Your acquaintance and Joe's pilot acquaintance are obviously headed for BK.
But why do you say the taxpayer is going to pay to clean up their messes?
Are you thinking of the housing bill currently pending in Congress? That bill will not do a thing for your acquaintance, he won't come close to qualifying. The bill was not designed to help people in his position. Same for Joe's acquaintance.
Quote:
Originally Posted by sammyg2
My best friend's brother (I've known him for 35 years) bought a house about 4 years ago for $545k. It's worth maybe $400k now. He got one of those interest only ARMs that can't be re-financed for 5 years without penalty and has a big balloon payment after 10. [rest snipped]
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