Homeowners who ‘strategically default’ on loans a growing problem

[GoUSC]

I can understand SOME of these strategic defaulters. My friend is a perfect example. She owns a condo as an investment property. It has a variable rate loan (that goes variable in ~2 years) with a HELOC. The property is not underwater. She doesn’t want anything for free. She is not looking for below-market interest rates, she is not looking for debt forgiveness. She just wants the bank to roll her 1st and 2nd into a market-rate 30 year fixed loan. But the bank won’t even talk to her. Why shouldn’t see say screw you and walk away. She feels like she is throwing money down the drain because in 2 years when her rate goes through the roof she won’t be able to afford it anymore… the bank is not willing to work with her now. It’s completely stupid.

[fun4vnay2]

So, strategic defaulters are the smart ones. It sounds like this from this article.
hats off to SDs

[fun4vnay2]

So, strategic defaulters are the smart ones. It sounds like this from this article.
hats off to SDs

[fun4vnay2]

So, strategic defaulters are the smart ones. It sounds like this from this article.
hats off to SDs

[fun4vnay2]

So, strategic defaulters are the smart ones. It sounds like this from this article.
hats off to SDs

[fun4vnay2]

So, strategic defaulters are the smart ones. It sounds like this from this article.
hats off to SDs

[fun4vnay2]

[quote=CONCHO]I have a friend in Arizona that walked from his home (which had a renter in it paying him rent) as well as his wife’s home. Nothing happened other than angry letters and phone calls from the banks for over a year in both cases, meanwhile they pocketed all of their mortgage payments as well as rent from the renter. They just purchased a brand-new house with cash and jingle mailed the keys to the other two homes back to the bank. They are living mortgage-free now (he is only about 32 or so).[/quote]

Love this kind of ingenuity.
Whoever goes by the system gets screwed. I gotta learn how to play the system.
Don’t you all agree ?
Am I angry? Don’t know.

[fun4vnay2]

[quote=CONCHO]I have a friend in Arizona that walked from his home (which had a renter in it paying him rent) as well as his wife’s home. Nothing happened other than angry letters and phone calls from the banks for over a year in both cases, meanwhile they pocketed all of their mortgage payments as well as rent from the renter. They just purchased a brand-new house with cash and jingle mailed the keys to the other two homes back to the bank. They are living mortgage-free now (he is only about 32 or so).[/quote]

Love this kind of ingenuity.
Whoever goes by the system gets screwed. I gotta learn how to play the system.
Don’t you all agree ?
Am I angry? Don’t know.

[fun4vnay2]

[quote=CONCHO]I have a friend in Arizona that walked from his home (which had a renter in it paying him rent) as well as his wife’s home. Nothing happened other than angry letters and phone calls from the banks for over a year in both cases, meanwhile they pocketed all of their mortgage payments as well as rent from the renter. They just purchased a brand-new house with cash and jingle mailed the keys to the other two homes back to the bank. They are living mortgage-free now (he is only about 32 or so).[/quote]

Love this kind of ingenuity.
Whoever goes by the system gets screwed. I gotta learn how to play the system.
Don’t you all agree ?
Am I angry? Don’t know.

[fun4vnay2]

[quote=CONCHO]I have a friend in Arizona that walked from his home (which had a renter in it paying him rent) as well as his wife’s home. Nothing happened other than angry letters and phone calls from the banks for over a year in both cases, meanwhile they pocketed all of their mortgage payments as well as rent from the renter. They just purchased a brand-new house with cash and jingle mailed the keys to the other two homes back to the bank. They are living mortgage-free now (he is only about 32 or so).[/quote]

Love this kind of ingenuity.
Whoever goes by the system gets screwed. I gotta learn how to play the system.
Don’t you all agree ?
Am I angry? Don’t know.

[fun4vnay2]

[quote=CONCHO]I have a friend in Arizona that walked from his home (which had a renter in it paying him rent) as well as his wife’s home. Nothing happened other than angry letters and phone calls from the banks for over a year in both cases, meanwhile they pocketed all of their mortgage payments as well as rent from the renter. They just purchased a brand-new house with cash and jingle mailed the keys to the other two homes back to the bank. They are living mortgage-free now (he is only about 32 or so).[/quote]

Love this kind of ingenuity.
Whoever goes by the system gets screwed. I gotta learn how to play the system.
Don’t you all agree ?
Am I angry? Don’t know.

[CardiffBaseball]

A co-worker can properly be added to this list as he and his wife are finally facing up to being 200K underwater. I told him I don’t blame him frankly. He thinks 8 months (wells fargo) they’ll be out, I said at least a year and maybe 18 months. That is unless the banks decide to unleash the flood.

[CardiffBaseball]

A co-worker can properly be added to this list as he and his wife are finally facing up to being 200K underwater. I told him I don’t blame him frankly. He thinks 8 months (wells fargo) they’ll be out, I said at least a year and maybe 18 months. That is unless the banks decide to unleash the flood.

[CardiffBaseball]

A co-worker can properly be added to this list as he and his wife are finally facing up to being 200K underwater. I told him I don’t blame him frankly. He thinks 8 months (wells fargo) they’ll be out, I said at least a year and maybe 18 months. That is unless the banks decide to unleash the flood.

[CardiffBaseball]

A co-worker can properly be added to this list as he and his wife are finally facing up to being 200K underwater. I told him I don’t blame him frankly. He thinks 8 months (wells fargo) they’ll be out, I said at least a year and maybe 18 months. That is unless the banks decide to unleash the flood.

[Author]

Posts