http://www.michaelbutler.com/blog/civic/2008/02/24/the-subprime-sucker-punch/ Who controls the past controls the future. Who controls the present controls the past.- George Orwell Thu, 08 Jan 2009 23:56:10 +0000 http://wordpress.org/?v=2.0.2 http://www.michaelbutler.com/blog/civic/2008/02/24/the-subprime-sucker-punch/#comment-3540 Mon, 25 Feb 2008 09:52:05 +0000 http://www.michaelbutler.com/blog/civic/2008/02/24/the-subprime-sucker-punch/#comment-3540 This only works if you had put no money down on the purchase. You can't walk out if you put say $50,000 down on a $150,000 property. It may only be worth $100,000 now, but your $50,000 is wrapped up in it. The article talks about 'Buyers who walk away with their credit unharmed'. I do not see how this works. If you do walk, are you going to ever get another loan? That must be a pretty big consideration. If you can afford to pay, keep paying and it will all come right in the end. If you can't afford to pay, then you walk because you loaned too much in the first place. Those are the harsh realities. The article comes from a place called 'dream land'. 'DreamLand Properties' - what a great name for a realty company! This only works if you had put no money down on the purchase. You can’t walk out if you put say $50,000 down on a $150,000 property. It may only be worth $100,000 now, but your $50,000 is wrapped up in it.
The article talks about ‘Buyers who walk away with their credit unharmed’. I do not see how this works. If you do walk, are you going to ever get another loan? That must be a pretty big consideration.
If you can afford to pay, keep paying and it will all come right in the end. If you can’t afford to pay, then you walk because you loaned too much in the first place. Those are the harsh realities.
The article comes from a place called ‘dream land’. ‘DreamLand Properties’ - what a great name for a realty company!

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