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Walk Away or Keep Paying?


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2009 May 20, 7:10am   20,174 views  71 comments

by Patrick   ➕follow (55)   💰tip   ignore  

Patrick
Please give me your opinion of what you would do. We sold our first home we bought and purchased a newer home in March of 2006. We paid $595,000, it appraised at $618,000. Its a modest home, 3 bed, 2 bath 1745 sq feet. We put $190,000 down and financed $400,000 at a 5/1 arm at 6% on a 30 year note. We wanted to make sure we wanted to stay after our son finish high school. We had no grand illusion that our house would ever be worth a million dollars, but we also had no idea that the market would totally fall apart around us. Last month we wanted to refinance to a 4.6% fixed 30 year loan because we wanted to pay down some principle in order to see some return on our investment and to also lower out rate. Well as you know, us responsible people are, well, screwed. Our appraisal came back at $260,000! We owe $400,000 on our home, not to mention property taxes, maintenance and insurance. My bank e-mailed me twice and said not to worry, we will work something out. Well, here we are almost 2 months later and nothing. They will not help me, they don't even call me nor return my e-mails. I called and they told me NONE of the Obama programs are designed to help me, just keep paying my mortgage. I pay $2000 a month interest only, I refuse to pay principal on a home in negative equity.

My wife wants to walk, foreclose. Short sales in our area are sitting on the market sometimes for a year! We both have 800 plus credit, make almost $100,000 a year, have a son starting college next year, never been late on any payments. We have lost $330,000 so far between are our payment and the lost value together, not to mention the $24,000 a year in interest we pay a year plus $5000 a year in property taxes. Now, if I was make headway, I would not mind, but I feel I am throwing my money into a black hole with no end in sight. Do I foreclose and walk and start over in a few years and take a credit hit? OR do I wait and hope my home regains its value even up to the current loan value? If I rent for $2000 a month, I am giving someone else my money, but I will save on property taxes and maintenance. I have been at a loss. I don't know what to do. Some friends and family say walk, a few say don't foreclose, the market will bounce back. I have little faith my home will ever be worth $400,000 again, much less than $500,000. It may take 6,8 or 10 years! What, in your opinion would you do in my situation? Please help. I respect your opinions on your website. Nobody wants to help us. Not even my own bank!

Thanks
John

#housing

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1   Patrick   2009 May 20, 7:11am  

Hi John,
sorry about the hard situation. I have heard of people like you actually buying a similar house nearby for a very low price, and then walking away from the old high mortgage. Credit trashed, but if you're in the new place long enough, you win. Your debt decreases from $400K down to $260K less downpayment. Same schools, etc.

Still, I'd talk to a lawyer first to make sure that no part of your mortgage is "recourse" meaning that they could go after assets other than the house. I heard that when people refinance, they often bury a "recourse" provision in there, so it's possible you have something like that hidden in the paperwork.

Of course the bank wants you to be their debt-slave, and the US government seems run entirely by and for banks lately. So I'd be surprised if they actually help you any more than necessary to prevent you from walking. But if you walk, they do lose, so you have that card.

2   sa   2009 May 20, 7:48am  

Like they say "money is made or lost when you purchase the house". I feel sorry about the amount of $ lost. One thing I would do is to look at actual sales in last 3 months. If 260K seems about right, I would have to walk away. I don't really care about credit score crap.

If you had the 140K in savings, you could actually own 55-60% of the house. You could easily be able to buy with that much down-payment again.

3   Jay   2009 May 20, 9:23am  

While this is a tough personal decision, there is a company that can help if you decide to walk away. Please check out www.youwalkaway.com.

4   empty houses   2009 May 20, 10:32am  

Buy another house and then walk away from the one you are in. I know someone that did that with success. And later you will have bad credit but so what? 7 years later it will be off the books.

5   EgoRidge   2009 May 20, 2:21pm  

Don't walk, RUN!!! We are looking at the THE major housing correction of a lifetime. Admit your mistake and move forward. While you may not like this answer, the best choice is to leave the socialist state of California. Remember these are the United States and you are free to be in the same country yet go to a reasonably priced state. Which state is best. TEXAS! I sold my properties in CA 3 years ago and last year and now own my own home free and clear in a state that isn't bankrupt.

6   EgoRidge   2009 May 20, 2:24pm  

Oh, I forgot to mention we don't pay state income taxes in Texas and we get better services for the taxes we do pay.

7   cc0   2009 May 20, 2:44pm  

Here's my line of thinking: Combined, you're making close to $200k; assume 50% taxes and your take-home is $100k/yr. Comparable houses are going for around $260k, and falling. With significant belt-tightening (and stable jobs), you could rebuy your existing house in about 3 years and pay for it in cash. Since you claim to be responsible, I'm assuming you have little to no other debt.

So the first thing to do to save some cash is to stop paying. Mortgage, taxes, everything. They'll start the foreclosure process, eventually, and with some deft negotiating you could convince the bank that you're doing them a favor because you're still mowing the yard and keeping up the place. When the foreclosure process gets along its way, seek out a government backed adjustment. Whatever it takes to stop the foreclosure.

If the process can be halted, continue to not pay. Then the foreclosure process will have to start anew. You probably won't be able to get away with that again, so maybe you can make occasional payments to hold it off. You want to stall, but continue to pay as little as possible.

When the place finally does go to auction, show up and bid against the lender up to whatever you can pay in cash. If you get the house, you win. If not, the bank gets to pay lots of stamp fees. Ignore any mortgages other than the primary. Completing this whole foreclosure/auction process is likely to close to a year; I'd guess even close to 2 if you can get the first foreclosure delayed.

So even if you lost the auction phase, you can still stay in the house until the sheriff shows up. This would be a good time to get a rental lined up however. If you have enough cash to buy another house outright, that may be your first option. If not, a one year lease could still be a good time to build cash. (Do be responsible enough to pay your landlord, though.) Or if that's too much commitment you could move into a hotel for a couple months. $2000/mo is like $70/day. I'm sure you can find an inexpensive hotel for ~$100/night and get free cable, water, electricity, and maid service to boot.

So you will pay for this over time with higher credit card and loan rates; assuming the government doesn't declare some sort of credit rating amnesty. Ideally you'd structure this so that only one of you takes the brunt of the credit score hit, but you've learned not to carry debt by now, right? And as for your son, he can carry his own loans and earn his own scholarships and perhaps learn the value of money. That's a win-win, too.

8   Curt   2009 May 20, 4:31pm  

What you do is honor the contract you signed. Your combined income clearly covers the monthly payments. You knew (or should have known) the risk you were taking. In the short and medium term, you will indeed be underwater. Longer term, you'll be above. As you say, it may take 6-10 years.

Again, just to be clear, yours is not a hardship case. You CAN afford to make the payment. You're just looking to renege on a bet gone sour.

Frankly, I'm dismayed by the advice given by the others. I only hope that yours is a recourse loan.

9   hc167   2009 May 20, 5:34pm  

I would not walk away. I would think of sucking as much money as possible. since you have good credit. I would one of the following two things. First, I will live without paying any mortgage. until they kill me out, which, I think they will not do that within a year. and since your income is high, you should consider invest in foreign market because I think US dollar will collapse. Second thing I will do is suffer a little by renting a small apartment to live with cheap rent. and the current house, I would rent it to someone, then you can make some money with the rent different. and for the time being, I would stop paying the mortgage. Who care the credit score? I have no house because I saw that housing crash back in 2004-2005. but right now, I do plan to get as much money as possible from my credit card (since I have good credit then therefore credit offer me 1% interest rate by writing a check to myself) and by gold.

10   nubbers   2009 May 20, 5:35pm  

I destroyed my life by paying off a huge level of negative equity in the last crash in the UK. I could not move, I could not afford to go on holidays, I could not advance my career, I had to just keep working to service the debt.

It was a stupid purchase in the first place (as was mine), but if you play this straight, you will get screwed, because you will also be paying for everyone else.

11   Austinhousingbubble   2009 May 20, 5:45pm  

Wondering if EgoRidge moved to Austin with his/her equity? There seems to have been a rash of people from SF and LA who moved here with their bubble equities, driving the prices up treble what they were five years ago. Of course, that means that Austin and even Houston are currently experiencing a very real housing bubble all their own. Even a cursory glance at Zillow charts reflect this, though Texas has a neat little non-disclosure feature, which disallows sites like Zillow to list sale dates/closing prices - a none too subtle attempt to keep would-be buyers in the dark. I predict you will be reading about Texas a lot in the next five years.

As for the original post: the temptation among the prudent is to say suck it up. That said, anyone who tells you to stay over the barrel is likely either a banker or a sadist. You screwed up, and in your willful ignorance and haste, helped perpetuate a screwed-up system. Think with your head, and not with your heart. And since when in the hell do you have to pay 2G a month in rent? What is wrong with people??

12   BigDragon   2009 May 20, 10:08pm  

John, you CAN afford your mortgage. You just don't want to pay it. Stop eating out so much, buying those new cars, and putting granite or stainless steel on everything. I'm with Curt on this one. I hope your loan is recourse and the bank comes after you if you stop paying and walk away. The responsible thing to do would be to recognize your bet didn't work out and to stop spending. You spent a ton of money and still got an ARM. With the way your region was exploding in price, I'm convinced you got into this mess expecting the house to double in value by now rather than the reverse. You were not responsible. You didn't do your homework, got burned, and now you want the rest of us to be burdened by the cost of cleaning up after this mess.

Thanks a bunch for making my credit card rates go up, making it harder for me to buy a place to live, increasing fees for just about everything (particularly credit), and stealing (when you walk away) my taxpayer money which really should go to the crumbling roads around here. While it is financially prudent to delay foreclosure and walk away in your case, I can't help but display anger at yet another person I'm being asked to pay for via higher taxes, fees, and rates. Yeah, thanks a bunch.

13   commonsense   2009 May 20, 11:20pm  

I agree 110% with the poster BigDragon. HOW could anyone think that an average house under 2000sq. ft (and I do not give a damn where it is located) was truly and honestly worth over A HALF A MILLION DOLLARS? Are you kidding me? It is just insane to me that entire notion. I watched this crap creep up around the country over the past seven years but I kept renting and watching everyone else through this the entire fiasco. I paid down credit cards, and saved money while the public went hog-wild. What astonishes me is that you say had nearly 200K in cash? Moreover, you went and put it all down on that? COME ON. I have one question - what the hell were you thinking? I could have bought at any time during this lunacy (and I have pristine credit and 20plus percentage down) but I did not. I knew with clear common sense that the pricing was entirely not real and it would wind up being a complete nightmare. It was NEVER real to me, so trust me I do NOT plan to pay for those of you who bought into this mess as you have outlined. I am as upset with the situation as anyone is because personal responsibility is just that.

14   cc0   2009 May 20, 11:25pm  

For the people arguing to suck it up, I appreciate your integrity. I too would love to see people pay for their mistakes. I even think it's a fine idea for government to help people stay in houses they paid too much for -- as long as they act merely as a mortgage rate renegotiator. That is, turning these ridiculous ARMs into 40 year fixed rate loans or whatever else it takes when banks flat out refuse to renegotiate directly.

However, individual responsibility is at work on both ends and the banksters need to be held responsible for being a bunch of greedy jacakasses as well. Yes, the flip this house crowd were stupid but the banksters even more so. The problem is the securitization markets that allow slice-n-dice bonds and then rate them AAA. The problem is the government bailouts.

I know I'm preaching to the choir here, but the people making the stupid bets are the ones who need take the hits. Walking away from a house you're underwater in doesn't do that. Getting a 40 year loan does - but it's also going to be so blatantly obvious that this makes no sense that fewer and fewer people are going to pursue it. Look at the poster here: they're STILL WILLING to pay $400k for a $250k house, but now the bank won't give them the loan. THIS MAKES NO SENSE FOR EITHER PARTY.

The only logical action is to walk away. The only just recourse is that the bank fail. All the bank has to do is change it's terms and this person is happy. Both sides win. But unless some regulatory agency intervenes, what happens next is completely obvious and inescapable: the loan resets, payments become a heavier burden, the house next door can be had for less than half the current payment, both sides lose but the bank gets to beg for bailout cash.

END THE BAILOUTS. HOLD THE BANKSTERS ACCOUNTABLE TOO. This era of funny money games needs to end and to do so quickly.

15   Zeppelin   2009 May 20, 11:30pm  

Although I agree that this Home Debtor is in a Bad Situation, I am not feeling too sympathetic.
Two Years Ago, he made the decision to purchase this home.
At that time, he obviously felt the price was going to continue to increase in value.
The fact that he put down $190,000 tells me he was comfortable with the $595,000 price tag.
I have been renting, because I felt buying a home was not affordable, even though my salary was just above the Median Salary of $46,000
I was confused, wondering how everyone was buying these $375,000 - $500,000 homes if the average Salary is only $46,000
It was "Responsible" people like this person, who contributed to Housing Bubble.
Question: If you read absolutely nothing about Housing Prices, would you still have purchased the home for $595,000 based on your Salary?
If the answer is "NO" then you shouldn't have bought this place.
If the answer was "Yes", then you obviously felt "Good" about allocating your Salary towards the Purchase of this home and should "Suck it up".
YOU helped drive the prices up, be Responsible!!!!

16   ex-realestateagent   2009 May 21, 12:09am  

I suggest you purchase an e-book by George Ure of www.urbansurvival.com called HOW TO LIVE ON $10,000 A YEAR OR LESS. The website is: http://www.liveontenthousand.com/

I say that because he has excellent street smart advice on your situation. I'd give it an A+. It is only $10.00.

Housing is still overpriced, way over priced. All you are doing is throwing good money into a rat hole. The banks have made their money with the lending and paper fees and sold your loan.
Your loan has been bundled and sold many times.

Gather up all the information you can about the current state of the economy, the bail-out bubble, etc. Read, read, read.

Your home will never be worth what it is now because the wages of families are going down, not up.

I personally would walk and follow the advice George gives in his little priceless e-book.

17   BigDragon   2009 May 21, 12:29am  

Ccurtis, I focused on John in my last post because this article was about his mortgage woes. I agree with you about holding the bankers accountable too. Unfortunately the bankers have de facto immunity by being "too big to fail". The way capitalism was supposed to work was that debtors face recourse and bankers face failure. In the face of real consequences both parties must bend and find a solution. Nobody has any incentive to work together when it's so easy to walk away and bailout funds and social programs sit at the ready. Regular people like me are the ones left cleaning up after the mess, again.

The fact that John and some lender set up an ARM when there was a 30% down payment just boggles my mind. The only excuse for doing that at such a high dollar figure is because you expect to make a quick buck before the rate resets. Given how fast that area was increasing in value I'm convinced that's what they both wanted. They both got burned. I can't help but get irritated at John for wanting to walk away, but I am likewise angry at his lender for making such a dangerous loan. They both made bad bets. They should both face consequences. They both have made it harder for me to buy a property by artificially inflating values and limiting the supply of properties that can sell at real market value. Unfortunately, he'll probably walk away (which is the best option) and his bank will siphon even more taxpayer money. Very frustrating. Even more frustrating when letters start showing up in my mailbox telling me of rate and fee increases because of "market conditions" caused by bankers and people like John instead of my financial history.

You never learn not to touch the stove if you don't get burnt.

18   DinOR   2009 May 21, 12:46am  

ex-realestateagent,

( How endearing? ) Nice plug but the good folks here at Patrick.net have the art of frugal living down to a fine science. We appreciate your concern.

Hey, any of you guys remember a true PITA that used to post here as Rick Schmendrickus, or Rick of Schmend etc? I went through the blog search and evidently I've no idea how to make it work. Just curious if any one can access the archives to find some of those "golden" posts? TIA.

19   anonymous   2009 May 21, 1:48am  

DinOR, you're right, a search for Schmendrick turns up nothing, but there was a "Schmend Rick" and some of his comments are here:

http://patrick.net/wp/?p=408#comment-362759

Weird, because I remember a Schmendrick who was a more prolific writer.

20   sfbubblebuyer   2009 May 21, 1:48am  

If you can buy the same house for less than you owe on your current house and have the ability to do so, I'd say go for it. Buy the new house, move, and mail the keys to the bank.

21   jonmaddux   2009 May 21, 1:52am  

John,

Sorry to hear about your situation. The drop from your appraisal peak of $618,000 to $260,000 is a 58% decline! What's even more scary is that in order to get your value of 618,000 back, it would take a total of more than 137% appreciation. If values were to start going up at 5-7% annual appreciation, it would take you almost 20 YEARS to get your value back. A foreclosure is gone off your credit in just over 7 years. FHA will allow you to buy a new home with little down after 3 years. I talk about this more here at http://blog.youwalkaway.com/?p=192

Good luck to you John. The decision is ultimately yours, but that kind of decline would make my decision to walk pretty obvious.

22   pbs   2009 May 21, 2:03am  

You took a dumb decision to buy at that time.
Now you have 2 option
1. You may take a smart decision to walk away
2. You may take a dumb decision to keep paying

previously you took a dumb decision and others with vested interest encourged you.
Do you want to take another dumb decision with encouragement from same people or do you want to take a smart decision.
Choice is definitely yours.
- PBS

23   anonymous   2009 May 21, 2:18am  

DinOR, you can find all of Shmendrick's 564 comments like this:

http://patrick.net/wp/wp-admin/edit-comments.php?s=shmend&submit=Search&mode=view

Sorry the regular search box searches only posts and not comments. I'll have to fix that.

24   moonlit66   2009 May 21, 2:31am  

This whole thing is a scam NOONE owns anything the banks do. Lets see how long you would be able to live in your "own " home if you didn't pay the property tax...not long! We are ALL renters no matter what any of you may think or say. I say walk your just wasting your money and time being a slave to this house and that totally sucks!!!

25   DinOR   2009 May 21, 3:18am  

Patrick,

Oh thank you so much! And no need to jump through any hoops whatsoever, it really is a one time request. Again, thanks.

26   Billiam   2009 May 21, 3:55am  

Here's the problem I have. I this person buys the REO down the street for $260k and then walks away, they are competing against other buyers.

The market needs to fall further, but just as during the bubble some people will gladly over-pay for a house. $260k is still over paying. So these folks again are aiding the banks at keeping RE over-priced.

I think if they are going to walk away then they should go rent for 7 years. Spend that time thinking about making a sensible purchase next time around, not one that impoverishes others and enriches banks.

They should have to take a basic economics course and learn about tulips, before being able to put an offer in on another home. I want truly affordable housing, prices that will leave enough money left over to drive consumer spending and lift us out of this depression. Bubble types had free reign and they ran up prices to absurd levels and pretty much wrecked our entire economy. We should look at keeping them from making grown-up decisions for a while.

27   djoka.panama   2009 May 21, 4:07am  

Hmmm... what is wrong with all of you moralizers?
Of course, John should walk away - and sleep like a baby.
Talking about integrity when all of you made bets buying houses, and now depend on people not walking away in order to cash in your gains, no matter how much smaller they have gotten to be ... give me a break.
We live in a country where bank CEOs can deliberately run the economy into the ground, and then walk away with hundreds of millions, and no prosecution. And John is supposed to suck it up? Why?
John should do what is in his best interest, as long as it is legal. The bank was stupid enough to lend him too much money for such a crappy house. Too bad for them. I should really feel sorry for Angelo Mozillo likes who pumped and dumped, and now live nice lives inside their country clubs. You have to make a choice - either we will regulate everything, and codify our morals into the laws... or we will continue to live in the wild West society.

28   EgoRidge   2009 May 21, 4:52am  

Austin Housing Bubble? There isn't a housing bubble here. This is just a normal real estate cycle in Austin. Prices are off in the 5%-10% range. Bubbles are blow offs of 30% or greater.

Seriously, a decent house here goes for 200K. Not much downside at all.

29   ayoung329   2009 May 21, 5:17am  

"Don't go away mad, baby, just go away"

30   wazzup   2009 May 21, 7:01am  

You looked at your home purchase as an "investment" and lost. To bad...So sad...Now man up and pay your bet!!!

31   pnichols   2009 May 21, 7:06am  

You should be ashamed of your self for even asking what to do. If you had the cash and bought the house outright there would be no question as to what to do. You should not blame the bank for the current value of the house. You went to the bank for a loan, the bank approved your loan and now you have a responsibility of paying that loan back. The property and its current value have nothing to do with it. People are losing their jobs and as a result losing their homes all around us and you are whining because you think you should what? If the house was to jump to $1 Million dollars in value instead of going down do you think the bank would be able to adjust the terms. No This is the decision you made. Do what I did. Find a way to turn this economy around in your favor. If your house looked good at $650.00 then it probably looks better at $250.00. Buy a foreclosure in your neighborhood and watch how thing start turning around. Rent one or both of your houses even if for a loss for a couple of years. Focus your money into paying off all your debts. Pay your mortgage off early. There is your real power. I own 3 houses and am paying a mortgage on a 4th that I just bough this year. The money that the 3 bring in as rent combined with my salary is going to pay this back in 5 to 7 years. Things may look bad now but that is going to change. When we look back at all this in 7 years we are going to be saying boy I wish I did this instead of that when I had the chance.

32   ayoung329   2009 May 21, 7:41am  

"Watch how thing start turning around?" Dude, really? Please tell me the forces that will come about to buy up all this excess inventory. Is it going to be credit based? Come off it, man. "Focus your money into paying off all your debts. Pay your mortgage off early" Really?! Why do any of this when deflation will be grinding away the value of the underlying assets. Walk away, file bankruptcy, and in 7 years you will be better off.

33   living_within_means   2009 May 21, 8:24am  

Curt and BigDragon are right. I'm surprised at what Patrick suggested, actually.

Consider this: If you stay in your overpriced home, which you apparently can continue to afford, then you will keep your 800+ credit rating. Yeah, it arguably doesn't mean much, but you gotta ask yourself what kind of person you are. Are you a punk, willing to f*ck whomever and game the system in order to have your cake and eat it too, or are you a stand-up citizen with a spine, willing to admit your own greed and pay for your own damned mistake?

34   EgoRidge   2009 May 21, 8:29am  

Wake up Y'all. California is bankrupt! Real Estate is over priced from 25 years of over appreciation. More people are leaving for a better lifestyle elsewhere.

We are looking at the reaction to many years of mass migration as though California is the promised land. Boom and Bust. History repeats itself.

I must say John is one anashamed loser. He's working his tail off to see how much he can lose. He's mentally paralyzed like all the rest of CA property owners who are watching gains from decades disappear in a few years.

As they say, EASY COME, EASY GO

35   empty houses   2009 May 21, 8:48am  

EgoRidge,
All I can say is you are right on the money. This place is done, stick a fork in it. I still like the weather here and the ocean but it's an economic mess that will be that way for at least the next 10 years.

36   sfbubblebuyer   2009 May 21, 9:14am  

California is non-recourse. That means that the legal agreement John made was to A) Pay off the loan. B) Given them the house.

There is nothing morally reprehensible about option B. It's perfectly legal and entered into by mutual agreement. Ff the bank didn't want to possibly wind up with B, they shouldn't have loaned him the money. John is following the contract that he and the Bank agreed to. If you get a fixed rate loan at 8% and the rates drop down to 4%, the bank doesn't 'do the right thing' and adjust your rate down. You agreed to 8%.

The only thing that annoys me is that Bush cut the forgiven debt tax out for people like this. That is the price you're supposed to pay. Tax on the forgiven debt and a bad credit report. Lucky John, he can get away with only a credit report ding.

37   justme   2009 May 21, 9:15am  

Billiam,

>>Here’s the problem I have. I this person buys the REO down the street for $260k and then walks away, they are competing against other buyers.

True, but as long as the original house is kept off the foreclosure market, then there is less supply of foreclosures as well.

38   Egotonic   2009 May 21, 9:48am  

I really enjoy Patric.net for its housing market information. However, a disturbing trend is evident in these comments. With only a few exceptions, people are sliding down a very slippery moral slope.

Walking away from a legal and lawful arrangement such as a mortgage is the same as cheating, stealing from someone, etc. Furthermore, taking a position that others do it (or perhaps others, such as the bankers, get away with their bad behavior), tips that slope and sinks down into the bog of moral toxicity.

In all these comments I read between the lines the ego-driven statement that landed us all in this mess: "I am above everyone else, and I want mine (who cares about anyone else)." So, if someone else does something egregious, you can justify your own behavior.

Criminals frequently justify their behavior through downward comparisons of even worse behaviors. "At least I didn't kill him," or, "everyone is stealing from you- just look at the crooks on Wall St.; I only take what I need."

Think of the bigger picture here. Think beyond yourselves.

39   marhlfld   2009 May 21, 11:01am  

Sorry about your situation. My opinion, walk, no, RUN AWAY from it... the sooner the better. The market is not going to recover, now or ever. It is experiencing a favorable upswing now, but it isn't going to last. Go rent, pay off all your credit cards and get rid of any auto loans. This country is going down just like Argentina and many other countries of recent history. God is withdrawing his hand of protection. The stench of sin in this country has reached the throne room. He's going to allow a great tribulation to come over this country. The only way out of this coming tribulation, is for every man, woman and child to get on their knees and repent. Since that isn't gonna happen, you had better get prepared. Get out of debt NOW! There isn't much time left. Don't worry about your credit history... it will be history anyway. One last suggestion: You and yours might seriously consider repentance also. We have all sinned and fallen short of the Glory of God. Don't wait until things get really bad, because God has given you grace to repent and you haven't, there will come a time when he's not going to offer it again.

40   WD   2009 May 21, 12:05pm  

Did you return your 401K to your broker when it failed to achieve your expectations? Do you cease making payments to the bank which loaned you the funds to buy your car when it dissappoints you? Do you steal from merchants when you feel their price is excessive? Would you have returned *any* selling windfalls to your mortgage lender?

Dear poor "injured" man. Before this hellride is over - you and people like you will be paying off your deeds with interest. KARMA. This is the curse of reality.

And get this: EVERYONE will know what you are. Clarity is coming.

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