08-24-2011, 08:51 PM
I can't decide.
A lady at work was telling me she and her husband were going to buy a bigger house and let the bank take the house they have now. Apparently this is how it works: Sell your house on a Lease/Purchase to any old dumbass that will sign, doesn't matter if they can afford the house or not, you just need the paper. Buy a nicer house because the nicer house is now cheaper than the shitty house you live in right now. Let the company reposses your shitty house as soon as the dumbasses stop paying the lease because your credit will clear up in two years and you now have a nicer house for less money.
At first I thought that was the shittiest thing ever. I told the lady that I though it was probably illegal to do that. She explained her reasoning: She and her husband bought their house in good faith over 12 years ago (around 200K). They have made every single payment on time during those years. The house around the corner just sold for 50K. Why should she pay all that money for the house that she can never sell just because the rest of the country didn't pay their mortgage?
Now I'm torn. I don't blame her. Why should she pay four times the amount for a house because some other piece of shit didn't pay their mortgage?
What do you think? Shitty or smart?
A lady at work was telling me she and her husband were going to buy a bigger house and let the bank take the house they have now. Apparently this is how it works: Sell your house on a Lease/Purchase to any old dumbass that will sign, doesn't matter if they can afford the house or not, you just need the paper. Buy a nicer house because the nicer house is now cheaper than the shitty house you live in right now. Let the company reposses your shitty house as soon as the dumbasses stop paying the lease because your credit will clear up in two years and you now have a nicer house for less money.
At first I thought that was the shittiest thing ever. I told the lady that I though it was probably illegal to do that. She explained her reasoning: She and her husband bought their house in good faith over 12 years ago (around 200K). They have made every single payment on time during those years. The house around the corner just sold for 50K. Why should she pay all that money for the house that she can never sell just because the rest of the country didn't pay their mortgage?
Now I'm torn. I don't blame her. Why should she pay four times the amount for a house because some other piece of shit didn't pay their mortgage?
What do you think? Shitty or smart?