Quote:
Originally Posted by Undertoad
Mom (Katkeeper): They said on the news that they are helping out homeowners who have a job and are behind on their mortgage.
Me: That's just great. I don't have a job, but I've paid the mortgage. Well, this can be addressed. I'll not pay the mortgage this month.
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It is becoming the default move for most people. One guy we know who bought in the bubble stopped paying his mortgage 3 months ago. He bought a $550k home in a neighborhood way above his pay grade, thinking he was going to flip it in a few years. Idiot. Now he just takes all his pay and puts it in the bank and saves it up until they come and tell him to leave. So he is basically living there scott free saving up for a new place, to rent. His credit is already screwed so he doesn't care. There are plenty of places on the market to rent because people can't sell.
And to think, we are bailing out a lot of these people with our money, the people who did it right and played by the rules are being punished for others bad moves and failures.