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Woman owes pharmaceutical giant $2M after lawsuit backfires

unproductiveatwork

June 11, 2017
158 upvotes
/r/PussyPassDenied
http://www.nj.com/news/index.ssf/2017/06/woman_owes_pharmaceutical_giant_2m_after_lawsuit_backfires.html
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Post Information
Title Woman owes pharmaceutical giant $2M after lawsuit backfires
Author

unproductiveatwork

Upvotes 158
Comments 11
Date June 11, 2017 1:56 AM UTC
(9 years ago)
Subreddit Posted in /r/PussyPassDenied
Original Link https://old.reddit.com/r/pussypassdenied/comments/6gj04f/woman_owes_pharmaceutical_giant_2m_after_lawsuit/
Archive Link https://theredarchive.com/r/PussyPassDenied/woman-owes-pharmaceutical-giant-2m-after-lawsuit.920728
https://theredarchive.com/post/920728

Comments

[–]weapawn 27 points28 points29 points 9 years ago (7 children) | Copy Link

Damn, she fucked up a good job. Also, how do you owe more on a house than what it's worth? Don't most properties go up in value after time?

[–]grnrngr 12 points13 points14 points 9 years ago (3 children) | Copy Link

Damn, she fucked up a good job. Also, how do you owe more on a house than what it's worth? Don't most properties go up in value after time?

Overly simplifed, but...

The housing bubble a decade ago hyper-inflated home values. People were buying and selling homes as quickly as they could. Prices went sky-high as a result.

As the bubble burst and people who took out sub-prime mortgages they couldn't pay, they were forced to sell/abandon their homes. This put supply on the market and stifled demand (as fewer people were in a position to buy now that banks were being cautious with their money), so that lead to home prices stagnating or even falling.

There were suddenly a lot of people who could still make payments on their new homes but whose homes were now worth less than their last purchase price.

They're stuck until the market upswings again and/or they pay off enough that they can sell for a profit.

[–]MannekenP 4 points5 points6 points 9 years ago (1 child) | Copy Link

There were suddenly a lot of people who could still make payments on their new homes but whose homes were now worth less than their last purchase price.

I thought I had read that homeloans in the US are typically non recourse, ie if you stop paying the bank, it can only try to recover the loan through selling the property. So basically in such a case, you just leave the house and let the bank with the worthless asset.

[–]FreedomFromIgnorance 4 points5 points6 points 9 years ago (0 children) | Copy Link

It depends on the state. In my state they absolutely can come after you for the deficiency (the amount remaining on the loan after foreclosure).

[–]weapawn 1 point2 points3 points 9 years ago (0 children) | Copy Link

Thanks

[–]Doctor_Theopolis 1 point2 points3 points 9 years ago (0 children) | Copy Link

If the area doesn't turn to shit a house would gain in value, my guess is that she considerably overpaid for it.

[–]MelkorHimself 1 point2 points3 points 9 years ago (1 child) | Copy Link

Also, how do you owe more on a house than what it's worth?

Compound interest. You almost always owe more than your house is worth when you initially buy it (assuming you didn't put more than 20% down). If you're on a 30-year mortgage (which you probably are for a $1.2 million house), the break-even point isn't going to be for a long time.

[–][deleted] 4 points5 points6 points 9 years ago (0 children) | Copy Link

Pussy pass denied? More like life pass denied. Damn.

[–]1hotwife4sharing 2 points3 points4 points 9 years ago (1 child) | Copy Link

this is more of a cripplepass denial than a pussypass denial

[–]KR_Blade 4 points5 points6 points 9 years ago (0 children) | Copy Link

pharmaceutical companies dont like anyone suing them, unless you got a big lawfirm company, you will get destroyed in court, and something like this, if she doesnt pay up soon, they may increase how much she's gotta pay, when you got a entire legal division, they tend to find any and all loopholes in the justice system.

this woman has only two ways out, pay or fake your death and run like hell for the rest of your life.

[–][deleted] 1 point2 points3 points 9 years ago (0 children) | Copy Link

This lady is a perfect example of a woman that thinks she is smart but is really just a shithead that doesn't understand how the adult world works.

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