[lbo-talk] Obama defends Republic workers

[Nick Robinson]

True. I have a friend who bought a fixer-upper for ~215k a few years ago.
Now it's worth half as much, but his mortgage payments remained ridiculous,
something like $1800/month. He had good credit built up from years of making
payments on the house and having bought two cars. So he decided to just
abandon the fixer-upper and get a much better deal on another house using
the good credit he had built up. He figured he didn't really need credit for
the next ten years or so anyway.

http://www.nakedcapitalism.com/2008/12/mover-50-of-mortgage-mods-fail-within-6.html
This report that half of mortgage mods fail within 6 months doesn't surprise
me. My friend would have needed a pretty drastic mod to stay in his house.

On Mon, Dec 8, 2008 at 12:27 PM, Doug Henwood <dhenwood at panix.com> wrote:


>
> On Dec 8, 2008, at 3:20 PM, John Thornton wrote:
>
>  I don't get this logic.
>> It is way expensive to walk away from a house.
>> You'll not only get shit on your credit report but also a huge tax bill.
>>
>
> Yeah, but the anecdotage says people are doing it. No real stats, but
> that's what they say.
>
> Doug
>
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