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NEW WORLD?? This has been tried and failed numerous times before. Pick up a history book -- oh, and while you're at it, an Econ 101 book.
Not sure what you mean by your derogatory remarks. I know a little about economics , maybe more than most. My guess you are hinting on some political agendas or talking points you heard on Fox noise last night. If you have something to say , then say it , if , you can.....
Did not read through the whole thread but personaly I don't care if they bail out irresponsible people. I am not perfect and I don't worry about everyone elses affairs. As long as I am happy and I treat people right that is all that concerns me.
That's very easy to say when you are speaking from a position of comfort in your own paid off home.
Oh, okay... figured you must have gone to med/law school to rack up that kind of debt. It's too bad there can't be a distinction between actual investment property and "investment" property that became so due to inability to sell. I do think it would be good for the gov't to help people in your situation, simply because the impact of a foreclosure/more debt extends beyond you & your husband. You should really spend time now researching tax ramifications and options before the ARM resets... I know that if you haven't lived in the house for a certain amount of time, the taxes could be bad if/when you are able to sell.
The student loan debt is killer... have you looked into any career options that offer loan forgiveness, even if the paychecks are smaller?
You would have been right I went to law school and my hubby went to dental school.
We have looked at forgiveness options but unfortunately we can't seem to find a good fit that would pay enough... we could always reduce our student loan payments by increasing the repayment timeframe, but we're trying to pay them off aggressively. My husband works for the Public Health Service, so he's already getting a low paycheck... but they don't do loan repayment. The only option he'd have is going into the Army or working on an Indian reservation in the middle of nowhere, where I wouldn't be able to work/maintain a good second income ;(
Thank you for the tips, I honestly haven't thought much about the taxes on the Detroit house but I will get on that!
That's very easy to say when you are speaking from a position of comfort in your own paid off home.
You know why my home is paid for. Because when my wife and I decided to buy we sat down and figured out what we could afford on one income. Then we dropped it by 20% in case some unfortunate thing happened. We did not get the house we really wanted but we did not buy more than we could afford. Someday when we are financially better off we will sell and buy a better home. We also had no unfortunate circumstances so we paid as much as possible on our mortgage. We paid off a 15 year mortgage in 8 years.
I asked my lender (Countywide) about a loan mod since I am underwater now and they told me since I make payments on time, there is "nothing they can do".
Just another example of those who do what they are suppose to do getting screwed by Fuhrer Obama...
Thats not entirely true. Under the old rules of modification, there was probably nothing they could do. The new rules start on March 4th. Make sure you call back then, they should be able to do something at that time.
You know why my home is paid for. Because when my wife and I decided to buy we sat down and figured out what we could afford on one income. Then we dropped it by 20% in case some unfortunate thing happened. We did not get the house we really wanted but we did not buy more than we could afford. Someday when we are financially better off we will sell and buy a better home. We also had no unfortunate circumstances so we paid as much as possible on our mortgage. We paid off a 15 year mortgage in 8 years.
That's great. But my spouse and I are teachers in private education, have no debt or loans and if we write out what we can afford (probably $200k at the very max) there is absolutely nothing available at that price. And we live in a "working class" area in New York.
The cost of rent, utilities and medical insurance eats up a lot of our income so there's not much left to save. We'll never have a downpayment, closing and moving costs on a $250k place. We'll be dead first.
That's a whole lot different than 30 years ago when a single income (not yours, I'm just saying in general) was still able to afford a mortgage payment.
So you see, there are those of us who work hard, save what we can, don't run up credit cards, buy an economy car, don't take vacations or spend on very much outside of the necessaries who sit on the sidelines waiting and hoping that prices will come down to within reach only to see people who overspent their means, speculated, made bad choices or what have you getting a bail out.
Exactly, I think the largest problem is people didn't/don't think of what is realistic for their situation (we aren't paid off, but we're doing okay) - people today seem to think bigger is better, regardless of whether it's a NEED or if they can afford it. We aren't crazy about our house, but it works - some don't seem to have that mindset.
Quote:
Originally Posted by thebigr
You know why my home is paid for. Because when my wife and I decided to buy we sat down and figured out what we could afford on one income. Then we dropped it by 20% in case some unfortunate thing happened. We did not get the house we really wanted but we did not buy more than we could afford. Someday when we are financially better off we will sell and buy a better home. We also had no unfortunate circumstances so we paid as much as possible on our mortgage. We paid off a 15 year mortgage in 8 years.
People complaining about being upside down: do you think ANYBODY offered the mortgage companies money when the market was great and the home appreciated? LOL
That's great. But my spouse and I are teachers in private education, have no debt or loans and if we write out what we can afford (probably $200k at the very max) there is absolutely nothing available at that price. And we live in a "working class" area in New York.
The cost of rent, utilities and medical insurance eats up a lot of our income so there's not much left to save. We'll never have a downpayment, closing and moving costs on a $250k place. We'll be dead first.
That's a whole lot different than 30 years ago when a single income (not yours, I'm just saying in general) was still able to afford a mortgage payment.
So you see, there are those of us who work hard, save what we can, don't run up credit cards, buy an economy car, don't take vacations or spend on very much outside of the necessaries who sit on the sidelines waiting and hoping that prices will come down to within reach only to see people who overspent their means, speculated, made bad choices or what have you getting a bail out.
That hurts.
Sometimes you have to walk before you run. Put off having kids , set your sights a little lower at the start. Look for a fixer upper , use sweat equity , and , you will be surprised at what you can afford. Progress from there.
On the other hand , some people are just not destined to own a home , they find all the work is not worth it , or , not worth the sacrifice of other priorities. If everyone owned a house , there would be no one out there to be renters..... A house is just a place to live these days , most people move every five years anyway. Banks are flooded with foreclosed properties , and the Government will make home ownership more affordable in the coming months . Keep an eye out for the opportunities that are coming. Those with good credit will be able to find some real deals in the next two years. Not having a house you need to get rid of first , is a real plus , in the marketplace.
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I went to law school and my hubby went to dental school.
