[StBernard] Is it Dems or GOPs?

[Westley Annis]

JY, 

I've actually seen that happen.  I give credit to the guy being smart enough
to sense what might be coming down the pipe by buying the less expensive
second home (while he still could substantiate an income level to prove he
could afford both) before the bank for the first home realized what was
happening.  True, that wasn't fair or right of him to do that, but the
second mortgage company figures as long as he can make the note on "their"
mortgage, they don't care too much what happens with the other property or
lender.  Sad but true.

John 

-----Original Message-----
John I saw a segment on ABC News last weekend I believe.  Showed a guy in, I
think, Arizona.  He was walking away from one house with a variable interest
rate mortgage, because it had risen too high and couldn't afford the
payments, so the bank was taking it.  Meanwhile he had gone and gotten
another house which was bigger, with a fixed rate mortgage which was cheaper
than the A.R.M. house!
I don't know how he did it, whether he got the new house before the
foreclosure or what.  They had a talking head on there who said sometimes
folks will walk away from the one and then get another house but in the
wife's name and that's the workaround.  The talking head said there were
ways to get around it.  I just don't see how people can get "rewarded" like
this.  I mean, surely the guy understood what he was getting into with the
A.R.M.  And I guess the bank will have to take it (or sell it to the govt
now) and then get rid of the first house at a loss.

JY