Les Jones

Definitely do not disagree with the statements!

Though #6 always feels ’strange’ to me - but then again I’m one to understand that a loan I’ve signed obligates me to attempt, to the best of my abilities, to repay it.

Here I go again: there was a snippet of an analysis on the Mass. housing market (and another one - west coast? LA?) that concluded when homeowners who are ‘upsidedown’ in their mortgages they are neither more or less likely to stop paying and/or be foreclosed upon.

It’s the secondary factor - losing a job, medical debt, change in familial standing (divorce or parents/children move in) that ultimately drives those folks into “Jingle Mail”.

Though circumstance doesn’t forgive the dumbass* who’s working 2 jobs @2k/mo. attempting to afford a $1200/mo. mortgage and they lose one of those jobs. And they’re hopeful of the “cram down” provisions of the stimulus bill regarding bankruptcy proceedings! The NERVE!

TinMan

P.S. The housing market is going to suffer a serious overall setback until the US ‘homeowning population’ realizes they must live within their means and not attempt to use your home as a “Lifestyle ATM”.

* http://www.northjersey.com/news/Judges_could_get_power_to_aid_homeowners.html