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Owners Stop Paying Mortgages, and Stop Fretting

Discussion in 'Economics and Financials' started by finyank13, Jun 2, 2010.

  1. finyank13

    finyank13 Reality Check

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    Sure why pay the bills you created, why should we have accountability...How can people say that giving people handouts doesn't make them complacent? THIS is why handouts don't work. Soon people will simply decide not to pay. But hey at least they get to hang at the Hard Rock, and eat steak!!!!!

    Thats why all these numbers you see about everything getting better is just BS.....This article made me throw up...

    http://www.nytimes.com/2010/06/01/business/01nopay.html?hp
     
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  2. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    This doesn't necessarily have anything to do with the numbers being posted that show the economy is on the recovery, barring it causing banks to go under. Even if there is an increase stating everyone will be doing this is a reach. I wouldn't be surprised if they start going after the people doing this if they can anyways:

     
  3. finyank13

    finyank13 Reality Check

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    It has been 2 years this lady hasnt paid just in this one instance.....when do you think they start you know, holding people accountable?? Here is what I think will happen....economy still suffers, because look at the numbers, it is....big ticket items, are still lacking, retail numbers are down, unemployment is still high, regardless of what spin the administration puts on it, things still arent good...November comes and goes....and then BO "suggests" yet another ridiculously inflated stimulus plan....thus ensuring the same status quo except now more people get to suck off the teet....

    I am all for helping people who are down and out, recently unemployed, thats what the benefit program is there for, but when people purposely say screw it, and then have the nerve to call other people crooks, as this lady is....are you kidding me??
     
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  4. Killerphins

    Killerphins The Finger

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    made you throw up because people are doing what they have to do to live. as far as i'm concerned everyone should do this and stop paying the banks who continue to knife all of us on a daily basis. i had a credit card with a $10,000 limit reduced down to $1500 dollars which was just over my balance . i had never missed a payment on anything. i was told i had too many open cards which were all up to date and they had to decrease which automatically shredded my credit. i told them to close the account and stick it up their *** and they would have to sue me. screw them and all these banks for the way they treat people. this country has turned into a toilet.
     
  5. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    the economy just beat sales projections for the month. The dollar has strengthened thanks to the crisis in europe, etc. The real question now is how much more will the bp fiasco hurt the us economy. Unemployment had just dropped recently. If other things recover there is a chance that the other areas you are talking about will also recover. As for holding people accountable right now they are extorting the system, if it gets bad enough they will start to prosecute.
     
  6. finyank13

    finyank13 Reality Check

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    It is still terrible.....retail sales for one month has gone up a little, but still not where it needs to be.....things get better here, and there, because naturally it cant keep going down, but overall the state of everything is all subpar clearly....
     
  7. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    It can always go further down. Its subpar because you are exiting a recession. Its not going to go back to normal/better without progressing back to that normal/better. It can still go either way, but I wouldn't state the numbers improving are a sham. At least not yet.
     
  8. finyank13

    finyank13 Reality Check

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    I disagree, people nowadays arent cutting back, they want their lifestyle still....how about get another job, dont go to the Hard Rock, eat freaking ramen noodles....instead of steak....I have no pity for people like this, and then run to the govt for benefits(that we pay)..

    On the credit card thing Killa, yeah thats wrong bro...you cant keep banging the stable people that actually pay the banks....I got 8 CC's all with zero balances on them...surprised that hasnt happened to me yet...fuxk balances cash is king baby....
     
  9. padre31

    padre31 Premium Member Luxury Box

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    I have a different take FY, to me it is a smart business decision to delay payment if possible, holdout for a more favorable mortgage, then begin payment.

    Businesses do that via Chapter 7 and then Chapter 11, why shouldn't individuals also have that option available to them?

    And the economy is in the tank, around the bottom of it actually, private sector hiring was less than 150k jobs in the last report, right now the only thing keeping unemployment from going even higher is the temporary jobs the Census is creating.

    When gasoline prices spike even higher, things will become even worse.
     
  10. finyank13

    finyank13 Reality Check

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    They arent a sham, I agree, but they still arent good...the housing market wont get better until unemployment goes down....nobody is buying houses that they cant afford or have means to affording them...retail and business sheeeeeeeet thats the last to improve, which ironically is the most vital aspect in getting pulled out of this thing...
     
  11. finyank13

    finyank13 Reality Check

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    I am of the mind set of letting the whole thing tank Pads, forget stimulus packages, forget floating with these horrible numbers all the way around, forget 2 years of unemployment benefits per person, while the roads and bridges collaspe...let it all tank...then the natural course of the economics will take over....businesses that couldnt hack it, die, and other ones are bought by stable businesses doing well, and culitvated into better all around businesses....let houses tank as well, instead of prolonging foreclosures, or offering tax-payer funded programs to alleviate debt of people having no intention of paying anyway....let it tank, and get bought by a young stable couple that can pay, and have ambition....

    Everything now is geared towards keeping people going, instead of failing for a short while, and bettering yourself....there is no innovation anymore for some reason...
     
  12. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    they won't be, especially since the oil spill will probably have an effect on the gulf fishing industry, not to mention europe is still struggling. Its going to be another long year I would think, but again progression even if minor is a good thing IMO.
     
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  13. eric

    eric New Member

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    pisses me off hearing these repeated commercials about people with 10,000 dollars or more in credit car debt being able to erase half the debt.

    how the **** did it get to where we reward people for doing the wrong things? as i get older, the more i learn about how the world works, the more i want to just go on a shooting rampage.

    its 2010.
    we are still at war. i cant even believe we still have wars.
    we currently have the largest oil spill in US history STILL SPILLING for over 42 days now.
    financal institutions and the auto makers were all rewarded for running **** the wrong way with bail outs.

    its literally laughable the way things are going. our whole government sucks. ALL OF THEM, as a whole. i think the people need to vote out every single person holding any kind of office. everywhere. send the message that we wont tolerate this BS. atleast with new faces it will take time for them to learn the numerous ways inwhich they can **** us all.

    ... but this will never happen. sad thing is the world is full of two kinds of people. idiots and *******s. the *******s are screwing all the idiots over, and all the idiots either dont know or dont care whats going on.

    i wish i could be a dictator for a few years.
    abolish IRS
    decriminalize pot.
    make harsher penalties on real crimes and drugs.
    penalize those that flood the courts with BS cases.
    lower the wages of ALL politicians.
    put all politicians on the same healthcare and other systems they expect us all to live on.
    speed up death penalties.... no more long waits for people who are guilty beyond doubt.
    put ALL inmates to work.
    DISMANTLE any company employing illegal labor. imprison those that allowed it and liquidate all company assets to those that hire american workers.
    welfare wont be available unless you EARN it
    take away ALL incentives for illegals to come here. they wont just come here to be homeless and starve on the street.
    castrate sex offenders.
    revert to chopping off fingers and hands of theives. (case by case bassis)
    shrink the size of government and increase its effectiveness and efficiency

    if i ruled the country, im sure a lot of average people would be a lot happier. of course crooks and scumbags would hate me, but that means your doing your job right. if i had just one wish. it would be to be in charge of straighteniing this country out. something has to be done. the way its "working" now isnt actually working.
     
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  14. finyank13

    finyank13 Reality Check

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    chill out baby-bubba...dont be shooting anybody!!! I hear ya though, and pretty much agree with everything you wrote, and when u do become dicatator, I want to work for you, except the days Miami plays of course:up:....hahahah erase 10K in debt.....yeah wanna kno how bro...you!!! keep playing those federal taxes....

    seriously thou, and I have said it for a while, the illegal thing is killing this country, and they need to fix it NOW!!...not wait for an election to pass cuz they are worried about what the voters think...the illegal aliens are pretty much the cause of everything being in the tank fisically....the strain on benefits, education, and healthcare is such a huge liability...
     
  15. Killerphins

    Killerphins The Finger

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    you forgot sterilization for the oodles of people who keep having kids they can't feed...... other than that you were dead on :up:
     
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  16. Fin D

    Fin D Sigh Club Member

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    Awesome simplistic view of things.

    I let the bank foreclose on my house. Here's why:

    I had a mortgage that I could afford. It had a 2 year ARM on it, but I refinanced before the ARM hit, and had a payment I could afford. I was part owner of a business. That business failed, because as the economy started to go down, we couldn't get more clients. Ocala is currently in the top 20 of worst cities hit by the recession. As my business went under, my home insurance was up and I needed a $700 down payment to get a new policy. I didn't have it because I had no income. I got work were I could from doing side jobs in my field to even doing day labor on local farms. Chase, my mortgage company, gave me insurance at an extra $500 a month on top of my mortgage. I fell behind. I ate effing Ramen noodles for 3 months straight while I tried to secure employment, which I did. But it was for less money than I was making when I had my business and got the loan. If I hadn't ended up being 3 months behind, I could have made it. Chase wouldn't work with me. They offered everything under the sun, but when it would come time to do it, they'd change up on me. By the time I told them to take the house, I was 5 months behind and was being harassed on daily basis by them, but I had been paying them for 6 months straight. There was no way out.

    It isn't always about not accepting responsibility or being lazy, it is often times unforeseen circumstances that are beyond our control. I am so sick and tired of the pompous attitude that some people have over people who fall on hard times.
     
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  17. finyank13

    finyank13 Reality Check

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    Dude I feel for ya bro, trust me, I am not talking about hardworking people like yourself, business owners...small business owners like yourself, and major corporations are what make us.....we go the way you guys/gals go...I love business...

    read my posts throughout all of these threads on this stuff, I am so pro-business it isnt even funny...

    here is what I'm talking about...the people who around here and in the country, who bough 500K house that are making 35K a year in 05, who are now foreclosed upon, and think it is their right to still live there, and EXPECT help to do it.....no no no no no!!!!! They all can drown for all I care......

    Same thing with me bro, I'm 35, work the full time job, and landscape on the weekend with my buddy (who owns the co) I'm 35, I am not above pushing a lawnmover for beer money....it literally is the buffer between me being in the red, and black.....every 2 weeks...

    Believe me I aint pompous, I dont make enough money.....my father raised me never to take a handout...
     
  18. Fin D

    Fin D Sigh Club Member

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    But I'm hardly alone or unique in my situation. People in the same type of situation I was in deserve some help. The problem is, bastards, will get help to, because its impossible for a solution that big to differentiate. I personally don't care how many d-bags get a free ride if it helps a lot of good people.
     
  19. finyank13

    finyank13 Reality Check

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    thats the thing, and it is unacceptable, we have to start to differentiate it, and get help to the people who need it the most, and those who are scamming....my old man works in Labor and Training.....you will not believe the fraud that goes on there....the whole thing is awful, there needs to be a massive fraud section, instead of the 2 that are employed in RI....remember where there are handouts, there is fraud....massive fraud and it derails the sole intent of helping the people that need it the most...

    I would love that job...I would work stupid hours....for free to do it...
     
  20. Fin D

    Fin D Sigh Club Member

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    That's all well and good. I don't want this to come off as an insult, but its also pie in the sky idealism. I've yet to hear a viable solution to the government helping people who need it while ferreting out the bad people. Whether its in terms of manpower or infrastructure and added cost, there's simply no way to stop it as of yet. I'd still rather people get help than not, regardless of how many bad guys there are.
     
  21. Section126

    Section126 We are better than you. Luxury Box

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    **** this.

    I am buying a Ferrari.
     
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  22. finyank13

    finyank13 Reality Check

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    and some bulga cav
     
  23. eric

    eric New Member

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    sad to say but the problem is that there are too many idiots. the *******s made it possible, but the MASSES of idiots are the ones who got themselves into trouble. not to mention the idiots have the power to unseat the *******s, they just dont care enough to do so or dont know enough.

    i respect you finacious d. i dont lump you into this category, but far too many people bought **** they couldnt afford. i understand that not everyone saw this coming but im only 26 and i saw it coming YEARS ago. IF you could even say that you made a mistake, its that you didnt plan for the worst. but the **** hit fan, not just in the housing market. just about everything is broken now. i doubt 5 years ago anyone saw as much trouble today as there actually is. except maybe the *******s who are responsible

    damn near everyone i know was telling me " you should buy a house" and i would say " HA...im not financing a 500k house that sold for 70k 3 years ago. **** that. these prices are artificially inflated. they will come back down."
    people would of course argue with me and says, "it because of inflation."

    but inflation is usually around 3% a year. home prices dont shoot up 600% in 1-2 years and keep on climbing. i thought it was common sense, but aparently im in the minority. im so freaking glad i didnt listen to just about everyone i know. it would have really sucked to blow my life savings only to RENT a place for 1 year. im a pretty level headed guy, but if this happened to me i probably would have gone on a shooting rampage. but i was able to realize things werent right and that it wasnt the time to buy.

    would have been great to get a place and flip it before the bottom fell out, but im no psycic. i didnt know when prices would come back down, or how far and all the other current problems but i knew enough not to take out a loan i couldnt afford for a house that wasnt worth it.

    too many people have their heads up their asses and believe some one is watching out for them and that everything is going to be fine. well its not. i wish they would start teaching that. but then the *******s in charge wouldnt be able to **** over all the idiots that cant make decisions for themselves.

    ive wanted to buy a house for the last 3 years. but i know better. im still not satified with things now. i know it could still get worse and unless we change the way we do things, it probably will.
     
  24. Fin D

    Fin D Sigh Club Member

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    Thank you and likewise.

    I don't blame the government or the people as much as I blame Corporate America. To me, the government is corrupt because they've been bought by businesses. The people don't think about the big picture because big business has helped create lots of shiny distractions.

    We need a new system that is in between Capitalism & Socialism. There used to be a time when production dictated to Wall Street not the other way around like now.
     
    eric likes this.
  25. finyank13

    finyank13 Reality Check

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    The thing is Soc has always existed in this country with helping others out...money wise, however today it is just out of hand and will bankrupt us....

    Now is the time that true capitalism takes over....in the Bush years, he dereg'ed so much that it was easy for scam lenders to come in and by like ....yeah bro I got you for 500K, what do u make? 20 an hour, no problem....

    With the rules and regs in place, capitalism would thrive right now....let everything crash....and all the bad assets get bought up by the stable comapnaies and entities....start to build up this thing....slowly but surely...yeah it might suck for a few years, but it is better than bankrupting the only people left in America able to pay....
     
  26. finyank13

    finyank13 Reality Check

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    I will say bro, this is a great time to buy right now house wise, jump on it if you can.....I bought a house in Feb 09 for 209K......the guy next to me with less square footage and one less room, bought his in 05(the height of the fiasco) for 324K....the guy is ripped at me hahahahaha.....my house unless something totally awful happens will never be under water thank god.....
     
  27. Fin D

    Fin D Sigh Club Member

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    We are in the problem we are in because Capitalism has no real checks and balances when credit is part of the equation.
     
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  28. 2socks

    2socks Rebuilding Since 1973

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    With all due respect...your just pissed cause you can't or won't do it :tongue2:
     
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  29. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    This is the free market at work. Banks overextended themselves, and they now have to deal with it. In reality, they own the home that is worth nothing now.
     
  30. Two Tacos

    Two Tacos Season Ticket Holder Club Member

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    I have a friend that worked as an appraiser for the VA. He used to do free lance appraising for banks and mortgage houses, but quit because of how shady it was. It's pretty easy too cook the books and make an appraisal be whatever number you need it to be. If he did honest appraisals people wouldn’t get loans for the house they wanted, as they were way over paying, and the underwriters at the banks would stop sending him work, as they wouldn’t get their loans done. Eventually, the VA decided to out source their appraisals and use private appraisers. Now they have to have people double-checking appraisals to make sure that they’re honest. In fact they are having trouble getting appraisers to believe that they want real values and not quick approvals for loans. Banks are as culpable as everyone else in this, only they are the getting bailouts. Eating bad loans seems like good enough punishment for making bad loans. The poeple are going to have to deal with their credit issues, so it's not like anyone is getting off scott free.
     
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  31. ScottishFin

    ScottishFin Season Ticket Holder Club Member

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    All hail King Eric :D

    I would come and live in your country :D
     
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  32. Fin Fan In Cali

    Fin Fan In Cali Dolphin fan since 1970 Luxury Box

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    Just a heads up. If anyone is thinking about letting there house go, please check into what kind of loan you have for a second. If the second is a line of credit it will report negative on your credit report for 6 years. If you keep all your other bills up you will be fine. Your interest rates will go up on your credit cards so be prepared for that. If you can pay them off with any extra if you are letting your house go, then do so. You will be thankful you did.:wink2:
     
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  33. Fin Fan In Cali

    Fin Fan In Cali Dolphin fan since 1970 Luxury Box

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    Your credit cards interest rate will go up fast and high. To stop them from going up you can close your account so it freezes the interest rate in place, but if you are late on paying them from then on, it will not be a good thing. This is important information to take into your decision. :wink2:
     
  34. jw3102

    jw3102 season ticket holder

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    I am surprised by the number of people who actually condone the behavior of home owners who fail to pay back the money they borrowed. It seems there are many people who have no problem with these home owners not paying their mortgage but continuing to live in the house, basically for free. These home owners took out the loans. No one held a gun to their heads and forced them to sign the mortgage papers.
    Now because either they can't afford the payments or in many cases. The home is worth less then what they owe on the house. They feel they are entitled to live in the house without making payments until the bank eventually forces them to move out. It is too bad that there is not a law which would require these individuals to eventually pay back all this money in the future. Over 90% of Americans are making their payments as they promised to do when they took out their loan. It is only 10%
    of Americans who are behind on their payments. Why should this 10% expect to be treated any different then the 90% who are doing the right thing by making their house payments each month? There are tens of thousands of home owners who are making their home mortage payments each month even though their home is now worth less than they paid for it. They don't expect to live in their homes for free. If individuals don't want to make their payments. They should move out of the house and let the bank have it back. They should not continue to live in.
     
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