For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life ”” something they did not want but are in no hurry to get out of.
Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.
“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.”
A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero. They use the money they save to get back on their feet or just get by.
“Just getting by in America”……going to Outback, taking the gas-guzzling Airboat out, hitting the Hard Rock Casino.
Sure, as long as the Federal Government can steal my money in order to support your, “just getting by”.
So glad I could help you out (NOT)!
Fascinating. The last person mentioned in the article says that he told his lender that he could only pay half his mortgage payment. But his current plan is to pay none of his mortgage payment.
Several of the persons mentioned are in business for themselves (as am I). If they can’t make enough at their businesses to pay their bills, including their home mortgage, they probably ought to be working for someone else who can do a better job of managing and leveraging their talents in a way consistent with producing a living wage. As it is, these defaulting mortgagors are using their home lender to subsidize their failing businesses. These people may not have as much a problem with their mortgages as they do a problem with their underperforming business.
In any event, if I was one of their business suppliers, I would definitely put them on COD. They seem to have a casual attitude toward their obligations.
Holmes said, “the law is written for the bad man” (on the theory that the good man does not have to be compelled to do the right thing). We seem to have “bad men” in spades in our society. Perhaps that’s why we have so many laws…and lawyers
The fallout from this is going to effect people like hubby and me who are struggling to pay our mortgages (we have two) and are in the process of requesting a modification on our first mortgage.
Every month I have mild panic attacks trying to juggle the bill paying with mortgage being a priority. Even when I have to split the payments. When hubby’s UE runs out in July and if we don’t get a modification we will be sunk.
The only good news is that our house value is so much lower than the money owed that the bank would never regain their money if they foreclosed. So it makes better sense for them to work with us and have us paying them even if is less than the regular amount.
If you are (struggling to) paying the mortgage their is no incentive for Banks to work with you, and generally they won’t.
I find it funny that the article said that his business was “recovering” but no mention as to whether Bank was seeing any of the benefits of this recovery, I’m guessing not. Its like some kind of perverse “equity” scheme.
Also, the self-serving rationalization of not paying by deciding that the all the Banks are “crooks”.
4. The mortgage gets paid. And the loss of market value around here means the bank is a lot less likely to recieve the amount we owe on the mortgage. So having us in place, paying makes more sense than having an empty property and not recouping their loan amount.
Sorry I posted to soon. But the point is that we are trying to work things out with the bank. We are not just ignoring our obligations. And people who do that when they truly could pay or find another place to live reflect badly on those of us who truly do want to find a solution that let’s the bank recieve their money and for us to stay in our home.
#3,5-6 Paula Loughlin
I am so sorry to hear of the problems, it must be very worrying indeed. Prayers for you and your family at this time. God is always faithful.
very good comments here:
http://corner.nationalreview.com/post/?q=MGY3ZWIzZGE3MmJiMGUyYTExNzAyMzM4Y2RkODViMjY=