Biggest Defaulters on Mortgages Are the Rich

Biggest Defaulters on Mortgages Are the Rich

This is a discussion on Biggest Defaulters on Mortgages Are the Rich within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Grrrrrrrr "Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a ...

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Thread: Biggest Defaulters on Mortgages Are the Rich

  1. #1
    Member Array GlockLobster's Avatar
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    Biggest Defaulters on Mortgages Are the Rich

    Grrrrrrrr
    "Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

    More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic."

    NYT...http://www.nytimes.com/2010/07/09/bu...ch.html?src=mv


  2. #2
    Senior Member Array Tala's Avatar
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    Well I guess when you have 3 different houses, be it your summer house or your investment house.....who cares if you let a couple of them slide???


    I know for people like me, mortgage or rent is at the top of the priority list when payday rolls around.

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    VIP Member Array chiefjason's Avatar
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    “I’ve never seen the wealthy hit like this before,” Mr. Lowman said. “They made their plans based on the best of all possible scenarios — that their incomes would continue to grow, that real estate would never drop. Not many had a plan B.”


    And this is why that is not a story about the "rich" but about people who may have been spending 110% of what they made so that they took on the appearance of being "rich". I may never be rich, but I don't make bad financial decisions so that others will think I am either. Read "The Millionaire Next Door" if you want your opinion of who the real rich in this country are. It's not the folks with million dollar mortgages and leased luxury vehicles. I spent 6 years delivering high end furniture to the rich and Pseudo-rich. The pseudo rich had all the thing that people think rich people have, and the debt to prove it. The rich hand you $19,000 cash to pay for their furniture and tell you to keep the change.
    I prefer to live dangerously free than safely caged!

    "Our houses are protected by the good Lord and a gun. And you might meet 'em both if you show up here not welcome son." Josh Thompson "Way Out Here"

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    Member Array charlie1826's Avatar
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    Quote Originally Posted by chiefjason View Post
    “I’ve never seen the wealthy hit like this before,” Mr. Lowman said. “They made their plans based on the best of all possible scenarios — that their incomes would continue to grow, that real estate would never drop. Not many had a plan B.”


    And this is why that is not a story about the "rich" but about people who may have been spending 110% of what they made so that they took on the appearance of being "rich". I may never be rich, but I don't make bad financial decisions so that others will think I am either. Read "The Millionaire Next Door" if you want your opinion of who the real rich in this country are. It's not the folks with million dollar mortgages and leased luxury vehicles. I spent 6 years delivering high end furniture to the rich and Pseudo-rich. The pseudo rich had all the thing that people think rich people have, and the debt to prove it. The rich hand you $19,000 cash to pay for their furniture and tell you to keep the change.
    ^^^^^^Exactly^^^^^
    That's what my finance teachers always told us. A lot of times the people driving the 4 or 5 years old cars with the modest house will have a ton of money in the bank and pay cash for everything. While the guy with the 15 million dollar house, driving the new ferrari is broke as a joke because he has so much debt.
    I used to install hardwood floors and right before the real estate market crashed, I can think of two houses that we were working on in the 2-3 million dollar price range. Both defaulted before construction was even finished.

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    VIP Member Array packinnova's Avatar
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    My dad used to tell me a story about a guy that used to work for him. The guy set a goal in life right out of school that he was only going to live on something like $15K per year for a while. Apparently he did just that for a number of years, all the while being a genius level computer programmer making well over 100k per year for the better part of 20 years. This fellow was also a good investor. So all that money that he wasn't spending was going into investments. He was making more on the interest on the investments than he was being paid as a programmer and still lived like a pauper in an itty bitty apartment and sometimes out of his car.

    Now in his mid-40's he's a multi-multi-millionaire and has a really nice lakeside home, with all the toys to go with it...paid in cash. That's what you call smart!
    "My God David, We're a Civilized society."

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