Monday, April 4, 2011

Foreclosure folly

Seems like the foreclosures are still coming: click like a whole hotel down the street.

We saw the piece in the paper as well, homeowners getting free homes. What they arent telling you is along with getting free homes there is no capital gains taxes due either, as funds received via lawsuits are not subject to taxes, I would guess that this would include a free home as well. While we dont respect short cuts taken by banks and lawyers, the bottom line is.. nobody forced anyone to sign on the dotted line and rewarding someone with a free home is rewarding irresponsible behaviour. I can understand if someone is permanently disabled from an accident or terminal illness but otherwise, I truly dislike the giving away of free houses.
This isnt the firm time I have heard of it. Then there are those that borrowed huge amounts of money, bought secondary property and put in a family members name and
let the bank take back the original home. They are still ahead over a million dollars, or so. back to the old adage, you can steal more money with a pen than a gun. Those persons in my view were very quick to put it all on the pass line when they thought there were big rewards and now... kings X I didnt mean it ???

Case Shiller back to 03 levels: click

More mess to come:click

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