I watched the news tonight. Big mistake. I have been repeating "Serenity Now, Serenity Now," or, as Frank Costanza advises, "Hoochie Momma!" It isn't working because my blood pressure must be in the stratosphere. There really is no telling what will set me off these days. The last time it was tipping. I bet you're wondering what it is this time. I'm glad you asked! Well, my friends, it's a practice called "Strategic Defaulting." Yes, that's right. A newly coined term to go along with the burst of the housing bubble. A justification for losers to walk away from their home loans, when they can pay. How...charming.
NBC featured a loser who explained that his (very nice) house in Florida was valued at $200,000+ when he purchased it, but now it is valued at $134,000. I will be the first to admit: that sucks! However, instead of making the best of it and paying, this guy has decided to walk away. Yep, he's defaulting on his loan. As he put it, why should he continue to pay his mortgage and cut back on the other things he enjoys, when his house just isn't worth it?
Is he serious? Why? He wants to know WHY???? I'll tell him why! Because it's the right thing to do! How many times have you inquired about a loan for something and been told that you could afford xxx amount, and you knew that was ridiculous? I haven't tried it lately, but back when I was buying a house it happened all the time. SURE, I thought. I could afford that IF I never spent a dime on anything else, but that was stupid. Hey, toots, ever heard of the saying, "Too good to be true?" Do you live in the real world? Are you going to need money in the future for home repairs, illnesses, car repairs, vacations, hell, even FOOD? That's what I thought! Did a banker hold a gun to your head and make you assume that mortgage? No, he did not. You made an agreement.
But, this shameless character isn't even saying that he can't pay, or that he was taken advantage of, or that he didn't know what he was getting into. He isn't one of the misled who assumed an adjustable rate mortgage and is now looking at a payment twice what it originally was. No, he's saying that he chooses not to pay. Yes, he knows that his credit will "suffer" for 7 years, and he will have to rent. He's okay with that. Well, you know what I say? I say that idiots like him hurt us all. I say that the people who faithfully make their payments and meet their obligations will end up paying for him and every other person who "strategically defaults" on a loan. We will pay in the form of higher interest rates and a bad economy. I say that he is a thief. I say that he is a dishonorable man. I say that his feet should be held to the fire; his wages should be garnished to pay that loan. He should be forced to keep his promise to pay. Would he hang in there and wait for the tide to turn if that were the case? Maybe. Maybe not. You know, some people have to be made to do the right thing, and some people never will, no matter what. But, isn't it worth a shot?
Well, I suppose I am finished with my rant. Good luck. I have a crappy house I cant rent to you. You loser.
Nice. Real nice.
