[WildRose]

$this->bbcode_second_pass_quote('seahorse2', '
')
Everything hinged upon this age old American belief that the home is the castle, but that was only true with Americans willing to document their income and put 20% down on a home, putting a stake down so to speak. The banks have no one to blame but themselves.

[FourOfSwords]

$this->bbcode_second_pass_quote('I_Like_Plants', 'W')e're heading toward Great Depression levels of insolvency in the US, so yeah I'd walk away. The typical US'ian takes pride in being responsible and hardworking and will work their ass off to keep their depreciating house though. Then they'll have something medical happen to them and their whole world will crumble anyway. That's the most typical reason for bankruptcy in the US, something medical then you can't work and that's it, either move back in with the parents if you're lucky or you go live in a cardboard box.

Once you walk away and owe debt, you're basically on the shit list. This used to be a bad thing, now we're going to have so many people in this situation that it won't be anything remarkable.

I would advise anyone reading this to get used to, NOW, living on an all-cash basis, living very frugally (your diet will probably actually improve) and getting out of all the debt possible. Also try to develop a hobby or interest to put some fun into life and also it may be something you end up living on once the "real" jobs go away.

The best way to defy the system is to live without their money, their debt, their chains.

[Cloud9]

Banks are not moral institutions. Their decisions are not based on Judeo Christian principles of right and wrong. Their decisions are made with an eye on the bottom line. Like any other institution, their decisions are made by individuals who can be foolish, capricious or down right mean. Having said that, when their agents’ decisions get banks in trouble, they react like any other individual would react; they do what ever is necessary to get themselves out of trouble. Those actions may include bribing judges, shredding documents, and concealing evidence.

I fought one of the most powerful banks in the south east for eight years. I lost, not because what I did was wrong, not because what they did was right but simply because they have the court system in their pocket.

I filed bankruptcy when the sheriff showed up at my door with a court order to take my wages. Bankruptcy was not a moral decision for me, it was a matter of survival.

[sittinguy]

The issue of affordabilty is here to stay. When I got out of high school, you could get a brand new 3-2 little shit box, on a lot, way out in the south of town, for 60k,, brand new. Many freinds did this. Now as prices have come down those same houses are worth around 100k, and you can get a new one for around the same 100k - 140k. For a couple starting out thats a big payment.

I really have no clue what young people are going to do. Can anyone say 50 friggin year mortgage. Or I guess apartments for the rest of there lives..

And I don't feel sorry one bit for the dumbasses that took ARMs.
Who the HELL thinks they don't have to put any money down?

I worked/ work my ASS OFF to save, and put money down and make an extra pmt from time to time.

The original American dream was to own your home.

Now, its to have a pmt on a car with shinny wheels, a $150 a month cell phone bill, with My Space on your phone, and trying to score Xanax.

HEY if they want keep their house, get a second job, cancel the cell phone, get a room mate,, whatever. But NO, just be a LOSER and walk away. And wait for the free money in the mail. YEA, more Xanax.

[Chesire]

I think we should bump this thread in march 2009

After a year of

property value deflation

property tax hikes

food/energy hikes

unenjoyment hikes

then see how many of the current posters are underwater or in dire financial straits or getting foreclosed on

[Keith_McClary]

We need some protest songs:
$this->bbcode_second_pass_quote('', '
')This house was made for walkin' ...

[Jenab6]

$this->bbcode_second_pass_quote('seahorse', 'N')ow, don't give me any moral argument about the moral obligation to repay one's debts, those morals went right out the window with the morality of the banks issuing "liar loans" and issuing credit cards to frickin college students without jobs blah blah blah.