Report shows strategic defaults increasing

[jpinpb]

[quote=scaredycat]the news says people aren’t paying their mortgages but they are paying their credit cards. kind of intriguing, really. credit card credit is worth something, but the house is a f**cking anchor around your neck. weird![/quote]

HA! The irony. And explain that. Your credit is shot anyway. Stop paying the credit cards. Still pay the car. You need to drive something and they’ll come take that. Wait a minute. Credit cards recourse? They’ll attach wages or accounts? That could be your answer.

[quote=flu]Actually, one positive note about people having more disposable income…They’re actually spending…[/quote]

That’s what I’ve been saying. IMO our economy would not be doing as well as it is were it not for the extra money people have as a result of not paying their mortgage and therefore, spending it elsewhere.

[quote=scaredycat] now where is the piggingotn iphone app?[/quote]

LOL. We need a budget app.

[UCGal]

[quote=briansd1][quote=flu] Those ridiculous iPads flying off the shelf…Comscores showing significant increase in smartphone spending….

http://www.comscore.com/Press_Events/Press_Releases/2010/4/comScore_Reports_February_2010_U.S._Mobile_Subscriber_Market_Share

[/quote]

I didn’t think people would open up their wallets for more mobile services.

But I’ve come to realize that it’s a lifestyle thing driven by kids with texting and mobile internet.

I resisted texting for a long time, but I now need it to communicate with friends and relatives. Of course with the iPhone and all the other smart phones out there, a $30 data plan is compulsory. Add texting that that’s an extra $50.

It’s an affordable luxury. Consumers are now hit with so many affordable luxuries that it’s hard to keep up.

Of course, without increasing home equity to finance it all, people can’t make the mortgage payment but the feel that those affordable luxuries are now necessities of life.

I’m not seeing people line-drying their clothes to save money or eating at home. They go out just as much as before, albeit to cheaper restaurants.[/quote]

I also benefit, professionally, from the way people spend on what I consider non-essentials. And I’m WAY to cheap to pay for a data plan for my phone. I have acquaintances who are on the brink of bankruptcy – but justify their smart phones w/data plans, their full package cable/satellite bills, and insist on putting their kids in Gap and Gymbo clothes… I roll my eyes when I hear how broke they are. It’s like the government – they don’t have an income problem, they have a spending problem.

I’m waiting for everyone to rush out to get 3-d capable tv’s… Most folks I know just recently upgraded to flat panel… and now their tv’s will be out of date because 3-d is the next big thing… I give it 2-3 years before we’re being told we can’t live without 3d tvs to replace our new HD tvs.

Oh – and I line dry about 1/2 of my family’s laundry… Too labor intensive for socks/undies… but for sheets/towels/pants/t-shirts – it’s easy… It’s free, zero carbon footprint, clothes smell fresh… I love it. My husband was surprised that I actually use the lines as much as I do… he expected it to be fad but we’re going on 3 years of 2-4 loads a week getting line dried.

[UCGal]

[quote=briansd1][quote=flu] Those ridiculous iPads flying off the shelf…Comscores showing significant increase in smartphone spending….

http://www.comscore.com/Press_Events/Press_Releases/2010/4/comScore_Reports_February_2010_U.S._Mobile_Subscriber_Market_Share

[/quote]

I didn’t think people would open up their wallets for more mobile services.

But I’ve come to realize that it’s a lifestyle thing driven by kids with texting and mobile internet.

I resisted texting for a long time, but I now need it to communicate with friends and relatives. Of course with the iPhone and all the other smart phones out there, a $30 data plan is compulsory. Add texting that that’s an extra $50.

It’s an affordable luxury. Consumers are now hit with so many affordable luxuries that it’s hard to keep up.

Of course, without increasing home equity to finance it all, people can’t make the mortgage payment but the feel that those affordable luxuries are now necessities of life.

I’m not seeing people line-drying their clothes to save money or eating at home. They go out just as much as before, albeit to cheaper restaurants.[/quote]

I also benefit, professionally, from the way people spend on what I consider non-essentials. And I’m WAY to cheap to pay for a data plan for my phone. I have acquaintances who are on the brink of bankruptcy – but justify their smart phones w/data plans, their full package cable/satellite bills, and insist on putting their kids in Gap and Gymbo clothes… I roll my eyes when I hear how broke they are. It’s like the government – they don’t have an income problem, they have a spending problem.

I’m waiting for everyone to rush out to get 3-d capable tv’s… Most folks I know just recently upgraded to flat panel… and now their tv’s will be out of date because 3-d is the next big thing… I give it 2-3 years before we’re being told we can’t live without 3d tvs to replace our new HD tvs.

Oh – and I line dry about 1/2 of my family’s laundry… Too labor intensive for socks/undies… but for sheets/towels/pants/t-shirts – it’s easy… It’s free, zero carbon footprint, clothes smell fresh… I love it. My husband was surprised that I actually use the lines as much as I do… he expected it to be fad but we’re going on 3 years of 2-4 loads a week getting line dried.

[UCGal]

[quote=briansd1][quote=flu] Those ridiculous iPads flying off the shelf…Comscores showing significant increase in smartphone spending….

http://www.comscore.com/Press_Events/Press_Releases/2010/4/comScore_Reports_February_2010_U.S._Mobile_Subscriber_Market_Share

[/quote]

I didn’t think people would open up their wallets for more mobile services.

But I’ve come to realize that it’s a lifestyle thing driven by kids with texting and mobile internet.

I resisted texting for a long time, but I now need it to communicate with friends and relatives. Of course with the iPhone and all the other smart phones out there, a $30 data plan is compulsory. Add texting that that’s an extra $50.

It’s an affordable luxury. Consumers are now hit with so many affordable luxuries that it’s hard to keep up.

Of course, without increasing home equity to finance it all, people can’t make the mortgage payment but the feel that those affordable luxuries are now necessities of life.

I’m not seeing people line-drying their clothes to save money or eating at home. They go out just as much as before, albeit to cheaper restaurants.[/quote]

I also benefit, professionally, from the way people spend on what I consider non-essentials. And I’m WAY to cheap to pay for a data plan for my phone. I have acquaintances who are on the brink of bankruptcy – but justify their smart phones w/data plans, their full package cable/satellite bills, and insist on putting their kids in Gap and Gymbo clothes… I roll my eyes when I hear how broke they are. It’s like the government – they don’t have an income problem, they have a spending problem.

I’m waiting for everyone to rush out to get 3-d capable tv’s… Most folks I know just recently upgraded to flat panel… and now their tv’s will be out of date because 3-d is the next big thing… I give it 2-3 years before we’re being told we can’t live without 3d tvs to replace our new HD tvs.

Oh – and I line dry about 1/2 of my family’s laundry… Too labor intensive for socks/undies… but for sheets/towels/pants/t-shirts – it’s easy… It’s free, zero carbon footprint, clothes smell fresh… I love it. My husband was surprised that I actually use the lines as much as I do… he expected it to be fad but we’re going on 3 years of 2-4 loads a week getting line dried.

[UCGal]

[quote=briansd1][quote=flu] Those ridiculous iPads flying off the shelf…Comscores showing significant increase in smartphone spending….

http://www.comscore.com/Press_Events/Press_Releases/2010/4/comScore_Reports_February_2010_U.S._Mobile_Subscriber_Market_Share

[/quote]

I didn’t think people would open up their wallets for more mobile services.

But I’ve come to realize that it’s a lifestyle thing driven by kids with texting and mobile internet.

I resisted texting for a long time, but I now need it to communicate with friends and relatives. Of course with the iPhone and all the other smart phones out there, a $30 data plan is compulsory. Add texting that that’s an extra $50.

It’s an affordable luxury. Consumers are now hit with so many affordable luxuries that it’s hard to keep up.

Of course, without increasing home equity to finance it all, people can’t make the mortgage payment but the feel that those affordable luxuries are now necessities of life.

I’m not seeing people line-drying their clothes to save money or eating at home. They go out just as much as before, albeit to cheaper restaurants.[/quote]

I also benefit, professionally, from the way people spend on what I consider non-essentials. And I’m WAY to cheap to pay for a data plan for my phone. I have acquaintances who are on the brink of bankruptcy – but justify their smart phones w/data plans, their full package cable/satellite bills, and insist on putting their kids in Gap and Gymbo clothes… I roll my eyes when I hear how broke they are. It’s like the government – they don’t have an income problem, they have a spending problem.

I’m waiting for everyone to rush out to get 3-d capable tv’s… Most folks I know just recently upgraded to flat panel… and now their tv’s will be out of date because 3-d is the next big thing… I give it 2-3 years before we’re being told we can’t live without 3d tvs to replace our new HD tvs.

Oh – and I line dry about 1/2 of my family’s laundry… Too labor intensive for socks/undies… but for sheets/towels/pants/t-shirts – it’s easy… It’s free, zero carbon footprint, clothes smell fresh… I love it. My husband was surprised that I actually use the lines as much as I do… he expected it to be fad but we’re going on 3 years of 2-4 loads a week getting line dried.

[UCGal]

[quote=briansd1][quote=flu] Those ridiculous iPads flying off the shelf…Comscores showing significant increase in smartphone spending….

http://www.comscore.com/Press_Events/Press_Releases/2010/4/comScore_Reports_February_2010_U.S._Mobile_Subscriber_Market_Share

[/quote]

I didn’t think people would open up their wallets for more mobile services.

But I’ve come to realize that it’s a lifestyle thing driven by kids with texting and mobile internet.

I resisted texting for a long time, but I now need it to communicate with friends and relatives. Of course with the iPhone and all the other smart phones out there, a $30 data plan is compulsory. Add texting that that’s an extra $50.

It’s an affordable luxury. Consumers are now hit with so many affordable luxuries that it’s hard to keep up.

Of course, without increasing home equity to finance it all, people can’t make the mortgage payment but the feel that those affordable luxuries are now necessities of life.

I’m not seeing people line-drying their clothes to save money or eating at home. They go out just as much as before, albeit to cheaper restaurants.[/quote]

I also benefit, professionally, from the way people spend on what I consider non-essentials. And I’m WAY to cheap to pay for a data plan for my phone. I have acquaintances who are on the brink of bankruptcy – but justify their smart phones w/data plans, their full package cable/satellite bills, and insist on putting their kids in Gap and Gymbo clothes… I roll my eyes when I hear how broke they are. It’s like the government – they don’t have an income problem, they have a spending problem.

I’m waiting for everyone to rush out to get 3-d capable tv’s… Most folks I know just recently upgraded to flat panel… and now their tv’s will be out of date because 3-d is the next big thing… I give it 2-3 years before we’re being told we can’t live without 3d tvs to replace our new HD tvs.

Oh – and I line dry about 1/2 of my family’s laundry… Too labor intensive for socks/undies… but for sheets/towels/pants/t-shirts – it’s easy… It’s free, zero carbon footprint, clothes smell fresh… I love it. My husband was surprised that I actually use the lines as much as I do… he expected it to be fad but we’re going on 3 years of 2-4 loads a week getting line dried.

[Anonymous]

[quote=patientrenter][quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]I thought I’d check back in after reading so many articles on strategic defaults in the last two weeks.

Why in the world don’t you people understand that it’s the banks and lenders that have been bailed out, not the homeowners. TARP was a bank bailout and HAMP is completely voluntary for lenders, they only agree if it’s best for them. I’ve been advised that the modifications just screw the homeowner, same with short sales. The lawyer that I spoke with told me that neither option is worth pursuing and that lenders try to write in recourse language. It’s just another banking scam.

Lenders created this mess and they and realtors profited from it. I’m against TARP and HAMP, the banks should have been allowed to fail. I haven’t been bailed out and I’m not looking for a bailout, I’m just following the terms stated in the purchase contract. The ball is in my lenders court, I’m waiting for them to make their move.

[Anonymous]

[quote=patientrenter][quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]I thought I’d check back in after reading so many articles on strategic defaults in the last two weeks.

Why in the world don’t you people understand that it’s the banks and lenders that have been bailed out, not the homeowners. TARP was a bank bailout and HAMP is completely voluntary for lenders, they only agree if it’s best for them. I’ve been advised that the modifications just screw the homeowner, same with short sales. The lawyer that I spoke with told me that neither option is worth pursuing and that lenders try to write in recourse language. It’s just another banking scam.

Lenders created this mess and they and realtors profited from it. I’m against TARP and HAMP, the banks should have been allowed to fail. I haven’t been bailed out and I’m not looking for a bailout, I’m just following the terms stated in the purchase contract. The ball is in my lenders court, I’m waiting for them to make their move.

[Anonymous]

[quote=patientrenter][quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]I thought I’d check back in after reading so many articles on strategic defaults in the last two weeks.

Why in the world don’t you people understand that it’s the banks and lenders that have been bailed out, not the homeowners. TARP was a bank bailout and HAMP is completely voluntary for lenders, they only agree if it’s best for them. I’ve been advised that the modifications just screw the homeowner, same with short sales. The lawyer that I spoke with told me that neither option is worth pursuing and that lenders try to write in recourse language. It’s just another banking scam.

Lenders created this mess and they and realtors profited from it. I’m against TARP and HAMP, the banks should have been allowed to fail. I haven’t been bailed out and I’m not looking for a bailout, I’m just following the terms stated in the purchase contract. The ball is in my lenders court, I’m waiting for them to make their move.

[Anonymous]

[quote=patientrenter][quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]I thought I’d check back in after reading so many articles on strategic defaults in the last two weeks.

Why in the world don’t you people understand that it’s the banks and lenders that have been bailed out, not the homeowners. TARP was a bank bailout and HAMP is completely voluntary for lenders, they only agree if it’s best for them. I’ve been advised that the modifications just screw the homeowner, same with short sales. The lawyer that I spoke with told me that neither option is worth pursuing and that lenders try to write in recourse language. It’s just another banking scam.

Lenders created this mess and they and realtors profited from it. I’m against TARP and HAMP, the banks should have been allowed to fail. I haven’t been bailed out and I’m not looking for a bailout, I’m just following the terms stated in the purchase contract. The ball is in my lenders court, I’m waiting for them to make their move.

[Anonymous]

[quote=patientrenter][quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]I thought I’d check back in after reading so many articles on strategic defaults in the last two weeks.

Why in the world don’t you people understand that it’s the banks and lenders that have been bailed out, not the homeowners. TARP was a bank bailout and HAMP is completely voluntary for lenders, they only agree if it’s best for them. I’ve been advised that the modifications just screw the homeowner, same with short sales. The lawyer that I spoke with told me that neither option is worth pursuing and that lenders try to write in recourse language. It’s just another banking scam.

Lenders created this mess and they and realtors profited from it. I’m against TARP and HAMP, the banks should have been allowed to fail. I haven’t been bailed out and I’m not looking for a bailout, I’m just following the terms stated in the purchase contract. The ball is in my lenders court, I’m waiting for them to make their move.

[Anonymous]

[quote=SD Realtor]Look, extension of credit is extension of credit. I am loaning you money and you promise to pay me back or return the asset I loaned you the money for.[/quote]This is not true, no surprise here I expect realtors to lie.

There is no promise in the sales contract for the buyer to “return the asset the lender loaned the borrower the money for”. There is a lot of legal speak defining the options the lender has for recovering the property if the borrower fails to pay, but there is no promise to return the asset.

It’s the lender’s obligation to go through the legal process to recover the asset that is the collateral for the loan.

Try being honest for a change.

[Anonymous]

[quote=SD Realtor]Look, extension of credit is extension of credit. I am loaning you money and you promise to pay me back or return the asset I loaned you the money for.[/quote]This is not true, no surprise here I expect realtors to lie.

There is no promise in the sales contract for the buyer to “return the asset the lender loaned the borrower the money for”. There is a lot of legal speak defining the options the lender has for recovering the property if the borrower fails to pay, but there is no promise to return the asset.

It’s the lender’s obligation to go through the legal process to recover the asset that is the collateral for the loan.

Try being honest for a change.

[Anonymous]

[quote=SD Realtor]Look, extension of credit is extension of credit. I am loaning you money and you promise to pay me back or return the asset I loaned you the money for.[/quote]This is not true, no surprise here I expect realtors to lie.

There is no promise in the sales contract for the buyer to “return the asset the lender loaned the borrower the money for”. There is a lot of legal speak defining the options the lender has for recovering the property if the borrower fails to pay, but there is no promise to return the asset.

It’s the lender’s obligation to go through the legal process to recover the asset that is the collateral for the loan.

Try being honest for a change.

[Anonymous]

[quote=SD Realtor]Look, extension of credit is extension of credit. I am loaning you money and you promise to pay me back or return the asset I loaned you the money for.[/quote]This is not true, no surprise here I expect realtors to lie.

There is no promise in the sales contract for the buyer to “return the asset the lender loaned the borrower the money for”. There is a lot of legal speak defining the options the lender has for recovering the property if the borrower fails to pay, but there is no promise to return the asset.

It’s the lender’s obligation to go through the legal process to recover the asset that is the collateral for the loan.

Try being honest for a change.

[Author]

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