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Old 09-08-2008, 10:26 AM
 
1,599 posts, read 2,937,589 times
Reputation: 702

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Quote:
Originally Posted by riveree View Post
Please do remember that not everyone facing foreclosure is a bum.

I have a friend who was a responsible payer of her mortgage and then "life happened". She found out her other half was cheating, so the relationship ended and she lost 1/2 the household income. Okay, she still scraped by and paid her bills. Then she was laid off from work because business was slow. Okay, still trying to pay the bills, getting unemployment, looking for work. She finds work, waiting for her start date, goes on an outing with friends and someone playing a practical joke on her ends up breaking her arm and she now owes the hospital nearly $100k.

She can't sue they guy - he disappeared back into the crowd and he was a total stranger. She wasn't able to afford Cobra when she was laid off, so no insurance. All of this happened in a matter of months. And she's a single mom on top of it all.

So now she's claiming bankruptcy and the home is in foreclosure. So bad things happen to good people. In hindsight, she might do a few things differently, but wouldn't we all?
Thank you for this sane reminder, Riveree. I live in your neck of the woods and am also seeing hard times. I'm not a bum, stupid or greedy. When are people going to start to get beyond the blame game and start realizing that many decent everyday people are being sucked down the same vortex as the greedy investors and the people who bought beyond their means?

The ramifications of this housing crisis is affecting homeowners indescriminantly and ,consequently, responsible people who have to move because of ordinary life situations (such as layoffs or job transfer) are losing everything they have worked for

If you live in Florida and you have to move for any reason, you are in probably in for a lot of financial trouble, even if you played by the rules and put your 20% down and went with a solid conventional loan.

Ordinarily, in a stable economy,people are able to deal with life changes. They find new jobs and move if they have to without the impending doom of foreclosure over their heads. But these are not ordinary times.
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Old 09-08-2008, 12:31 PM
 
Location: beautiful NC mountains!
904 posts, read 2,863,848 times
Reputation: 1279
Quote:
Originally Posted by Lulu101 View Post
Well, I would never blindly accept what any real estate or mortgage agent said at face value. You need to do your homework and verify everything on your own before you sign any agreement, even if that means paying a lawyer to look at it. It sounds like they didn't do that. It's sad that they're being kicked out but that's no reason to strip a home.
I totally agree. If more people took the time to read and understand what they are signing I think there would be a lot less people defaulting on loans. My husband is an accountant. He reads every word of every page before he signs anything. If he doesn't understand something, he asks questions. I have seen him make a lender change the wording on a contract to make it understandable. It's funny how so many people just believe what they are being told and blindly sign on the dotted line.
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Old 09-08-2008, 12:38 PM
 
1,304 posts, read 4,174,703 times
Reputation: 799
Quote:
Originally Posted by songgirl View Post
If you live in Florida and you have to move for any reason, you are in probably in for a lot of financial trouble, even if you played by the rules and put your 20% down and went with a solid conventional loan.
I totally agree! The whole r.e. bubble burst/sub-prime mortgage mess has affected all of us! We, too, went the traditional route putting 20% down on a 20-yr fixed-rate mortgage. Even still, our house is probably not even worth what we owe on it because all of the above problems have deflated prices everywhere. Hoping to hang on as long as possible!
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Old 09-08-2008, 02:07 PM
 
Location: beautiful NC mountains!
904 posts, read 2,863,848 times
Reputation: 1279
Some of us from Fl are not in that situation. We moved for a better job. We are not about to lose our house. We still make enough to pay our mortgage, pool service, pest control and yard upkeep and rent in another state. We sold one home and bought a less valuable home to have less of a mortgage during the big boom. We put over 50% down and went with a 15 yr. fixed mortgage. We still need to sell our house. But we are not in a lot of "financial trouble." While our house will not fetch what if could have 2 years ago, it is still worth far more than we paid for it. (so the real estate professionals tell us.)
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Old 09-08-2008, 09:04 PM
 
944 posts, read 3,834,850 times
Reputation: 607
Quote:
Originally Posted by riveree View Post
Please do remember that not everyone facing foreclosure is a bum.
I do remember this, every day. I have close friends in a situation where foreclosure is inevitable. Remember, this thread started with me viewing a stripped home. If you strip your home, you're a freakin' loser in every way imaginable.
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Old 09-08-2008, 10:47 PM
 
Location: Houston, TX
4,678 posts, read 9,838,537 times
Reputation: 1960
Quote:
Originally Posted by Muggy View Post
I do remember this, every day. I have close friends in a situation where foreclosure is inevitable. Remember, this thread started with me viewing a stripped home. If you strip your home, you're a freakin' loser in every way imaginable.
I wouldn't go that far...

If I bought a house and paid on it for 5-10 years and lost my job and ended up losing everything. I would probably take everything I could too. Afterall, You owned the house and everything in it. Technically, It's your stuff to take.

I'm guessing you're not fond of people that take everything because you're one of the lucky few that are out there taking advantage of a weak market and others misfortunes.
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Old 09-08-2008, 11:12 PM
 
393 posts, read 1,066,017 times
Reputation: 298
I live in Palm Coast, lost my job with WCI Communities 3 months ago in the last round of lay-offs before their bankruptcy. There was NO WAY to replace the income I was making with WCI here in Palm Coast. I couldn't pay the mortgage anymore and negotiated a short sale with my first and second mortgage holders which was approved today. I worked with the mortgage companies by keeping in touch, kept the house spotless to show it and got a contract quickly.

To VBmom, NO AMOUNT of reading the fine print in my original purchase could have averted this. This was the first home I've ever purchased. I closed on it on my 40th Birthday. I had (HAD) SPOTLESS credit with a score close to 800. I've never been late on a bill. It doesn't matter who you are, how good your credit is, nothing matters when you lose your job. Bad things can happen to good people, so please don't disparage those of us going through this as being ignorant or blind. Your comment is way out of line. You sound like you think you are so secure in your job and your life but almost as if you are better than those of us who've had bad luck. "Read the fine print, don't sign things blindly" PLEASE! You're not better than anybody, things can change in a day for you are anyone else.

As for my house, I guess I'm not the norm because every single person or couple that came to see it was absolutely amazed that we kept it very nice and clean saying most of the "bargains, foreclosures, and so forth" are dumps. When I bought this house, it was one of the least expensive new homes in Palm Coast. When most were going for $250K+, I paid $180ish. I've personally put more than $30K in upgrades into it the past three years and I'll never see a dime of that or the $50K in payments I've made but at least I'm not having to file bankruptcy and I didn't just walk away to leave someone else to clean up my mess.

As for WCI, I bought this house to build buildings for them. They still own three vacant lots in the area but now all bets are off and we're out of work. Even knowing this was a strong possibility and having looked for a job for much of the past year didn't save me. I have personally flown around the country to interview and have literally been promised several jobs that fell apart because construction funding dried up. I've now found a place to go and will have to start over.

As for any of you that would make similar comments to infer that all or most people suffering from the real estate market meltdown brought it on themselves, you have no idea what you are talking about unless it's happened to you or someone in your family and you have no right to spread that kind of negativity.

Good luck.

Last edited by blackhillsdreams; 09-08-2008 at 11:52 PM..
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Old 09-09-2008, 01:50 AM
 
713 posts, read 2,660,240 times
Reputation: 154
We left everything in this new house. All were upgraded too. We wanted to take some stuff as most of it we bought sep. from the builder anyway. We could've really used all the expensive upgraded appliances but left all so that it would sell easier. No one seems to appreciate that it was a better builder with quality building materials and has a view, three car gar. etc., etc.

We've had several couples want it, go through the whole inspection, running numbers, tying up realtor with countless relatives coming, having to approve it and in many instances, the relative farthest removed from the couple who wanted the house were the ones to put a kabosh on the deal. What is up with that? Can't a couple decide for themselves without bringing mom and dad and uncle and aunt and the grandparents etc. I think this is a new trend and I'll leave it there.
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Old 09-09-2008, 04:17 AM
 
944 posts, read 3,834,850 times
Reputation: 607
Quote:
Originally Posted by TNRyan23 View Post
I wouldn't go that far...

If I bought a house and paid on it for 5-10 years and lost my job and ended up losing everything. I would probably take everything I could too. Afterall, You owned the house and everything in it. Technically, It's your stuff to take.

I'm guessing you're not fond of people that take everything because you're one of the lucky few that are out there taking advantage of a weak market and others misfortunes.
Moderator cut: edit. You do not own the house until the mortgage is entirely paid off. It does not matter how long you have been paying the note; the contract specifically says that appliances are fixed and may not be removed.

Apparently the majority of you think it is o.k. to steal when you break a contract. The attitudes and wanton disrespect for the law displayed in this thread are beyond imagination.

The bank didn't *********, you screwed you.

Last edited by riveree; 09-09-2008 at 01:05 PM.. Reason: please make the point without getting personal
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Old 09-09-2008, 04:23 AM
 
944 posts, read 3,834,850 times
Reputation: 607
Quote:
Originally Posted by blackhillsdreams View Post
As for any of you that would make similar comments to infer that all or most people suffering from the real estate market meltdown brought it on themselves, you have no idea what you are talking about unless it's happened to you or someone in your family and you have no right to spread that kind of negativity.

Good luck.
Apparently nobody can read. I went and viewed a stripped home and made the comment that the previous owner is a loser. This is an insult to all of the criminal idiots out there, not you. Nobody needs to infer anything beyond what I have written. If you are foreclosed, and you strip your house, you are a loser. If you are one of the greedy losers whom loses your house to me, EXCELLENT.

I will my pay my mortgage, bills, taxes, insurance and all of the things that would have kept you employed.
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