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Old 08-05-2008, 07:51 AM
 
Location: Ohio
60 posts, read 97,869 times
Reputation: 13

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It is unbelieveable that the values across the board are declining across the nation. The new bill reflects bailouts for people who were placed in the subprime madness. This is a good thing but where does the individual who pays his mortage on time stand? And if the banks short sale properties the adjustments will most likely kill equity on comparibles in appraisals. This is a bandaid that will bring recession to a peak
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Old 08-05-2008, 08:37 AM
 
575 posts, read 828,516 times
Reputation: 542
Quote:
Originally Posted by Jorge Camargo View Post
It is unbelieveable that the values across the board are declining across the nation. The new bill reflects bailouts for people who were placed in the subprime madness. This is a good thing but where does the individual who pays his mortage on time stand? And if the banks short sale properties the adjustments will most likely kill equity on comparibles in appraisals. This is a bandaid that will bring recession to a peak

I agree. We are in a construction related field for our means of earning a living and have been severely crunched in the economic downturn. It's all we can do to make our $1500 monthly mortgage payment these days. Didn't used to be the case. But our income has been severely diminished in this economic downturn.

I have often wondered if I should *default* on the mortgage, instead of scarificing every other area of our lives, no vacations, no going out to eat, virtually no recreation (can't afford it these days). Just default on the mortgage payment so that we can be one of the millions raising our hands *we'll take a handout, thank you very much*.

Those of us who aren't defaulting, but are sacrificing and toiling away in other areas of our daily existence, where's our *bailout*?
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Old 08-05-2008, 08:48 AM
 
Location: Florida
18,333 posts, read 18,578,802 times
Reputation: 21052
There's only one 'bailout' .
Years ago we went through a time when nobody would have faulted us for going Chapter 11. We didn't...we did what you're doing.
All these years later, even though at the time and frequently throughout those years, we've declared ourselves stupid for struggling through (and eventually out) we still end up being proud of ourselves for doing it.
It all boils down to how you think you should live in order to be proud of yourself.
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Old 08-05-2008, 09:11 AM
 
575 posts, read 828,516 times
Reputation: 542
Quote:
Originally Posted by old_cold View Post
There's only one 'bailout' .
Years ago we went through a time when nobody would have faulted us for going Chapter 11. We didn't...we did what you're doing.
All these years later, even though at the time and frequently throughout those years, we've declared ourselves stupid for struggling through (and eventually out) we still end up being proud of ourselves for doing it.
It all boils down to how you think you should live in order to be proud of yourself.


Precisely why we're doing just as we're doing. I'm considering cutting the home phone line. Why do I need a cell phone AND a home phone line? That would save a few bucks.

Have cut the cable tv to basic cable, and that may yet go by the wayside. No vacations, no going out to eat, no unnecessary purchases. We have (gasp) the old regular color tv, not a new fangled flat screen purchased on credit. Aren't able to put anything back for savings these days, just hang on, by our fingernails and hope there ano hiccups in our path. We own a camper (purchased when times were good) that we can't even utilize to go get away from all this pressure, .............. can't afford the gas to go anywhere, much less the camp fees to stay a couple of nights in a campground.

Honoring our obligation to make that monthly payment. All while watching others default, on their payment for their big screen tv's, their sports cars, go on vacations, etc. Default on thier mortgage, and hold their hands out for the bailout.

Sometimes the pressure cooker gets to be too much and you wanna throw your hands up, and just be frivilous and throw caution to the wind, and worry about tomorrow, ............. tomorrow.

But we continue to scrimp and save every which way we know how to do. And pay that $1500 mortgage monthly, and try to strive to keep the lights on, when the electric bill continues to climb, try to keep food on the table, when groceries continue to climb in price.

It's really really tough.

Glad to hear from somebody who has *been there*.
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Old 08-05-2008, 09:43 AM
 
Location: Florida
18,333 posts, read 18,578,802 times
Reputation: 21052
nnyl.......it was difficult, but ya' know what?
It became just like any other very challenging job requiring ingenuity and any other skill available.
One big joke was laughing with my teenage daughter about the fact that she might get chosen as 'best dressed' for the yearbook.
Only we knew the huge heap of clothes she carefully selected at the Salvation Army had come at the price of one outfit in a store
(This was before everybody and their brother went there)

Hang in there...you'll develop attitudes and financial ethics that will serve you throughout life.
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Old 08-05-2008, 09:54 AM
 
Location: Ohio
60 posts, read 97,869 times
Reputation: 13
It just makes my blood boil that people are getting help and nothing for the is being done for those of us who struggle to make ends meet. if america said ok i want goverment help so i am going to be like the others who just defaulted, then we would surely be in a economic grid lock. i am a broker and i struggle to make my payments and because i pay on time i am loosing equity.... Owe More than house worth.... and cant get any assistance. I want a vacation.... a new car.... and whatever else there is.... but instead i am going to have to get a second job to make ends meet..... what a life
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Old 08-05-2008, 11:29 AM
 
575 posts, read 828,516 times
Reputation: 542
Quote:
Originally Posted by old_cold View Post
nnyl.......it was difficult, but ya' know what?
It became just like any other very challenging job requiring ingenuity and any other skill available.
One big joke was laughing with my teenage daughter about the fact that she might get chosen as 'best dressed' for the yearbook.
Only we knew the huge heap of clothes she carefully selected at the Salvation Army had come at the price of one outfit in a store
(This was before everybody and their brother went there)

Hang in there...you'll develop attitudes and financial ethics that will serve you throughout life.



Can't wait til I can get where there is some laughter in all of this. There isn't. It's just a constant struggle.

Maybe one day.............
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Old 08-05-2008, 11:37 AM
 
575 posts, read 828,516 times
Reputation: 542
Quote:
Originally Posted by Jorge Camargo View Post
It just makes my blood boil that people are getting help and nothing for the is being done for those of us who struggle to make ends meet. if america said ok i want goverment help so i am going to be like the others who just defaulted, then we would surely be in a economic grid lock. i am a broker and i struggle to make my payments and because i pay on time i am loosing equity.... Owe More than house worth.... and cant get any assistance. I want a vacation.... a new car.... and whatever else there is.... but instead i am going to have to get a second job to make ends meet..... what a life


I'm not faulting those, who through no fault of their own, end up needing the bailouts. I can understand that in some cases, it's a matter that circumstances have caused them to be in trouble (medical bills, change of job/location..........necessitating a move).

But it does get a little disconcerting when you have folks like us, all we're guilty of is working hard all of our lives, and trying to get ahead. We didn't get in over our heads, never spent money foolishly going on lavish trips, out to fancy restaurants, buying jewelry, fancy electronic gadgets. Just your average normal, hard working folks.

And because the economy has turned on it's ear, and .............. in our particular instance, construction spending, across the nation down to a 17 year low, we find our circumstances of earning potential has been severely hampered.

And as for a second job, if I could find one, I've looked, I'd go get it.

I already have a job here, trying to help manage our business we own (such that it is) and to keep our business' books, (what business there is), and then I work at night. I guess I could say, if I could find a 3rd job, I'd do it.

I do have a problem however with the folks that bought a $450k home on a $25k/year salary. What were they thinking? And why do I, who am struggling to make ends meet, have to pay the taxes to bail those folks out. Let the banks take the loss, let the folks who signed on the dotted line take the loss. Let the Wall Street tycoons who packaged all these wonderful mortgage backed securities, take the hit.

I could've done the same thing. I'd love to be living in a beautiful $450k home that I can't afford, and knowing the gov't is gonna bail me out.

I live in just your normal, average, everyday home, about 1700 sq. ft. and as said before, just tighten the belt here and continue to struggle and hunker down.
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Old 08-05-2008, 12:06 PM
 
Location: Ohio
60 posts, read 97,869 times
Reputation: 13
those who bought 450 home were on a ridicoulous stated income loan that is killing ppl now. a person working at wall mart could state he/she made 60k a year. People didnt fully understand the loans but the banks approved them left and right. now because of the housing implosion 45% of home owners owe more than ther house is worth. Numbers dont lie and the fact is that the feds bail out country wide and other major lenders as well as people who are defaulting while the average joe is living day to day
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