is the new Smart Move to BUY a home for strategic default?

[stockstradr]

consider this…

is the new Smart Move is to proactively BUY a home for strategic default.

I’m serious.

When I say “BUY for strategic default,” I really mean that. You even select a mortgage lender known for giving two and three years of rent-free grace period before kicking out the freeloaders (meaning you). You pay your mortgage for a few months then thin that down to some small-change fractional payments each month, then finally NOTHING: give the bank the perception you “tried” to pay your mortgage. When the default notices start arriving, get a good lawyer who specializes in filing actions to delay foreclosure for several years. And rack up say fifty grand on your credit cards, then stop paying those also.

Think about it, and you’ll see the perverse logic and financial wisdom to this.

This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.

“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.

Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.

We might as well jump on the bandwagon.

Of course, this move only makes sense for a narrow band of people with certain demographics, certain financial situations, money in accounts protected from creditors, and credit scores they are willing to sacrifice. For example, America’s wealthy are not going to ruin their credit score just to live rent free for a couple years.

You can see how this might be viewed as a business decision. Add up a couple of years rent-free-living plus defaulting on say $50K of credit card purchases. Now you’re talking about putting say a hundred grand into your pocket, just for the price of dropping your credit score some meaningless amount.

Oh, and a few years later your credit score will have recovered (to a loan-approval level) right in time for a real estate market hitting final rock bottom, so you can then buy for investment.

[Arraya]

[img_assist|nid=13431|title=Prepare for incoming|desc=|link=node|align=left|width=350|height=267]

lol… I give the whole system two years. Tear it down, man, tear it down…

[Arraya]

[img_assist|nid=13431|title=Prepare for incoming|desc=|link=node|align=left|width=350|height=267]

lol… I give the whole system two years. Tear it down, man, tear it down…

[Arraya]

[img_assist|nid=13431|title=Prepare for incoming|desc=|link=node|align=left|width=350|height=267]

lol… I give the whole system two years. Tear it down, man, tear it down…

[Arraya]

[img_assist|nid=13431|title=Prepare for incoming|desc=|link=node|align=left|width=350|height=267]

lol… I give the whole system two years. Tear it down, man, tear it down…

[Arraya]

[img_assist|nid=13431|title=Prepare for incoming|desc=|link=node|align=left|width=350|height=267]

lol… I give the whole system two years. Tear it down, man, tear it down…

[stockstradr]

However, the problem is the lack of zero-down mortgage option that was so prevalent during the bubble years. The loss of the now-required down payment would wipe out the benefit of the couple years of rent-free living in a strategic default.

They really need to bring back zero-down no doc mortgages, so we can each clear like a hundred grand on a strategic default (like the rest of America)

[stockstradr]

However, the problem is the lack of zero-down mortgage option that was so prevalent during the bubble years. The loss of the now-required down payment would wipe out the benefit of the couple years of rent-free living in a strategic default.

They really need to bring back zero-down no doc mortgages, so we can each clear like a hundred grand on a strategic default (like the rest of America)

[stockstradr]

However, the problem is the lack of zero-down mortgage option that was so prevalent during the bubble years. The loss of the now-required down payment would wipe out the benefit of the couple years of rent-free living in a strategic default.

They really need to bring back zero-down no doc mortgages, so we can each clear like a hundred grand on a strategic default (like the rest of America)

[stockstradr]

However, the problem is the lack of zero-down mortgage option that was so prevalent during the bubble years. The loss of the now-required down payment would wipe out the benefit of the couple years of rent-free living in a strategic default.

They really need to bring back zero-down no doc mortgages, so we can each clear like a hundred grand on a strategic default (like the rest of America)

[stockstradr]

However, the problem is the lack of zero-down mortgage option that was so prevalent during the bubble years. The loss of the now-required down payment would wipe out the benefit of the couple years of rent-free living in a strategic default.

They really need to bring back zero-down no doc mortgages, so we can each clear like a hundred grand on a strategic default (like the rest of America)

[Arraya]

3% FHA… Not a bad trade off

[Arraya]

3% FHA… Not a bad trade off

[Arraya]

3% FHA… Not a bad trade off

[Arraya]

3% FHA… Not a bad trade off

[Author]

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