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If you people hate banks so much then make sure you dont use them. Its that simple.
And remember not to use their credit cards.
That wasn't the question. No one claimed to hate banks. It was actually the OP who questioned the practicality of a strategic default who got attacked by the holier than thou bank lovers, as though they don't do what's in THEIR best interest. That's my point. EVERYONE should do what's in their best (legal) interest. The banks certainly don't have some moral high ground. Loans and credit cards aren't charity from a benevolent lending institution. It's a business transaction. Risk on both sides.
If you people hate banks so much then make sure you dont use them. Its that simple.
And remember not to use their credit cards.
I will continue to do what is in my financial self-interest, not what some Tea Party crank on the internet says. If it is in my interest to screw the bank, consider the bank screwed. If not, I won't. It's that simple.
I know someone who has been pending foreclosure for 6 years and they still have not been booted put of their home. They fell on hard times and were never able to recover. Up until 6 years ago they were able to pay their mortgage. Their credit is ruined but they are slowly getting it back. They tried selling the house before it went to foreclosure but their were no bites. Not paying your mortgage and letting the house foreclose is the worst thing you could do. JMHO.Their house is nothing much but I can say a house that looks nice in and out and looks well kept will go into foreclosure a lot faster than a dumpy looking house at least that's how I feel because it will sell. A house that needs a lot of work will be harder to sell.
More than some one. Many people. Whether its a good idea or someone should do it is 100% your opinion. U don't know everyones situation. For some it makes sense. For others maybe not. All conjecture on your part. If u make money, you WILL get credit no matter what! It's a business remember that. No utility will deny you their business.
Sorry but dishonesty will never make sense in my book, regardless of the reason. You are dead wrong about the utility denying someone. It happened to my own niece, who for some reason or another was always the extra person on her lease apts. so at 24 she had no credit in her own name. Her mom and dad had to provide their utility bill and info.
The banks are always inherently HONEST AND RESPONSIBLE. U are correct. unicorns and butterflies fill their Corporate headquarters I
Not even talking about the bailouts from five years ago, have u researched how they colluded to manipulate libor rates? U know that hurt billions of people right?
You are clueless.
I agree with you on the banks. That said I also ascribe to the "two wrongs don't make a right" school of thought.
What the banks did is reprehensible but if everyone did as you suggest we would find the RE market in a worse situation than we ever have seen.
I will continue to do what is in my financial self-interest, not what some Tea Party crank on the internet says. If it is in my interest to screw the bank, consider the bank screwed. If not, I won't. It's that simple.
I suspect you dont have the resources to screw over any bank let alone your favorite Check Cashing store.
It's amazing to see people's response to things like this. 3 missed payments throw them out. I don't see these organizations making the tax payers whole for the money they received. They could also help a lot of people if they would refi without all the madness. A lot of people go through an endless loop of paper work just to get denied for a refi. A lot of those people would keep the house and pay on time if they could drop a few hundred from the monthly payments.
Like the OP said a regular customer trying to refi get put through the hoops but when you're at risk of defaulting they offer you the world. Oh they are still borrowing at an insanely discounted rate and getting subsidies for helping people stay in their homes.
You still think the big guys are the victims here?
No, the rest of us who don't buy more house than we can afford with shady mortgage products and pay our mortgage in full are the victims here. We pick up the slack for the greedy buyers who bit off more than they could chew AND the banks who served it up. Then, in addition to that, everything just gets harder and more expensive for everybody afterwards thanks to all the gamers playing their little foreclosure games instead of manning up and handling their responsibilities.
The OP acts like it's a mere "bag of shells" to save up $100K cash relatively quickly, so why not refinance the existing mortgage if OP is in such good financial shape instead of think of the shady way out of strategic default (not paying the mortgage he can pay)?
Last edited by I_Love_LI_but; 09-30-2013 at 05:44 PM..
I suspect you dont have the resources to screw over any bank let alone your favorite Check Cashing store.
Typical RWNJ mistake, underestimating your opposition. Probably thought Mittens had 2012 in the bag, too.
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