Considering everyone is going to be bailed out, I have some friends that live in Vegas whom could use this situation to their advantage. I think they are upside down by about 200K now.
They bought a decent home back in 05 or so, fixed it all up then sold their failing business, so could no longer afford the mortgage so just rent it out now.
They now live in Palm Desert, both work “under the table” consulting and make good money but can show they basically have very limited income.
Since everyone and their dog is going to be bailed out, I am going to convince them to seek a principal write down.
No need to give me the moral hazard speech, everyone in the country is going to be trying to figure out how to get their piece of this bailout, even rich people. So, I’m going to start advocating my friends figure out how to get their own “bailout”.
