A boom in bankruptcies: "I've never seen so many people care so little about losing their homes."

[El Pinko]

http://www1.pressdemocrat.com/article/20080217/NEWS/802170357/1036/BUSINESS01

A boom in bankruptcies
With worsening mortgage crisis and credit crunch, the number of Sonoma County residents seeking protection from creditors almost doubled last year, and even more are expected in 2008

By KEVIN MCCALLUM
THE PRESS DEMOCRAT

Instead of fighting for their homes, however, most didn't even bother. In case after case, homeowners simply let lenders begin foreclosing on homes that are now worth less than the mortgages owed on them.

....

"I've never seen anything like this before," Jaroslovsky said before the hearing. "I've never seen so many people care so little about losing their homes."

....

In previous periods of economic hardship, homeowners typically fought like hell to save their homes, Jaroslovsky said. They asked for more time, proposed repayment schedules and tried anything they could think of to hold onto their properties.

....

Attorneys are bracing for a surge in bankruptcies this year because there is often a significant delay between the time when people get in financial trouble and when they seek help.



Sorry the article is so snipped to hell - stupid 4 paragraph limit. Why are all paragraphs only one sentence nowadays?

[Deja Q]

1. They get to live there for 18 months... but with the bad credit they are getting in return,

will they be able to move into an apartment complex?

[dkf]

2. When everybody has bad credit...

Besides, you know how short term the typical American is.

[kurth]

3. Bankrupt people rent all the time

Some landlords ask for an explanation and pay stubs. Perhaps a higher deposit.

[LeftyMom]

6. In California you can't ask for a higher deposit due to bad credit.

Actually, you can't even accept one if it's offered. It's supposed to be a protection against housing discrimination, but in practice it mostly just makes it harder for self-employed people, those with marginal credit, etc to get into places that aren't complete shitholes, even if they can afford them easily.

[mdmc]

8. I recently was looking for an apartment

It turns out that there are lots on the market, and people aren't leasing them up.
People that have lost their homes must be clanning together with friends and family.
Friends and family that are able to afford to keep their houses might want extra boarders to help them to keep the house.

I've always hated corporate apartment complexes and prefer to live in private homes.

We looked at this one 'Realtor' shown apartment - with a $1250.oo Realtor fee. I told them we would take it if they waived the credit check, last months rent, and Realtor fee. They left a message that they "could work something out with us" after we had found another place.

My new apartment was on the market for $1,400 per month, nothing included. We got it for $1,050.

Our credit is fucked but we still had no problem finding apartments, and on our own terms.

[Adsos Letter]

4. That is from the Santa Rosa Press Democrat

which is in Sonoma County, next county over to us...housing prices have really dropped here; anyone who purchased in the last two years, whether an ARM or not, has seen an enormous loss of "value" of their property, 20-25% in some cases. Walking away may seem like the only option they have...and it is worse, obviously, if they are in a predatory-style ARM.

[pretzel4gore]

5. they knew it was a fraud, maybe

w/out the least evidence except the pattern of depraved deceit exhibited by the busheviki since, well since they tried to derail Clinton admin, i betcha this was the objective from the getgo: The gopigs were intent on getting the White house in 2k, regardless of how the vote went. Once they had it, they needed junyer's residency to look wonderful, again regardless of the facts. 911 was a good thing- allowing all the neocon wetdreams to go ahead, and distracting from the looting of the public treasury. But the need to make junyer look good meant low interest rates artificially kept low, and why not sell billion houses at the same time, and who cares if the buyers couldn't pay? Bush looked good, and years went by before the repercussions began (which was necessary part of the idea) With the 1980's Savings and Loan ripoff in mind (it became too tempting to borrow with the regan regime's commitment to cover losses in a scam that should have destroyed regan and the gopigs just on the recklessness of regan giving US gov guarantees to S and L's under pretence of helping small biznes when the guarantee was itself the purpose of the loans- the thieves made their money in defaulting on the loans!) the gopigs simply pumped vast sums into the economy (helped by greenspan) which made booming the housing market, and so on. Bush looked good. And now that bush is going going gone, the real money cruncher penny pincher high interest rate goofballs will be grimly explaining the tea leaves readings on the pigmedia. Millions of people who 'bought' houses they knew they could only afford to rent (it was cheaper to buy then rent in many cases) still know nothing in life is free, and left the conmen behind them with a ruined economy(?)
I'm no economist, and this post probably bs for most part, but i still remember Jimmy Carter's last budget, with the $58 billion deficit in 1979, and the HORRIFIED reaction in the pigmedia! For a week it was headline news! And yet only a year later, regan ran a $200 billion deficit, to the media's quiet approval. regan doubled the natdebt in 8 years, from 1 trill in '80 to 2.6 trill in '88; again w/out the people being alerted -it wasn't news. But if i, a merchant sailor with no 'hostages to fortune' in terms of family, etc could see the blatant mis leading of the news media regards something as vital to all as the economy, then the common people should have too, but it seems the people missed it. They missed the fact the men running society (and regulating them) were a buncha crooks with hypocrisy their main trademark. Powerlessness is one thing when facing the overwhelming advantaged, but rush limbah has prospered for going on 2 decades! And still they act like dupes...

[THUNDER HANDS]

7. a paragraph is usually three or four sentences

regardless of how it's formatted on the page.


Just bring stuff together

[radfringe]

9. need I say more?