Sunday, February 10, 2008

Perhaps it is my dark sense of humour, but Muhuhahahahaha!

Can't Pay Your Mortgage? Trash Your House And Leave

"We just estimated a trashout yesterday where we're going to have to drain the pool," one Fontana , CA resident posted on AgentsOnline.Net, a resource and idea site for realtors, "and the stench from it when you enter the backyard is overwhelming. Then, of course there are mosquitoes all over the top and it's been sitting so long without chemicals that it's green on top and murky black on the bottom. We've already had to refuse one pool because of its really creepy condition and I'm not so sure about this one either. [I] just hope we don't find the previous homeowner at the bottom when we drain it."

Posted by lvmreader @ 05:52 PM (766 views)
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6 thoughts on “Perhaps it is my dark sense of humour, but Muhuhahahahaha!

  • Goodness – home owners committing suicide when their house is up for repossession. Who’d a thunk it.

    What we need to see is more Estate Agents coming-a-cropper. That would cheer the nation up no end.

    Oh and to any estate agents reading this – Up Yours!

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  • little professor says:

    Rense really isn’t a reliable source – it’s a mecca for conspiracy theorists and nutjobs.

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  • Little Professor – I love that scientific analysis: Nutjobs.

    What is Fox News then?

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  • …And if you do that in this country, the mortgage lender will simply get some professionals in to fix the damage, then send you the bill for the repairs so that they can sell it to pay off the mortgage you took out on it. Exceptionally bad advice to anyone who’s already so in debt. As the man said, nutjobs.

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  • I think this article is bang on in one respect: US houseowners in negative equity might just walk away and let the bank clear up the mess. As I understand it, in some US states, if you give back the keys and leave, the banks can only damage your credit rating for seven years – there is no way to get the money back! (I’ve seen a documentary video about this on YouTube but cannot find it now. Sorry.)

    In the past, a mortgage would be held by the local bank so all the parties involved knew each other personally. In this situation, walking away is psychologically difficult because you are letting local people down and they all know it. Today mortgages are held by some unknown entity as a CDO or SIV or whatever. Who cares how a Wall Street yuppie feels if you walk away?

    It seems indisputable to me that mortgages should be held for their life by local banks that have a relationship with their customer. That way, the bank has a real incentive to lend responsibly and the scope for fraud and debt/money expansion is lowered.

    P.S. As for estate agents topping themselves in the pool: doesn’t that imply that they have a conscience?

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  • I’m with Little Professor on this one.

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