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Joined: Sep 2006
Posts: 11,941
Legend
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Legend
Joined: Sep 2006
Posts: 11,941 |
Quote:
My friend and his wife are in a pickle like this.. No fault of thier own.
They bought a house at what was considered a little below market value in 2005. The market where they live had plunged so far that he now owes more on the home then what he can sell it for.
They've never missed a payment.. aren't in trouble or in danger of losing thier home.
But, if they tried to sell his home now, they'd get clobbered.
They don't need to do anything at this point.
Point is, I'm sure there are plenty of folks in this boat...
For them, it's not a problem unless they needed to or wanted to sell.
now, take that same person, have him lose his job, but gets another job in another state and has to move.
He can't sell his house for even what he owes on it, so, do they walk away from the house? Rent it out? what?
I would hope that these are the types of folks this is meant to help. if it is, I'm for it. If Freddy the freeloader is looking for a quick out,, to hell with him.
Tough. I am way upside down on my house. If I were to need to move than it is my problem, not yours. We have no money to spend as it is, it is irresponsible to spend more.
#gmstrong
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Joined: Sep 2006
Posts: 11,668
Legend
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Legend
Joined: Sep 2006
Posts: 11,668 |
You made the point I was attempting to make, but 10x better.
Blue ostriches on crack float on milkshakes between the sidewalk titans of gurglefitz. --YTown
#gmstrong
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