[quote=AN]It always amazes me how judgmental and vile some people can be, especially when they don’t have all the details. All I can say is “Let he who is without sin cast the first stone”.[/quote]
AN, the writer here listed all his details and even wrote a book he’s pandering online which lays out his problems in even more lurid detail!
I “have a problem” with strategic defaulters who took cash out and then expect to be able to have their debts “forgiven” thru a “short sale.”
I don’t feel a 150 pt? reduction in FICO score is enough penalty for withdrawing equity and then having it “discharged” without even having to file a Chapter 7 BK (350 pt+ reduction).
I feel persons who withdrew equity and now wish to rid themselves of the debt from that withdrawn equity should have no choice but foreclosure (300 pt reduction).
If the Richards’ credit can now “recover” in 2-3 years enough to purchase another property, that means the $200K they already withdrew (and probably spent) seems like a very small price to pay for being able to buy RE again in 2013. We can look at it as $66,666 per year as “compensation” for their 3-year waiting period and $100K annual compensation for a 2-year waiting period.
What about those who extracted $500K from their properties and now wish to short their HELOC/2nd TD holders at an effective 94% “discount?”
Nice gig if you can get it. But where does it end? With a publisher actually giving this individual a platform, it could encourage many more people who can afford their mortgages to default so they can render themselves eligible to “sell short.” And while they’re still working and/or bringing in income (no “hardships” in this group) they’re living “mortgage free” while their lender(s) sit on their hands and allow them to.
I guess the last sentence (above) most aptly describes the crux of the problem….:={
