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I don't think there is one anymore, seems with a mortgage you are paying back double unless you had a big downpayment, (I'm going back some years)
And God forbid if something happens to you whether it be losing a job, becoming disabled, or lose a spouse, or loss of a spose with children depending on you. You just get into the area of no hope sooner or later and with no savings how can one cope with all of this.
Or if you did have some savings of say a guesstimate of $10,000, now that is not alot if you have a mortgage + all the other bills, you either have to use it all up, or hide it to get welfare, not that you even want welfare, thats not much to live on anyway, I don't know what they pay people or about food stamps.
You also have the people in the gray area, where to get any kind of RX discounts a single making over I think $13,000 cannot get it, I don't understand why these rules are not changed.
If you did have good credit, fall into bad times, and apply for welfare doesn't that go on your credit report ? If that is so, even if you have A+ credit, you would lose it from the credit report.
Maybe someone can answer these questions.
I sure hope the new President see's these problems and can address all of this.
I hope this topic does not become a debate on the President, there are plenty of topics about that already here. So anyone hit your back button please.
Plus they have the elderly scared to death into buying supplemental health insurance, and these insurance companies keep calling them up and sending letters about nothing of interest, instead of wasting paper and postage cut the premiums.
Oh I could go on, but I won't, I just seen your topic and had to reply, I'm up late again.
One of my favourite money managers, hey I use him myself, Peter Schiff spoke to an audience of mortgage bankers recently back in 2006, see how accurate he has been.
Viewer warning, free market haters and Bush lovers may want to stick their head in the sand, what Peter says isn't pretty.
the knowledge that mutual destruction is assured if we become a nation of rip off artists, marriage rip off car rip off house rip off job rip off education ripoff, mastercard rip off.
so forth so on.
What was your incentive for agreeing to that mortgage? You wanted the home, you agreed to pay for it and signed your name on that mortgage.
Don't sign a contract if you are not certain you can fulfill/meet the terms of it. As the saying goes, you made your bed, now sleep in it.
i can understand your point of view, but don't you think things have gotten over the line, those credit card companies sure make it easy sending those checks to people, no you don't have to use them, but some people just don't have a choice, I don't think alot of people have cash anymore, you should only borrow what you can afford to pay back, but the credit card companies and there interest rates are robbing people, if you are late a day on your Macy's etc, card they charge you $ 15.00 late fee, some may charge more + the interest you are paying anyway,
I know I know the terms of the contract, but they are robbing people.
Many years ago people were loyal to their banks and their banks were good to them. They felt like it was more than a responsibility to pay their mortgage, it was their duty. Today banks have thrown out the idea of neighborly business in favor of profit by any means. Entrapment, hidden costs, exorbitant late fees, jacking up minimum payments, and doubling and tripling interest rates has given the public a new attitude towards banks.
Many people are now trapped in a upside down mortgage with no way out except to walk out. This has lead to massive foreclosures which in turn devalue even more homes creating an even deeper loss. It is a never ending spiral caused by the greed of banks. The banks brought this on themselves and the public and there is no end in sight. The real estate cycle is broken and until the first time home buyer is back in numbers there will be no recovery. Without decent jobs recovery is impossible.
One poster said, "bad credit." Do you think a person with an upside down mortgage has got good credit? When a person needs food or medical care, heat, or gas to get to work, credit rating is their last concern.
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