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I don't know how some people are able to sleep at night knowing they are dishonest and abusing the system. What ever happened to honoring your commitments? Integrity?
Perhaps you are right Prius, but we deserve what we get.
When 2008 hit, who opposed bank bailouts? How about homeowner bailouts? Nobody, that's who. Was that honest and were commitments honored back then?
This is the net result of that. Tax payers get stuck with the bill and a currency that everyday purchases less. There is no free lunch, someone always pay.
It starts at the top and trickles down. We deserve each one of these cases for standing by and doing nothing.
What is ethical? Its doing the right thing by having an fundamental understanding of right and wrong. Its also being true to yourself and your fellow citizens. Setting example to those around you, setting the precedent. What an empty shallow life a person must be who bases their decisions on whether something is legal or not?
I hear a lot of crying here and other places about how bad things are in any given segment of America but yet the same people seem to be perpetuating it by making selfish gotcha choices. Its my belief that until each of us starts living with the thought of what we do and how it affects ourselves as individuals, citizens and our country then we can only expect things to get worse.
I hate personally calling someone out on a forum I often come to for a collective help on my future move but your to "just needs to be legal" is pathetic.
I think you are missing my point by a mile
You asked the question that you did not understand
Quote:
I still don't understand how someone is able to live in their home without making payment for two years. Is this ethical? It seems these sorts of things just perpetuate the ongoing financial problems of the individual, the corporations involved and America
And I answered just as I would to your other questions:
Quote:
Easy! Hire a lawyer and pay him, say $200/month, and he will drag this thing for 30 years . In the mean time you save the difference between your mortgage (that you could have paid and you are not) and the lawyers fee. Ethical? What the heck is that? It just need to be legal .
Now you are giving lessons for people in Ethics? Give me a break! St. Pete guy told you it is a business decision that he took. What can't you understand? For the record, you can go and look my posts in this and other thread that he referenced that I do not agree with him and I warned him. But I am not the one who would try to teach him what is Ethical. He is a grown up who should be responsible for his action. In fact, your argument of Ethics doesn't hold on the corporate side. Who is asking for the companies to be Ethical when they do exactly what St Pete is doing and doing it on a steriod?
Perhaps you are right Prius, but we deserve what we get.
When 2008 hit, who opposed bank bailouts? How about homeowner bailouts? Nobody, that's who. Was that honest and were commitments honored back then?
This is the net result of that. Tax payers get stuck with the bill and a currency that everyday purchases less. There is no free lunch, someone always pay.
It starts at the top and trickles down. We deserve each one of these cases for standing by and doing nothing.
My wife and I both opposed all the bailouts and continue to oppose the continuing bailouts. This never allows the market to reset properly, rewards bad behavior and hurts those of us who are honest.
The contracts people sign with banks (mortgages) have a clear intent. If you are "unable" to pay the loan back, you lose your house. The contract was never intended to mean if you decide you simply don't "want" to pay the mortgage back, then you get to stay in the house for three years rent free so you can save up money, hurt the housing market and destroy your neighbors equity, so you can benefit.
I have friends who have honestly fallen on hard times and simply were unable to pay their mortgage and have lost their home. I feel bad for them and I'm still their friend.
I had other friends who pulled this strategic default crap, knowing they easily could have paid the mortgage but instead decided to take advantage of the system, screwing over everyone else. I have terminated my friendship with these people, as they have proven to be untrustworthy and without morals.
I have friends who have honestly fallen on hard times and simply were unable to pay their mortgage and have lost their home. I feel bad for them and I'm still their friend.
I had other friends who pulled this strategic default crap, knowing they easily could have paid the mortgage but instead decided to take advantage of the system, screwing over everyone else. I have terminated my friendship with these people, as they have proven to be untrustworthy and without morals.
LOL,
I'm sure your 'friends' that fell on hard times are glad to know that you are still their friend solely because they were too proud to hire a lawyer and better themselves financially. It must mean a lot to them to know that your still there 'feeling bad for them'. HAHAHAHAHAHA
You need to get over yourself already.
If i lose a friend over a personal business decision that helps me financially, then so be it. they were never very good friends to begin with.
I see 3 sides, the homeowner who lost thier great paying job- had 3 kids and one with disabilities- see the bank refuse a short sale- of $93K- loan bal $131 and loan value $150-- eventually they gave it away at $50K on a block sale. I see giving out loans with virable rates and qualifying folks at the lowest rate not the highest rate possible vs income. "Make the loan or lose your job" was the inside threat. It was very competitive, very. I see people lose the job, lose thier good credit and never again regain the good paying job BECAUSE their credit is now bad regardless of good & lengthy work ethics, I see credit cards double in interest rate the moment ONE credit card payment is late and the rest follow suit now your montlhy bills doubled. I was in banking 25 yrs,,, And now- I work elsewhere filing cases for mtg fraud and it's rampant, case after case, going through my hands to review soem pretty botched up paperwork. IT IS not one sided! The "professionals" who know the numbers KNEW what they were doing to push the loans on possible "not hot loans"- but we never thought the paper would be sold overseas in large pkgs and it all crumble at the wall street level. All took a chance and it did not fly. People took advantage of it and I mostly blame the regulators and auditors for not screaming louder, to say we headed for a real CLIFF. They were the red button to stop the madness for all parties and it failed. BUT to side with the banks??,,, not if you sit with me and see what I see. The percentage of folks acted in good faith to pay for thier loans, what happened was unprecedented, so stop kicking fellow Americans, and NO not eveybody is money savy like you.
Last edited by tinytrump; 12-14-2012 at 09:00 AM..
Those who got burned by having a variable rate loan probably had no idea what they were getting themselves into. They should have done homework before signing on the dotted line. These are probably the same people that do not understand how 12 months 0% financing works, either. Obviously High School need to do a better job educating students in finance.
Many of the listings you see available on MLS are Short Sales.... most of them strategic.... so yeah... the house is for sale... but you won't be able to buy it for a very long time. They're just playing the same game St. Pete Guy is. It seems most banks do not accept the price that a house is on the market for when it comes to a Short Sale as well.
Also, the home I purchased last year was for my family to live in. I did not buy it as an investment property. I did buy it, hoping that we were near bottom and interest rates were favorable (there's more to the cost of homeownership than just the price). My area is doing well, homes that are not short sales are selling relatively quickly and it appears the value in the neighborhood has increased since we purchased.
The areas that are continuing to hurt in price are the 'Drive until you qualify' subdivisions built on the outskirts of town during the housing boom. Nobody are buying these homes because.... well... the neighborhood has gone downhill because everyone is defaulting and not maintaining their property or the neighborhood. These HOA's are in the red so the amenities are also falling apart.
I don't think strategic defaults where you live in a home for years rent free is morally right...but I completely understand it. At least the house isn't empty and hopefully these squatters are taking care of the property and continuing to do the upkeep so it doesn't look like crap.
Anyhow. If you want to buy a home and plan on living in it for the next 5+ years.... I would say now is a good time to buy as any. A lot better time to buy now than a few years ago, but not as good as last year.
All I can say is that in the neighborhood i just bought in, the builder cant build them fast enough and has raised prices 2-3 times since we signed a few months ago.. Id say as far as home sales go, its better than it was.
My dad who does cabinetry work is MUCH more busy than he was in 2008-2009, take that for whats its worth.
As far as no jobs, my company is constantly hiring, the problem is that half the people quit or get fired for being complete idiots.
Those who got burned by having a variable rate loan probably had no idea what they were getting themselves into. They should have done homework before signing on the dotted line. These are probably the same people that do not understand how 12 months 0% financing works, either. Obviously High School need to do a better job educating students in finance.
Many of the listings you see available on MLS are Short Sales.... most of them strategic.... so yeah... the house is for sale... but you won't be able to buy it for a very long time. They're just playing the same game St. Pete Guy is. It seems most banks do not accept the price that a house is on the market for when it comes to a Short Sale as well.
Also, the home I purchased last year was for my family to live in. I did not buy it as an investment property. I did buy it, hoping that we were near bottom and interest rates were favorable (there's more to the cost of homeownership than just the price). My area is doing well, homes that are not short sales are selling relatively quickly and it appears the value in the neighborhood has increased since we purchased.
The areas that are continuing to hurt in price are the 'Drive until you qualify' subdivisions built on the outskirts of town during the housing boom. Nobody are buying these homes because.... well... the neighborhood has gone downhill because everyone is defaulting and not maintaining their property or the neighborhood. These HOA's are in the red so the amenities are also falling apart.
I don't think strategic defaults where you live in a home for years rent free is morally right...but I completely understand it. At least the house isn't empty and hopefully these squatters are taking care of the property and continuing to do the upkeep so it doesn't look like crap.
Anyhow. If you want to buy a home and plan on living in it for the next 5+ years.... I would say now is a good time to buy as any. A lot better time to buy now than a few years ago, but not as good as last year.
Hope the last part is right because I just bought!! good thing is that I signed papers they day before a price hike and it appears they have done another price hike on them since then and also dropped the incentives to buy there. Hopefully in 10 years or so well be in a good position
It is so interesting that most people observe that the housing values increase after they buy theirs .
I swear, in the last year or so, those that are not short sale are demanding much higher price than a year ago in my neck of woods. Some people put their house at a price that I keep saying "are you kidding me, who is going to pay that" and they keep proving me wrong .
It is so interesting that most people observe that the housing values increase after they buy theirs .
I swear, in the last year or so, those that are not short sale are demanding much higher price than a year ago in my neck of woods. Some people put their house at a price that I keep saying "are you kidding me, who is going to pay that" and they keep proving me wrong .
I guess it all depends your situation. If you are a buyer, like me, you are happy with lower prices. If you are a seller than you are happy with higher prices.
The ones that confuse me are those not selling, yet wanting higher prices. For what, no clue, but it makes then feel wealthier and happier. Weird...
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to "just needs to be legal" is pathetic.
