Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yeah, Marty, being fiscally conservative and living within your income is a rough thing to ask of someone.
Oh no it's not. being fiscally responsible is what everyone should do. Jim included. In fact, Jim is very very fiscally responsible. he bought a house within his means. Its his greedy government who wasn't responsible.
Quote:
I have a years worth of backup, and I own two houses in an area that I can afford to live in.
thats good for you. I am proud.
Quote:
If you're not saving anything, you're living outside of your means.
oh? who's rule of thumb is that? and if that was so, lets say Jim was saving $300 a month. then according to you, Jim was living within his means. now that the greedy gov't decided to rob Jim of his savings, should Jim sell his house? for half of what he owes the bank? because the greedy gov't makes it impossible for him to afford his daily life?
Quote:
Just because you can afford to buy something doesn't mean you have to buy it.
why, then, did you buy two houses?
Quote:
I'm just a regular schmoo with over 25 years experience in my field and make under $75k. When I bought my first house I was making $16k.
But I live within my means, even with my out of pocket expenses for a disability I have.
applause.
Quote:
I see you're a R. Aren't they the party of "personal responsibility?" You might want to get some.
Oh, I have more than some. the gov't ought to get some, though.
It's interesting how they all just shut up when I prove them wrong. if someone proves ME wrong, I let them know that they were right and I was wrong. It's OK to make mistakes and admit to them, you know. It just makes you smarter instead of one sided, blindly following an agenda. I wish more people were openminded.
If you have to work that hard to afford that house, and $300 dollars extra is going to break you...you bought too much house.
Here's a thought. Sell it. Buy another house you can afford. It's not like their aren't plenty out there.......sitting empty. Please don't wait for American to bail you out of your own poor judgement.
If you have to work that hard to afford that house, and $300 dollars extra is going to break you...you bought too much house.
Here's a thought. Sell it. Buy another house you can afford. It's not like their aren't plenty out there.......sitting empty. Please don't wait for American to bail you out of your own poor judgement.
I agree.
If you can't save and are spending all that you make, you're not living within your means.
You make choices; apparently they're not so good.
We're in a similar situation. The fair market value of our home has gone down due to the real estate burst, but the county assessor valued it at the price it was before the burst and our property taxes went up almost $100 a month (not as bad as the OP). Because the property tax assessment increased, so did our home-owners insurance. Both tax and insurance are paid through escrow in our mortgage, which means our mortgage payments went up about $150 a month.
We called the mortgage company because we can't afford the hike. They didn't care. We tried to appeal the valuation with the county... we lost. So, we're sitting in a house that is worth less than our loan now, paying property taxes and insurance on the value it "used to be"... and the fair market value is still going down. At this point, we couldn't even sell the house without taking a loss and we can barely afford the mortgage/escrow payments even though we attempted to go through "hardship" proceedings. The banks and the government do not care. The banks don't want to talk to us until we start defaulting, at which point they might not care about restructuring because they'd make more money foreclosing and reselling our house. The government doesn't care because they want a new city hall and whoever buys our foreclosed house (whether that's from not paying the taxes or not paying the mortgage) will most likely pay their taxes.
Keep in mind, for all the states who actually still have "Private Property" and "Ownership" on thier books... you don't own your house as private property until you've paid off your mortgage and the bank doesn't hold the lien anymore. You're in the same boat as the rest of us if the bank owns your house with you.
Buying "too much house"... I really have to laugh at this. Yes, some people really do buy more than they can afford, and some people made irresponsible purchases... but the majority of us in this situation didn't. We can't hold the banks blameless in this whole mess... they agreed to loan those people more money than they could afford.
Consider this: you purchase a house that's just big enough for your family and you can afford it with 1/3 your income... everything is good. During the time you live in the home, all the resources to keep the home in good repair get more expensive, but your increase in pay doesn't quite keep up. Because times are flush and the banks and government want to make more money, the property values skyrocket with subsequent hikes in taxes and home prices but annual income does not keep up. Your income tax at the Fed and State level goes up, but your annual income does not keep up. Your medical insurance premium and the cost of medical care not covered goes up, but your annual income does not keep up. The cost of utilities and fuel goes up, but your annual income does not keep up. In short order, you find that you can't afford the house, the taxes, medical care, utilities and still be able to eat... through NO FAULT of your own. You can barely afford to live, much less to save... you'd like to save but you need to eat. You aren't wasting money, you're not in credit card debt... all your money is just spoken for before you earn it.
You think I'm exaggerating, but this is exactly what happened to me and several of my neighbors in just 10 years. Income is just not keeping up the with increased costs of living and taxation.
We're in a similar situation. The fair market value of our home has gone down due to the real estate burst, but the county assessor valued it at the price it was before the burst and our property taxes went up almost $100 a month (not as bad as the OP). Because the property tax assessment increased, so did our home-owners insurance. Both tax and insurance are paid through escrow in our mortgage, which means our mortgage payments went up about $150 a month.
We called the mortgage company because we can't afford the hike. They didn't care. We tried to appeal the valuation with the county... we lost. So, we're sitting in a house that is worth less than our loan now, paying property taxes and insurance on the value it "used to be"... and the fair market value is still going down. At this point, we couldn't even sell the house without taking a loss and we can barely afford the mortgage/escrow payments even though we attempted to go through "hardship" proceedings. The banks and the government do not care. The banks don't want to talk to us until we start defaulting, at which point they might not care about restructuring because they'd make more money foreclosing and reselling our house. The government doesn't care because they want a new city hall and whoever buys our foreclosed house (whether that's from not paying the taxes or not paying the mortgage) will most likely pay their taxes.
Keep in mind, for all the states who actually still have "Private Property" and "Ownership" on thier books... you don't own your house as private property until you've paid off your mortgage and the bank doesn't hold the lien anymore. You're in the same boat as the rest of us if the bank owns your house with you.
now, imagine you didn't own your house but were living off "section 8" or "controlled rent" like some of my neighbors in manhattan. not only would you not have to pay property tax EVER, your rent (aka monthly payment for shelter) will never or hardly ever increase, AND you get free food and a monthly check to help you buy stuff. and the best part: you don't have to work at all. just watch TV all day in bed.
doesn't that get you angry?
because you were hardworking and had a goal and ambition, you bought a house and although its hard to pay, you manage to pay every month. but in order for the government to pay for your neighbor to sit in front of his TV all day YOU have to pay more taxes. for the house you can hardly afford. who is the poor here and who is the rich?
The owner of property are the poor who work and work so that they can pay their dues to the kings who live on rent control and lay all day.
With inflation, people do get taxed out of their houses. But I'm sorry, if you can't pay the taxes you sell and move to something valued less. you may not like it, but that's reality.
Refusing to move and making America bail you out because "it's not fair to YOU" isnt right. Why are you ENTITLED to live in something you can no longer afford????
If you have to work that hard to afford that house, and $300 dollars extra is going to break you...you bought too much house.
actually? this was the cheapest house in the try-state area. you want to hear the rest of the story?
Jim and his parents were living in NYC and paying high rent. they found that they could no longer afford the rent so they decided to buy a house in a cheaper area and guess what?? (you'll only believe it if you live in and around NY) their monthly mortgage? was cheaper than the rent they paid in the city. (that was until they were taxed out of their nose)
Quote:
Here's a thought. Sell it. Buy another house you can afford.
Here's another thought: if they sell it, they still owe the bank more than they sell it for, so they gain nothing from it, AND they return to rent payments which are as expensive as mortgage. what "house you can afford"? didn't I mention it was the cheapest house in the area?
Quote:
It's not like their aren't plenty out there.......sitting empty.
and they cost just as much as Jim's house or more :O)
Quote:
Please don't wait for American to bail you out of your own poor judgement.
Oh no no no no you misunderstood! No one in this story is waiting for America to bail them out! Jim is waiting for the government to STOP bailing people out by using Jim to pay for it, while he himself is desperately trying to hold on to his american dream.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
