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Oh I need to get in on this thread. I was going to start a new one just to vent about the mortgage "crisis" going on. I work as a counselor who deals with people who are going into foreclosure. Let me just say that my empathy, sympathy or whatever has run dry. I am so sick and tired of dealing with broke, irresponsible homeowners who got in over their heads and now want the banks to lower the debt that they owe. Give me a break.
I read the first 4 pretty pathetic sentences of your post and came to one definitive conclusion....get out of being a counselor because your attitude as a counselor just plain sucks. People who need help certainly don't need to meet someone like you. Please leave and find another job...you are a disgrace to the profession of helping people.
Oh I need to get in on this thread. I was going to start a new one just to vent about the mortgage "crisis" going on. I work as a counselor who deals with people who are going into foreclosure. Let me just say that my empathy, sympathy or whatever has run dry. I am so sick and tired of dealing with broke, irresponsible homeowners who got in over their heads and now want the banks to lower the debt that they owe. Give me a break. If you knew you couldn't afford a $500K house on a $10 per hour job, then you should have not signed for an interest only or negative amortization loan. The American entitlement mentality has gotten ridiculous. I have people calling me who can barely rub two pennies together and they were investing in multiple properties trying to flip them. Now shame on the banks too for being greedy idiots in the first place and giving out no documentation loans. Now everybody has to pay the piper. Freddie Mac, for example, is scrambling and is giving out mass loan modifications--without income verification!! Isn't that what created the problem in the first place? I personally feel that there should be no bail out. Let the prices drop back down to reality and those that should never have been in a home in the first place, go rent an apartment, get your credit straight and save some money.
I think it's a joke that I have to go home with a headache because people don't want to take responsibility for their own stupid decisions. People, wake up! Get out of debt. Save some money. Get your lives in order. Work hard and stop trying to get rich quick. And if by chance you legitimately can't pay your mortgage because you lost a job, then sometimes in life, things don't always go as planned, cut your losses and move on. Just don't expect your mortgage company to let you live in the house for free.
Yeah, I figured we'd get to see the down side of lending to more or less anybody at some point. Interesting take on things.
Oh believe me, I am looking to get out just as fast as I can. Most counselors don't last six months. I've stuck it out two years so far. For every one person that has a legitimate excuse and really needs help, there are about eight that basically have made poor decisions in life. If you think I'm exaggerating about someone calling in with a $10per hour job and buying a $500K house, I'm not. There are too many to count. That is just plain ignorant. And the funny thing is that my customers love me. I am one of the few that does a really good job and I've had countless customers call me to thank me or to give my manager good reviews about me, so don't judge my ability to do my job, but frankly, like I said before, the entitlement mentality of "the government needs to do something to help me afford a house that I really can't afford" is ridiculous. I'm all for helping older folks on fixed incomes, for example, but when you have 3 adults in the house and they are all collecting disability (generational poverty mentality), well then, don't call me to fix your problem. What ever happened to living within your means? This is going to be the downfall of the United States. We have a negative savings rate and we are not wanting to work hard anymore to be producers instead of consumers and running up massive debt. How about delaying instant gratification and actually saving up for a down payment? How about not buying all the latest gadgets and buying cars you can't even afford to put gas into? Don't judge me until you've walked in my shoes and seen what I've seen. The mortgage crisis would not have occurred were it not for the greed and shortsightedness of Wall St and all the way down to Main St.
Oh believe me, I am looking to get out just as fast as I can. Most counselors don't last six months. I've stuck it out two years so far. For every one person that has a legitimate excuse and really needs help, there are about eight that basically have made poor decisions in life. If you think I'm exaggerating about someone calling in with a $10per hour job and buying a $500K house, I'm not. There are too many to count. That is just plain ignorant. And the funny thing is that my customers love me. I am one of the few that does a really good job and I've had countless customers call me to thank me or to give my manager good reviews about me, so don't judge my ability to do my job, but frankly, like I said before, the entitlement mentality of "the government needs to do something to help me afford a house that I really can't afford" is ridiculous. I'm all for helping older folks on fixed incomes, for example, but when you have 3 adults in the house and they are all collecting disability (generational poverty mentality), well then, don't call me to fix your problem. What ever happened to living within your means? This is going to be the downfall of the United States. We have a negative savings rate and we are not wanting to work hard anymore to be producers instead of consumers and running up massive debt. How about delaying instant gratification and actually saving up for a down payment? How about not buying all the latest gadgets and buying cars you can't even afford to put gas into? Don't judge me until you've walked in my shoes and seen what I've seen. The mortgage crisis would not have occurred were it not for the greed and shortsightedness of Wall St and all the way down to Main St.
I could not agree with you more. And your experience validates what I have always believed - that a majority of those that are in extreme finanical hardship as a result of the housing market are ther because of poor decision making anf fiscally irresponsible behavior.
I could not agree with you more. And your experience validates what I have always believed - that a majority of those that are in extreme finanical hardship as a result of the housing market are ther because of poor decision making anf fiscally irresponsible behavior.
Wondering if my experience qualifies as fiscal irresponsibility. I am fixing to have to call my mortgage company for the first time, ever, to ask for some help.
I can't make my mortgage payment the first of this month upcoming. We are self employed, construction industry, and have been for 20+ years and it has sustained us. Not so these days. The jobs are scarce. We've been eeking by for almost two years that the economy has gone south.
But finally, it has dried up to the point that there has been no work anywhere for the last month. And for the first time, I can't make my mortgage payment.
We had to refi the home two+ years ago, to help sustain us thru a major operation dh had to endure (knee replacement) and him out of work for the better part of almost 3 months. Took out what equity existed at that time. To pay bills, sustain us thru time of unemployment.
Since that time, the economy has turned on it's ear. And real estate has plummeted. So we probably don't owe more on the house than it's worth, but we certainly don't have any equity anymore.
And for the first time, ever, I am going to have to call the mortgage company and plead my case. No work, no money, can't pay the mortgage. Are we headed to be one of the numerous statistics of folks loosing their homes? May be.
And before anyone chastises me to cut back. Believe me, I have. We don't go out anywhere, anymore. We budget fuel for the vehicles for work only. I go to work outside the home and bring in what I can, I provide our health bene's thru my job. We haven't taken a vacation of any sort in over two years, not even a weekend trip away to see family. Can't afford it. I have (our local utility company has jacked up rates to an exorbatant level) turned the thermostat way up, turned off lights, begun hanging clothes to dry, you name it, all in an effort to reduce an electric bill that is over $400 for a home that's only 1700 sq. ft. We don't go out to eat, I cut corners every way I can at the grocery store. I cut one of our life insurance policies, I'm doing everything I know to do to cut corners. And still, when there's no work, there simply is no money. It's been tight, for over two years, ........... but this is reaching a whole new low at this point.
So am I what some of you would consider fiscally irresponsible?
So am I what some of you would consider fiscally irresponsible?
No, if all you say is accurate then you are one of the few that actually deserves to receive help. The people I am personally bitching about are those who bought way more house than they could afford on a type of loan that was completely stupid, and expect now to be bailed out of their irresponsibility, whining that it's not their fault because they didn't know what they were signing.
No, if all you say is accurate then you are one of the few that actually deserves to receive help. The people I am personally bitching about are those who bought way more house than they could afford on a type of loan that was completely stupid, and expect now to be bailed out of their irresponsibility, whining that it's not their fault because they didn't know what they were signing.
Well, what I say is completely 100% accurate. No, in fact, when we re-fi'd a couple of years back, the slick broker/agent, tried to slide one of those ARM's by me. But I had done my homework. We have a set mortgage interest rate. Didn't sign on for some slick package.
This is the same home we've been in for eons, we haven't been ones who tried to scoot in and out of the cash cow of the real estate market all thru the years. Just dilligently paying the mortgage.
Haven't used the equity in our home for flat screen tv's and boats and vacations and sports cars. Just normal average working poor here, for the most part.
As I said, a couple of years back, we took the mortgage to 80% LTV, borrowing equity, .......... so we could sustain ourselves while dh was out with knee replacement surgery. Pay down some debt.
Sinced that time, is when the real estate market tanked. So while our home probably isn't upside down, it also doesn't have much equity at this point, if any.
I can only hope that the mortgage company's idea of "help" isn't something along the lines of "well we'll take a double payment next month". If I can't pay this month's mortgage payment, I darn sure won't be able to pay a double payment next month. For sure.
So there are some of us out there, in real danger of becoming just another statistic in this horrible economy. And we didn't make foolish moves that warrant it.
So there are some of us out there, in real danger of becoming just another statistic in this horrible economy. And we didn't make foolish moves that warrant it.
Yep, well aware that there are legitimate reasons for people to be in financial trouble. Sorry that it's happening to you despite the fact that you seem to have done everything you could to prevent it. I hope that your mortgage company is willing to work with you to figure out a solution. Good luck!
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