Most of all on this site know about this “buy and bail” plan..but to read about it on the front of yahoo is just amazing how main stream it has become and how the system is twisted to help those who should by all means of the economic compass be out renting and rebuilding or building a credit history in the first place.
However here is a excerpt that show some people still a conscience…
“The tactic doesn’t appeal to people such as John Ristuccia, a 48-year-old Buckeye, Ariz., paper-company sales director whose job was moved to Houston in August. He is trying to complete a “short sale” for $425,000 on his five-bedroom, 4,000-square-foot home, which was appraised for $800,000 last year. In a short sale, a lender allows the sale of property for less than the amount due on the outstanding loan and often forgives the remaining debt.
Even though he might be able to qualify for a second home loan, Mr. Ristuccia says he wouldn’t consider sticking his bank with his suburban Phoenix property. “Just personally I’ve got a problem with that,” he says. “I really can’t put it in terms other than it feels wrong.”
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