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Excellent question! Honestly, they shouldn't have too. But too many too long (and yes me included) bought into what we were told. That having a degree was the only way to succeed. Truth be told... having a degree may get your foot in the door... but success or failure will depend on what you do once you get there.
Why was it easy for folks to get real estate loans with no docs, no down-payments, and no income? Figure this one out and you'll have your answer. It should have never happened. Yes, you can blame the banks, but you can also blame our government for saying who banks had to lend to with no regard to established loan standards. And I'm sorry... but when you take out a loan.. you are 100% responsible for that loan. Anything else is unethical. Doesn't matter if it's a student loan, a mortgage loan, consumer credit or borrowing from your best friend. You owe it... pay it....
Exactly right. Have you noticed the number of people on this forum who not only advocate, but promote the idea of walking away from a loan? Whatever happened to thinking a decision through BEFORE signing on the dotted line?
Threads like this make it very apparent to me why America is circling the drain. The preponderance of people who have no loyalty to their own obligations or their own promises is simply devastating this nation.
Exactly right. Have you noticed the number of people on this forum who not only advocate, but promote the idea of walking away from a loan? Whatever happened to thinking a decision through BEFORE signing on the dotted line?
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You support filing for bankruptcy, which is essentially not honoring your debt. Probably because businesses do it.
Location: Just transplanted to FL from the N GA mountains
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Quote:
Originally Posted by AeroGuyDC
Whatever happened to thinking a decision through BEFORE signing on the dotted line?
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That's the problem... They didn't think. They didn't have a clue what they were signing. I worked in mortgage lending for years. And people would come in and not know the difference between the note and the mortgage documents. Let alone take the time to read them. All they wanted was for you to shove the paper in front of them so they could sign in a matter of minutes. Right of Rescission..forget it... they didn't want to know what it was. Debt to Income ratio's... they would conveniently forget to tell you things so that they would qualify. Not realizing that by lying, they were only hurting themselves.. It's just sad....
You support filing for bankruptcy, which is essentially not honoring your debt. Probably because businesses do it.
Bankruptcy proceedings are the rule of law. If a person finds it impossible to meet debt obligations, then the only right thing to do is engage the legal process.
Simply walking away from a loan by not paying is abominable. But yet people like you seem to support it. Why is that?
That is one thing I hate. Strategic defaults. If you can't pay or get assistance, life sucks and you lose your home. But if you can pay and choose to walk away because your "investment" doesn't pan out, you are a sh*t. Choosing not to pay for something when you have the means is worse than not paying for something because you no longer have the means.
My brother bought a nice sized house back in 06. Now he's about to get married but his fiance has a nice sized house as well. Neither one can sell their house without taking a loss. You know what he's going to do? Keep his house and rent it out and pay whats left over. That is what you call the right thing.
You support filing for bankruptcy, which is essentially not honoring your debt. Probably because businesses do it.
You suffer consequences for bankruptcy. There's an incentive to not file.
On the other hand, if you tell people if they go long enough enough without paying their debts that you'll just forgive the debts then there is no incentive to pay the debt in the first place.
The real answer here, kids, is do not, under any circumstances, borrow money to go to college. You'd be better off working at Starbucks your whole life than facing a debt you can never discharge. When millions of kids take this approach, college tuition will plummet. At that point finance it with traditional options.
There is no profession other than perhaps medicine or a Top 10 MBA program that offers any real economic cost/benefit payback.
The real answer here, kids, is do not, under any circumstances, borrow money to go to college. You'd be better off working at Starbucks your whole life than facing a debt you can never discharge. When millions of kids take this approach, college tuition will plummet. At that point finance it with traditional options.
There is no profession other than perhaps medicine or a Top 10 MBA program that offers any real economic cost/benefit payback.
I agree in principle. I wouldn't say there are "no" professions other than medicine/MBA that offers a payback. It just takes sufficient time, planning, and preparation to ensure that the payback is within reach. I think that's the part where college students get it wrong.
You suffer consequences for bankruptcy. There's an incentive to not file.
On the other hand, if you tell people if they go long enough enough without paying their debts that you'll just forgive the debts then there is no incentive to pay the debt in the first place.
Foreclosure has consequences. Ever heard of deficiency judgements. If walking away from your home will benefit your family financially in the long turn, than I can't fault the person doing it.
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