[quote=cabal]I’m stunned you credit score hasn’t been compromised …[/quote]
An acquaintance of mine did not pay on her condo is something like 8-10 months, did not get a NOD, did a short sale and after a few months her credit score is back in the upper 600s.
[quote=patientrenter]When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]
Call me a cold-hearted bitch, but I was never sympathetic. I survived the last real estate downturn cycle in the ’90’s. I experienced it first hand, except I did not get any help from the government and was very stressed. I had to bail myself out w/2 jobs and renting rooms out. I chose not to walk b/c of my down, though a financial counselor told me to walk even back then. My credit still sucked b/c payments were late.
I qualified to buy that home – and back then loan apps were scrutinized. Did not expect the economy to turn and work to suddenly stop. Life happens. Anyone having a hard time for whatever reasons and can’t do the mortgage payments in these times can always go back to renting. Renting is not a crime or a sin. Credit can eventually be restored. No sympathy from me ever. Suck it up. I did and live to tell about it.
Probably that experience made me a little wiser and kept me from buying during this last bubble. All these people being “helped” will not only suffer from moral hazard, but will only be deprived of knowledge and will have expectations in the future of getting assistance.
