Letting your house foreclose is the norm now

[sunshine05]

Everyone is doing it. It's just interesting how much things have changed over the past couple of years, since ts started htf. A friend in Phoenix put a lot of cash into her home but decided all of a sudden that they want a house with a bigger lot so they are trying to buy a foreclosure. I asked if she was worried about her current house selling. Nope. She will try to rent it and if that doesn't work out, just let the bank take it over. This is such a difficult concept for me. I guess I understand it, if your home is really under water but wow, what is it going to look like, all these abandoned homes everywhere? Things are really falling apart. These are people that, a year ago would have never considered letting the bank take their house.

[mightymanx]

I will not shed a single tear for the banks.

They have been paid trillions of tax payer FRN's for these houses already.

[sunshine05]

I will not shed a single tear for the banks.

They have been paid trillions of tax payer FRN's for these houses already.


Exactly the point of my post. This is the norm now, this line of thinking.

[PatColo]

Phoenix is esp bad, one of the worst, along with CA Central Valley, LV NV, and about any metropolis in FL. And yes, the walk-away (strategic default) tidal wave is just getting under way as home borrowers wake up.

I don't think it'll be so much a matter of "abandoned houses", rather there'll be a lot a squatting in houses which are in foreclosure limbo. My hypothesis is that the walk-away trend was engineered, same as the housing bubble.

CBS 60 Minutes: Mortgages: Walking Away (http://gold-silver.us/forum/general-discussion/cbs-60-minutes-mortgages-walking-away/)

[Cebu_4_2]

It was all engineered, my question is, as I am being sold out on the 15th... is where do all these people go? I have no where to go, no relatives and no plan B. I used everything to stay and over pay to be here and now the rope has come to an end. It would have been much smarter to not pay to stay as this 'recession' has wiped me out but at least I would have backup cash (silver was never was a backup, just a stash and not enough to get me out of trouble).

[PatColo]

It was all engineered, my question is, as I am being sold out on the 15th... is where do all these people go? I have no where to go, no relatives and no plan B. I used everything to stay and over pay to be here and now the rope has come to an end. It would have been much smarter to not pay to stay as this 'recession' has wiped me out but at least I would have backup cash (silver was never was a backup, just a stash and not enough to get me out of trouble).



Sorry to hear that Cebu. Without knowing all your circumstances, I'd say you can try and stay after the 15th and just see who, if anyone shows up. Or leave but then break back in in a few days when you can see evidence they've come to inspect the place and probably change locks. A ton of foreclosures are just sitting empty for months at a time, "shadow inventory", and the banks aren't talking about what their plan is with these, so you could perhaps squat there for a long time undisturbed.

Other than squatting, we've got campgrounds, hostels, cheap motels, "tent cities", shelters... but the first three can all be a financial burden if you're broke. From the youtubes I've seen of the tent cities, they don't seem too awful, many fallen middle class people staying there, seems they try to look out for eachother, and charities also contribute.

[mick silver]

i seen some were that house prices will drop 25% more before this is over