Report shows strategic defaults increasing

[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=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.

[briansd1]

[quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.

[briansd1]

[quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.

[briansd1]

[quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.

[briansd1]

[quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.

[NotCranky]

[quote=briansd1][quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.[/quote]

I kind of don’t get that either, he is an enabled deadbeat not a saint.I do agree that it’s the enabling that is at the core of it…taking human nature into the equation.

[NotCranky]

[quote=briansd1][quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.[/quote]

I kind of don’t get that either, he is an enabled deadbeat not a saint.I do agree that it’s the enabling that is at the core of it…taking human nature into the equation.

[NotCranky]

[quote=briansd1][quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.[/quote]

I kind of don’t get that either, he is an enabled deadbeat not a saint.I do agree that it’s the enabling that is at the core of it…taking human nature into the equation.

[NotCranky]

[quote=briansd1][quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.[/quote]

I kind of don’t get that either, he is an enabled deadbeat not a saint.I do agree that it’s the enabling that is at the core of it…taking human nature into the equation.

[NotCranky]

[quote=briansd1][quote=SD Realtor]
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?[/quote]

What’s the point of moving out if the bank won’t foreclose?

As long as the bank doesn’t foreclose, that house cannot be sold to anyone else at a lower price.[/quote]

I kind of don’t get that either, he is an enabled deadbeat not a saint.I do agree that it’s the enabling that is at the core of it…taking human nature into the equation.

[Coronita]

[quote=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.[/quote]

Well, I don’t know. It doesn’t seem to pencil out.
Bill claims to have saved $200k by not paying a mortgage over 20 month window and from stock investments on a $114k (give or take) salary .

Let’s say his mortgage is $4000/month (which is probably much more than IF he was prudent/miser as he claims he is from his comment about the 99 civic). $4000/month *20 month = $80k. True, he also does mention “stock investment”, but that would be taxable income, and his tax rate would be for $114k base salary + $120k (alleged gain in stock), which would put him into a high tax bracket. Also, no itemized deduction from his mortgage payment and I assume his property tax.

I don’t know…Seems embellished. That’s why it’s the internet. Believe maybe 10% of what you read imho.

[Coronita]

[quote=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.[/quote]

Well, I don’t know. It doesn’t seem to pencil out.
Bill claims to have saved $200k by not paying a mortgage over 20 month window and from stock investments on a $114k (give or take) salary .

Let’s say his mortgage is $4000/month (which is probably much more than IF he was prudent/miser as he claims he is from his comment about the 99 civic). $4000/month *20 month = $80k. True, he also does mention “stock investment”, but that would be taxable income, and his tax rate would be for $114k base salary + $120k (alleged gain in stock), which would put him into a high tax bracket. Also, no itemized deduction from his mortgage payment and I assume his property tax.

I don’t know…Seems embellished. That’s why it’s the internet. Believe maybe 10% of what you read imho.

[Coronita]

[quote=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.[/quote]

Well, I don’t know. It doesn’t seem to pencil out.
Bill claims to have saved $200k by not paying a mortgage over 20 month window and from stock investments on a $114k (give or take) salary .

Let’s say his mortgage is $4000/month (which is probably much more than IF he was prudent/miser as he claims he is from his comment about the 99 civic). $4000/month *20 month = $80k. True, he also does mention “stock investment”, but that would be taxable income, and his tax rate would be for $114k base salary + $120k (alleged gain in stock), which would put him into a high tax bracket. Also, no itemized deduction from his mortgage payment and I assume his property tax.

I don’t know…Seems embellished. That’s why it’s the internet. Believe maybe 10% of what you read imho.

[Coronita]

[quote=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.[/quote]

Well, I don’t know. It doesn’t seem to pencil out.
Bill claims to have saved $200k by not paying a mortgage over 20 month window and from stock investments on a $114k (give or take) salary .

Let’s say his mortgage is $4000/month (which is probably much more than IF he was prudent/miser as he claims he is from his comment about the 99 civic). $4000/month *20 month = $80k. True, he also does mention “stock investment”, but that would be taxable income, and his tax rate would be for $114k base salary + $120k (alleged gain in stock), which would put him into a high tax bracket. Also, no itemized deduction from his mortgage payment and I assume his property tax.

I don’t know…Seems embellished. That’s why it’s the internet. Believe maybe 10% of what you read imho.

[Author]

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