11-02-2010, 02:37 PM
(11-02-2010, 02:21 PM)Duchess Wrote:
I wish I had the answer to that.
I can't imagine not paying my bills, I'd be so concerned with my credit rating taking a dive, that matters to me & I protect it by being responsible.
People are leaving houses here left and right. They are relocating for jobs and just leaving if the house doesn't sell. There is some loophole for the credit thing I think, not sure. Maybe they are all doing short sales. I guess they figure their bad credit will be gone in 7 years but they are stuck with a house payment for 30+ plus years. I know a lady that just refinanced to a 38 year loan. She is 35. Who wants to still be paying for a house when you are old as shit?
If people would just buy what they can afford in the first place, it makes life so much easier. It would be much easier to rent out an affordable house if you had to move than try to sell an overpriced house. Just because the bank will give you money doesn't mean you should take it.
All these interest-only people are also meeting Jesus about now. They figured out how screwed they really are. I look for it to get worse before it gets better. Financial collapse screws everybody, whether you pay your bills or not. We will be paying their bills now. Our reward for being responsible.
Banks in some areas of Florida just stopped repossessing because they had so many properties. They tell people to just keep it on the market to sell. They don't want the property back. That is freaking scary.