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My 25 year old niece had $10,000 of outstanding credit card debt. Recently, she told the bank she couldn't pay. She is not unemployed so the 'hardship' is all relative. Nevertheless, the bank offered her a concession which she refused. They offered another concession, she refused again. Finally, they told her if she paid $150/month for 2 years (total of only $3600 with no interest), they would call it paid in full! She accepted in a heartbeat. It is less than a month later, and she celebrated her good fortune by going on a cruise to Hawaii.
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A friend owns a small manufacturing co. He tells me of one of his female employees who was saddled with a $450,000 home she purchased almost five years ago with no down pmt. One year after her purchase she pulled $75,000 home equity and purchased 'fun stuff' including a boat. She recently walked away from the house (now saddled with $525K mortgage), purchased a new house for $200,000 (in her sister's name) and kept all the goodies purchased from the home equity withdrawal. With the much lower mortgage payment she just bought a new car.
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Almost everyone in my "survey" is aware of, or knows someone living rent free in their home for an extended period of time, having stopped paying their mortgage. Many of these free boarders are spending lavishly on non-essentials. My hard-working part-time assistant knows two different 35+ yr olds who have enjoyed over 9 months (one is up to month eleven) of rent-free living in very nice homes they purchased in 2004/2005! Both are employed and both enjoy a non-frugal lifestyle. My assistant wonders if he should do the same or have me pay him more so that he too can enjoy the 'good life'.
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My sister is a nurse with 25+ years on the job. She told me of a young couple that she is good friends with that both work at her hospital making a decent joint income. They didn't like the fact that they grossly overpaid for their 3000 sq ft home in 2006. They stopped making hefty monthly payments six months ago and haven't yet been contacted by the bank. They have decided to wait until contacted and then walk away. In the meantime, they just returned from NYC from a week vacation in the Big Apple.
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My brother-in-law wanted to know if he should stop making payments on everything. He lives in Virginia and his carpentry skills are not as marketable as they were in the height of the boom. He and his wife's best friend have lived close-by for many years. For the past 13 months since they strategically decided to stop paying their mortgage, they had yet to be contacted by their bank. Not even one letter! My brother-in-law doesn't understand how they get to pocket the mortgage and spend carefree, including a 10-day Caribbean vacation.

Load up on guns
Bring your friends
It's fun to lose and to pretend

CID1990 wrote:My Doomsday Clock says in about 25 years it will be time to hole up on my compound in NC and defend against all these idiots who will have to steal just to avoid starvation. I am already compiling a list of those of you who are allowed to come join me on what will be 650 acres of defensible paradise and self-sufficiency.

All the conks.

D1B and his bruh.
Cleets
Houndawg
Klean
Wedgie

more to come...

BlueHen86 wrote:

CID1990 wrote:My Doomsday Clock says in about 25 years it will be time to hole up on my compound in NC and defend against all these idiots who will have to steal just to avoid starvation. I am already compiling a list of those of you who are allowed to come join me on what will be 650 acres of defensible paradise and self-sufficiency.

All the conks.

D1B and his bruh.
Cleets
Houndawg
Klean
Wedgie

more to come...

Yes, and you can bring SK, Travis and Jon with you.

Can I be on your list? You know you love me.

CID1990 wrote:My Doomsday Clock says in about 25 years it will be time to hole up on my compound in NC and defend against all these idiots who will have to steal just to avoid starvation. I am already compiling a list of those of you who are allowed to come join me on what will be 650 acres of defensible paradise and self-sufficiency.

All the conks.

D1B and his bruh.
Cleets
Houndawg
Klean
Wedgie

more to come...

Col Hogan wrote:Reading these stories physically sickens me...I have never missed paying a bill...I can't sell my current house because I purchased it in 2004 and the market just tanked as everyone know...but I can afford my payments, so I continue to pay it off...

houndawg wrote:

Col Hogan wrote:Reading these stories physically sickens me...I have never missed paying a bill...I can't sell my current house because I purchased it in 2004 and the market just tanked as everyone know...but I can afford my payments, so I continue to pay it off...

....and if you sit tight you'll be just fine.

houndawg wrote:

Col Hogan wrote:Reading these stories physically sickens me...I have never missed paying a bill...I can't sell my current house because I purchased it in 2004 and the market just tanked as everyone know...but I can afford my payments, so I continue to pay it off...

....and if you sit tight you'll be just fine.

Col Hogan wrote:

houndawg wrote:
....and if you sit tight you'll be just fine.

I believe that, my friend...what worries me is the continued pressure these deadbeats put on the economy...they are greedy, wanting to spend but not pay for what they spend...

Radio stations in this area are running ads for services that will help people eliminate over $10K in debt without having to pay...it's called "Bailout for Main Street"...the ad tells them this program can help them to simply walk away from debt, but keep everything they purchased to create the debt...

You and I know its B.S., but more and more people are believing this is possible, so they are wracking up debt then walking away...

The economy can take only so much of this, then we're in deep kimchi...we my be there now and just don't realize it yet..