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Originally posted by endisnighe
When you buy something, should you not own it?
Originally posted by Rockpuck
So.... to the people cheering this baffoon on ...
Why should this guy get to live in his house for free?
I agree the mortgage industry is FUBAR beyond belief.. and it's not fair that we should have to take out such massive loans to buy a house.. personally I don't think you should be allowed to finance more than 20% of your homes value at purchase.
But he took out his loan.
He defaulted for an extended period of time.
He looses his house.
If this guy gets to live in his house for free, why am I still paying my outrageously expensive Mortgage? I still pay mine, even when I'm working part time, odd jobs, or not at all .. because I'm responsible, and other people, be it a bank or not, should not be stuck with my bill because I want to be an ignorant lazy idiot.
No sympathy for this ass hat.
Originally posted by CookieMonster09
How is it wrong, exactly? I don't get it. Enlighten me.
Our entire economy is based on legal contracts. He signed a contract. He broke the contract. No one forced him to buy this house.
If the house is already foreclosed, then the borrower has had many, many months to make other arrangements by this point in time. At least 6 months - maybe longer. Some mortgages haven't been paid in 3 years or more, and the borrower is still living in the house!
Why didn't the borrower vacate the house, rent a cheap apartment, and rent the house out to pay for the mortgage payment?
Why didn't the borrower offer the bank a short sale?
Why didn't the borrower refinance the balance owed, and lower his payment? Interest rates are at record lows.
Why did he renege on his contractual obligation? He lost his job? So did thousands of other auto, construction, and steel workers. So what? He can't find another job to replace his income? Other auto workers have figured out a way to survive in this difficult economy.
I don't buy it. I am sorry he is losing his house. Stuff happens. Get over it.