We worked out our monthly expenses....in the red. (creditors, suing, bankrupt)

[oz in SC]

Originally Posted by user_id

They won't go back to it because they won't be able to go back to it. Lenders are tightening their lending left and right, this is not just a short term change its going back to sound lending.

Yes they will...there is no other choice for our society beyond massive and VERY uncomfortable change...for most people AND businesses and the lenders themselves.
A new bubble will have to come along or there will be serious upheavals in this nation.

Nobody is knocking anybody for a job loss. The problem is when you're leveraged in debt losing a job usually results in bankruptcy. You should plan for potential job loses by having an emergency fund.

Its the debt that makes the lose of income so problematic.

Very true,we are doing exactly that,declaring bankruptcy.
Difference is we do not see the loss of 'creditworthiness' as a bad thing.

[skaternum]

Originally Posted by oz in SC

So lying is better...interesting.

No, but you're missing the point. You weren't very smart about the debt you took on and now you're dealing with the consequences. You cannot blame that on anyone but yourself. Don't blame the "experts" or "everybody else." No one but you took on that debt. You gambled and lost.

Lets hope none of you lose your job in the next few years,it would be difficult for some of us to withold pointing out the irony of your situation.

Well, it most likely will NOT happen to me, because I've been diligent about building up a large emergency fund. I've been living below my means, in order to deal with a worst case scenario in this terrible economy. I've never treated my house like an ATM, carried a credit card balance, or bought stuff I can't afford. Thirteen years ago, I bought less house than I could have. Sorry, but you won't have the opportunity to find any irony in my situation. Don't assume that everyone behaves like you did. I don't gamble.

[oz in SC]

Originally Posted by skaternum

No, but you're missing the point. You weren't very smart about the debt you took on and now you're dealing with the consequences. You cannot blame that on anyone but yourself. Don't blame the "experts" or "everybody else." No one but you took on that debt. You gambled and lost.

I agree,in hindsight we should have not bothered getting the house up to snuff and simply sold it during the mad rush...however as we are prone to do we procrastinated and now are suffering the price.
I do not blame anyone for our debt,it was of our own doing,saying it was what everyone else was doing is simply stating the facts.

Funny thing is this little voice in my head kept telling me time was running short and we needed to get moving,the goal was to be out of here by my 40th birthday...here I sit and I will turn 42 this year....

Well, it most likely will NOT happen to me, because I've been diligent about building up a large emergency fund. I've been living below my means, in order to deal with a worst case scenario in this terrible economy. I've never treated my house like an ATM, carried a credit card balance, or bought stuff I can't afford. Thirteen years ago, I bought less house than I could have. Sorry, but you won't have the opportunity to find any irony in my situation. Don't assume that everyone behaves like you did. I don't gamble.

You never know how long your emergency fund will last..and you better hope that hyperinflation doesn't come along to eat it all up.

As to our situation,actually bankruptcy will most likely solve most of our problems including any chance to rely upon credit.

We also invested in things other than money....cash loses its buying power at a rate of over 5% a year in good times.

[newtoli]

Are you still going to attend Tea Parties after taking your bailout? Kind of ironic here.

[oz in SC]

Originally Posted by newtoli

Are you still going to attend Tea Parties after taking your bailout? Kind of ironic here.

No bailout for us unless you consider bankruptcy some sort of bailout.

[newtoli]

Originally Posted by oz in SC

No bailout for us unless you consider bankruptcy some sort of bailout.

Your credit card debt, poof, gone. Guess who pays for the people that do that in the long run? I do. The one who pays on time. Hopefully you will learn from this experience and learn to not turn down your nose at others experiencing hard times.

http://www.city-data.com/forum/3749872-post1.html

Your own words.

Originally Posted by oz in SC

No, what will be done is we the taxpayers will somehow be made to bail out those 'less fortunate' than ourselves who were 'tricked' into borrowing $500,000 against their home....

[oz in SC]

Originally Posted by newtoli

Your credit card debt, poof, gone. Guess who pays for the people that do that in the long run? I do. The one who pays on time. Hopefully you will learn from this experience and learn to not turn down your nose at others experiencing hard times.

http://www.city-data.com/forum/3749872-post1.html

I would take that up with the C/C companies...they CHOOSE to take less.

You pay nothing but you DO like to whine like you are....

Hope it makes you feel good.

As to turning down my nose,aren't YOU doing that....LOL

The bailout of those in over their heads with mortgages has no downside to the individual,they get something with no cost to themselves.
The same cannot be said for bankruptcy although I guess in our case as we are willing to accept the cost that could be annoying to such people as yourself...LOL

What a hoot.

[newtoli]

We pay for it in higher interest rates. I honestly don't care, it's a fact of life, and people become down on their luck and need help. Just surprised to see you here saying "but they told me to upgrade, they told me to charge it up, everyone else did it", when I've seen you be very condescending to people on this board relating to the same exact situation - hope your situation works out and humbles you a bit. You want to attend tea parties with people holding up signs "I WON'T PAY FOR YOUR BILLS" "HONK IF I'M PAYING YOUR MORTGAGE", yet it's ok when it happens to you.

Another quote from you:

Originally Posted by oz in SC

They also obviously have more home they they can afford....

Back in 1998 when we bought this house the lenders were offering us up to twice as much money,we simply knew it would be almost impossible to afford that so we spent what we did.
And this was BEFORE sub-prime lending was such a big thing,we went with a 30 year mortgage.

Point being people have become greedy and don't think about the potential consequences,they just look at the short term.

They get the big house and it is new and fancy and they WANT IT.....

Now the price needs to be paid and they WANT someone else to cough up the money.

[oz in SC]

AGAIN for you...the bailout of homeowners is a no risk scenario....they have nothing at risk.

Bankruptcy has a high cost that almost every homeowner COULD accept if they have a job...but they do not for some reason,instead they want a no risk bailout.

You were going to pay higher interest rates no matter what due to those homeowners who want bailouts....LOL.

Almost EVERY CCC was involved in mortgages....

No-one told us to do anything,it was our own choice and our own risk...and we are willing to accept the cost.

You seem to favor no risk to those who gambled and lost.

[newtoli]

Then why would you support the tea parties? Just saying, you're in a bind, needed a hand up and out, and are getting it. Keep that in mind when others need the same thing.