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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (101101)	8/20/2009 8:51:22 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 116555

The only former home owner who would agree to pay a mortgage on a home they no longer own is a very wealthy person who doesn't want to file for bankruptcy because they have significant other assets not in a retirement account. Otherwise, in most States, there is absolutely no reason for a "short sale" to take place. If a home owner can do a short sale without any financial obligation, then it helps their credit a tiny. Otherwise the home owner simply stops paying on the mortgage and leaves when the lender finally sends them a "90 day notice to vacate". I think it's safe to say that 90% of all Americans, perhaps 95% of all Americans will have no significant assets outside of a protected retirement account when they face the foreclosure of their primary residence. There is absolutely nothing for a creditor to go after. If you live in a State where they still can pursue the former home owner, then almost all will file for bankruptcy. All but that tiny percentage of former home owners who are still wealthy. .