@@@ (ConnieConstance) YOU SAID:-- "Rich people let their homes get foreclosed for other reasons unlike regular
...Let me start off by stating I usually do not allow my tongue to go gutter on me, but the disparity level of the American *** stupidity, has me quite peeved these days.
"No you imbecilic ***-b.i.t.c.h--- we the rich do not allow our properties to go into foreclosure because we are sitting on 5 or 6 hundred million, and one day out of the blue we decide not to pay our mortgages, you swine."
People that go into foreclosure are not as rich as they may seem, our they would not be going into foreclosure of a residential property.
There is a difference between letting a business go into foreclosure/bankruptcy because usually a business is not tied into personal liability. However, a residential property is usually tied into the owners personal liability and or assets.
Do any of you even know what a credit rating is, and what a foreclosure will do to it?
One does not go into foreclosure because one simply does not want to pay the mortgage. One goes into foreclosure because one can no longer afford to pay the mortgage. Even if the property is appraised for less than the mortgage balance due, one simply sells the property in question and assumes the loss. If one is truly rich/wealthy the loss will not adversely affect ones lifestyle-- (you just do not merely let go into foreclosure for the sake of doing, you idiots)
This is the mentality that will always keep "***" and "***" broke, even for the ones that by chance manage to become rich, will soon indeed find themselves back in the quagmire of brokenness.
Blacks in America will always be towards the bottom rungs of the financial societal ladder, not because they lack hustle, but because of the way they think, and what is it they do, after the hustling has been done.....Artofwar