frank69m_IHB
New member
This is one reason why we are in this big mortgage mess.
I know two people who have done the following slightly differently:
Person 1: Owns two homes. Is under by around 200k on one Irvine home. Makes about 130k a year and doing ok in his job. Wife works too making around 80k is my guess. Doesn't feel like making payments on the one under 200k because it will take forever to recover. Going to ask bank to sell short when he can well afford to continue paying for that second home. but doesn't feel like paying for a lost cause. Drives a Mercedes. If this occurs, bank takes the dump and taxpayers flip the bill.
Person 2: Owns one home. Makes around 250k a year single guy with his own business. Bought during the peak. Is under shit by around 350k on his home. (got another loan to upgrade his house) Told me he is going to stop paying his mortgage and just let the bank take it. If it ruins his credit so what. He can rent and wait it out for many years. I know this guy is a cheapo and has a couple million in the bank. Basically, bank takes hit and taxpayers flip the bill.
Don't you guys just love the American dream where anyone even if you can afford it take advantage of the system. These two guys knew what they were getting into, its just they didn't feel like paying for a lost cause and they can afford it.
Too bad they can't garnish your wages or go after other bank accounts. Oh, well. welcome to the american dream
I know two people who have done the following slightly differently:
Person 1: Owns two homes. Is under by around 200k on one Irvine home. Makes about 130k a year and doing ok in his job. Wife works too making around 80k is my guess. Doesn't feel like making payments on the one under 200k because it will take forever to recover. Going to ask bank to sell short when he can well afford to continue paying for that second home. but doesn't feel like paying for a lost cause. Drives a Mercedes. If this occurs, bank takes the dump and taxpayers flip the bill.
Person 2: Owns one home. Makes around 250k a year single guy with his own business. Bought during the peak. Is under shit by around 350k on his home. (got another loan to upgrade his house) Told me he is going to stop paying his mortgage and just let the bank take it. If it ruins his credit so what. He can rent and wait it out for many years. I know this guy is a cheapo and has a couple million in the bank. Basically, bank takes hit and taxpayers flip the bill.
Don't you guys just love the American dream where anyone even if you can afford it take advantage of the system. These two guys knew what they were getting into, its just they didn't feel like paying for a lost cause and they can afford it.
Too bad they can't garnish your wages or go after other bank accounts. Oh, well. welcome to the american dream