[quote=bearishgurl]SMH, The parts of your story I find most troubling are your apparent inability to save much money (even when renting), why you didn’t try to sell at the peak (it was NOT 2003, btw) and why you were charged so much for refis. It leads one to believe that your credit wasn’t so good from the get go (even though it may have been). Also, I truly believe you may have paid too much when you first bought the property, considering it was on a smallish lot for that area. I haven’t actually researched this but wonder if the 2003 SFR sold comps in 92040 were actually closer to about $188 sf at that time.
Thanks for allowing us Piggs to peer into the mind of a “strategic defaulter.”[/quote]
Hold on there. With SMH’s latest disclosures, I don’t think he was completely accurate in saying he wasn’t able to save money…..I think his definition of savings is different in the sense he meant actually in a cash after tax savings account. His latest disclosure of contributing to a 401k/pension and 529 tells me he is saving…So perhaps he meant his actual after tax savings account is much less.
My gut feeling is this guy is a lot more savy with $$$ than we think..
I am concerned about the 3.5% downpayment…But hey, if he’s already made a budget for it and if he can squeek by and also save for retirement/kids/etc,,, I’d say by all means more power to him.Assuming this will be a fixed rate loan for 15 or 30 years, it’s free money at current interest rates..My gut feeling is rates aren’t going up anytime soon. Look at the frickin chaos on the markets…Despite what we think, I don’t think the dollar’s collapse is anywhere near close….I think folks are more freaked out the more plausible Euro collapse……
