Report shows strategic defaults increasing

[paramount]

If strategic defaults are rising, I see this as a positive trend.

All of us FB’s are finally getting smart!

[Anonymous]

Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.

[Anonymous]

Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.

[Anonymous]

Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.

[Anonymous]

Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.

[Anonymous]

Here’s my not so planned strategic default story.

I bought a house a little over 3 years ago for just under $570k. I was getting married that June after being together for 4 1/2 years. The loan amount was just about 5 times my annual income and less than 3 1/2 times our soon to be combined income. I was going to put 10% down but the mortgage broker said that I only needed to put down 3%, okay cool.

So we move in and then 2 months later she says she’s done, it’s over. Great. She gets stuck with the wedding deposits, and I have this big house that I don’t really want but at least I took back the engagement ring. I get a friend to move in thinking that this will be doable and I can salvage my 810 credit rating, I’m only 28 this will work out.

By July of 08 I’d had it, the market was continuing to drop and my house was just this big thing I didn’t need so I decided I wasn’t going to pay anymore, it’s a non-recourse loan they can have the house. I figure they’ll probably take it back before the end of the year. I’m kind of a minimalist, my car is a 99 civic, and have no other debts and I can start fresh.

Now it’s 20 months later and still no NOD. This is awesome. With all the money I’ve saved and made in the market this last year I could buy the exact same place down the street in the low $400Ks with 50% down. I wont but it’s nice how this has worked out.

I don’t blame anyone but myself, it was just a bad decision made for a relationship. I guess the moral of the story is when life gives you lemons make lemon aid, or just throw the lemons at your Ex.

Thank god I didn’t marry her and there’s no kids.

[CA renter]

Wow, Bill. You really did luck out on that one (getting rid of the ex without having a long marriage and kids). She sounds like a real piece of work. Sorry you had to deal with that.

It sounds like you did well for yourself, anyway! 🙂

Nice job on the lemonade. 🙂

[CA renter]

Wow, Bill. You really did luck out on that one (getting rid of the ex without having a long marriage and kids). She sounds like a real piece of work. Sorry you had to deal with that.

It sounds like you did well for yourself, anyway! 🙂

Nice job on the lemonade. 🙂

[CA renter]

Wow, Bill. You really did luck out on that one (getting rid of the ex without having a long marriage and kids). She sounds like a real piece of work. Sorry you had to deal with that.

It sounds like you did well for yourself, anyway! 🙂

Nice job on the lemonade. 🙂

[CA renter]

Wow, Bill. You really did luck out on that one (getting rid of the ex without having a long marriage and kids). She sounds like a real piece of work. Sorry you had to deal with that.

It sounds like you did well for yourself, anyway! 🙂

Nice job on the lemonade. 🙂

[CA renter]

Wow, Bill. You really did luck out on that one (getting rid of the ex without having a long marriage and kids). She sounds like a real piece of work. Sorry you had to deal with that.

It sounds like you did well for yourself, anyway! 🙂

Nice job on the lemonade. 🙂

[1stimebuy]

When I looked at the loan history of the houses that I considered buying, I noticed something disturbing.

It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.

I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.

[1stimebuy]

When I looked at the loan history of the houses that I considered buying, I noticed something disturbing.

It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.

I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.

[1stimebuy]

When I looked at the loan history of the houses that I considered buying, I noticed something disturbing.

It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.

I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.

[1stimebuy]

When I looked at the loan history of the houses that I considered buying, I noticed something disturbing.

It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.

I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.

[Author]

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