I got some new neighbors across the street. My old neighbors bought on the lake and are now renting their old house. They are getting $1100/month in rent for their old house(probably from a family that defaulted on their mortgage). Although I am under water on my mortgage, my house payment is still $900/month. I love seeing people defaulting and sticking it to the banks, but I would never do it myself unless it made financial sense.
Of course I am talking about strategic defaults, which is obviously different than someone who has lost their job.
Lol so you think everybody is underwater on their mortgage
let me leave the bank with a huge equity in my house makes total sence to me lol
you are missing the big picture my friend
Most people are not underwater on their mortgage
>>>let me leave the bank with a huge equity in my house makes total sence to me<<<
my post was addressed to people who ARE underwater OR they're getting there... it seems to me like pretty soon it will be ~50% of ALL house "owners"!
btw, I think you meant "total sense", didn't you?
Though that may be true, the fact remains that "A huge majority of homes purchased during the past five years have never had any equity. None." As more and more people learn about the scams and tricks that have been played on them, they are more likely to give the finger to the farse institutions that contributed to our crisis. Of course I'm keeping in mind that a certain percentage of these homeowners never should have qualified for a loan initially.
The taxpayer will be buying that mortgage soon, but only WS filth has the gall to capitalize on it. Red-blooded God fearing honest people don't touch money that isn't theirs, and they will win in the long run, and being just fine with never having set foot in a Gulfstream.