Report shows strategic defaults increasing

[jpinpb]

[quote=BillS78] 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.[/quote]

Bill – indirectly you are being bailed out. Because of the fact the banks got money from the government (taxpayers) they are not foreclosing on you as soon as they normally would. Had they not gotten a bail out, you would have been on the streets a lot sooner. Hence, their bail out becomes your bail out indirectly in the the form of the ability to live there for free for an indefinite period of time.

Yes, you are following the contract, but the bank’s bailout thereby becomes your bailout b/c of their inaction. Their inaction is b/c they are in no hurry since we gave them a shitload of money for their pain and stupidity and greed.

[quote=Arraya]
Well this is what I’ve been saying for months. No homeowners are getting “help”, the are getting screwed over again.
[/quote]

My gf did a short sale after living in her place for a minimum of 8 months w/no NOD. Her credit will suffer for 2 years. It was strictly a purchase loan, no HELOC. She consulted an attorney. She has no and will have no other reprecussions other than her credit is shot for 2 years. At the rate of this recovery she will be able to buy a house for what she bought the condo for at peak. I’d say 8 months of living free and only suffering bad credit for a couple of years is “help” not getting screwed.

Anyone really getting screwed are the taxpayers and renters.

[quote=BillS78]
You are very misguided when you complain about your tax dollars subsidizing people like me. Your tax dollars are subsidizing banks. I could have mailed in my keys over a year ago and the bank would probably still be sitting on the property..[/quote]

As I said, indirectly we are subsidizing you. If the banks weren’t bailed out, trust me, they would’ve acted quickly and swiftly in booting you to the curb.

[quote=BillS78]
I’m doing my neighborhood and lender a favor by keeping my house looking great.[/quote]

Very neighborly of you.

[Arraya]

I never saw anything wrong with short sales, except that article. My main warning as per my posts is principle reductions becoming recourse loans.

[Arraya]

I never saw anything wrong with short sales, except that article. My main warning as per my posts is principle reductions becoming recourse loans.

[Arraya]

I never saw anything wrong with short sales, except that article. My main warning as per my posts is principle reductions becoming recourse loans.

[Arraya]

I never saw anything wrong with short sales, except that article. My main warning as per my posts is principle reductions becoming recourse loans.

[Arraya]

I never saw anything wrong with short sales, except that article. My main warning as per my posts is principle reductions becoming recourse loans.

[jpinpb]

Okay. Then I’m w/you. I agree that if I were in their shoes, I’d be concerned w/loan mods and/or principle reductions becoming recourse.

[jpinpb]

Okay. Then I’m w/you. I agree that if I were in their shoes, I’d be concerned w/loan mods and/or principle reductions becoming recourse.

[jpinpb]

Okay. Then I’m w/you. I agree that if I were in their shoes, I’d be concerned w/loan mods and/or principle reductions becoming recourse.

[jpinpb]

Okay. Then I’m w/you. I agree that if I were in their shoes, I’d be concerned w/loan mods and/or principle reductions becoming recourse.

[jpinpb]

Okay. Then I’m w/you. I agree that if I were in their shoes, I’d be concerned w/loan mods and/or principle reductions becoming recourse.

[an]

How’s loan mods and/or principle reductions causing the loan to become recourse any different than refinancing causes the loan to become recourse?

[an]

How’s loan mods and/or principle reductions causing the loan to become recourse any different than refinancing causes the loan to become recourse?

[an]

How’s loan mods and/or principle reductions causing the loan to become recourse any different than refinancing causes the loan to become recourse?

[an]

How’s loan mods and/or principle reductions causing the loan to become recourse any different than refinancing causes the loan to become recourse?

[Author]

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