This (below) sounds good. The most logical part is the lender who
made that unjustifiably risky loan to Mr. J Doe will lilkely disappear
as an cor****ate entity before they catch up with Mr. Doe who walked
away from his foreclosed house. Whichever new company that takes over
the property will likely find it impossible or just too costly to
clear the paperwork necessary to track down John Doe the walker and
make him pay. There will be a few millions of such foreclosures that
will trash any industrywide attempt to clean them up.
On Wed, 06 Feb 2008 19:29:18 -0600, Snowbound
<loosebowels@[EMAIL PROTECTED]
> wrote:
Hey, Borrower!
Screwed up your mortgage? Made all the wrong choices? You lucky real
estate investor, you STILL made the right choice! Thanks to recent
federal Debt Relief Legislation, by just walking away from your
overpriced speculative loser property and your lender, your credit can
recover faster than you can say "Bankruptcy? What's that?"
Why, in less that two years, you might just be able to qualify for
another fat, unaffordable mortgage! And you thought you lost
everything. Not to worry, even though this legislation benefits real
estate speculators the most, you too can win, win, win albeit at the
expense of your $500,000, 1 bedroom 1 bath bungalow, good economic
practice and national economic health!
Just don't declare bankruptcy, like someone in real financial trouble
might consider. If you declare bankruptcy, like some joker who lost
everything to unforseen disaster or illness, you are putting yourself
at the mercy of courts and banks (who make today's bankruptcy laws).
If you just walk away from a massive mortgage YOU freely chose, you
get off scott free, without any substantial penalty! After all, what
asset-draining cancer or chronic workplace injury could POSSIBLY be
worse than losing a home you couldn't afford in the first place?
Even if you can afford your mortgage payment, this legal "Debt Relief"
may make it smarter to skip out: let's say your white elephant is
depreciating faster than a balloon in a needle factory. Don't wait for
forclosure-- walk away now! The government wrote a special law, just
for YOU! Yay! Just go out the front door, get in your Escalade, and
leave your house (don't worry, mommy and daddy will put you up). Don't
look back, there is only a hard lesson to be learned there. Now stay
clean on your other debt (like your credit cards and your SUV
payment), and in two or three years, any lenders left who haven't gone
belly-up will be breaking down your door to LEND YOU MONEY AGAIN!
Golly gee, thanks Congress! Thanks, Mr. President! You all may be
total ****heads intent on ruining the country, but you are OUR kinds
of ****heads! These are the kinds of moments that make you glad we
sent all those soldiers to die in Iraq. This is what it means to be
American.
<http://money.cnn.com/2008/02/06/real_estate/walking_away/index.htm?secti
on=money_topstories>
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