First, we at SCFOM want to make something perfectly clear: A lot of Fat Americans got bad mortgage deals. Second: Many of those people had no business taking those loans. Third: Walking away from an underwater mortgage is not cool, especially when one of the things you do instead of pay your mortgage is visit casinos.
Yeah, we sound like Republicans! Or maybe just people with common sense who know not to buy something they can’t afford. Like a mortgage with 100 percent financing!
Here’s the subject of our ire this morning, via the New York Times:
For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.
Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.
“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.”
Hey, if you’re going to blow money on a dinner out, how about you pay for a decent steak instead of going to Outback, you cheap fuck? Now that you’re not paying the underwater mortgage, go hog wild!
(Note: There’s one person in this Times story who’s no longer paying her mortgage because she had lung cancer and, therefore, enormous medical bills. That we understand and even – gasp! – have sympathy for.)
Anyway, there’s even a phrase for this ditching-your-mortgage thing: “Free rent”! It’s the Fat American way! Take something you can’t afford on credit and then refuse to pay when the bill comes due!
And because there are so many homes in foreclosure now, the time it takes to get evicted can take forever, so you can stay in your house – free! – while all the legal mumbo jumbo gets sorted out. The only glitch is that your credit rating is ruined.
Of course, this is the United States. You’ll find something for nothing anywhere you look. Getting something simply because you have a sense of entitlement is the way to go!