Think about it, and you’ll see the perverse logic and financial wisdom to this.
This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.
“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.
Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.
We might as well jump on the bandwagon.
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I await the many stories of Piggs who actually execute this financial “strategy.”
Clearly, lots of folks who bought between ’03 and ’07, and other folks who HELOCed away their equity over the years, have discovered that defaulting is their best option. But I doubt for many of them this was their intention from the beginning.
Buying today, however, with the intention of living “rent-free” for a few years… personally, this sounds like a stick-it-to-The-Man fantasy that no one here will act upon. But I would love to be proven wrong. I would like to see some folks here actually *do* this instead of just *talking* about how smart it is. So, please fellow Piggs, keep us updated on the execution of the “new smart move.” Otherwise, this gets filed under: Words are plentiful; deeds are precious.
