“What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”

Hannah Sung, Globe&Mail: “According to the numbers Canadian’s are carrying more debt than ever; which seems like a worrisome place to be. So I decided to ask people: ‘What is your biggest financial fear?’.”

Man1: “That’d be my mortgage. Actually, I just lost my job, about a month ago. Believe me I’m really happy about it; I can go back to school. I really don’t want the fear to come in front of me. What’s the worst that can happen? You can’t pay your mortgage, so sell your home! No fear.”

Hannah Sung: “‘What is your biggest financial fear?’.”

Woman: “The stereotyped idea of graduating and living in your parent’s basement.”

Hannah Sung: “What is the best way to manage the stress of being in debt?”

Man2: [looking concerned] “Try to think positive. I just had a job interview.”

– from ‘The fears that grip Canadians as debts rise, housing prices fall and incomes stall’, Globe and Mail video, 9 Mar 2013

27 responses to ““What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”

  1. If only everyone could ‘think positive’ then the world economy would recovered by now. I fucking love this mantra. Just think positive everyone. You don’t need to think hard. Just positive.

    • Ralph Cramdown

      To a certain extent, that’s absolutely true. Positive thinking people start or expand businesses, spend money and invest in equities. Negative thinking people don’t expand businesses, spend less money and invest in bonds or gold. If, on average, everybody spends less then, on average, everybody earns less.

      • !00% agree. If there is one thing we most badly need right now it is a dose of optimism and an end to the fear peddling that has swamped the world’s financial scene. As soon as business leaders see a genuine uptick in sentiments they will feel more comfortable opening up the spiggots again, hiring, investing in capital equipment, making plans to expand and doing all the things that make an economy thrive. There is little more that stands between a genuine recovery and economic expansion than the sentiments and feelings of the people that populate it. No question…..positive feelings about the future lead to better outcomes than negative ones do….

        Which is why we need to suppress gold loving attitudes (Oops).

  2. It would be presumptuous to assume he has no equity in his property. I for one think it is good advice. If you need to sell your primary residence because you can no longer afford the mortgage, then so be it. Home ownership is just a mental concept.

    In other news, parts of London are like Vancouver on steroids. All side effects of loose monetary policies around the world and the widening gap between the rich and the rest.

    http://www.vanityfair.com/society/2013/04/mysterious-residents-one-hyde-park-london

    • It’s not an effect of monetary policy. Rich people in countries like France are trying to protect their money from tax increases to pay for shitholes like greece and spain.

      • I think the widening of economic inequality is largely due negative real interest rates and regressive tax schemes which subsidize investors and the finance sector at the expense of labour.

      • i seriously think the sooner you gold bugs stop wanking off to apocalyptic fantasies about hyperinflation and BIG GOVERNMENT the sooner the global economy is going to recover. Do you dumb asses seriously need more proof than George Osbourne’s track record for the the past 3 years?

      • Hear, Hear Matt!!!! Well said.

      • Matt, can I ask what you are talking about regarding George Osborne? I’m not up to date on this.

    • Arabs took over London ( stats prove that). Most Londoners are ….outside the town since immigrant population took over the town supported by oil and Russian mob cash. They doesn’t give a ratsass about Brit way of life. It’s going to get ugly there in near future…East vs West in micro scale in the making.

      • Thanks for the edl ukip claptrap pun. Do us a favour and shove your petrol socked daily mail up your ass and go sit on stove.

      • “Six hundred thousand Londoners have left. They didn’t all sell ex-council houses in Barking, in order to purchase five-bedroom cliff-top villas in sunny Leigh-on-Sea.”

        [UK Telegraph] – Let’s talk about the exodus of 600,000 whites from London: It is not wrong to discuss the cultural changes that large-scale immigration can cause, such as ‘white flight’ from certain areas in London

        …”Imagine if Glasgow disappeared. Not overnight and not physically, but imagine if everyone who lived there decided to leave, in the space of 10 years. Argyle Street, in the city centre – empty. Byres Road, next to the university – derelict. The Crow Road – abandoned (except, perhaps – if this were an exciting new BBC drama – for an old Iain Banks novel, rain-damaged pages flapping in a gutter, symbol of the great evacuation). All those tenements, riverside apartments, suburban villas, all lying vacant. You’d sort of notice, wouldn’t you? You’d expect people to talk about it, at least.

        If your geographic history differs from mine, and you’ve no mental image of Glasgow to play with, consider, instead, Sheffield, or Nottingham, or Belfast. All cities of about 600,000 people. Imagine if everyone who lived there upped and left.

        Not the opening scenes of a dystopic science fiction screenplay, but the unfictional, real London, whose white British population has declined by roughly the population of those cities in the 10 years between the last two census surveys. “White British” (as opposed to Eastern European) citizens now make up less than half of London’s population.”…

        http://tinyurl.com/b9m5x2a

        [NoteToEd: It’s a very complicated problem-set, but many former Londoners who had – pre-Thatcher/DameShirley – previously enjoyed some form of publically assisted housing were simply priced out. See also: http://en.wikipedia.org/wiki/Shirley_Porter ]

      • Real Estate Tsunami

        Wow, 600,000 whites have left London.
        This can’t happen here, I suppose.

      • “Wow, 600,000 whites have left London.
        This can’t happen here, I suppose”….hey look at Richmond. We are in the same boat….and below the water line;)
        http://www.cbc.ca/news/canada/british-columbia/story/2013/03/18/bc-chinese-signs-richmond.html

      • It is ugly there already. Have you lived in London, Pun? What a piece of crap city it is and so riddled with hatred and racist attitudes there is no doubt that trouble is coming. Just a matter of time.

    • Hey, matt, here’s a challenge for you… see if you can post a comment without an expletive. Tricky, I know, but give it a try!

  3. Anytime Matt, go to London for the weekend and enjoy the reality for a bit.

  4. You can’t pay your mortgage, so sell your home! No fear.

    What is the average time to sell a property these days?

  5. Try selling when you hafta cut a check to the bank cuz you’re underwater… Say, where is the Inland Empire located again…? Oh, never mind….no relevance to BPOE….

  6. What if no one buys your house at the price you want?

    • Well, you and I and most readers know that the answer is “You drop the price steadily until you hit a bid”. That’s the market price.
      Most Vancouver sellers don’t know this, yet.

      • That’s my cousin’s situation with a job transfer out east … priced too high and nothing and has since lowered it about 15% .. in the meantime probably a hundred similar spec condos have listed in that same price range …

  7. Just walked into a TD bank half hour ago seeing a new ad of five year fixed mortgage @ 2.89%. Need application approved before end of April and need to draw fund before end of August.
    BMO started @ 2.99% then TD @2.89% now. Who is the next to lower their rate?

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