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Vent
I need to vent about this...and please if anyone else has any vents join in!
DH just told me his best friend is buying a new house. I say "that is odd because we had dinner with them, and they said that the value on their condo is way under what they purchased for. They said they needed to wait a while for the market to come up because there was no way they could afford a loss." H shrugs shoulders. Then he rereads the email and says "oh they are buying a new house, and then they are going to try to do a short sale on the condo after...or something." I say "well that is awful." He says "well they can do whatever they want." I say "I know they can do whatever they want, but it because of people like that that we are now in a situation where we will have to pay out a large sum of cash when we sell our house." I am just annoyed that he isn't annoyed. I mean there are people who HAVE to do short sales or foreclosures because they lost their jobs and such, but to intentionally walk away from your mortgage because you feel like it seems so wrong.
Re: Vent
Ha ha ha...thanks Mrs.C. I just am annoyed that he is not also annoyed. Do you know what I mean? I know lots of people have gone ahead and walked away from their houses, but for some reason it really irks me to know that H's close friend is choosing to do this.
How will the qualify for that other mortgage? Weird. And unethical I believe.
They bought the condo in just the husband's name because she was technically still married to someone else at the time. So they are purchasing the new home together...I guess they must make enough to make it look like they are going to pay both mortgages? He said in his email to my h that they won't proceed with paperwork to put the condo up for short sale until they close on the new home.
I don't think he knows how a short sale works. They will need to stop making payments on the mortgage for a certain number of months and it will damage their credit. I am with you, this is infuriating. Some people feel so entitled and take no responsibility for their obligations.
Thanks Baker. It just really makes my blood boil because so many people are choosing to do this, and it sucks for all of the rest of us. This brings down property value. We have been in our house for six years, and we want to sell. We will have to take a loss. If we couldn't afford the loss we would just stay put. We may have to do that because even though we priced our house "to sell" as the realtor said we have not seen a ton of interest.
The thing is that this couple has done other things that I think are strange and shady. So they already were not my favorite. It is H's best friend from childhood so they will probably always be in our lives.
They know this will damage the H's credit because he said that they are going to wait to move forward on the SS until after they close on the new house because they know it will ruin his credit.
You should show them this article: http://www.boston.com/business/articles/2010/12/20/wary_lenders_deny_short_sales_opt_to_foreclose/
But yeah, I agree with you.