People will intentionally sabotage their lives to get a shot at the trough.
Don't believe me? Read this....
Are homeowners purposely falling behind on their mortgage payments to qualify for cheaper home loans?Economists, lenders and other housing experts are concerned that programs to bail out troubled homeowners might have an unintended consequence: encouraging people to miss mortgage payments so they can qualify for a handful of programs that ease loan terms.
"It's a problem," says Mark Zandi, chief economist and co-founder of Moody's Economy.com. "A lot of the programs require you to be at some stage of delinquency, so homeowners say, 'What about me?' and they get delinquent in order to get help."
Many mortgage modification programs require that borrowers be 60 to 90 days late on payments to get a mortgage reworked.
Let's say you're busting you ass to make things work to keep you home. Why? Don't get a second job; go buy yourself a hammock and kick back.
That's also true of GM, Citibank, et al.
Seriously, this is why I went from being a bleeding heart liberal to a bleeding heart libertarian. I've personally seen how welfare has destroyed people's souls. I've seen how a bailout does nothing more than enable irresponsibility.
There's more scientific evidence that alcoholics have genetic predisposition to chemical abuse. Should we just feed them all the booze they want because "they were just born that way"? I don't think so. Nor should we bailout assholes who speculated on homes they couldn't pay for. For some people, rock bottom is the only way they learn a lesson.
Think about it. If you refused to pay your mortgage today, you could essentially live in that home for at least two years, rent free, before the bank was able to send you delinquency notices, go to court to get a legal default notice, foreclose and kick you out.
All the while you could be partying it up on that money. Why wouldn't you do it?
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