Free bank living – the HELOC replacement

[sd_matt]

[quote=jpinpb][quote=Nor-LA-SD-guy]So lets hear it, be honest, who else here feels like a chump for not buying that Ocean view McMansion with an option arm that just reset or will reset in the next few years,

I know I do..[/quote]

X2[/quote]

More and more every day

[OwnerOfCalifornia]

I’m with the chumps on this one…

I cannot say I am seriously considering doing this, but if it were possible to get a zero- or close-to-zero down-payment loan, I would entertain a strategic default. I have no kids, I am mobile, I would consider it an investment like any other. For the cost of a (hopefully) tiny down-payment plus closing costs, what would my return be over the next 12-24 months, realized as cumulative non-payment?

California is non-recourse, and my credit gets whacked. Big deal. I pay for everything in cash anyways.

Yes I am cognizant that this is sticking it to my fellow taxpayers, but I guess I am too cynical to give a rat’s ass (flame me if you must).

[OwnerOfCalifornia]

I’m with the chumps on this one…

I cannot say I am seriously considering doing this, but if it were possible to get a zero- or close-to-zero down-payment loan, I would entertain a strategic default. I have no kids, I am mobile, I would consider it an investment like any other. For the cost of a (hopefully) tiny down-payment plus closing costs, what would my return be over the next 12-24 months, realized as cumulative non-payment?

California is non-recourse, and my credit gets whacked. Big deal. I pay for everything in cash anyways.

Yes I am cognizant that this is sticking it to my fellow taxpayers, but I guess I am too cynical to give a rat’s ass (flame me if you must).

[OwnerOfCalifornia]

I’m with the chumps on this one…

I cannot say I am seriously considering doing this, but if it were possible to get a zero- or close-to-zero down-payment loan, I would entertain a strategic default. I have no kids, I am mobile, I would consider it an investment like any other. For the cost of a (hopefully) tiny down-payment plus closing costs, what would my return be over the next 12-24 months, realized as cumulative non-payment?

California is non-recourse, and my credit gets whacked. Big deal. I pay for everything in cash anyways.

Yes I am cognizant that this is sticking it to my fellow taxpayers, but I guess I am too cynical to give a rat’s ass (flame me if you must).

[OwnerOfCalifornia]

I’m with the chumps on this one…

I cannot say I am seriously considering doing this, but if it were possible to get a zero- or close-to-zero down-payment loan, I would entertain a strategic default. I have no kids, I am mobile, I would consider it an investment like any other. For the cost of a (hopefully) tiny down-payment plus closing costs, what would my return be over the next 12-24 months, realized as cumulative non-payment?

California is non-recourse, and my credit gets whacked. Big deal. I pay for everything in cash anyways.

Yes I am cognizant that this is sticking it to my fellow taxpayers, but I guess I am too cynical to give a rat’s ass (flame me if you must).

[OwnerOfCalifornia]

I’m with the chumps on this one…

I cannot say I am seriously considering doing this, but if it were possible to get a zero- or close-to-zero down-payment loan, I would entertain a strategic default. I have no kids, I am mobile, I would consider it an investment like any other. For the cost of a (hopefully) tiny down-payment plus closing costs, what would my return be over the next 12-24 months, realized as cumulative non-payment?

California is non-recourse, and my credit gets whacked. Big deal. I pay for everything in cash anyways.

Yes I am cognizant that this is sticking it to my fellow taxpayers, but I guess I am too cynical to give a rat’s ass (flame me if you must).

[edna_mode]

Arraya sez:
[quote]fwiw – Out of the 780 billion in active student loans, only 40% are being serviced. The rest are in default or being deferred.[/quote]

Deferral includes time spent in graduate school.

It think it would be fairer to distinguish between the people who are focusing their efforts trying to cure cancer for less than minimum wage (when you factor in the 80 hour weeks) from people who are spending their time less productively.

And sadly, considering how much worse the academic job is these days, I’m afraid even highly trained postdocs number among the defaults…

[edna_mode]

Arraya sez:
[quote]fwiw – Out of the 780 billion in active student loans, only 40% are being serviced. The rest are in default or being deferred.[/quote]

Deferral includes time spent in graduate school.

It think it would be fairer to distinguish between the people who are focusing their efforts trying to cure cancer for less than minimum wage (when you factor in the 80 hour weeks) from people who are spending their time less productively.

And sadly, considering how much worse the academic job is these days, I’m afraid even highly trained postdocs number among the defaults…

[edna_mode]

Arraya sez:
[quote]fwiw – Out of the 780 billion in active student loans, only 40% are being serviced. The rest are in default or being deferred.[/quote]

Deferral includes time spent in graduate school.

It think it would be fairer to distinguish between the people who are focusing their efforts trying to cure cancer for less than minimum wage (when you factor in the 80 hour weeks) from people who are spending their time less productively.

And sadly, considering how much worse the academic job is these days, I’m afraid even highly trained postdocs number among the defaults…

[edna_mode]

Arraya sez:
[quote]fwiw – Out of the 780 billion in active student loans, only 40% are being serviced. The rest are in default or being deferred.[/quote]

Deferral includes time spent in graduate school.

It think it would be fairer to distinguish between the people who are focusing their efforts trying to cure cancer for less than minimum wage (when you factor in the 80 hour weeks) from people who are spending their time less productively.

And sadly, considering how much worse the academic job is these days, I’m afraid even highly trained postdocs number among the defaults…

[edna_mode]

Arraya sez:
[quote]fwiw – Out of the 780 billion in active student loans, only 40% are being serviced. The rest are in default or being deferred.[/quote]

Deferral includes time spent in graduate school.

It think it would be fairer to distinguish between the people who are focusing their efforts trying to cure cancer for less than minimum wage (when you factor in the 80 hour weeks) from people who are spending their time less productively.

And sadly, considering how much worse the academic job is these days, I’m afraid even highly trained postdocs number among the defaults…

[briansd1]

[quote=Arraya]
Deadbeats are the new Jew of the financial holocaust. As things deteriorate they will be blasted from their “free rent” bunkers by roving hoards of angry piggingtonians — when we have a 35% unemployment rate, 10 of millions living for free and no homes being foreclosed upon with prices still not coming down.[/quote]

There quite a few piggingtonians who don’t want house prices to come down (as they bought already) but don’t want the bailouts either.

It’s a contradiction here. Would you rather pay a small part of bailout, over generations, or would you rather your house lose a big chunk of its value immediately?

[briansd1]

[quote=Arraya]
Deadbeats are the new Jew of the financial holocaust. As things deteriorate they will be blasted from their “free rent” bunkers by roving hoards of angry piggingtonians — when we have a 35% unemployment rate, 10 of millions living for free and no homes being foreclosed upon with prices still not coming down.[/quote]

There quite a few piggingtonians who don’t want house prices to come down (as they bought already) but don’t want the bailouts either.

It’s a contradiction here. Would you rather pay a small part of bailout, over generations, or would you rather your house lose a big chunk of its value immediately?

[briansd1]

[quote=Arraya]
Deadbeats are the new Jew of the financial holocaust. As things deteriorate they will be blasted from their “free rent” bunkers by roving hoards of angry piggingtonians — when we have a 35% unemployment rate, 10 of millions living for free and no homes being foreclosed upon with prices still not coming down.[/quote]

There quite a few piggingtonians who don’t want house prices to come down (as they bought already) but don’t want the bailouts either.

It’s a contradiction here. Would you rather pay a small part of bailout, over generations, or would you rather your house lose a big chunk of its value immediately?

[briansd1]

[quote=Arraya]
Deadbeats are the new Jew of the financial holocaust. As things deteriorate they will be blasted from their “free rent” bunkers by roving hoards of angry piggingtonians — when we have a 35% unemployment rate, 10 of millions living for free and no homes being foreclosed upon with prices still not coming down.[/quote]

There quite a few piggingtonians who don’t want house prices to come down (as they bought already) but don’t want the bailouts either.

It’s a contradiction here. Would you rather pay a small part of bailout, over generations, or would you rather your house lose a big chunk of its value immediately?

[Author]

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