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Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

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  • Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

    Here


    Do you really blame them, knowing that in the first 10 years, the front end of every 30 year mortgage that you've bascially paid the house back off, the bank reaps the reward for being "trusting" and you keep the banks well developed.


    In this time and place across the country, these banks don't care if you're behind on your house payment; you've probably paid the majority of the loan off and it's not going to hurt if they get it back; they'll just start another 10-15-30 year note and enjoy the front end luxury of payment.

    Legally in these defaults, it's probably "financially" a smart move knowing the housing bubble has burst and any elevation in this growth will never return.


    So you have a mortgage on a 400 grand home and it's worth 200 grand, you can't sell it because the bank owns the mortgage for a higher value.

    There's no end in sight.

    What is a credit score worth at this point?

    Start buying junk at Finger Hut and 18 months everyone is lending you money. It's that easy!


    Anyone seen the ticker for retail spending, their predictions for christmas? They don't even want to talk about christmas on tv right now, it hurts that bad.

    We are far from out of the woods. All I got to my name right now is chewing gum.


    Wanna piece?
    Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

  • #2
    Re: Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

    Originally posted by DUNBAR View Post
    *Snip*
    Somebody here is letting loose his "anger monkey" from it's cage.

    Don't get me started though. My anger monkey can beat the tar out of yours!

    Comment


    • #3
      Re: Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

      Hey! You get released from your rightful owner for 24 years and you'd strike out too!
      Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

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      • #4
        Re: Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

        Probably makes sense in CA where there are anti-deficiency laws [for a purchase money mortgate, the lender is SOL after they foreclose and sell]. In NY, you would still have an unsecured debt for the difference between what they recover and the loan. Assuming you have a job, they can then garnish your wages to make up the difference.

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        • #5
          Re: Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

          I hear in the US you can walk out still owing whatever and hand the keys in, but here the whatever debt is still yours to pay or go bankrupt.

          Tony

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          • #6
            Re: Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

            Originally posted by AFM View Post
            I hear in the US you can walk out still owing whatever and hand the keys in, but here the whatever debt is still yours to pay or go bankrupt.

            Tony
            Depends on the state. We've got all kinds of different rules.

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            • #7
              Re: Strategic Defaulters - Those with High Credit Scores Defaulting on Home Loans

              And still the whitehouse pretends the economy is getting better. LIES
              sigpic

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