Yup America, home of the Free, Brave and corrupt to the core. Have a Mortgage, consider not paying it anymore. I know of a guy ( Neighbor ) who has not made a Mortgage payment in almost 18 months, he tells me and I quote ( Nope no phone calls, no letters nothing ) Yup home of the free alright.
This Country and it leaders are a joke.
As one of the dumb ones who has always lived within my means, (I blame my parents) I say, kick em out. The fact that the banks messed up the paperwork is a completely different issue...they signed a contract to pay, they're not paying. We all know these people, bought a house they couldn't afford with a interest only ARM which they didn't worry about because their house was going to be worth $150,000 more than they paid in two years and they could sell it and trade up. Didn't work out that way and now they're way underwater but they're living in a better house than me and since they're not paying their mortgage, they have lots of money to spend on vacations and cars and other junk. Rant over. Don't get me started.
What think - short term?
Harald, at first glance I would agree with you. But these are the people I know personally who are in foreclosure:
A woman probation officer whose position was cut and moved to another county to work.
A 64 year old woman whose husband died and was the main breadwinner. She cannot cover the payments.
A general contractor who had pulled money from his house to build a spec then market crashed. Though wrong, this is what contractors did for the past 18 years.
An artist who runs a horse rescue on her land and whose income has been cut in half in this economy.
A man who divorced and bought his wife out so their young son could continue living in their home then lost his career job.
My point being, everyone has a story.
I live in the third most financially distressed county in the nation. I know of no one here who fits your description. Like Honey Beez, I do know many financially decimated families who are still in their soon-to-be former homes. One couple with a 9-mo child, born with spina bifida, mom couldn't go back to her job, and then the place where her husband worked closed. Another: wife lost job, then husband....they cleaned out their 401K's trying to hold on until they found jobs. They're still looking, all their savings are gone, and their unemployment is just barely enough to keep the lights on and feed their two teenage sons. (The kids help. They are currently mowing my lawn, and several other neighbors. The money will go towards school expenses and school clothes this fall.) The only difference between you and the people I know is a little bit of random bad luck. They were living in the wrong town, at the wrong time. Your sanctimony may just turn around and bite you in the ass some day. Can YOU survive for more than two years without a job? Fourteen million people in this country don't have a job right now. You're just one of the lucky ones, for now.
And I feel for these people. They're victims of the system. The people you referred to probably made down payments and have built up equity over the years. They are not underwater and these are the places the banks want to repossess. The people who annoy me are the ones who could pay but choose not to. And of course, the banks are to blame for making bad loans and not suffering the consequences. That seems to be the way this country is now, bad people make out like bandits and good people get the short end of the stick. Moral to that story I guess.
I have been lucky. I always remember the old saying at the racetrack: "Don't walk around thinking you're smart when more than likely, all you've been is...lucky." I've also been unlucky from time to time and I know what it feels like not knowing where your next meal is coming from. I think a lot more of us will move to the unlucky group before this is over. My beef was with the people who are driving around in Lexus and haven't made a mortgage payment in two years. Get over it Harald. I have been properly chastised.
If we collectively wanted to end the banks, we'd all pay our mortgages off all on the same day, not the other way around. You don't think they're NOT making money on them NOT getting paid back? Y'all know what a CDS, is right?
It is criminal. Let there be justice soon.