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Old 02-01-2009, 12:37 PM
 
25,334 posts, read 37,463,648 times
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Quote:
Originally Posted by f_m View Post
If they have a "creative" loan then it's quite possible the payment has gone up considerably. I notice the example only says $900 mortgage. For the areas where foreclosures are happening, the mortgage is more like $2000-4000. The example is probably not so similar to what is actually happening. Some people went and got home equity loans, so now they have the mortgage and the home equity line to pay out (which is no longer worth much due to the reduction in home value).
I used this eample since the woman in the video (congress woman telling people to stay in foreclosed homes), had a mortgage amount of $ 900.-.

In my area the mortgage are higher and most people never ever should have gotten their mortgage on the income they have. That is where it started, either they lied on their application or the mortgage lender couldn't care less...in both cases it is bad and just by watching some programs in the past, you could see how people went to see what the amount was they would qualify for and when they were told $ 250K, they never ever thought about a car breaking down, a refridgerator or washer breaking down...they just took the $ 250K or in most cases even bought a house with an even higher mortgage amount...
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Old 02-01-2009, 12:53 PM
 
Location: Orlando, Florida
43,858 posts, read 43,559,234 times
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I would sell my vehicles and buy a bus ticket, have a major garage sale leaving only the bare essentials to live with and work another job doing anything.....before I would neglect my mortgage payments and then expect the other people out there to bail me out. I sure don't mind helping people save their homes....but for pete's sake....they have to make some effort as well.
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Old 02-01-2009, 02:08 PM
 
25,334 posts, read 37,463,648 times
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If I would see some of the effort that GloryB describes I would feel more compassion for the people in fianancial trouble, but so far I ahven't seen it overhere. Yards aren't maintained but the cars...OMG, it seems that they can't drive around with a dirty car, because that is what they are able to maintain and it seems very important to them to show off, nice clothes, nice cars and not paying for the mortgage and HOA and property taxes.

I'm also a volunteer for the HOA and the sob stories you get why they don't maintain their yard or other stuff... (1 example...lady claimed she didn't have money to fix the sprinkler system and that was the reason that her sod and plants died...I asked her if she had a water hose....she said yes but it never had occured to her that she could have watered the sod and plants with a hose....are we dealing with kindergarten or just dumb people)
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Old 02-01-2009, 04:04 PM
 
3,720 posts, read 4,438,510 times
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Quote:
Originally Posted by bentlebee View Post
If I would see some of the effort that GloryB describes I would feel more compassion for the people in fianancial trouble, but so far I ahven't seen it overhere. Yards aren't maintained but the cars...OMG, it seems that they can't drive around with a dirty car, because that is what they are able to maintain and it seems very important to them to show off, nice clothes, nice cars and not paying for the mortgage and HOA and property taxes.

I'm also a volunteer for the HOA and the sob stories you get why they don't maintain their yard or other stuff... (1 example...lady claimed she didn't have money to fix the sprinkler system and that was the reason that her sod and plants died...I asked her if she had a water hose....she said yes but it never had occured to her that she could have watered the sod and plants with a hose....are we dealing with kindergarten or just dumb people)
They have to keep up the front outside of the neighborhood.
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Old 02-01-2009, 07:50 PM
 
Location: Somewhere out there
18,093 posts, read 20,052,593 times
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I pay my mortgage before anything else gets paid that is my top priority when paying bills.

2 questions come to mind if you don't mind helping me with an answer please.

#1~~how long can a person remain in a house they are not making payments on? I thought you didn't pay you were out in 90 days.

#2~~with so many doing online banking wouldn't the bank take their payment first if they see an account going in the red monthly? Or is that legal?

Not relating these 2 questions to the OP's example just as a general question. Thank you for your replies.
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Old 02-01-2009, 07:54 PM
 
3,720 posts, read 4,438,510 times
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Authorization has to be given before money is taken out of a persons bank account, unless they signed up for auto deductions and didn't cancel it.
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Old 02-02-2009, 07:37 AM
 
25,334 posts, read 37,463,648 times
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My guess is that people who aren't paying are making sure the money the save by not paying, won't be in their bank account....I happen to see many people with large amounts of cash at grocery stores and wonder why they walk around with all these dollar bills...maybe that is why...not paying the mortgage and not being able to put it in a bank.....I think I find the answer...
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Old 02-02-2009, 10:50 AM
 
Location: Coachella Valley, California
15,532 posts, read 35,641,148 times
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I don't know anybody with a $900 mortgage. $3000 is more like it.
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Old 02-02-2009, 11:18 AM
 
25,334 posts, read 37,463,648 times
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Quote:
Originally Posted by Twinkle Toes View Post
I don't know anybody with a $900 mortgage. $3000 is more like it.
The person in the video had a & 900 or $ 850.- mortgage that went up to $ 1500.-....isn't $ 1500.- an amount that many people pay as rent?
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Old 02-02-2009, 01:04 PM
 
Location: Coachella Valley, California
15,532 posts, read 35,641,148 times
Reputation: 13121
Pretty much everyone I know has a mortgage payment of $3000-$4000 per month. Rents where I live are around $2000-$3000 for a home with that mortgage payment.
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