Sunday, May 11, 2008
FLIPPERS FLOPPED
I wondered about this before.
I cannot imagine regular families and house owners just walking away from a mortgage. Keys into the mailbox and take off.
I am sure that it happens but just how can it happen?
The bastards would track you down. You would have to declare bankruptcy. They would have you by the short ones. You would have to have an identity change to get away from it.
Speculators on the other hand do not have such a tough time of going broke with a house.
First it is probably one of many. Second, it is a sheltering corporation. Three, it is probably a shell outfit set up for just such a contingency.
I live in the middle of house-flipper's paradise. Well, it was paradise. Now it is hell.
We have about ten houses in our neighborhood that are for sale. Many are being disposed of by banks or by people who have invested to flip and have flopped.
Even our neighbor who had a house he was living in and bought a second new one over in a new development and now has to sell one or both is really not a keys in the mailbox guy. He works in a local high profile business. He is eating his loss.
So, I weep for the people who got conned and all but I bet many of them are not just walking away. No one will let them. They are caught.
The flippers, though. No tears. Fuck 'em. They took a chance even when I said to myself they were taking a really risky chance and they lost. Tough shit and the same to the banks that loaned to them.
Hard for us too who will bail them all out eventually one way or another.
Labels: economy
