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Old 02-01-2009, 09:24 AM
 
25,336 posts, read 37,471,570 times
Reputation: 13249

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Most people don't pay their mortgage since their ARM went up and they "claim" they can't afford to pay for it anymore!

They stop paying property taxes as well and don't pay their HOA fees.

So if they make $ 3000.- a month and had to pay $ 900 for their mortgage and $ 100.- HOA fees...all of a sudden they stop paying (maybe their mortgage increased to $ 1500.-) and they keep the $ 900.- + $ 100.- in their pocket...so tell me where is all that money going..just down the cutter or under their matresses?

The congress woman who advised to keep living for free should think about that and also why do others have to pay for their living (mortgages, or rent) while she is giving advise to live for free and probable get free counseling and we the people who pay everything have to pay for that too....I'm so sick of this, just let the market clean them self as it always has done when bad businesses or bad decisions were made and people were responsible them self.
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Old 02-01-2009, 09:32 AM
 
Location: Virginia
931 posts, read 3,409,755 times
Reputation: 447
Their expenses are more than their income. They don't have any extra money.
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Old 02-01-2009, 09:36 AM
 
25,336 posts, read 37,471,570 times
Reputation: 13249
Quote:
Originally Posted by oleo View Post
Their expenses are more than their income. They don't have any extra money.
Sureee...Look at the cars in the driveway over here...look at the rest of the stuff that goes into these homes..it will make you sick when you see all the foreclosures that are filed and people still have their jobs and just don't want to pay...or move to a bigger house!
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Old 02-01-2009, 09:46 AM
 
Location: Charlotte, NC
2,193 posts, read 4,448,163 times
Reputation: 1072
Well I don't think all of them have expensive or fancy cars.

As for your question, it probably is going to bills like credit card, car payment, medical debt, etc.
They probably aren't saving as if they did that to begin with, they wouldn't be in that situation.
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Old 02-01-2009, 09:50 AM
 
Location: southern california
55,237 posts, read 72,402,860 times
Reputation: 47449
they dont have extra money, that is why they did not pay.
americans have been living beyond their means, they sign for things they do not pay for things. if they paid for things they now would have extra money.
you pay for things, its a french thing.
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Old 02-01-2009, 10:06 AM
 
3,720 posts, read 4,439,256 times
Reputation: 4741
Quote:
Originally Posted by oleo View Post
Their expenses are more than their income. They don't have any extra money.
Yes they do, because they've stopped paying.
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Old 02-01-2009, 10:45 AM
f_m
 
2,289 posts, read 7,363,491 times
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Quote:
Originally Posted by trishguard View Post
Yes they do, because they've stopped paying.
If they have their own business or work on commission, then it may be their income fluctuates, leading to less income.
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Old 02-01-2009, 10:46 AM
 
353 posts, read 768,231 times
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Quote:
Originally Posted by trishguard View Post
Yes they do, because they've stopped paying.
And perhaps their job has stopped paying as well. Which would lead to a major case of expenses being greater than income.
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Old 02-01-2009, 10:53 AM
 
3,720 posts, read 4,439,256 times
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The op didn't mention any job loss or reduction in income.
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Old 02-01-2009, 10:57 AM
f_m
 
2,289 posts, read 7,363,491 times
Reputation: 868
Quote:
Originally Posted by trishguard View Post
The op didn't mention any job loss or reduction in income.
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).
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