Increasing numbers of homeowners figure instead of fighting foreclosure, they should just maximize the time they can live rent free. The average foreclosure takes 438 days to finalize, 14 months of zero rent rent.
Screw ’em all. You signed the loan papers. The bank didn’t force a pen in your hand. Maybe they were deceptive, but maybe they weren’t. Maybe you were an idiot. Being an idiot isn’t good. And now you’ve decided to go a step further, and just be a liar and a cheater.
It may be a rational step for some, but you can’t feel good about the ridiculous logic and complete lack of morality. The featured couple in the article is taking weekend trips and hitting the casino.
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.”
Did they really say it was a stupid move by their lender!? How delusional do you have to be to think that? It was a stupid move by you! And you don’t get to throw out a deal because you think the other side shouldn’t have offered it. Too late. The time to bring that up was before you shook hands.
If it was just between the borrowers and lenders I would care so much. But it’s not. My tax money is subsidizing all this garbage. The people who bought houses they could afford don’t get government money. We get higher tax bills to bail out all the morons. Fantastic.