CombatEffective: Wall Street & Congress issue final F*** You to America...

...it's all about big money. The little guy is left to drown in the debt. Or lose the house. (Which from a free market perspective is probably the right answer. However, we long ago departed the free market.)

A conversation with the 2nd mortgage holder...

...if you came here from FutureMillionaire, you may be following the story already. If not, jump over there and check it out. For rationaldefault readers, the new 2nd mortgage holder called me last week. It was an interesting conversation.

Saving or giving up on a home in foreclosure...

...ForeclosureFish (one of the best resources I've found for information re: mortgages) has an article up that posits five considerations to...consider...before you make any decision. Bottom line: remove emotion from the situation and consider if the home makes sense to save, financially.

Norm Miller on "rational default"...

A third of owners will walk away when the value of their homes drops 20 percent or more below what they owe, even if they can afford the payments, a situation known as “rational default,” said Norm Miller, director of real estate programs at the University of San Diego School of Business Administration.

Source: Finance & Commerce

People need to educate themselves on the process and their options. Through this knowledge they can overcome the of paralyzing fear (purposely instilled by the powers that be) of taking their future into their own hands.

FutureMillionaire: Are you a Nevada homeowner facing foreclosure?

If you are a Nevada homedebtor concerned about making your payments, interested in a short sale or considering foreclosure, start here. Others are invited as well, but this page is specifically about Nevada.

Welcome to Rational Default...

...the purpose of this blog will be to provide resources and a place for discussion for those homedebtors who are vastly underwater, facing insurmountable job losses or financial hardships, and are making the difficult, but rational, choice to default on their mortgages.