This is interesting, and I tend to agree with points raised in the NY Times article, and Howard’s thoughts walking away not being primarily a moral issue, except I’m not following his (unwritten) reasoning regarding why the housing crisis is good for lawyers as a group (recognizing that bankruptcy attorneys are busier than usual). From my perspective, there are a lot of lawyers looking for work. – Ilene
Punch Your Banker and Lawyer….AND THEN…Walk Away From Your Mortgage!
Courtesy of Howard Lindzon
I believe there should be a ‘Homeowner’s Anonymous’ where we could actually give good advice for those that are addicted to the kool-aid of ‘Own Your Home’.
The head of the Mortgage Bankers Association ‘ Frank Shmendrick the Turd (third)’ says:
You should think about the “message” they will send to “their family and their kids and their friends.”
The quote is from an interesting piece in the New York Times entitled ‘Walk Away from Your Mortgage .’
I see nothing but short sales around me. I am not sure being/allowing a short sale is the smartest thing for the individual, but that is the trend and to each yutz his own.
Athletes have been breaking contracts forEVER. Entertainers too. Employees hop from competitor to competitor if the coffee and lunchroom is better.
It was only a matter of time that low income, rising unemployment and stimulus crowding to the few, created this phenomenon.
In the last week, even I made an offer on a house. In many cases the owner has no say and it’s just you and the bank. With local bank management’s getting turned over…the time might be now for the perfect lowball offers. I have been in downsize mode in housing since 2005. I can do the math of ownership, with taxes, upkeep, rent/own mathematics. It seems like the rest of the country can’t.
All this disruption would really matter IF the lawyers felt any of this pain. The same with the title companies, the mortgage companies, the bankers…the whole ugly process – BROKEN. Equifax, Transunion and The FICA herd as well. In fact, they have never become stronger. They can afford the lobbyists.
I love my corporate attorney. Really do. But he is part of a group that has become ‘Too BIg To Fail’.
I say Rent and if your ‘Homeowner Anonymous’ group accepts you…walk away.
