Comments on: Learned to Swim Yet?

By: Janis Mara

Janis Mara — Mon, 07 Jul 2008 20:53:14 +0000

(Dingdingdingding) Let’s hear it for David g, folks!

Meanwhile: if someone walks away, their credit is ruined for seven years. Doesn’t that mean they can’t rent a car; have to pay in cash for a hotel room; have to go to the airport or a travel agency to buy an airplane ticket; have to carry a whole lotta cash with them at all times so they can afford to buy gas/groceries? But they are poor so they can’t even afford to drive to the bank?

By: david g

david g — Mon, 07 Jul 2008 05:36:08 +0000

I’ll take D for 500, Alex.

And that is not letting yourself get into an upside down mess in the first place!

By: David

David — Sun, 06 Jul 2008 05:33:22 +0000

Option C: Use that home equity you pulled out and hopefully saved to buy a house with cash somewhere else (e.g. Texas) and walk away from your California millstone.

By: Janis Mara

Janis Mara — Sun, 06 Jul 2008 00:16:39 +0000

Hahahaha, good point, mrbogue!

By: mrbogue

mrbogue — Sat, 05 Jul 2008 20:01:18 +0000

I guess option (a) would be better, because lets say you buy the house across the street and walk away from your old, your old house just might become a crack house, which doesn’t bode well for comps in the neighborhood!

By: david.g

david.g — Fri, 04 Jul 2008 22:09:55 +0000

If I was underwater right now, I would either (a) walk away, or (b) do as MrBogue’s friends are doing and buy the same house for 100-200k cheaper across the street first and then walk away from my current house.

And I would have no second thoughts about it. You gotta look out for yourself in this society, because you know damn well no one else is looking out for you!

By: David

David — Fri, 04 Jul 2008 16:31:59 +0000

Again, it’ll be “destroyed” for 7 years, except when Fannie/Freddie change the rules again, and start lending to those who’ve been foreclosed on in the past 4, or 5, or 6 years depending on how bad it gets in the future.

And you’re not walking away scot free–you lose the house and your credit rating, at least for a time.

Then of course there’s those who defrauded investors out of millions, billions of dollars. how many of them are getting off scot free? nearly all.

So ya, it does seem honest people are suckers. Jim Rogers though moved to Singapore to expose his daughter (and himself) to China/Asian economic growth as he’s convinced himself that they’ll be taking the USA over in his lifetime. For many reasons, he’s wrong, but we’ll see.

By: Janis Mara

Janis Mara — Fri, 04 Jul 2008 06:49:44 +0000

I believe in paying off debts too. I just can’t believe you could walk away from a house scot-free. At the very least your credit would be destroyed for, what, seven years? Aiee!

By: mrbogue

mrbogue — Fri, 04 Jul 2008 02:30:44 +0000

Yes, it doesn’t seem to pay to be honest in this society anymore. Maybe thats why Jim Rogers packed up his bags and moved to Singapore.

By: San Mateo Home Sellers in Trouble

San Mateo Home Sellers in Trouble — Fri, 04 Jul 2008 00:46:25 +0000

Unfortunately, these responsible people who pay their debts won’t be helped out by the oncoming bailouts for those who didn’t measure their ability to pay. I guess the honest people are the suckers, yes?