Ex-SD…
You wouldn’t be saying this JUST so YOU can buy back in at 50% of what you sold at would you 😉
“You are 100% correct that the housing market simply needs to correct itself”
Take 100 upside homeowners at random and ask them:
A) How about we foreclose on your house, drop your credit score a bit, let you walk away with no 1099 debt relief consequence, you go rent for a few years while the PIGG’s folks straighten this mess out FOR YOU, You save up a few bucks, and you can buy a similar house back and owe half as much money as you do today, after saving a whole bunch by renting….Then you will owe $300K instead of $600K
OR
B) How about we figure out a way that you can continue to pay interest on a $600K house that’s really worth about $300K,
that you don’t have any equity in today anyway, and we don’t really know what the heck we are talking about, (cuz if we did you wouldn’t be in this mess) but hopefully in a few years this mess will sort itself out. C'[mon, it’s an election year and WE WANT TO HELP. You will continue to be strapped, and will still owe about $600K in a few years, but the good part is, YA don’t have to move. Your credit score is probably crappy right about now anyway. So we are going to help you, just like we are helping those poor folks in New Orleans who live in a punchbowl……
Ummmmm, which one is REALLY better for the homeowner…
A or B ??? ???
