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Man, that would be pretty interesting if they did owe taxes.
A little off the subject, I know that the conventional wisdom is that the greedy banks conned people into these risky mortgages.
How come the people whom I know personally who were foreclosed were all basically clueless, greedy deadbeats with a bad attitude?
chip_designer
2011 Dec 12, 3:14am
So I take it that very few people are going to get hit with the "consequence hammer"?
you mean you?
toothfairy
2011 Dec 12, 6:18am
they may have bought the house to live in but I think you underestimate the number of people NOW who think they can just ditch the house they overpaid for and go buy the bigger house across the street.
Something like almost half the houses sold in 2007 were sold as investment properties or at least not to be owner occupied (some were vacation homes for example).
Hot off the press from the researchers with the Federal Reserve Bank of New York:
More than a third of all U.S. home mortgages granted in 2006 went to people who already owned at least one house, according to the report. In Arizona, California, Florida and Nevada, where average home prices more than doubled from 2000 to 2006, investors made up nearly half of all mortgage-backed purchases during the housing bubble. Buyers owning three or more properties represented the fastest-growing segment of homeowners during that time.
I, for one, am shocked. Shocked! I tell ya...
bmwman91
2011 Dec 13, 3:39am
So I take it that very few people are going to get hit with the "consequence hammer"?
you mean you?
I won't get hit with the C-Hammer since I have never held mortgage debt.
They probably weren't deadbeats, but they were certainly clueless and greedy. They are also big girls and boys who made their choices. Are you saying the "professionals" hunted these people down, dragged them into their offices, and held a gun to their heads? BS. People were camping out overnight to get the chance to put in down payments in places.
No one forced anyone to lie on their loan application or over commit to an arm loan that couldn't possibly be paid when the teaser rate expired because they would be able to flip at a big profit a year later. It's called gambling. Don't gamble with money you can't afford to lose.
Very true...especially in CA. The herd mentality was deafing to say the least from 1998- peak years. No matter how hard you tried to explain to the herd, RE do drop and drop big time.. it was ignored. Pure greed... and crazy irrational thinking fueled this bubble.
toothfairy
2012 May 26, 7:17am
oh yeah here comes the real consequence hammer.
http://www.youtube.com/embed/jOTQBl3eUs0&feature=player_embedded
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http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml
December 31st, 2012, the Mortgage Debt Relief Law expires. All of you deadbeats that walked away from your mortgage obligations will get your just due. Why do you think the banks have been stalling on foreclosing? They are waiting for the IRS to give you the shaft. Income over 100k is taxed at the 35% tax bracket. Housing peaked in California at a median average of 484k, now the median average is 244k. That's an 84k median tax bill that will be coming due in 2014, hope you saved all your pennies you dead beats.
#housing