Strategic defaults on the rise…

…this is no surprise to me.  It is the inevitable outcome of the policy of Congress and the Fed to bailout the corporations and not mandate any action to mitigate the impact to the consumer.  In doing so, they broke the rule of law and the spirit of fairness in our country.  I have no issue whatsoever with a homedebtor who chooses to strategically default; the bank would do the same in a heartbeat if it made sense for their balance sheet.  Turnabout is fair play.

Advertisements

  1. We felt this frustration in selling our home earlier this year. Everything about the ‘system’ encouraged us to just quit making payments and let it go. We felt in our core that we could not quit making payments as long as we were able, gave notice to all involved as soon as we knew when that date would come and feel blessed to have the whole situation end in the sale that it did. We have had our credit hit as hard as if we’d walked away completely, but we are able to sleep at night. That said, we had to fight through EVERY stage and read EVERY word. Down to the last minute the banks tried to put us on the hook for things that weren’t even part of our original mortgage agreement. I don’t think anyone is looking out for the consumer today in this business.

    • Rob

      It was much the same for us, Tammy. We held on as long as we could, but when they denied us for any and every option short of a sale or foreclosure – the same month I would have had to go in debt to pay the mortgage – I stopped making the payments and listed the house for sale.

      Likewise on the fighting every word at every stage, down to the last day.

      There is no one looking out for the consumer today, not even USAA.

  1. 1 Strategic defaults on the rise… « Combat Effective

    […] …cross posted from NegativeCreditLine. Bookmark on DeliciousDigg this postRecommend on Facebookshare via RedditShare with StumblersTweet about itSubscribe to the comments on this post […]




Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s



%d bloggers like this: