Have a freind or had I'm not sure.

Toggle sidebar Toggle sidebar
Zebo

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
My friend i grew up with is a implant device salesman for company that will remain unnamed. Chatting with him today over some crown royal at local rib shop he tells me he hasn't paid his mortgage in 12 months and won't because it's bad investment. He bought his house at peak for $444,000 and it's worth about $155000 today. I asked him - if you sold it for a profit would you give bankers half? "no" Then I said : why should they share in your loss then? He just looked at me with a blank stare. This fucker drives a 850i, wears $200 shoes and won't pay his mortgage as he calls it a "business decision." I am pissed. Should I be?
 
SearchMaster

SearchMaster

Diamond Member
Jun 6, 2002
7,791
114
106
Hyperlite said:
It's going to happen sooner or later...tax evasion's a bitch.
Click to expand...

Income tax - yes. Property tax - not as much in this situation. They'll put a lien on the house but won't collect until the house sells.

I hope the mortgage lender comes after him for the difference after they foreclose. Then he'll have $300K in debt, no house, and no credit.
 
Linflas

Linflas

Lifer
Jan 30, 2001
15,395
78
91
I have a hard time feeling sorry for these POS's that walk away from their mortgages because the value dropped. We bought our first house at the 1989 peak. A year after we bought it the value had dropped 20-25%. When we sold it in 1996 it still had not fully recovered back to what we paid for it and we ended up taking a loss on the sale. We never considered it an option to walk away and stick someone else with the consequences of our bad market timing.
 
geno

geno

Lifer
Dec 26, 1999
25,074
4
0
"Waaah, I made a poor investment and now I think I shouldn't have to pay for it"
 
skyking

skyking

Lifer
Nov 21, 2001
22,628
5,737
146
The thing that galls me the most is the term "investment". The root of the whole problem is people think of their home as an investment first and a place to live second. It is a skewed and screwed way of thinking that leads to greedy expectations.
Homeowners (amateur investors) heard all these get rich stories about house flipping and went hog wild.
 
M

Mursilis

Diamond Member
Mar 11, 2001
7,756
11
81
SearchMaster said:
I hope the mortgage lender comes after him for the difference after they foreclose. Then he'll have $300K in debt, no house, and no credit.
Click to expand...

In some states, that's forbidden by law. Blame the gov't for shielding people from the consequences of their actions, thereby preventing them from learning from their mistakes.
 
skyking

skyking

Lifer
Nov 21, 2001
22,628
5,737
146
Pliablemoose said:
People in CA are still buying & selling the shit out of houses, trying for another bubble.
Click to expand...

We bid on a building lot in a tax foreclosure sale on Friday, and the bidding was brisk, considering the economic state of things.
 
RoloMather

RoloMather

Golden Member
Sep 23, 2008
1,598
1
0
No you shouldn't be pissed. What he did is absolutely correct. The risk is on the bank for making that mortgage. It's a risk you run in lending.

Why pay off a $444k house if it's only worth $150k. It's stupid.
 
skyking

skyking

Lifer
Nov 21, 2001
22,628
5,737
146
ViviTheMage said:
takes about 1-1.5 years to get kicked out now a days...
Click to expand...
It could be longer than that in his case. Look at it from the bank's perspective.
He is keeping the lights on and pipes unfrozen, if they take it now they get to try and sell it for a huge loss. Along with XX number of other foreclosures.
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
15
81
fobot.com
it is all of the fault of the fat cats on wall street, it isn't implant device salesman fault
Obama told me so
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom