As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.
I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.
He’s a fucking moron. I guess no one has told him about short sales. They seem to be pretty poplular these days but the dipshits that can’t afford the house actually have to move out.[/quote]
Can you imagine though the cutting of principle, there would be no need for a short sale.
Go to court get your principle reduced from say 200,000 to 150,000 then you turn around and sell for a profit. They would surely have to put some clause in there to prevent this.
Some days I don’t know why I bother to work and pay my bills. Just 15 months ago I paid 283,000 for my house, today I’d be damned if the fucking thing is worth 225,000.