11 Comments

1. 

   chrisL on February 8, 2010 at 7:31 am

   Despicable. I don’t expect anything less from today’s congress. Pandering to the foolish while sticking their hands into the American taxpayers’ pockets. What a load of crap.

   This should take a month, at best, to decide whether or not people can make a house payment. If they cannot, it’s off to the chopping block.

2. 

   shadash on February 8, 2010 at 7:50 am

   Thanks Jim for putting this up. I know some of the things I post aren’t what the “housing class” wants to hear. But, what’s going on isn’t right and needs to be better publicized.

3. 

   LM on February 8, 2010 at 8:37 am

   Told an f’d borrower two years ago: “Stop making payments.”

   Finally went to courthouse steps last week(coulda bought it back at 50% LOL). Anyway, 2 years rent free.

   Afterwards, Realtor stops by: “2K cash for keys”
   Friend counters: “4K”
   Realtor: ‘I’ll get back to you”

   And so it goes.

4. 

   Art Eclectic on February 8, 2010 at 8:44 am

   LM – well, that’s Capitalism for you. Borrowers acting their own self interest, just like the banks. They kind of deserve each other…..

5. 

   GameAgent on February 8, 2010 at 9:00 am

   “This should take a month, at best, to decide whether or not people can make a house payment. If they cannot, it’s off to the chopping block.”

   I feel the same way about capital punishment.
   Guilty = gas him.

6. 

   Chuck Ponzi on February 8, 2010 at 1:50 pm

   Game

   Ending the punishment of owning a home in SoCal vs ending a life is a bit of a stretch, but I’ll give you points for trying.

   I always go back to a friend of mine who lived 26 months rent free in an ocean-view mansion.

   I think this housing bust will be like the housing boom behind it. Very, very long, and irrational to boot.

   Chuck

7. 

   CA renter on February 8, 2010 at 2:22 pm

   Good thing the market’s turning around. It’s “to the moon” from here! 😉

8. 

   Susie on February 9, 2010 at 9:25 am

   Wow, 311 days– average free rent for 2009 4th Quarter? (Crazy logic follows) *Calculator whirling* If my arithmetic is correct–and I wasn’t a *despicable* renter like I am, I’d have $20,501 more to put toward my down payment for my next house (which I wouldn’t default on).

   Maybe past performance isn’t indicative of the future, but I’ve had three mortgages in my life (always 20% DP, 30-year fixed) and never been late or defaulted on one of ’em. And I’m earnestly looking to be a homeowner again.

   Sometimes Jim’s posts are funny and sometimes not. The reason I respect you so much, JtR, is you tell us the truth–the good, the bad or just plain ugly.

   *Hugh sigh* Right this moment, I feel like I’ve been kicked in the stomach, and find myself shaking my head. Three words escape my lips: “Wow! Just WOW! I just paid my rent last week, and just feel sad…

9. 

   Erin on February 9, 2010 at 9:52 am

   Sigh…I’m with Susie. 311 days of free rent? Yeah, I think we would have an extra $28k.

   Know some people that haven’t paid their mortgage since Aug. 2008. The house went “back to bene” 2 months ago, and they are still living there. Turned down the cash for keys. They haven’t gotten an eviction notice yet?! Can anyone explain that? A realtor from the bank was at the house the day after auction but no word since.

10. 

    shadash on February 9, 2010 at 10:16 am

    Suzie, and Erin,

    The Mortgage Deadbeat also gets 2-5k from the bank just to move out and not destroy the place. (if the bank ever forecloses)

    Don’t forget that in your calculations.

11. 

    steelernation on February 10, 2010 at 12:46 pm

    dont forget…….. KARMA
    as what goes around comes around