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Like many on this board, we live our lives within our means. We were not happy when rates went up to 5 7/8% back in '05 for a fixed rate conforming 30 yr. mortgage, but we sucked it up. I drive a 13 year old car we bought used that has been paid off for 5 years. The wife's car has been paid off for two years+. We pay the credit cards off each month, etc, etc. Shame on me for not gambling for that big payoff, shame on me to not be in a position where I choose to walk away from a RESPONSIBILITY that affects untold numbers of others, shame on me... OK, where's my oxygen?
Anyways, anyone care to comment. I am preachin' to the majority of the choir, but I want a "responsible family reward act of 2007" tax break or something. I earned it as much, if not more, then the &*^&ing flakes that are getting the gift of the "Mortgage Debt Relief Act of 2007!!!"
I sympathize with you. I live under my means so I can feel secure financially.
To read that about folks just walking away and not taking the responsibility does irk me.
We'll be paying for this housing/credit fiasco for years to come.
Anyways, anyone care to comment. I am preachin' to the majority of the choir, but I want a "responsible family reward act of 2007" tax break or something. I earned it as much, if not more, then the &*^&ing flakes that are getting the gift of the "Mortgage Debt Relief Act of 2007!!!"
Like many on this board, we live our lives within our means. We were not happy when rates went up to 5 7/8% back in '05 for a fixed rate conforming 30 yr. mortgage, but we sucked it up. I drive a 13 year old car we bought used that has been paid off for 5 years. The wife's car has been paid off for two years+. We pay the credit cards off each month, etc, etc. Shame on me for not gambling for that big payoff, shame on me to not be in a position where I choose to walk away from a RESPONSIBILITY that affects untold numbers of others, shame on me... OK, where's my oxygen?
Anyways, anyone care to comment. I am preachin' to the majority of the choir, but I want a "responsible family reward act of 2007" tax break or something. I earned it as much, if not more, then the &*^&ing flakes that are getting the gift of the "Mortgage Debt Relief Act of 2007!!!"
They are just being forgiven the tax consequences of forgiven debt. I dont see this as that big of a deal. If someone gives you cash as a loan and they forgive the debt it would make sense that you should pay income tax on that. However in the case of a respossessed house it doesnt necessarily make sense.
People walked away from their houses in Austin in the 80's as well. Use the opportunity to invest and get stocks and realestate for cheap.
They are just being forgiven the tax consequences of forgiven debt. I dont see this as that big of a deal. If someone gives you cash as a loan and they forgive the debt it would make sense that you should pay income tax on that. However in the case of a respossessed house it doesnt necessarily make sense.
People walked away from their houses in Austin in the 80's as well. Use the opportunity to invest and get stocks and realestate for cheap.
It is the same idiots who will wake up when they are 65 and wonder how they will retire. I fear I will be assisting them then also . I know it is hard to SAVE, when the neighbor just bought a new BIG screen TV for each room in their house, the newest BMW and a really cool boat to take to the Lake...and I toooo really want those things....agh I'll just save more next year...RIGHT
Like many on this board, we live our lives within our means. We were not happy when rates went up to 5 7/8% back in '05 for a fixed rate conforming 30 yr. mortgage, but we sucked it up. I drive a 13 year old car we bought used that has been paid off for 5 years. The wife's car has been paid off for two years+. We pay the credit cards off each month, etc, etc. Shame on me for not gambling for that big payoff, shame on me to not be in a position where I choose to walk away from a RESPONSIBILITY that affects untold numbers of others, shame on me... OK, where's my oxygen?
Anyways, anyone care to comment. I am preachin' to the majority of the choir, but I want a "responsible family reward act of 2007" tax break or something. I earned it as much, if not more, then the &*^&ing flakes that are getting the gift of the "Mortgage Debt Relief Act of 2007!!!"
I will LOVE to see the responsible family reward act put in place. Hubby and I live within our means. We spent our money responsibly and not on foolish things that go out of style in a year. We don't own the latest fads when it comes to our home and our vehicles. It frustrates and upsets me when people make foolish financial decisions.
heck I have a cousin who just purchased a $1500 snowblower for her 1 car driveway because she doesn't have to pay for it for one whole year (yah obviously she doesn't UNDERSTAND the rules of no payments for one year - tried to explain it to her and she said oh I know I'll definitely pay it off before the year ends - RIGHT! )
Oh and my favorite was when a coworker of mine took his entire family (4 kids) on a 2 week vacation, okay fine, but when he returned he said he wasn't able to make his mortgage payment because he didn't have any money. GRRR!!!!!!!
I totally get what you are saying. It frustrates me also ; I ahve a small business and trying to get people to pay for their service ; once a customer asked me to come to his door on a sat morning to pick up an overdue balace ; it was about $300.
In his driveway there was a new porshe, a mercedes, and he didnt answer the door. I called him from his driveway and he answered. i jsut told him I was at the door. Yes, he did give me the check but it was 5 months overdue.
I was driving a 8 year old ford explorer!! It frustrates me to no end when you see people buying fancy cars, huge tv,s going on fancy vacations, having all the name brand things ; and then declaring bankruptcy. People want it all now and are not willing to pay for it.
When we purchased our first home in 1980, the interest rate set at 17 3/4 %. We were not happy campers, but camp we did without new furniture or a new car purchased with a second. We always had a golden rule to never take a second on our home, it was sacred. To own a home free and clear was a goal we had early on. We own two homes now free and clear and it feels much better to have a roof over our heads than having two new cars and a boat, etc. The entitlement mentality today really scares me and looks a little like Rome before it fell. Well, let them eat cake, buy homes they can't afford and drive that BMW off into the sunset.
Then people wander why the same people make the same mistakes time after time.I really doubt he drives off into the sunset as he is moving to the same problem he thinks he is avoiding.Once you con yourself ;it's downhill from there.
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who will wake up when they are 65 and wonder how they will retire. I fear I will be assisting them then also 
. I know it is hard to SAVE, when the neighbor just bought a new BIG screen TV for each room in their house, the newest BMW and a really cool boat to take to the Lake...and I toooo really want those things....agh I'll just save more next year...RIGHT 
