Short sale or foreclosure?

This WSJ columnists addresses a reader’s question on the subject. I particularly like his third option: pay your debt, you dead beat! There’s a writer who’ll never work for The New York Times.

5 Comments

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5 responses to “Short sale or foreclosure?

  1. Anonymous

    I have heard several times that if you do in fact pay your credit card debt in full regularly the credit card company people refer to you as a ” deadbeat” and now those thrifty account payers are going to be fined for making their prompt payments…..gotta make $ somehow.

    Lovely huh?

    • christopherfountain

      I’ve heard that too, Anon, but I’ve always paid my balance in full and never had a problem, so perhaps its an urban myth? I just don’t know.

  2. Anonymous

    if banks are getting stiffed on short sales, it’s obviously a hit to their bottom line. but in the long run, it will result in tighter lending standards, and thus be self-correcting [unless our gov't further distorts the market by either subsidizing the second home market or guaranteeing the paper]. in a perverse way, market losses on housing are a huge benefit to the country as it should, in the future, result in less money going into this dead-money use.

  3. pulled up in OG

    “Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.

    Citigroup, meanwhile, has started charging annual fees to card holders who don’t put more than a specific amount on their cards, typically $2,400 a year. Other banks are charging inactivity fees if customers don’t use their credit cards during a specific period of time. You heard that right: You could be spanked for staying out of debt.”

    http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm

  4. Old School Grump

    Hey did anyone happen to notice the mention that this is a “weekend retreat,” aka a second home? Why the f*** is anyone supposed to be concerned about the financial well being of the owner here? Why is his failure to pay the mortgage on his “weekend retreat” because it’s now “too far away to use” any different from, say, my failure to pay the bill for a vacation I didn’t enjoy or a pair of shoes I don’t wear because it turns out they hurt? This is disgusting.