Re: The next Great Depression?

Stan R wrote:

>> http://tinyurl.com/3vhw94
> 
> <...>
> 
> That is rather disgusting what these people are on about. And so brazen 
> about it - they bought a house they knew they could barely afford; now 
> life got too hard, so they stopped paying the loan - even though they 
> still had the means to continue - and, oh, how wonderful; they now have 
> spare cash to eat out and get a babysitter!
> 
> They could not get away with this here in Australia. Their bank would 
> evict them within weeks and if they could not pay the loan out or did 
> not have insurance to cover the shortfall between the sale price and the

> loan balance, it would bankrupt them and take whatever else they had of 
> any value.

The same here.  I've had a neighbour some 10 years ago.  When he hit the 
hard times, he simply stopped paying municipal taxes.  The City wrote him 
couple of times and when no reply was forthcoming, they forced him into 
foreclosure.  They took their taxes, bank took what he owed and the house 
went for sale for an incredibly low price.  I would have bought it but I 
did not have the money at the time.  It was a bit of a fixer upper, but
the 
deal was still incredible.
And all it would have taken for him to keep his house would be a single 
phone call to the City and arranging some alternative means of payment.

Cheers
Frank

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