Report shows strategic defaults increasing

[jpinpb]

[quote=BillS78]
But seriously, the best thing to come of all this, other than my financial gain and a valuable lesson learned about relationships, is that I’ve been able to help my friend through grad school by letting him live here rent free.[/quote]

I’m glad to hear you at least paid it forward and helped someone w/education.

[quote=flu]
20 months of non-rent paying, are we to believe that now all the sudden you ahave $200k post-tax to put down?[/quote]

Could be he took the money that was not used for paying the mortgage and invested it in stocks or gold or something and made more money there. Not paying the mortgage gave him money that he used to invest that he otherwise would not have available.

[briansd1]

[quote=SD Realtor]Brian you are hilarious. Really. Your postings here rival your posts on why you don’t like american women or why they don’t like you.
[/quote]

First, I never said that I don’t like American women. I just prefer foreign-born women. It’s just a relative thing.

Some people prefer imported wine. What’s wrong with that? If you take pride in the local variety, you may disagree; but I’m entitled to my preference. I don’t question yours.

I like my Saab and you love your Dodge Caravan. So what?

[quote=SD Realtor]
In this one thread alone you talk about the importance of credit and how our country runs on it but then you advocate deadbeatism which in term ruins credit and even try to give some bizarre argument about how being a deadbeat helps the economy. How about moving out of the house, letting it foreclose, and rent something alot cheaper. Then you get to pay less for your shelter, spend more to “recycle” into Brians economy, and the foreclosed home gets sold to someone who will afford it and it will be sold at the correct market value. I guess that makes to much sense. Forget it your right. Credit for everyone and nobody needs to worry about being a deadbeat because it all will magically work. Sounds good man. I guess your most recent posts are the only ones that really count. Why stick with one point when you can conveniently jump to another.[/quote]

I’m not advocating anything nor making a morality judgment, as much as I’m trying to understand the system.

I’m looking at the incentives set by our financial system and government, and I see that people will act accordingly.

Why would a rational homeowner who’s losing his house not stay until the last minute if the bank won’t foreclose? If the bank won’t foreclose, it would be stupid to move out and pay rent while the house sits empty. It’s still the homeowner’s house until the bank forecloses.

Banks pay cash for keys. So why not take advantage of that too? The credit is already ruined so what’s the difference? The homeowner is in distress so saving the cash would benefit him.

I’m seeing that, as this economic downturn continues, millions of homeowners will see the financial benefits, or the necessity, of living for free as long as it’s allowed.

I don’t confuse what’s individually beneficial with what the government should do for the benefit of all. And yes, individual decisions can conflict with community well-being. They do every day.

I made a correct prediction of the living-for-free trend that we now see. That maybe unsavory behavior, in your estimation, but it’s a fact that is becoming more common. Why not recognize it for that it is? Just like you may not like the bailouts; but they are a fact of life and you’re taking advantage of them through your house-flipping business.

[briansd1]

[quote=SD Realtor]Brian you are hilarious. Really. Your postings here rival your posts on why you don’t like american women or why they don’t like you.
[/quote]

First, I never said that I don’t like American women. I just prefer foreign-born women. It’s just a relative thing.

Some people prefer imported wine. What’s wrong with that? If you take pride in the local variety, you may disagree; but I’m entitled to my preference. I don’t question yours.

I like my Saab and you love your Dodge Caravan. So what?

[quote=SD Realtor]
In this one thread alone you talk about the importance of credit and how our country runs on it but then you advocate deadbeatism which in term ruins credit and even try to give some bizarre argument about how being a deadbeat helps the economy. How about moving out of the house, letting it foreclose, and rent something alot cheaper. Then you get to pay less for your shelter, spend more to “recycle” into Brians economy, and the foreclosed home gets sold to someone who will afford it and it will be sold at the correct market value. I guess that makes to much sense. Forget it your right. Credit for everyone and nobody needs to worry about being a deadbeat because it all will magically work. Sounds good man. I guess your most recent posts are the only ones that really count. Why stick with one point when you can conveniently jump to another.[/quote]

I’m not advocating anything nor making a morality judgment, as much as I’m trying to understand the system.

I’m looking at the incentives set by our financial system and government, and I see that people will act accordingly.

Why would a rational homeowner who’s losing his house not stay until the last minute if the bank won’t foreclose? If the bank won’t foreclose, it would be stupid to move out and pay rent while the house sits empty. It’s still the homeowner’s house until the bank forecloses.

Banks pay cash for keys. So why not take advantage of that too? The credit is already ruined so what’s the difference? The homeowner is in distress so saving the cash would benefit him.

I’m seeing that, as this economic downturn continues, millions of homeowners will see the financial benefits, or the necessity, of living for free as long as it’s allowed.

I don’t confuse what’s individually beneficial with what the government should do for the benefit of all. And yes, individual decisions can conflict with community well-being. They do every day.

I made a correct prediction of the living-for-free trend that we now see. That maybe unsavory behavior, in your estimation, but it’s a fact that is becoming more common. Why not recognize it for that it is? Just like you may not like the bailouts; but they are a fact of life and you’re taking advantage of them through your house-flipping business.

[briansd1]

[quote=SD Realtor]Brian you are hilarious. Really. Your postings here rival your posts on why you don’t like american women or why they don’t like you.
[/quote]

First, I never said that I don’t like American women. I just prefer foreign-born women. It’s just a relative thing.

Some people prefer imported wine. What’s wrong with that? If you take pride in the local variety, you may disagree; but I’m entitled to my preference. I don’t question yours.

I like my Saab and you love your Dodge Caravan. So what?

[quote=SD Realtor]
In this one thread alone you talk about the importance of credit and how our country runs on it but then you advocate deadbeatism which in term ruins credit and even try to give some bizarre argument about how being a deadbeat helps the economy. How about moving out of the house, letting it foreclose, and rent something alot cheaper. Then you get to pay less for your shelter, spend more to “recycle” into Brians economy, and the foreclosed home gets sold to someone who will afford it and it will be sold at the correct market value. I guess that makes to much sense. Forget it your right. Credit for everyone and nobody needs to worry about being a deadbeat because it all will magically work. Sounds good man. I guess your most recent posts are the only ones that really count. Why stick with one point when you can conveniently jump to another.[/quote]

I’m not advocating anything nor making a morality judgment, as much as I’m trying to understand the system.

I’m looking at the incentives set by our financial system and government, and I see that people will act accordingly.

Why would a rational homeowner who’s losing his house not stay until the last minute if the bank won’t foreclose? If the bank won’t foreclose, it would be stupid to move out and pay rent while the house sits empty. It’s still the homeowner’s house until the bank forecloses.

Banks pay cash for keys. So why not take advantage of that too? The credit is already ruined so what’s the difference? The homeowner is in distress so saving the cash would benefit him.

I’m seeing that, as this economic downturn continues, millions of homeowners will see the financial benefits, or the necessity, of living for free as long as it’s allowed.

I don’t confuse what’s individually beneficial with what the government should do for the benefit of all. And yes, individual decisions can conflict with community well-being. They do every day.

I made a correct prediction of the living-for-free trend that we now see. That maybe unsavory behavior, in your estimation, but it’s a fact that is becoming more common. Why not recognize it for that it is? Just like you may not like the bailouts; but they are a fact of life and you’re taking advantage of them through your house-flipping business.

[briansd1]

[quote=SD Realtor]Brian you are hilarious. Really. Your postings here rival your posts on why you don’t like american women or why they don’t like you.
[/quote]

First, I never said that I don’t like American women. I just prefer foreign-born women. It’s just a relative thing.

Some people prefer imported wine. What’s wrong with that? If you take pride in the local variety, you may disagree; but I’m entitled to my preference. I don’t question yours.

I like my Saab and you love your Dodge Caravan. So what?

[quote=SD Realtor]
In this one thread alone you talk about the importance of credit and how our country runs on it but then you advocate deadbeatism which in term ruins credit and even try to give some bizarre argument about how being a deadbeat helps the economy. How about moving out of the house, letting it foreclose, and rent something alot cheaper. Then you get to pay less for your shelter, spend more to “recycle” into Brians economy, and the foreclosed home gets sold to someone who will afford it and it will be sold at the correct market value. I guess that makes to much sense. Forget it your right. Credit for everyone and nobody needs to worry about being a deadbeat because it all will magically work. Sounds good man. I guess your most recent posts are the only ones that really count. Why stick with one point when you can conveniently jump to another.[/quote]

I’m not advocating anything nor making a morality judgment, as much as I’m trying to understand the system.

I’m looking at the incentives set by our financial system and government, and I see that people will act accordingly.

Why would a rational homeowner who’s losing his house not stay until the last minute if the bank won’t foreclose? If the bank won’t foreclose, it would be stupid to move out and pay rent while the house sits empty. It’s still the homeowner’s house until the bank forecloses.

Banks pay cash for keys. So why not take advantage of that too? The credit is already ruined so what’s the difference? The homeowner is in distress so saving the cash would benefit him.

I’m seeing that, as this economic downturn continues, millions of homeowners will see the financial benefits, or the necessity, of living for free as long as it’s allowed.

I don’t confuse what’s individually beneficial with what the government should do for the benefit of all. And yes, individual decisions can conflict with community well-being. They do every day.

I made a correct prediction of the living-for-free trend that we now see. That maybe unsavory behavior, in your estimation, but it’s a fact that is becoming more common. Why not recognize it for that it is? Just like you may not like the bailouts; but they are a fact of life and you’re taking advantage of them through your house-flipping business.

[briansd1]

[quote=SD Realtor]Brian you are hilarious. Really. Your postings here rival your posts on why you don’t like american women or why they don’t like you.
[/quote]

First, I never said that I don’t like American women. I just prefer foreign-born women. It’s just a relative thing.

Some people prefer imported wine. What’s wrong with that? If you take pride in the local variety, you may disagree; but I’m entitled to my preference. I don’t question yours.

I like my Saab and you love your Dodge Caravan. So what?

[quote=SD Realtor]
In this one thread alone you talk about the importance of credit and how our country runs on it but then you advocate deadbeatism which in term ruins credit and even try to give some bizarre argument about how being a deadbeat helps the economy. How about moving out of the house, letting it foreclose, and rent something alot cheaper. Then you get to pay less for your shelter, spend more to “recycle” into Brians economy, and the foreclosed home gets sold to someone who will afford it and it will be sold at the correct market value. I guess that makes to much sense. Forget it your right. Credit for everyone and nobody needs to worry about being a deadbeat because it all will magically work. Sounds good man. I guess your most recent posts are the only ones that really count. Why stick with one point when you can conveniently jump to another.[/quote]

I’m not advocating anything nor making a morality judgment, as much as I’m trying to understand the system.

I’m looking at the incentives set by our financial system and government, and I see that people will act accordingly.

Why would a rational homeowner who’s losing his house not stay until the last minute if the bank won’t foreclose? If the bank won’t foreclose, it would be stupid to move out and pay rent while the house sits empty. It’s still the homeowner’s house until the bank forecloses.

Banks pay cash for keys. So why not take advantage of that too? The credit is already ruined so what’s the difference? The homeowner is in distress so saving the cash would benefit him.

I’m seeing that, as this economic downturn continues, millions of homeowners will see the financial benefits, or the necessity, of living for free as long as it’s allowed.

I don’t confuse what’s individually beneficial with what the government should do for the benefit of all. And yes, individual decisions can conflict with community well-being. They do every day.

I made a correct prediction of the living-for-free trend that we now see. That maybe unsavory behavior, in your estimation, but it’s a fact that is becoming more common. Why not recognize it for that it is? Just like you may not like the bailouts; but they are a fact of life and you’re taking advantage of them through your house-flipping business.

[SD Realtor]

Life is simple for me because I call them as I see them. I have posted plenty before about people who feel entitled to act or behave in a certain manner due to their own mistakes. If Bill “rented” a home from a landlord he would have been evicted long ago.

FSD like you I stopped understanding commentary about how our economy benefits from deadbeats but I think Brian likes to argue simply to argue rather and even he doesn’t honestly believe what he wrote.

People who run businesses, have to meet payrolls, are landlords, and/or and have accomplished goals in life through hard work have a better understanding of integrity. The underlying fundamentals of capitalism are those of credit and trust. Entitlement is not one of them, thus for every deadbeat who feels entitled to act in that way, the cost of credit does incrementally grow. If our govt had a clue they would not reward this behavior to individuals OR to the lame banks that lent them the money. In reality we should have sky high rates, and much lower prices. I am okay with people walking away from homes and loans. If people want to stop paying and feel good about living for free then that is their prerogative. Why stop there though. The same opportunity is available with credit cards as well.

Two classes right? The working class and the entitled class. Bill you feel entitled to live for free correct? Why? Is it my fault you signed the loan docs? Is it the lenders fault? Did someone hold a gun to your head?

Yes I am bitter not so much because of your behavior but because our govt has institutionalized and validated your behavior. We all should “help” people like you and help modify your loan, reduce your loan balance because why? Tell me again? Because you signed the loan docs.

Arraya the stupid decision to buy was Bills. The wise decision by Bill to stop paying is good for Bill alone. The decision to look at himself honestly and say, okay I will mail the keys in to the lender and go rent an apartment should be Bills and anyone else who wants to behave in that manner. However “wise” you think it is to pawn the cost of shelter off to someone else is beyond me. Why not make a habit of it? Go find a home, buy it using 100% financing and never make a payment. What is the difference in that behavior Arraya?

You don’t get it. I am not berating Bill the deadbeat for walking on his loan. I am berating him for not leaving his home. Same with you or anyone else who is living in a home for free because THEY made the initial mistake. All I ask is that you move out and live somewhere you can afford? What is wrong with that?

Answer one question, what entitles someone to live for free?

[SD Realtor]

Life is simple for me because I call them as I see them. I have posted plenty before about people who feel entitled to act or behave in a certain manner due to their own mistakes. If Bill “rented” a home from a landlord he would have been evicted long ago.

FSD like you I stopped understanding commentary about how our economy benefits from deadbeats but I think Brian likes to argue simply to argue rather and even he doesn’t honestly believe what he wrote.

People who run businesses, have to meet payrolls, are landlords, and/or and have accomplished goals in life through hard work have a better understanding of integrity. The underlying fundamentals of capitalism are those of credit and trust. Entitlement is not one of them, thus for every deadbeat who feels entitled to act in that way, the cost of credit does incrementally grow. If our govt had a clue they would not reward this behavior to individuals OR to the lame banks that lent them the money. In reality we should have sky high rates, and much lower prices. I am okay with people walking away from homes and loans. If people want to stop paying and feel good about living for free then that is their prerogative. Why stop there though. The same opportunity is available with credit cards as well.

Two classes right? The working class and the entitled class. Bill you feel entitled to live for free correct? Why? Is it my fault you signed the loan docs? Is it the lenders fault? Did someone hold a gun to your head?

Yes I am bitter not so much because of your behavior but because our govt has institutionalized and validated your behavior. We all should “help” people like you and help modify your loan, reduce your loan balance because why? Tell me again? Because you signed the loan docs.

Arraya the stupid decision to buy was Bills. The wise decision by Bill to stop paying is good for Bill alone. The decision to look at himself honestly and say, okay I will mail the keys in to the lender and go rent an apartment should be Bills and anyone else who wants to behave in that manner. However “wise” you think it is to pawn the cost of shelter off to someone else is beyond me. Why not make a habit of it? Go find a home, buy it using 100% financing and never make a payment. What is the difference in that behavior Arraya?

You don’t get it. I am not berating Bill the deadbeat for walking on his loan. I am berating him for not leaving his home. Same with you or anyone else who is living in a home for free because THEY made the initial mistake. All I ask is that you move out and live somewhere you can afford? What is wrong with that?

Answer one question, what entitles someone to live for free?

[SD Realtor]

Life is simple for me because I call them as I see them. I have posted plenty before about people who feel entitled to act or behave in a certain manner due to their own mistakes. If Bill “rented” a home from a landlord he would have been evicted long ago.

FSD like you I stopped understanding commentary about how our economy benefits from deadbeats but I think Brian likes to argue simply to argue rather and even he doesn’t honestly believe what he wrote.

People who run businesses, have to meet payrolls, are landlords, and/or and have accomplished goals in life through hard work have a better understanding of integrity. The underlying fundamentals of capitalism are those of credit and trust. Entitlement is not one of them, thus for every deadbeat who feels entitled to act in that way, the cost of credit does incrementally grow. If our govt had a clue they would not reward this behavior to individuals OR to the lame banks that lent them the money. In reality we should have sky high rates, and much lower prices. I am okay with people walking away from homes and loans. If people want to stop paying and feel good about living for free then that is their prerogative. Why stop there though. The same opportunity is available with credit cards as well.

Two classes right? The working class and the entitled class. Bill you feel entitled to live for free correct? Why? Is it my fault you signed the loan docs? Is it the lenders fault? Did someone hold a gun to your head?

Yes I am bitter not so much because of your behavior but because our govt has institutionalized and validated your behavior. We all should “help” people like you and help modify your loan, reduce your loan balance because why? Tell me again? Because you signed the loan docs.

Arraya the stupid decision to buy was Bills. The wise decision by Bill to stop paying is good for Bill alone. The decision to look at himself honestly and say, okay I will mail the keys in to the lender and go rent an apartment should be Bills and anyone else who wants to behave in that manner. However “wise” you think it is to pawn the cost of shelter off to someone else is beyond me. Why not make a habit of it? Go find a home, buy it using 100% financing and never make a payment. What is the difference in that behavior Arraya?

You don’t get it. I am not berating Bill the deadbeat for walking on his loan. I am berating him for not leaving his home. Same with you or anyone else who is living in a home for free because THEY made the initial mistake. All I ask is that you move out and live somewhere you can afford? What is wrong with that?

Answer one question, what entitles someone to live for free?

[SD Realtor]

Life is simple for me because I call them as I see them. I have posted plenty before about people who feel entitled to act or behave in a certain manner due to their own mistakes. If Bill “rented” a home from a landlord he would have been evicted long ago.

FSD like you I stopped understanding commentary about how our economy benefits from deadbeats but I think Brian likes to argue simply to argue rather and even he doesn’t honestly believe what he wrote.

People who run businesses, have to meet payrolls, are landlords, and/or and have accomplished goals in life through hard work have a better understanding of integrity. The underlying fundamentals of capitalism are those of credit and trust. Entitlement is not one of them, thus for every deadbeat who feels entitled to act in that way, the cost of credit does incrementally grow. If our govt had a clue they would not reward this behavior to individuals OR to the lame banks that lent them the money. In reality we should have sky high rates, and much lower prices. I am okay with people walking away from homes and loans. If people want to stop paying and feel good about living for free then that is their prerogative. Why stop there though. The same opportunity is available with credit cards as well.

Two classes right? The working class and the entitled class. Bill you feel entitled to live for free correct? Why? Is it my fault you signed the loan docs? Is it the lenders fault? Did someone hold a gun to your head?

Yes I am bitter not so much because of your behavior but because our govt has institutionalized and validated your behavior. We all should “help” people like you and help modify your loan, reduce your loan balance because why? Tell me again? Because you signed the loan docs.

Arraya the stupid decision to buy was Bills. The wise decision by Bill to stop paying is good for Bill alone. The decision to look at himself honestly and say, okay I will mail the keys in to the lender and go rent an apartment should be Bills and anyone else who wants to behave in that manner. However “wise” you think it is to pawn the cost of shelter off to someone else is beyond me. Why not make a habit of it? Go find a home, buy it using 100% financing and never make a payment. What is the difference in that behavior Arraya?

You don’t get it. I am not berating Bill the deadbeat for walking on his loan. I am berating him for not leaving his home. Same with you or anyone else who is living in a home for free because THEY made the initial mistake. All I ask is that you move out and live somewhere you can afford? What is wrong with that?

Answer one question, what entitles someone to live for free?

[SD Realtor]

Life is simple for me because I call them as I see them. I have posted plenty before about people who feel entitled to act or behave in a certain manner due to their own mistakes. If Bill “rented” a home from a landlord he would have been evicted long ago.

FSD like you I stopped understanding commentary about how our economy benefits from deadbeats but I think Brian likes to argue simply to argue rather and even he doesn’t honestly believe what he wrote.

People who run businesses, have to meet payrolls, are landlords, and/or and have accomplished goals in life through hard work have a better understanding of integrity. The underlying fundamentals of capitalism are those of credit and trust. Entitlement is not one of them, thus for every deadbeat who feels entitled to act in that way, the cost of credit does incrementally grow. If our govt had a clue they would not reward this behavior to individuals OR to the lame banks that lent them the money. In reality we should have sky high rates, and much lower prices. I am okay with people walking away from homes and loans. If people want to stop paying and feel good about living for free then that is their prerogative. Why stop there though. The same opportunity is available with credit cards as well.

Two classes right? The working class and the entitled class. Bill you feel entitled to live for free correct? Why? Is it my fault you signed the loan docs? Is it the lenders fault? Did someone hold a gun to your head?

Yes I am bitter not so much because of your behavior but because our govt has institutionalized and validated your behavior. We all should “help” people like you and help modify your loan, reduce your loan balance because why? Tell me again? Because you signed the loan docs.

Arraya the stupid decision to buy was Bills. The wise decision by Bill to stop paying is good for Bill alone. The decision to look at himself honestly and say, okay I will mail the keys in to the lender and go rent an apartment should be Bills and anyone else who wants to behave in that manner. However “wise” you think it is to pawn the cost of shelter off to someone else is beyond me. Why not make a habit of it? Go find a home, buy it using 100% financing and never make a payment. What is the difference in that behavior Arraya?

You don’t get it. I am not berating Bill the deadbeat for walking on his loan. I am berating him for not leaving his home. Same with you or anyone else who is living in a home for free because THEY made the initial mistake. All I ask is that you move out and live somewhere you can afford? What is wrong with that?

Answer one question, what entitles someone to live for free?

[briansd1]

[quote=Arraya]

This is what is interesting. We collectively criticize them for making the initial stupid decision. Then we continue to criticize them if they wise up. Which is really what the principle reductions are all about. Nipping in the bud people wising up and making wise financial decisions. If there was a sudden rash of financial responsibility it would cost us a lot more. In the form of millions of foreclosures. Then suddenly they turn from irresponsible FBs to deadbeats…[/quote]

That’s well said Arraya.

At least I’m logical. I make fun of the FBs for buying a the peak. But I don’t begrudge them for walking or living for free right now. That’s part of the correction process.

Even more of that would happen without the bailouts.

[briansd1]

[quote=Arraya]

This is what is interesting. We collectively criticize them for making the initial stupid decision. Then we continue to criticize them if they wise up. Which is really what the principle reductions are all about. Nipping in the bud people wising up and making wise financial decisions. If there was a sudden rash of financial responsibility it would cost us a lot more. In the form of millions of foreclosures. Then suddenly they turn from irresponsible FBs to deadbeats…[/quote]

That’s well said Arraya.

At least I’m logical. I make fun of the FBs for buying a the peak. But I don’t begrudge them for walking or living for free right now. That’s part of the correction process.

Even more of that would happen without the bailouts.

[briansd1]

[quote=Arraya]

This is what is interesting. We collectively criticize them for making the initial stupid decision. Then we continue to criticize them if they wise up. Which is really what the principle reductions are all about. Nipping in the bud people wising up and making wise financial decisions. If there was a sudden rash of financial responsibility it would cost us a lot more. In the form of millions of foreclosures. Then suddenly they turn from irresponsible FBs to deadbeats…[/quote]

That’s well said Arraya.

At least I’m logical. I make fun of the FBs for buying a the peak. But I don’t begrudge them for walking or living for free right now. That’s part of the correction process.

Even more of that would happen without the bailouts.

[briansd1]

[quote=Arraya]

This is what is interesting. We collectively criticize them for making the initial stupid decision. Then we continue to criticize them if they wise up. Which is really what the principle reductions are all about. Nipping in the bud people wising up and making wise financial decisions. If there was a sudden rash of financial responsibility it would cost us a lot more. In the form of millions of foreclosures. Then suddenly they turn from irresponsible FBs to deadbeats…[/quote]

That’s well said Arraya.

At least I’m logical. I make fun of the FBs for buying a the peak. But I don’t begrudge them for walking or living for free right now. That’s part of the correction process.

Even more of that would happen without the bailouts.

[Author]

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