives?
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Anyway, just talked to another person who admitted to not making a mortgage payment since last fall. No foreclosure yet.
Another one told me a few days ago that they hadn’t paid in six months. Still no foreclosure there either.
I’m thinking this is much more common than most people think. Wouldn’t YOU feel stupid if you were making your full, agreed-upon payment when all of your neighbors are getting free rent and then negotiating their principal amounts down?
I’ve never defaulted on anything in my life, have an 800-range FICO score, but with all the talk of “victims” and bailouts going on, even I would be tempted to stop paying a mortgage right now. I’d feel like a chump if paying what we agreed to. Unfortunately, we rent, so we still have to be responsible. We can’t be “victims” if we’re renters.
