FSD good points but I still side with nsr. Now yes it would be more insightful for me to walk in this guys shoes but from what I see, based on his salary and the few facts that ljr stated, this guy had no business at all in purchasing this home.
I am crossing all my fingers that the escrow I have downtown will close… the sellers have to come in with close to 100k cash as a shortfall. They are doing it.
I have a short sale that I just listed in Lakeside. In all probability they will lose the home. This was a true (believe it or not) hardship case. He lost his job and still has not found employment. Now granted they pulled a bonehead purchase 3 years back but they are trying to short sell it and they will suffer ramifications if it indeed does short sell.
I just think that there is an amount of personal responsibility here. You can’t pull a 30k per average American is in debt card out. My taxes already fund enough benefcial programs for which I have no control over. I don’t think it is accurate to portray that we all should foot the bill for the foolishness of others. They indeed should take responsibility…
I think by letting people simply walk away from the problem, there will be no incentive for them to not do it again in the future. It is not much different then punishing kids for poor behavior. Yet, you take this guys 90k away from him and I bet you a dollar he never buys a speculative property again.
