If I go there will be trouble,
if I stay it will be double
- The Clash
Listen to NPR’s podcast, “To Stay or Walk Away”
There is a minute or two of the commentators speaking of the latest GDP numbers, and then they start their interview of someone in the trenches.
Strategic Defaults are nothing new. My father literally drove to the bank and handed them the keys to our house when I was five years old. He accepted a job offer in another area, couldn’t sell our home, and so did a strategic default after owning the home for about three or four years. We rented for about four years and then bought another home.
By the way, don’t stop listening when they start talking about the moral vs. business aspect of defaulting although it does slow down a bit. A few minutes later, they talk about the real process of foreclosure these days and how the banks are not foreclosing as they did previously.
C Delroy Spuckler
January 30th, 2010
Your loan rates are always tease tease tease
Cuz your broker wants to charge hi fees
your equity is not in black
Let’s list to get them off our back
let’s get that principal nice and low
if not we stay until we go