Free bank living – the HELOC replacement

[davelj]

[quote=jpinpb][quote=davelj]
Well, at least these folks have acknowledged their own role in the fiasco. The banks fucked up. It would be nice if the borrowers would acknowledge that they fucked up as well. But it looks like that ain’t gonna happen with most folks. Which is why folks like this will fail over and over again throughout their lives: they lack the introspection to acknowledge their own role in their failures and, thus, learn from them. I feel sorry for these folks. They’ve got a whole life of greater disappointments ahead of them, largely of their own making.[/quote]

davelj – I was unfortunately raised w/morals, so maybe that’s what’s really stopping me from doing it. But I still don’t see it as they are failing. They are, in fact, quite successful at working the system to their favor.

So I still feel like a chump for doing the right thing.[/quote]

Successful? You cannot be serious. These people are financial morons. They “gamed the system” BY ACCIDENT. They thought they were being smart because they’d get out of these properties at higher prices (despite all Bubblicious evidence to the contrary!). And then, after everything’s fallen apart, they’re “successful” because against all odds the lenders are so slow to foreclose that they get to live “rent free” for a couple of years before getting thrown out? If this is “success,” then I want no part of it. These people are idiots who accidentally fell into a tolerable situation as a result of current foreclosure realities. Make no mistake: They have failed. Recall that the original objective was to sell out at a profit. Again, if folks like this don’t learn anything from their experience, they’ll repeat it over and over again. I have no doubt. Luck is not going to bail these folks out every time they make a bad decision. And they will continue to do so.

[jpinpb]

dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here?

Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”

[jpinpb]

dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here?

Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”

[jpinpb]

dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here?

Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”

[jpinpb]

dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here?

Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”

[jpinpb]

dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here?

Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”

[Nor-LA-SD-guy]

Yea I know most of these people will suffer badly in the coming years, I was just being hypothetical for the most part,

But there are a few who it seems who managed to find a way luck or no.

[Nor-LA-SD-guy]

Yea I know most of these people will suffer badly in the coming years, I was just being hypothetical for the most part,

But there are a few who it seems who managed to find a way luck or no.

[Nor-LA-SD-guy]

Yea I know most of these people will suffer badly in the coming years, I was just being hypothetical for the most part,

But there are a few who it seems who managed to find a way luck or no.

[Nor-LA-SD-guy]

Yea I know most of these people will suffer badly in the coming years, I was just being hypothetical for the most part,

But there are a few who it seems who managed to find a way luck or no.

[Nor-LA-SD-guy]

Yea I know most of these people will suffer badly in the coming years, I was just being hypothetical for the most part,

But there are a few who it seems who managed to find a way luck or no.

[davelj]

[quote=jpinpb]dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here? [/quote]

I would argue that you are ahead. It just doesn’t appear that way at the moment. Lots of folks thought they were really smart when the Nasdaq was at 5,000. And other “conservative” folks felt stupid. That eventually reversed itself. My point is that over the LONG term, intellectual capital will pay off more than short-term baubles such as vacations, toys, etc. You’re ahead. You just don’t realize it yet.

[quote=jpinpb]
Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”[/quote]

It depends on how and over what time horizon you define “suffering.” I think most of these folks’ lives are much more difficult than it appears from the outside (as they should be). I don’t care now nonchalant someone may be, there’s a lot of stress related to the prospect of being forced out of your house and having your FICO go to 500, with all that entails.

[davelj]

[quote=jpinpb]dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here? [/quote]

I would argue that you are ahead. It just doesn’t appear that way at the moment. Lots of folks thought they were really smart when the Nasdaq was at 5,000. And other “conservative” folks felt stupid. That eventually reversed itself. My point is that over the LONG term, intellectual capital will pay off more than short-term baubles such as vacations, toys, etc. You’re ahead. You just don’t realize it yet.

[quote=jpinpb]
Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”[/quote]

It depends on how and over what time horizon you define “suffering.” I think most of these folks’ lives are much more difficult than it appears from the outside (as they should be). I don’t care now nonchalant someone may be, there’s a lot of stress related to the prospect of being forced out of your house and having your FICO go to 500, with all that entails.

[davelj]

[quote=jpinpb]dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here? [/quote]

I would argue that you are ahead. It just doesn’t appear that way at the moment. Lots of folks thought they were really smart when the Nasdaq was at 5,000. And other “conservative” folks felt stupid. That eventually reversed itself. My point is that over the LONG term, intellectual capital will pay off more than short-term baubles such as vacations, toys, etc. You’re ahead. You just don’t realize it yet.

[quote=jpinpb]
Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”[/quote]

It depends on how and over what time horizon you define “suffering.” I think most of these folks’ lives are much more difficult than it appears from the outside (as they should be). I don’t care now nonchalant someone may be, there’s a lot of stress related to the prospect of being forced out of your house and having your FICO go to 500, with all that entails.

[davelj]

[quote=jpinpb]dave – not successful w/their original plan. No doubt. But in the end, it is working out for them. How does that saying go? Something like God looks out for fools.

No, they were not able to flip for profit. But as a consolation, they have nice cars, vacations, toys and live for free for over a year.

Meanwhile, I’m “smart” so I didn’t buy something I couldn’t afford. I am not living large. I pay my rent.

Who is ahead here? [/quote]

I would argue that you are ahead. It just doesn’t appear that way at the moment. Lots of folks thought they were really smart when the Nasdaq was at 5,000. And other “conservative” folks felt stupid. That eventually reversed itself. My point is that over the LONG term, intellectual capital will pay off more than short-term baubles such as vacations, toys, etc. You’re ahead. You just don’t realize it yet.

[quote=jpinpb]
Yes. I agree it’s by accident. Neverthless, I, as CBad, know a few people living for free, traveling, driving new cars and not suffering from this.

Will these folks not learn and repeat this again? Quite possibly. Certainly moral hazard is out the window and the new black is “bailout.”[/quote]

It depends on how and over what time horizon you define “suffering.” I think most of these folks’ lives are much more difficult than it appears from the outside (as they should be). I don’t care now nonchalant someone may be, there’s a lot of stress related to the prospect of being forced out of your house and having your FICO go to 500, with all that entails.

[Author]

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