Why Personal Honor Matters
New Trend In Sacramento: ‘Intentional Foreclosure’
Linda Caoli helps lots of families on the verge of losing their homes, including a single mom working two jobs to pay her mortgage.
“She says Linda the house across the street, same model, with more upgrades sold in foreclosure for $315,000!” explains Linda.
Her client isn’t the only one thinking about ditching her house to buy the better deal across the street. A number of realtors CBS13 talked to say it’s already happening.
“Can you imagine if you had a same or similar home and your mortgage was half the price?” asks Linda.
This is how it works. Bob paid $420,000 for his home. Then he notices the house across the street, with more upgrades, and is selling for $315,000.
So Bob, who has pretty good credit, decides to buy the cheaper house. He can’t afford both, so then he walks away from his original home, letting it fall into foreclosure. That will hurt his credit, but he’s willing to take the hit for a more affordable home.
“Is it wrong to steal when you’re hungry? That’s an issue that a lot of people are trying to figure out right now,” says Linda.
Caoli is sympathetic, but she doesn’t endorse the practice of it. Other real estate agents we talked to were far more critical, calling them cheaters. They say the banks take a huge hit when their homes foreclose, and in the end, we all end up paying the price.
I’ve heard of people just walking away from their mortgages when they discover they owe far more than the house is currently worth, but this one is new to me.
There’s a thread at AR15.com on the topic, and here are some of the comments:
The turd here has finally circled the bowl and entered the sewage system.
Who cares … the people who continue to play by the rules continue to get the shit end of the stick. If you can find a way to work the system to your advantage, why the hell not?
I agree. Being honorable only makes you poor and sticks you paying for the costs of the less scrupulous.
I’m not in that situation.
But, I’d be lying if I said I wouldn’t consider it if I was.
I come first. Plain and simple. If I can see a benfit in reducing my bottom line and not fucking myself over, I’m probably going for it.
There is a limit to honor. Especially when illegal aliens get breaks and I don’t.
Anyone who doesn’t see this is a fool.
A few months ago I would have said Bob was a piece of shit. Now I see him as smarter than me. The US seems to be on it’s way out as the country that we all know and love. All bets are off in this new country of hope and change.
I concur with the “turd circling the bowl” comment, myself. We’re a far cry now from “I could not love thee, dear, so much, loved I not honor more.”
Who is it that’s going to restore our lost Constitution again?
If you haven’t read it, I will again recommend James Bowman’s Honor: A History, a study of the death of honor in Western culture.