Not necessarily. The first thing the agencies want to do is get the bad debt off the books, so it's possible you will be able to buy your debt off for as much as 50% off, although first you may have to change your phone number to stave off the sharks for a few months.
Brilliant post. +1 Greenspan inflated this bubble by keeping interest rates way too low for way too long.
Sell everything. This could be Great Depression II. How can things not be 10 times worse this summer when all the foreclosures begin to hit the market.
Funny you should bring up bankruptcy....... It wasn't too long ago that the government reigned in the ability of the individual to declare bankruptcy........ Gosh, what great timing on the government's part.....maybe, just maybe...........they saw this coming down the pike:eek:
You can still declare BK sponger. You can file either chapter 7 or 13 I believe. One is BK with repayment plan, the other is to protect your assets such as your house. You can protect up to $150,000 in equity of your house. You just need an appraisal to show you don't have more than $150k in equity. Anyone else having trouble shorting AHM? says no shares available to short.
Because there are tons of buyers on the sidelines waiting to pick a bottom. There will not be another great depression, there are too many controls in place, some people would say are "corrupt", to let that happen.
Actually it was the banks/lenders that saw it coming, so they wanted to make sure that people would have to jump through many more hoops to file BK. Our ever more socialist government obliged them.
https://www.lowermybills.com/servle...34&presentationId=1206&showerrors=0&moid=7630 It looks like they are still advertising these exotic loans. 510k mortgage for under 1,698/month. You must be nuts to do one of these loans. A 6% 30 year fixed would go for about 3,060/month for a 510k loan.