Saw this story in the NYT Tuesday morning and meant to blog it that day--never got around to it. The story is about a people who have just stopped paying their mortgages, counting on the fact that it is more trouble for a bank to evict them than it is worth to the bank to take possession of the property in a down market.
The story is downright disgusting, mostly for the breathtaking shifts of responsibility that are voiced. Here's one: "One reason the house is worth so much less than the debt is because of the real estate crash. But the couple also refinanced at the height of the market, taking out cash to buy a truck they used as a contest prize for their hired animal trappers. It was a stupid move by their lender, according to Mr. Pemberton. “They went outside their own guidelines on debt to income,” he said. “And when they did, they put themselves in jeopardy.”
Ah. I see. It's their fault you are a deadbeat. Precious.
Thursday, June 3, 2010
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6 comments:
I really really want to head on down to St Pete, visit Wendy's barbershop, have her cut my hair, and then stiff her on the payment.
Absolutely.
I'm stopping payment on my mortgage check.
I'm going to Tampa in a month. I have a day to kill. I'll get a hair cut and then tell her, "well since I actually have to pay my mortgage I can't afford to pay her." See how she likes it. I read this article and it amazed me that these people are in business more than a day.
I think my stomach was ready to foreclose on my gag reflex, but I paid it back with interest.
About the only thing that made sense was pointing out that the lender went outside of its own lending guidelines - but pointing out the gullibility of institutions doesn't absolve an individual from honoring the contract.
Now why didn't I think of that? Damn.
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