Free bank living – the HELOC replacement

[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.

[Nor-LA-SD-guy]

[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]

Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.

As long as it was just the purchase loan that is, refi’s don’t get to play that game.

[Nor-LA-SD-guy]

[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]

Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.

As long as it was just the purchase loan that is, refi’s don’t get to play that game.

[Nor-LA-SD-guy]

[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]

Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.

As long as it was just the purchase loan that is, refi’s don’t get to play that game.

[Nor-LA-SD-guy]

[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]

Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.

As long as it was just the purchase loan that is, refi’s don’t get to play that game.

[Nor-LA-SD-guy]

[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]

Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.

As long as it was just the purchase loan that is, refi’s don’t get to play that game.

[jpinpb]

[quote=Nor-LA-SD-guy]
Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.
[/quote]

Thanks for reminding me. Some people (I know one in particular) have been stashing cash. After a couple of years, investing it right, you can accumulate quite a bit. I’m now competing against these cash offers.

All this b/c I didn’t fall for this BS years ago. My morality is really working against me.

[jpinpb]

[quote=Nor-LA-SD-guy]
Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.
[/quote]

Thanks for reminding me. Some people (I know one in particular) have been stashing cash. After a couple of years, investing it right, you can accumulate quite a bit. I’m now competing against these cash offers.

All this b/c I didn’t fall for this BS years ago. My morality is really working against me.

[jpinpb]

[quote=Nor-LA-SD-guy]
Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.
[/quote]

Thanks for reminding me. Some people (I know one in particular) have been stashing cash. After a couple of years, investing it right, you can accumulate quite a bit. I’m now competing against these cash offers.

All this b/c I didn’t fall for this BS years ago. My morality is really working against me.

[jpinpb]

[quote=Nor-LA-SD-guy]
Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.
[/quote]

Thanks for reminding me. Some people (I know one in particular) have been stashing cash. After a couple of years, investing it right, you can accumulate quite a bit. I’m now competing against these cash offers.

All this b/c I didn’t fall for this BS years ago. My morality is really working against me.

[jpinpb]

[quote=Nor-LA-SD-guy]
Yea I was going to say that, anyway, one other point is that say after living the high life a few years or more (depending on your lawyers maybe), you may be able to save enough for a 50% down on a place you should have bought in the first place, good credit or no that would probably get you in.
[/quote]

Thanks for reminding me. Some people (I know one in particular) have been stashing cash. After a couple of years, investing it right, you can accumulate quite a bit. I’m now competing against these cash offers.

All this b/c I didn’t fall for this BS years ago. My morality is really working against me.

[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.

[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.

[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.

[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.

[Author]

Posts