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71 Comments on I'm sorry; but I don't have sympathy for EVERY SINGLE PERSON losing their home!
Comment 54 (Matt Kofsky) - If you are supporting people who gut homes, who pull out 100k helocs only to default the next month, people who file bk 2-3 times just to allow them more FREE time in a home that they haven't paid a mortgage payment on in 1-2 years, then I am really not sure how I would ever begin a response to that. Luckily, you are not the majority in terms of your opinion, Or this would be a scary society to live in! We have to hold people accountable!
Is it against the law to find a bank envelope of money on the ground outside Chase Bank's front doors, and keep it? Of Course not! Is it UNETHICAL and IMORALLY wrong? ABSOLUTELY..
Is it against the law to pull out 100k in a heloc, knowing you plan on never making a payment on it? Or how about the people that Short Sold their home to themselves through a family member, without proper disclosure to the bank? How about that? If you take nothing else away from this blog at least understand people need to take ACCOUNTABILITY and learn to DO THE RIGHT THING, regardless if they are "breaking the law"
Ryan,
I think you nailed most of it, I might sum it up with 'personal responsibility'. Take charge off your life and be accountable for the decisions you make. No one owes you a safety net.
You get massive kudos for bravery today!
-Brent
Thanks Brent, I knew I would get a few negative comments, its part of life I guess, I am not one to hide behind my true feelings. And to everyone else, I will be at RainCamp in San Jose, No doubt with a target on my back, 2 featured blogs in a week, both contoversial topics, with the other blog being about Unethical REO Listing Agents.
I think I am falling in love with you Ryan. You need to quit making sense :)
Subscribing to you and I am going to ask you to be a contributor to my outside blog as many things you have posted are relevent to Las Vegas
Ryan, two thumbs up here. Decisions have consequences -- understanding that is an essential part of growing up. Unfortunately some people just never grow up.
It is an opinion, it's your opinion, you're entitled to it and you have the freedom to express it. Some people will disagree.
Not me, though. I think you nailed it. Hooah.
Overall your comments and feedback are great! You took the time to stick your neck out, and I am sure you will have a bullseye on you at Raincamp, but I'll be right next to you :)
GREAT BLOG POST!!!!!!!!!
And also you are getting reblogs, something that tells me your blog was well received in the community :)
Ryan....of course, you will receive accolades from this group. Some even have lauded your courage(?). Moat of the people that will read this are quite aware of all the horrors you describe. It is good to vent. Of course, some comments reveal that the person responding is clueless. the pompous fellow that feels nothing is amiss if people are doing things within their legal rights.
It is in your mortgage...you can not willfully do anything that will reduce the value of the property. It is a violation of the terms of your loan to trash the house.
While I agree with your post and share your angst, I don't think the general public gives a damn one way or another unless one of these devalued properties impacts their homes market value.
Sure, we all have dealt with the folks that used the home as an ATM. Sure, most of us have little sympathy for anyone that has abused the system.
That angst and a buck might get you a cup of coffee.
Hear! Hear! There will always be people who learn to work the system. Great points.
I fully agree. One of the things I'm concerned about is that this corrosive lack of responsibility is spreading throughout the country. Geez--do you remember 15 or 20 years ago when a foreclosure was not only rare but frowned upon? Now there are folks who are wearing foreclosures like badges of honor. They worked the system, and walked away from a huge mountain (steaming pile) of their own debt. Yeah, for those who say it was legal, in some cases it was. (But let's not get into issues of mortgage fraud and stated income loans and all that.) But now, more and more people are looking around, seeing others doing it, seeing little or no criticism, seeing some even applauded for doing it, and are increasingly tempted themselves.
Great post.
"Empathy means you're human. Sympathy means you're about to make a mistake."
I think comments like Fred Griffin's are valid, though -- when people do this on a corporate level, there are no consequences for them. The real lesson of the American criminal justice system seems to be "commit the biggest possible crimes...we have zero tolerance for petty thieves here."
Still, crime is crime is crime.
Ryan, you seem to lump people who do illegal activities in with people who do legal activities that you do not like.
Good for you Ryan - calling a spade a spade. I think I could write a book on all the abuse I have seen with these "walkaways" in the short sale and foreclosure arena.
I am looking forward to when the banks are stabilized and have the capability to go after these people and prosecute them. It will happen, it is only a matter of time.
This is a very touchy subject and there are so many variables. The government, the banks, the homeowners, the short sale & the foreclosures. WOW what a mess we are in.
Wow, Ryan! I get the impression that this is a rnat that's been a long time coming! And you probably won't find a lot of people around here who will give you an arguement.
It's pretty amazing the "entitlement" that some feel they deserve. I say rip the band aid off and let's move forward.
Great post. Personal responsibility seems to be out the window for some people. I attend most all of my closings and I never saw anyone signing docs under any type of duress. They were all very willing and none ever put up any resistance.
When you borrow something, it is your responsibility to return it. It's not much more complex than that. Some areas were more hit than others by people who bought on the speculation of huge profits. In the end, they only wanted the gains but not the risk associated with it.
Yes, we need more personal responsibility. I have had some homeowners in trouble sit down at my desk and say "I didn't think they would give me the mortgage, but they did." I sure hope this becomes a lesson learned. Somehow I don't think all the new regulations are going to eliminate this problem from happening again.
Ryan I think that you clearly saved your butt from being thrown to the sharks when you made the distinction between those who are targets of your post and those who are not.
I will agree to the degree that it is undeniable that some people are milking the system for all that they can get. I agree that some are behaving irresponsibly and making bad matters worse. In light of that, I am glad that you did not clumped in a single category, everyone who has defaulted on a mortgage loan.
ActiveRain is about creating a dialogue and I can certainly say that you have done a bang up job in doing that. Your post of on 1/2 cynical.
I can't imagine what it feels like to lose a home. If it is painful, perhaps the person is truly experiencing a hardship. Investors who lose a home and homes that are lost as a result of inflated prices resulting from unscrupulous lending practices, overbuilding and structural issues in the market are a little less clear. For the homeowner to take the full blame of the failure, could be seen as unfair - even if they contributed to the problem.
It will be nice when saving is back up, steady payments allow the "upside down" homeowner to sell and the market becomes more liquid again.