i don''t see anything wrong with housing price going down...

[purrfectpear]

Harriet, you''re right. Basically the system is set up now that encourages people to do what I am doing. There''s no downside, and plenty of upside. It''s a little crazy IMO.

 

[Harriet]

I'd just like to make it crystal clear that I'm not criticising you, but the system.

 

[zhuzhu]

Interest money people are getting on their bank accounts (mostly CD and saving) come from interest people pay back on their mortgages. So when people default on the mortgage loan, interest rate on saving accounts go down and that is one way defaulting the loan hurt others.

Foreclosures also bring down the value of homes in the same neighborhood. It is just the way home values work.

I am just typing out the facts without passing any judgment on your decision PP; I am sure every foreclosure situation is different.

 

[crown1]

Date: 2/26/2009 8:02:57 PM
Author: purrfectpear
I guess I have situational morals. If it wasn''t legal I wouldn''t be doing it. I didn''t even know it was an option until the media and the internet kept bleating about it. Once I researched it and realized there were no tax implications, no further credit hounding, just a one time hit to the report it made sense in my case. I have no need for credit. My car is paid for. If I need another I can pay cash. I don''t plan on purchasing another home since rents are only going down, and when I do buy I''ll probably pay cash or at least 75% cash for the next home.


I talked to my ultra, ultra conservative parents about it last summer expecting them to be horrifed and ready with a responsibility pitch. To my shock they said it made perfect sense to them. These are people who are so right wing Republican that they scare me

<BR

crown1 comments begin here--i did not begin my post in the proper place. i am sorry if this is hard to read!


banking and finance are not my strong suit but i am trying to understand just who is going to pay for what you walked away from. i understand how it is not worth it to you but if your bad loan is one of the things the tax payers are picking up it is kind of a bad decision for me and others.

i fit in that category who bought very reasonably a long time ago and paid it off a long time ago. we have lived very frugally and saved for retirement. we did not enjoy the benefit of the high life and walk away leaving what became a bad business decision for someone else to pay. i don''t mean to be harsh but isn''t someone going to be dealing with the fallout from your bad loan? since you are also a tax payer i guess you will bear some burden. i have read many posters here tell of the wonderful lives they have enjoyed in ca and how they could never leave it. i am happy for them but now someone has to pay the piper. we who did not ride the gravy train kind of wince when we hear of people making the bad decisions and then walking away.

you are pretty blunt in your posts on how you feel people should handle things and i think you would be looking at this differently if you were on the outside looking in. i know you did not enjoy doing this and i appreciate your hard place but telling us you have walked away and then how well you are set financially was a little too much information. crown1 comments end here






I''m just one of hundreds of thousands in California. You''re lost in the herd. Landlords could care less since I can give them any deposit they ask for. Cash talks.


Personally I think the non-recourse states probably should rewrite their rules. Since they didn''t I''m availing myself. The lender is getting back exactly what they asked for in collateral. Maybe they should have considered the bubble when they handpicked their appraisers

I imagine they knew a lot more about the housing market then I did. I actually didn''t know that houses could go backwards like that. I thought they''d plateau and I would cease appreciating. Now I know better. So do the lenders, huh.

 

[TravelingGal]

Date: 2/27/2009 12:20:24 AM
Author: purrfectpear
Beacon, Bush passed a bill that forgave tax consequences regardless of the difference between auction amount realized (if it sells at all) and loan amount owed. Nothing is taxable. If I remember correctly I think it holds for foreclosures through 2010. (edited to add, Harriet''s link says 2012)

DF, I''m not sure I know how to answer that. Firstly I don''t agree that ''others'' are having to pay for my mistake. I''m not taking any bailout money, I''m not resetting my loan at a lower amount. I''m taking the foreclosure on my credit report and believe me I''m not proud of the decision. If you think people should go ahead and pay their mortgages for the next 10-15 years in LA only to end up upside down after paying another $200K to $300K when they could rent for less than half that (and bank $100K to $150K), well that is their decision to make. Maybe that works for them. It doesn''t for me. The fact that a mortgage company is going to end up with exactly what they started out with doesn''t seem like such a bad thing to me? I didn''t decide what the condo was worth, their appraiser did. I didn''t lower the market value, and neither did foreclosures. The bubble burst because the values were not sustainable. A fact I didn''t realize then, but surely LA mortgagers knew? I don''t blame them, I''m not one of those people screaming predatory lendor. I figure they made a business decision they could live with. Now I''m making one that I can live with. How does the fact that my mortgage company will end up owning the condo they held as collateral that they deemed sufficient for a certain loan amount hurt you? Are you afraid that when you want a mortgage they are going to pass the loss on this condo on to you? I''m asking seriously. I can see how mass walk aways aren''t a good thing, but I guess I''m not getting the correlation to the people who have equity and are happy with their loans and their homes? How are you being hurt? Your property values are going down due to the crappy economy, layoffs, etc.

If mortgage holders wanted to protect themselves from this, all they had to do was lobby for different rules. There are plenty of recourse states in the US. I think it''s ironic that the very state where the most ridiculous loans were being passed out like candy to people who had no jobs, low paying jobs, and flat out liars, is one of the states where the loan companies greed is coming home to roost. My loan app was probably one of less than 20% that were honestly based on real income, with real downpayments.

No PP. (Using random numbers here), the mortgage company paid someone $333K for your condo. You walked out knowing you were screwing them of that money because there was no way they were going to make it back.

I do commend you for being your example up and discussing it, even though you probably knew there would be an onslaught of opinions. At least we are talking to someone who has done it and can learn from it. What we''re learning, I''m not quite sure though.

 

[DiamanteBlu]

Date: 2/27/2009 12:24:09 AM
Author: purrfectpear
Harriet, you''re right. Basically the system is set up now that encourages people to do what I am doing. There''s no downside, and plenty of upside. It''s a little crazy IMO.

Question: I have a faint recollection that, in the past, at least here in New England, if one "returned" a house to a lender and the lender was not able to sell the house for at least the amount of the outstanding loan then the lender could go after the lendee to collect the difference thereby being made whole with respect to the original loan. Is that no longer the case?

 

[purrfectpear]

No sweat. If I had a problem with what others might think, I wouldn''t have contributed it to the thread. I''m pretty sure the money in the bank will go a long way towards helping me deal with the shame

Large corporations and developers are defaulting left and right (Donald Trump anyone?). It''s a news blurb and people forget it. It''s only when a small individual makes the same bottom line decision that people raise their eyebrows a little. Big corporation says Stop the Bleeding = Good Decision. Little homeowner says Stop the Bleeding = Deadbeat

 

[purrfectpear]

Date: 2/27/2009 12:57:00 AM
Author: DiamanteBlu

Date: 2/27/2009 12:24:09 AM
Author: purrfectpear
Harriet, you''re right. Basically the system is set up now that encourages people to do what I am doing. There''s no downside, and plenty of upside. It''s a little crazy IMO.

Question: I have a faint recollection that, in the past, at least here in New England, if one ''returned'' a house to a lender and the lender was not able to sell the house for at least the amount of the outstanding loan then the lender could go after the lendee to collect the difference thereby being made whole with respect to the original loan. Is that no longer the case?

Depends on what state you live in.

Not in California. There is NO recourse against the mortgagee. Just the foreclosure on their record for 7 years. Since we''ll be in the RE dumps for at least that long, the net result is no impact. I come out with a few hundred thousand in savings and pay cash for the next home in 10 years, instead of paying on a mortgage for 40.

 

[TravelingGal]

Date: 2/27/2009 1:02:29 AM
Author: purrfectpear

Date: 2/27/2009 12:57:00 AM
Author: DiamanteBlu

Date: 2/27/2009 12:24:09 AM
Author: purrfectpear
Harriet, you''re right. Basically the system is set up now that encourages people to do what I am doing. There''s no downside, and plenty of upside. It''s a little crazy IMO.

Question: I have a faint recollection that, in the past, at least here in New England, if one ''returned'' a house to a lender and the lender was not able to sell the house for at least the amount of the outstanding loan then the lender could go after the lendee to collect the difference thereby being made whole with respect to the original loan. Is that no longer the case?

Depends on what state you live in.

Not in California. There is NO recourse against the mortgagee. Just the foreclosure on their record for 7 years. Since we''ll be in the RE dumps for at least that long, the net result is no impact. I come out with a few hundred thousand in savings and pay cash for the next home in 10 years, instead of paying on a mortgage for 40.

You got a 40 year mortgage?!?

 

[crown1]

Date: 2/27/2009 12:58:51 AM
Author: purrfectpear
No sweat. If I had a problem with what others might think, I wouldn't have contributed it to the thread. I'm pretty sure the money in the bank will go a long way towards helping me deal with the shame

Large corporations and developers are defaulting left and right (Donald Trump anyone?). It's a news blurb and people forget it. It's only when a small individual makes the same bottom line decision that people raise their eyebrows a little. Big corporation says Stop the Bleeding = Good Decision. Little homeowner says Stop the Bleeding = Deadbeat

i for one do not feel the way you have described. big or small you played you pay. i find your disregard for how anyone feels about your posts right in line with your decision it is all about what is best for you. there are plenty of people who are sweating and not bragging about how much they will have in the bank.

 

[zhuzhu]

Date: 2/27/2009 12:58:51 AM
Author: purrfectpear
I''m pretty sure the money in the bank will go a long way towards helping me deal with the shame

While I do hope that in the end everything turns out the way you hope for, since many of us reading here will end up paying for the loan you default on, it is prob not wise to make fun on the situation...

 

[Dancing Fire]

Date: 2/27/2009 12:20:24 AM
Author: purrfectpear

DF, I''m not sure I know how to answer that. Firstly I don''t agree that ''others'' are having to pay for my mistake. I''m not taking any bailout money, I''m not resetting my loan at a lower amount. I''m taking the foreclosure on my credit report and believe me I''m not proud of the decision. If you think people should go ahead and pay their mortgages for the next 10-15 years in LA only to end up upside down after paying another $200K to $300K when they could rent for less than half that (and bank $100K to $150K), well that is their decision to make. Maybe that works for them. It doesn''t for me. The fact that a mortgage company is going to end up with exactly what they started out with doesn''t seem like such a bad thing to me? I didn''t decide what the condo was worth, their appraiser did. I didn''t lower the market value, and neither did foreclosures. The bubble burst because the values were not sustainable. A fact I didn''t realize then, but surely LA mortgagers knew? I don''t blame them, I''m not one of those people screaming predatory lendor. I figure they made a business decision they could live with. Now I''m making one that I can live with. How does the fact that my mortgage company will end up owning the condo they held as collateral that they deemed sufficient for a certain loan amount hurt you? Are you afraid that when you want a mortgage they are going to pass the loss on this condo on to you? I''m asking seriously. I can see how mass walk aways aren''t a good thing, but I guess I''m not getting the correlation to the people who have equity and are happy with their loans and their homes? How are you being hurt? Your property values are going down due to the crappy economy, layoffs, etc.

no comments !

 

[purrfectpear]

Sadly yes. That''s what they were offering in Cali. Every broker and bank I spoke to was pushing the 40 year. I didn''t really care at the time, because I knew rates were going down. It was only when I started getting serious about a potential refi last year (low 4''s to 5''s) that I realized just how much things had depreciated. I was looking at throwing even more cash down the hole (I had it, just had to decide if it made good sense) or keeping the mortgage I had. Then the media started explaining how people in CA weren''t stuck with these upside down homes. At the time I also tried to put 10% down and the broker insisted it wasn''t necessary. Sorta glad I didn''t now.

 

[crown1]

Date: 2/27/2009 1:21:18 AM
Author: purrfectpear
Sadly yes. That''s what they were offering in Cali. Every broker and bank I spoke to was pushing the 40 year. I didn''t really care at the time, because I knew rates were going down. It was only when I started getting serious about a potential refi last year (low 4''s to 5''s) that I realized just how much things had depreciated. I was looking at throwing even more cash down the hole (I had it, just had to decide if it made good sense) or keeping the mortgage I had. Then the media started explaining how people in CA weren''t stuck with these upside down homes. At the time I also tried to put 10% down and the broker insisted it wasn''t necessary. Sorta glad I didn''t now.

do people over 40 really take 40 year loans?

 

[TravelingGal]

Date: 2/27/2009 1:21:18 AM
Author: purrfectpear
Sadly yes. That''s what they were offering in Cali. Every broker and bank I spoke to was pushing the 40 year. I didn''t really care at the time, because I knew rates were going down. It was only when I started getting serious about a potential refi last year (low 4''s to 5''s) that I realized just how much things had depreciated. I was looking at throwing even more cash down the hole (I had it, just had to decide if it made good sense) or keeping the mortgage I had. Then the media started explaining how people in CA weren''t stuck with these upside down homes. At the time I also tried to put 10% down and the broker insisted it wasn''t necessary. Sorta glad I didn''t now.

Yi! That''s nuts!!!

I don''t think it''s just the economy and layoffs that are affecting the price drops. They started to buckle in 2006. Yes, it started going faster downhill after August 2007 when the bank news started to really hit, but in reality, the bubble was going to burst because people bought homes they could not afford with screwy loans and little money down. If you had invested 20% in your house, you would have not walked away as easily.

Everyone is just walking away so fast, and all at once.

 

[TravelingGal]

Date: 2/27/2009 1:27:08 AM
Author: crown1

Date: 2/27/2009 1:21:18 AM
Author: purrfectpear
Sadly yes. That''s what they were offering in Cali. Every broker and bank I spoke to was pushing the 40 year. I didn''t really care at the time, because I knew rates were going down. It was only when I started getting serious about a potential refi last year (low 4''s to 5''s) that I realized just how much things had depreciated. I was looking at throwing even more cash down the hole (I had it, just had to decide if it made good sense) or keeping the mortgage I had. Then the media started explaining how people in CA weren''t stuck with these upside down homes. At the time I also tried to put 10% down and the broker insisted it wasn''t necessary. Sorta glad I didn''t now.

do people over 40 really take 40 year loans?

That was my thought. Banks are crazy.

 

[purrfectpear]

Date: 2/27/2009 1:19:36 AM
Author: zhuzhu

Date: 2/27/2009 12:58:51 AM
Author: purrfectpear
I''m pretty sure the money in the bank will go a long way towards helping me deal with the shame

While I do hope that in the end everything turns out the way you hope for, since many of us reading here will end up paying for the loan you default on, it is prob not wise to make fun on the situation...

I''m not making fun of it. I''m just owning up to it. You don''t hear a lot of that in the media. It''s more convenient to whine about the bad lendor who led you astray, the fine print you failed to read, the broker who told you to claim income you never had, etc.
I negotiate deals every day for my employer. I''m just treating my financial business with the same critical acumen that I use for them. You don''t throw good money after bad, especially if the reward outweighs the risk.

 

[crown1]

Date: 2/27/2009 1:29:10 AM
Author: TravelingGal

Date: 2/27/2009 1:27:08 AM

Author: crown1

Date: 2/27/2009 1:21:18 AM

Author: purrfectpear

Sadly yes. That''s what they were offering in Cali. Every broker and bank I spoke to was pushing the 40 year. I didn''t really care at the time, because I knew rates were going down. It was only when I started getting serious about a potential refi last year (low 4''s to 5''s) that I realized just how much things had depreciated. I was looking at throwing even more cash down the hole (I had it, just had to decide if it made good sense) or keeping the mortgage I had. Then the media started explaining how people in CA weren''t stuck with these upside down homes. At the time I also tried to put 10% down and the broker insisted it wasn''t necessary. Sorta glad I didn''t now.

do people over 40 really take 40 year loans?

That was my thought. Banks are crazy.

one may not know what the housing market or banks will do but we do know our age. most 80 year olds would not want a $2000. mortage payment.

 

[purrfectpear]

Had the RE bubble not burst, they were starting to talk about 50 year loans in the mortgage industry out here

Heck, they give out 10 year car loans

A little common sense would go a long way for these lenders who now feel put upon. I think it''s good that we''ll be back to 20% down, no more liar loans, proof of income, etc.

 

[crown1]

Date: 2/27/2009 1:39:56 AM
Author: purrfectpear
Had the RE bubble not burst, they were starting to talk about 50 year loans in the mortgage industry out here

Heck, they give out 10 year car loans

A little common sense would go a long way for these lenders who now feel put upon. I think it''s good that we''ll be back to 20% down, no more liar loans, proof of income, etc.

i think a little common sense would have been in order for both borrower and lender.

 

[Dancing Fire]

Date: 2/27/2009 1:02:29 AM
Author: purrfectpear

Date: 2/27/2009 12:57:00 AM
Author: DiamanteBlu

Date: 2/27/2009 12:24:09 AM
Author: purrfectpear
Harriet, you''re right. Basically the system is set up now that encourages people to do what I am doing. There''s no downside, and plenty of upside. It''s a little crazy IMO.

Question: I have a faint recollection that, in the past, at least here in New England, if one ''returned'' a house to a lender and the lender was not able to sell the house for at least the amount of the outstanding loan then the lender could go after the lendee to collect the difference thereby being made whole with respect to the original loan. Is that no longer the case?

Depends on what state you live in.

Not in California. There is NO recourse against the mortgagee. Just the foreclosure on their record for 7 years. Since we''ll be in the RE dumps for at least that long, the net result is no impact. I come out with a few hundred thousand in savings and pay cash for the next home in 10 years, instead of paying on a mortgage for 40.

the only reason you''ll have a few 100K in cash,b/c you screwed your previous creditor.

hmmm...maybe i should take my CC s and charge a 5 ct diamond then tell the CC companies to go "F" themselfs.

 

[TravelingGal]

Date: 2/27/2009 1:39:56 AM
Author: purrfectpear
Had the RE bubble not burst, they were starting to talk about 50 year loans in the mortgage industry out here

Heck, they give out 10 year car loans

A little common sense would go a long way for these lenders who now feel put upon. I think it''s good that we''ll be back to 20% down, no more liar loans, proof of income, etc.

They DO?

Maybe people are right...time to move out of California. In another 2-3 years, we could buy a nice house, cash somewhere. That wouldn''t be bad for 6-7 years of saving. Actually we could buy homes for cash now, but nowhere we would wanna live.

Sometimes I think we''re crazy. What would possess me to think I would want to spend half a million dollars (more over the life of the loan) on a house?? And yet, that is what I am thinking.

3-400K for a home is reasonable on the westside. But I am not sure we''ll see those kinds of numbers before we hit bottom. Mentally, I think people will start jumping back in when we hit 500K.

 

[cara]

PP, if you actually want to know how others are paying for your decision to walk away, there is a market effect to having yet another foreclosure property on the market. Other sellers will have to compete against your property, which is presumably being sold under distress by your bank. If the bank is going to rent it out, then it is helping to drive down the rental market which will also feed back into the housing prices in your area. Its a death spiral of prices, falling prices cause people to walk away from their mortgages, putting more homes on the market with banks desperate to sell, causing more falling prices cause too many cheap homes are on the market, causing more people to walk away.... since you were capable of making your mortgage and just choose not to, you are adding your drop in the bucket to the housing death spiral.

Let alone that even if you aren't taking bailout money, maybe the company you screwed by walking away from the loan either is currently getting bailout money or will need such money in the future. At the very least, you are passing the loss on to whomever held your mortgage. Those people are paying for your decision!

But you are absolutely correct that from a legal and business perspective, you are just exercising the legal options available to you. And the loan company is getting what they deserve, in some sense, for writing you the loan with a trifling down payment at the top of the bubble. Its enough to make me want CA to change its laws and think some of the Bush bankruptcy reforms *were* good to keep people from just ditching their debt, which is a shocking thought to me!

But I'm torn between routing for housing to keep going down, down, down so I have a chance of getting in in the next few years, and worrying that it will be impossible to find a job if the economy keeps tanking!

 

[purrfectpear]

Date: 2/27/2009 1:46:22 AM
Author: Dancing Fire
the only reason you''ll have a few 100K in cash,b/c you screwed your previous creditor.

hmmm...maybe i should take my CC s and charge a 5 ct diamond then tell the CC companies to go ''F'' themselfs.

Sure you could do that. I think they call that bankruptcy. Better not make too much money or you''ll end up in a Chapter 13 and paying for it anyway. Let us know how that works out for you.

A better example would be you buy the 5 ct. diamond for $100K, then it''s only worth $35K, decide to stop paying and give the diamond back to the creditor, no?

 

[TravelingGal]

Date: 2/27/2009 1:54:04 AM
Author: cara
PP, if you actually want to know how others are paying for your decision to walk away, there is a market effect to having yet another foreclosure property on the market. Other sellers will have to compete against your property, which is presumably being sold under distress by your bank. If the bank is going to rent it out, then it is helping to drive down the rental market which will also feed back into the housing prices in your area. Its a death spiral of prices, falling prices cause people to walk away from their mortgages, putting more homes on the market with banks desperate to sell, causing more falling prices cause too many cheap homes are on the market, causing more people to walk away.... since you were capable of making your mortgage and just choose not to, you are adding your drop in the bucket to the housing death spiral.

Let alone that even if you aren''t taking bailout money, maybe the company you screwed by walking away from the loan either is currently getting bailout money or will need such money in the future. At the very least, you are passing the loss on to whomever held your mortgage. Those people are paying for your decision!

But you are absolutely correct that from a legal and business perspective, you are just exercising the legal options available to you. And the loan company is getting what they deserve, in some sense, for writing you the loan with a trifling down payment at the top of the bubble. Its enough to make me want CA to change its laws and think some of the Bush bankruptcy reforms *were* good to keep people from just ditching their debt, which is a shocking thought to me!

But I''m torn between routing for housing to keep going down, down, down so I have a chance of getting in in the next few years, and worrying that it will be impossible to find a job if the economy keeps tanking!

And laying off more workers, who them struggle to keep their homes too.

Home prices plummet, less property taxes for the govt to abuse and squander, less quality schools, and my daughter will be in a class with 50 other kids by the time she is 5.

I''m not even a homeowner yet, but I''ll suffer somehow. Everyone does when people just walk.

 

[crown1]

Date: 2/27/2009 2:04:24 AM
Author: TravelingGal

Date: 2/27/2009 1:54:04 AM

Author: cara

PP, if you actually want to know how others are paying for your decision to walk away, there is a market effect to having yet another foreclosure property on the market. Other sellers will have to compete against your property, which is presumably being sold under distress by your bank. If the bank is going to rent it out, then it is helping to drive down the rental market which will also feed back into the housing prices in your area. Its a death spiral of prices, falling prices cause people to walk away from their mortgages, putting more homes on the market with banks desperate to sell, causing more falling prices cause too many cheap homes are on the market, causing more people to walk away.... since you were capable of making your mortgage and just choose not to, you are adding your drop in the bucket to the housing death spiral.


Let alone that even if you aren''t taking bailout money, maybe the company you screwed by walking away from the loan either is currently getting bailout money or will need such money in the future. At the very least, you are passing the loss on to whomever held your mortgage. Those people are paying for your decision!


But you are absolutely correct that from a legal and business perspective, you are just exercising the legal options available to you. And the loan company is getting what they deserve, in some sense, for writing you the loan with a trifling down payment at the top of the bubble. Its enough to make me want CA to change its laws and think some of the Bush bankruptcy reforms *were* good to keep people from just ditching their debt, which is a shocking thought to me!


But I''m torn between routing for housing to keep going down, down, down so I have a chance of getting in in the next few years, and worrying that it will be impossible to find a job if the economy keeps tanking!

And laying off more workers, who them struggle to keep their homes too.


Home prices plummet, less property taxes for the govt to abuse and squander, less quality schools, and my daughter will be in a class with 50 other kids by the time she is 5.


I''m not even a homeowner yet, but I''ll suffer somehow. Everyone does when people just walk.

this is not what she wants to hear. she has convinced herself that her business acumen has lead her to the correct action for herself and everyone else be darned.

 

[Dancing Fire]

Date: 2/27/2009 1:56:02 AM
Author: purrfectpear

Date: 2/27/2009 1:46:22 AM
Author: Dancing Fire
the only reason you''ll have a few 100K in cash,b/c you screwed your previous creditor.

hmmm...maybe i should take my CC s and charge a 5 ct diamond then tell the CC companies to go ''F'' themselfs.

Sure you could do that. I think they call that bankruptcy. Better not make too much money or you''ll end up in a Chapter 13 and paying for it anyway. Let us know how that works out for you.

A better example would be you buy the 5 ct. diamond for $100K, then it''s only worth $35K, decide to stop paying and give the diamond back to the creditor, no?

PP
if i did something like that...i wouldn''t be able to sleep at night.

 

[TravelingGal]

Date: 2/27/2009 2:09:46 AM
Author: crown1



this is not what she wants to hear. she has convinced herself that her business acumen has lead her to the correct action for herself and everyone else be darned.

I can understand it to a degree crown. Many people would not admit that it is every man for himself out there, but that is exactly what they would do.

Asian culture is so different...one based on the group and the whole. American culture is often very much about the individual.

I just read a very sad article yesterday about 3 Chinese mothers suing (using the American way!) all sorts of people for the wrongful death of their 3 children. The children were sent her to study from China. These mothers were trying to find the money to repay members of the community who loaned them the money to send their children to the US. The idea was that if the children succeed, everyone does.

With the death of the children, and with many Chinese families only having one child, hopes of repaying evaporated. And yet, in the midst of their grief, they still struggle to repay their community.

 

[purrfectpear]

I can hear it. Sorry but it is about me. I am not going to throw several hundred thousand dollars down the rabbit hole to maintain my popularity at the club house. I don''t have that need. You''re right, you have me pegged. I am all about taking care of myself.

I''m not trying to convince anyone my decision is correct for them. It''s correct for me. I didn''t expect accolades or encouragement. I''m not that silly. I''m just a very open person, entirely comfortable with myself, willing to share some thoughts on why some people are OK with returning a home held in collateral.

 

[TravelingGal]

Date: 2/27/2009 2:19:04 AM
Author: purrfectpear
I can hear it. Sorry but it is about me. I am not going to throw several hundred thousand dollars down the rabbit hole to maintain my popularity at the club house. I don''t have that need. You''re right, you have me pegged. I am all about taking care of myself.

I''m not trying to convince anyone my decision is correct for them. It''s correct for me. I didn''t expect accolades or encouragement. I''m not that silly. I''m just a very open person, entirely comfortable with myself, willing to share some thoughts on why some people are OK with returning a home held in collateral.

But you can acknowedge that by doing that, you are part of the problem, right? We''re not saying you shouldn''t have done it so we can continue to like you. We''re saying people like you are making this problem worse for everyone.

And even YOU can be affected. Might not be a direct hit to your wallet right away, but should you ever get laid off, you''re not going to be able to save much for your future home on unemployment.