U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-03-2010, 04:36 AM
 
2,878 posts, read 3,848,374 times
Reputation: 3080

Advertisements

Quote:
Originally Posted by Sunny-Days90 View Post
Perhaps a second job?

I do not have the answer but surely you can find a way to pay the extra cost.

When you purchase the home YOU signed knowing that you could pay the payment and had enough backup money to cover it. The next step to me would be to find 2 jobs or something to make up the difference once savings is depleted.

Everyone's situation is different but I know many who have taken on second jobs because they felt a moral duty to follow through with their agreement.

If you look into the stats you will see that a large majority of people are walking away just to walk and do not have financial issues.

I do not have the answer because everyone's situation is so different but I can say for those who just want to up and walk away it is wrong.

For those who signed ARMS, then they agreed to pay the extra money when it came to that time and they need to work a second job to cover for it. They knew the ARM was going to change BEFORE they signed the contract.

This country is in a mess with this and it does not seem to be getting any better with the record foreclosures and bankruptcies this year.

Maybe we should blame those who are running the country and have not created any good paying jobs as promised. Jobs is what we need and something we are not getting even after a stimulus that was suppose to create jobs has failed.
Recommending someone a second job is also elitist, not to mention condescending.

My claim is that the bank(s) undermined my home values through indiscriminate lending. It was an indirect, snowball type of responsibility that they bear. Since they did not care and were greedy and I did and am still doing the right thing, I have the moral high ground against them and I reserve the right to walk away any time. Especially after they got bailed in such a convenient (for them) way. Anyone who tells me that the bank stocks took a hit and bankers lost the jobs (and this is how they got punished for their irresponsible behavior) is forgetting that most other industries suffered the same consequences and the the stock market was down for everyone, not just the bank stocks.

The large majority who are walking are people who can afford their mortgage, this is your claim. Maybe, I don't have the stats but it does not surprise me. The banks walked out on them long before the crisis started by indiscriminately lending. The government walked out on them by not addressing the core issue - the fact that a lot of good people are under water due to no fault of their own. They could have at least given a tax credit to everyone who is under water and still paying at the end of every tax year. Propping up the banks and keeping them in business just to save the financial system tells me only that the banks are more important than the people and can be saved by injections of cash and liquidity. People, on the other hand, people can left to dry and take the consequences since they signed a piece of paper. Well, guess what, when I was signing that piece of paper nowhere did it say that the economy is going to hell and that the bank is going to run greedy with its customers and almost ruin the whole financial system.
Reply With Quote Quick reply to this message

 
Old 06-03-2010, 04:57 AM
 
2,878 posts, read 3,848,374 times
Reputation: 3080
Quote:
Originally Posted by mango23 View Post
You are requiring a lot of people. From the time we are old enough to understand we are told the American dream is to ones own home. People would live with a family members would live together, people would work extra jobs, and save for years for this privilege. Years ago when someone paid off their mortgage friends would have a mortgage burning party, it was truly the American dream.

Now fast forward and people were lead to believe that they didn't have to wait anymore, they were convinced by lenders that unlike their parents they could have it all, now. It was not a hard thing to sell to the public, when you begin telling people what they want to hear they will follow. Politicians have been using this ploy forever. I can't completely fault the public, they made life changing mistakes and should have known better but in fact they were seeing others doing it and many even making money, they just didn't want to miss the train.

Standing back, everything that happened is easy to understand and probably predictable with the luxury hindsight. If one is not one of the ones who have now found themselves in this desperate position. It's easy to be aragant and say what fools, but more accurately would be, "There but for the grace of God go I".
When a financial system is built on borrowing and debt, it is easy to see why a lot of people are enabled to get into trouble. Borrowing brings risk and a lot of people do not understand risk. Heck, a lot of people cannot understand how much they would have paid for their home after 30 years of paying the mortgage (if they did, they would strive to pay off the home as soon as possible and not pay the greedy bank for a whole another home in the process). Either that or they would never borrow. By borrowing most people of average income become economic slaves to the banks and not only to the banks but to their employers. Without a job, no house. Maybe you hate the job? Tough luck, you still have to pay the house. Then the banks become almighty. Nowadays you cannot even get a professional job without being paid only direct-deposit. I have had a few jobs in the last 10 years where that is the only option. Well guess what, for that I need a bank account. So now the banks have become a requirement for survival. But I digress, I have lamented about the banks too much.

Anyways, when you assign a monetary value to life, medicine, homes etc., you are inherently allowing all of these to be treated as commodities. Then the only question becomes who decides the sanctity of the above things, how far you should go in treating them as just another commodity etc. When you yourself have not built your home and cleared your lot, when you have not put the sweat in it, when you can buy homes and properties online sight unseen, all you are doing is de-personalizing these commodities and just turning them into another piece of paper with a $$ number on it, something that just adds to the bottom line of your portfolio. There is no respect for such a property anymore and it is open to speculation, flipping, whatever you want. In essence, people become removed from all of this and that's why I laugh at "a home is a dream, I am here to stay" thing. It has been proven a relic.

Or, think about the questions like the "environment". Everyone loves nature. But tomorrow when they want a new home and a part of nature gets raped and turned into a cookie-cutter bunch of homes, all people can see is "I paid good money for this home, it's my dream". Afterwards it goes to be sold etc. and the whole cycle of debt and credit has been started again. But, because there is monetary value put on things, homes precede nature and nature loses. I use this just as an example.

The best solution for most people is simplicity. Buy cash for only what you can afford at that moment. Be as self-sufficient as possible since noone else will give a damn when you are in a tough spot.

Last edited by ognend; 06-03-2010 at 05:12 AM..
Reply With Quote Quick reply to this message
 
Old 06-03-2010, 05:03 AM
 
2,878 posts, read 3,848,374 times
Reputation: 3080
Originally Posted by ognend
I reserve the right to do what I think is right.

Quote:
Originally Posted by Lilybeans View Post
And that is the essence of the entitlement mentality. Case closed.
If I reserved the right to do what YOU think is right, I would not have much of a spine, would I? Plus, if I did what YOU think is right, then you too are responsible for the consequences of that.

Of course I am going to do what I think is right, everyone does, it is called individuality. Look it up in the dictionary and stop being so condescending.
Reply With Quote Quick reply to this message
 
Old 06-03-2010, 06:23 AM
 
Location: Trinity Florida
7,928 posts, read 17,757,283 times
Reputation: 1992
Quote:
Originally Posted by annerk View Post
Or they could have done what my husband and I do. I live in the house with our son, he works 1100 miles away in another state and rents a room. Does it suck? Sometimes very much so. But it's what we need to do, so we're doing it. Based on that, yes I CAN AND WILL PASS JUDGEMENT because I've walked the mile.
Considering they have a special needs child YOUR WRONG...they needed to change schools and they put the house 7 months before he lost his job...as they were planning on moving for their CHILD as well as other reasons...So before you judge look at people's situations first...because what is right for you isnt right for them...the fact the bank was NOT willing to help them at that time they didnt have very many choices..and staying up north isnt an option for them at this time...the home value of their Home went down almost 100k in 2 years and for their area they didnt over pay on it either...Again one doesnt know people's financial situations they also lost their retirement funds as well, so if what u did worked for you, then great...what U DONT understand is some people can not afford a mortgage and rent in another state..and well one has to choose...
Reply With Quote Quick reply to this message
 
Old 06-03-2010, 08:10 AM
 
26,590 posts, read 54,462,029 times
Reputation: 13016
Quote:
Originally Posted by Swimmom32 View Post
Considering they have a special needs child YOUR WRONG...they needed to change schools and they put the house 7 months before he lost his job...as they were planning on moving for their CHILD as well as other reasons...So before you judge look at people's situations first...because what is right for you isnt right for them...the fact the bank was NOT willing to help them at that time they didnt have very many choices..and staying up north isnt an option for them at this time...the home value of their Home went down almost 100k in 2 years and for their area they didnt over pay on it either...Again one doesnt know people's financial situations they also lost their retirement funds as well, so if what u did worked for you, then great...what U DONT understand is some people can not afford a mortgage and rent in another state..and well one has to choose...
Considering that I DO TOO YOU are WRONG!!! If they couldn't afford for him to rent a room in another state, they bought more home than they could afford to begin with, PERIOD. No sympathy, they are exactly part of the problem. Tell her to get off her ass and find a job, she can work when the kid is in school.
Reply With Quote Quick reply to this message
 
Old 06-03-2010, 09:45 AM
 
Location: Trinity Florida
7,928 posts, read 17,757,283 times
Reputation: 1992
Quote:
Originally Posted by annerk View Post
Considering that I DO TOO YOU are WRONG!!! If they couldn't afford for him to rent a room in another state, they bought more home than they could afford to begin with, PERIOD. No sympathy, they are exactly part of the problem. Tell her to get off her ass and find a job, she can work when the kid is in school.
It is so easy for someone to judge...It really amazes me...and for the record they sold the house as a short sale...and who are you to say they are the problem? 2nd of all they put down 20% and didnt buy more than they can afford...and If I remember you saying u have alot of funds put away well the fact that most people ARENT like you thats great for you..and if they put NO MONEY down and went over their head ID AGREE...in this case im sorry but yes you are wrong...and SHE DOES WORK PART TIME and gets off her ASS...so obviously you dont know what u are talking about..and unless your almost homeless you have no clue...My dh has people from NYC he worked with who lost their homes, Jobs and 1 of them was actually living in their car for a few weeks...and Please dont tell me this is THEIR problem..they bought the house before the Boom and the home isnt worth what they paid for it....Enough said on this topic, as Im not here to argue, the point of the matter is this is very sad for alot of people WHO tried to do the right thing...for those who walked away BECAUSE they didnt want to pay for a home that was underwater well YES that is their problem and this is why these issues exist, and with banks lending money to people that HAD NONE...those people should not have been able to buy...Savings is very difficult with a family you can argue with me on that one too....
Reply With Quote Quick reply to this message
 
Old 06-03-2010, 09:53 AM
 
Location: Miami
6,853 posts, read 19,761,181 times
Reputation: 2906
Ok, let's be polite and understand of other views. Otherwise this thread will get shut down.
Reply With Quote Quick reply to this message
 
Old 06-03-2010, 10:10 AM
 
26,590 posts, read 54,462,029 times
Reputation: 13016
Quote:
Originally Posted by Swimmom32 View Post
Savings is very difficult with a family you
can argue with me on that one too....
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 01:40 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top