A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero. They use the money they save to get back on their feet or just get by
One reason the house is worth so much less than the debt is because of the real estate crash. But the couple also refinanced at the height of the market, taking out cash to buy a truck they used as a contest prize for their hired animal trappers. It was a stupid move by their lender, according to Mr. Pemberton. “They went outside their own guidelines on debt to income,” he said. “And when they did, they put themselves in jeopardy.”
Sorry, I say toss them out on their asses. The reason they are in the position they are in now is because of their own bad decisions. It's easy to blame it on the bank, but they are mature enough to understand the terms of a contract and add that to the fact that they refinanced to buy a vehicle as a contest prize to give away. They obviously are careless with their money and expect everyone else to pick up the tab. They are thieves, IMO.
Answer by QuinnMae at 3:39 PM on Jun. 1, 2010
Answer by sweet-a-kins at 3:27 PM on Jun. 1, 2010
Answer by mancosmomma at 3:37 PM on Jun. 1, 2010
And more to the point, this part of the article is what leads me to say that they are thieves:
The couple owe $280,000 on the house, where they live with Ms. Reboyras’s two daughters, their two dogs and a very round pet raccoon named Roxanne. The house is worth less than half that amount — which they say would be their starting point in future negotiations with their lender.
“If they took the house from us, that’s all they would end up getting for it anyway,” said Ms. Reboyras, 46
Answer by QuinnMae at 3:40 PM on Jun. 1, 2010
I don't understand how they think its OK to just stop paying and still live there and put money into vacations, dinners out their business etc...They are talking about the crash..well a part of our economy that is ailing is real estate...and its bad enough with people wgo CANT pay ....now it is further strained by people who CHOOSE to stop paying,,,
Answer by sweet-a-kins at 3:41 PM on Jun. 1, 2010
Answer by mancosmomma at 3:50 PM on Jun. 1, 2010
Answer by momtolucas2002 at 4:07 PM on Jun. 1, 2010
Answer by mamakirs at 4:12 PM on Jun. 1, 2010
Answer by mancosmomma at 4:26 PM on Jun. 1, 2010
Answer by LoriKeet at 4:39 PM on Jun. 1, 2010
Next question overall
(Food & Drink)
Name of website lets you select ingredients in your cabinet for recipe searches?