Friday, March 1, 2013

Strategic Defaulters Now Want To Buy?

Well, 80% of the ones surveyed sure do! 

That, of course, means that they admitted to a strategic default for them to be counted in the survey, right?

I'm annoyed by this. Can you tell?

So, let's see here. They could afford their home, but didn't want to continue to make the payments because the market had dropped out to well below the bottom. So, they defaulted. Many, with the opportunity to sit, not paying their mortgage, for many months. But, they chose to not pay back the money they borrowed from someone (okay a large banking institution) because their home wasn't worth what they paid for it.

When the home is worth twice what they paid for it does the bank come and take it back? Nope, would they continue to make their mortgage payments. Yep. Ugh, it really ticks me off.

In the housing crisis, when it first started, I remember seeing news, articles, posts about people saying "Why should I continue paying when my home isn't worth it?" Pissed me off to no end.

Yes, if you can't afford your home, in ANY market, you sometimes make the difficult decision to walk away. If you can't afford it.

Who are these peoples parents that taught them it was okay to borrow large amounts of money, promise to pay it back....then just decide not to.

I mean, really, I charge my credit card for new clothes. Should I not pay it back just because they aren't the latest trend anymore? See?!?!?

Okay, I'm done venting. Just know that I feel anyone that can be classified as a strategic defaulter should be given a 15% interest for their next home loan....if given the opportunity to buy again.....EVER!

Feel free to ask my opinion on other housing topics.....but be prepared for a heated answer on several.

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