by RottedOak » Thu Jul 24, 2008 10:22 pm
If you default on the mortgage, you can still keep the SUV, TV, and other incentive goodies, since those are not used to secure the loan. Plus you can make off with any appliances, cabinets, plumbing, copper wires, roof tiles, trees, etc., that might be included with the property. So find the one lender that still does subprime no-doc nothing-down option ARM loans with cash back on an inflated appraisal, and start collecting your free stuff! After the bailout, you can have your in-default loan rewritten to below market value with a subsidized interest rate. Then short-sell the stripped down husk of the house, e-bay all your free stuff and bank the proceeds to start on the next bubble.
- RO