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Originally Posted by $5 submissions
salesmanship and the power of credit card debt  |
Actually, a lot of people in trouble have stopped paying their mortgage and simply keep or use the money for other purposes. Thus, they are sitting on a little cash.
I have a friend that hasn?t paid her mortgage in the last 12 months. She is also behind on her taxes and insurance. The mortgage company told her that they?ve been paying the taxes and insurance to avoid any liens on the house. She is stalling them and has prepared bankruptcy papers but will not file them until she gets a foreclosure notice.
She tells me that she talks to other folks to see how long it takes to get kicked out and the average in her neighborhood is about 8 months. In her mind, she wants to go as long as possible without paying mortgage or rent. She doesn?t want the house because she owes $500K on it and the market value is only $225K.
Anyway, she is keeping all her cash and refuses to put any money into the house.