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Seattle Bubble Forum Archive • View topic - My aunt walks away

My aunt walks away

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

Re: My aunt walks away

Postby jon » Fri Aug 22, 2008 12:19 pm

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Re: My aunt walks away

Postby Markor » Fri Aug 22, 2008 12:49 pm

How shot his credit rating could get depends on how many people walk away. If things get as bad as many predict, it should be relatively minor ding to one's credit rating, one to three years blacklisted and that's it. (Consider Vietnam draft dodgers. They were pardoned because it was more profitable to pardon them, given that there were so many of them.) He'll be able to pay all cash for his next house anyway; he doesn't need credit anymore.

The "explain to future employers" thing, and other effective scarlet letters, is just what the corporatocracy wants. They'll do whatever they can to make people pay their debts in full so they can profit the maximum, even as they walk away from their own debts when they can. However, if millions walk away from their homes, the scarlet letters won't be as profitable.
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Re: My aunt walks away

Postby leaveseattle » Fri Aug 22, 2008 12:59 pm

I doubt it will hurt his job opportunities if he is higher up the management chain or is more specialized.. as I said for my husband it was not a problem as long as he told them up front...

Also, we had no problem getting a car at a very good rate after our credit was hurt by non payment... it seems that having good credit is just not as necessary as it used to be... and in our case avoiding using credit has been a good thing-something more folks should practice...

I am wondering though, as it becomes harder to buy a home and more and more are either bought up by real estate companies or rented by the bank, I am afraid they will be able to up the rental rates since rentals will be in higher demand-

Rent control.
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Re: My aunt walks away

Postby cheapseats » Fri Aug 22, 2008 2:32 pm

I can not speak for corporations, but I know the Federal Government still looks at your credit history closely for potential employment.
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Re: My aunt walks away

Postby rose-colored-coolaid » Fri Aug 22, 2008 4:05 pm

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Re: My aunt walks away

Postby jon » Fri Aug 22, 2008 4:42 pm

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Re: My aunt walks away

Postby leaveseattle » Fri Aug 22, 2008 7:07 pm

Yes the feds look at credit, but our nephew just signed up for the Navy with hideous credit and since they needed him so badly they "waived" the credit flagging-for his security clearance

Bad credit makes somethings a bit more difficult to obtain but not impossible-

We are adjusting to "bad credit" and finding it a relief to pay off each bill and buy each item in full and totally own it before it is worn out...


Credit is a business not a necessity...
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Re: My aunt walks away

Postby rose-colored-coolaid » Fri Aug 22, 2008 9:10 pm

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Re: My aunt walks away

Postby jon » Sat Aug 23, 2008 9:25 am

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Re: My aunt walks away

Postby rose-colored-coolaid » Sat Aug 23, 2008 2:44 pm

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Re: My aunt walks away

Postby Markor » Sat Aug 23, 2008 10:24 pm

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Re: My aunt walks away

Postby Big Mike 34 » Mon Aug 25, 2008 6:19 am

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Re: My aunt walks away

Postby Big Mike 34 » Mon Aug 25, 2008 6:42 am

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Re: My aunt walks away

Postby Markor » Mon Aug 25, 2008 7:41 am

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Re: My aunt walks away

Postby jon » Mon Aug 25, 2008 9:54 am

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