Free bank living – the HELOC replacement

[jpinpb]

[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.

The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.

Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.

[davelj]

[quote=jpinpb]Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.

“They’re all crooks.”
[/quote]

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.

[davelj]

[quote=jpinpb]Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.

“They’re all crooks.”
[/quote]

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.

[davelj]

[quote=jpinpb]Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.

“They’re all crooks.”
[/quote]

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.

[davelj]

[quote=jpinpb]Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.

“They’re all crooks.”
[/quote]

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.

[davelj]

[quote=jpinpb]Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.

“They’re all crooks.”
[/quote]

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.

[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.

[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.

[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.

[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.

[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.

[davelj]

[quote=jpinpb][quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

[quote=jpinpb]
What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal. [/quote]

There are financial repercussions to a short sale, but they are less than a foreclosure. A foreclosure stays on your credit report for 7 years. More importantly, however, I’m betting that most folks who have been foreclosed on or done short sales wish they had never bought the property in the first place. And I bet they’d even describe the ordeal as “horrible” and their financial situation as “a mess” (in spite of any toys or vacations that suggest otherwise).

[quote=jpinpb]
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.[/quote]

Well, the taxpayers, bank customers, the banks themselves (although perhaps not to the degree they should be paying)… there are a lot of folks paying to clean this up, although the distribution among the parties certainly isn’t “fair” (whatever that means). It appears that everyone but Goldman and a handful of hedge funds is paying to clean this mess up.
[quote=jpinpb]
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.[/quote]

I simply don’t believe you. If you had that mentality, you would have exercised your option to buy previously. Face it: you have a modicum of responsibility. So sorry.

[davelj]

[quote=jpinpb][quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

[quote=jpinpb]
What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal. [/quote]

There are financial repercussions to a short sale, but they are less than a foreclosure. A foreclosure stays on your credit report for 7 years. More importantly, however, I’m betting that most folks who have been foreclosed on or done short sales wish they had never bought the property in the first place. And I bet they’d even describe the ordeal as “horrible” and their financial situation as “a mess” (in spite of any toys or vacations that suggest otherwise).

[quote=jpinpb]
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.[/quote]

Well, the taxpayers, bank customers, the banks themselves (although perhaps not to the degree they should be paying)… there are a lot of folks paying to clean this up, although the distribution among the parties certainly isn’t “fair” (whatever that means). It appears that everyone but Goldman and a handful of hedge funds is paying to clean this mess up.
[quote=jpinpb]
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.[/quote]

I simply don’t believe you. If you had that mentality, you would have exercised your option to buy previously. Face it: you have a modicum of responsibility. So sorry.

[davelj]

[quote=jpinpb][quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

[quote=jpinpb]
What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal. [/quote]

There are financial repercussions to a short sale, but they are less than a foreclosure. A foreclosure stays on your credit report for 7 years. More importantly, however, I’m betting that most folks who have been foreclosed on or done short sales wish they had never bought the property in the first place. And I bet they’d even describe the ordeal as “horrible” and their financial situation as “a mess” (in spite of any toys or vacations that suggest otherwise).

[quote=jpinpb]
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.[/quote]

Well, the taxpayers, bank customers, the banks themselves (although perhaps not to the degree they should be paying)… there are a lot of folks paying to clean this up, although the distribution among the parties certainly isn’t “fair” (whatever that means). It appears that everyone but Goldman and a handful of hedge funds is paying to clean this mess up.
[quote=jpinpb]
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.[/quote]

I simply don’t believe you. If you had that mentality, you would have exercised your option to buy previously. Face it: you have a modicum of responsibility. So sorry.

[davelj]

[quote=jpinpb][quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

[quote=jpinpb]
What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal. [/quote]

There are financial repercussions to a short sale, but they are less than a foreclosure. A foreclosure stays on your credit report for 7 years. More importantly, however, I’m betting that most folks who have been foreclosed on or done short sales wish they had never bought the property in the first place. And I bet they’d even describe the ordeal as “horrible” and their financial situation as “a mess” (in spite of any toys or vacations that suggest otherwise).

[quote=jpinpb]
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.[/quote]

Well, the taxpayers, bank customers, the banks themselves (although perhaps not to the degree they should be paying)… there are a lot of folks paying to clean this up, although the distribution among the parties certainly isn’t “fair” (whatever that means). It appears that everyone but Goldman and a handful of hedge funds is paying to clean this mess up.
[quote=jpinpb]
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.[/quote]

I simply don’t believe you. If you had that mentality, you would have exercised your option to buy previously. Face it: you have a modicum of responsibility. So sorry.

[Author]

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