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I think many people in areas that are already seeing high unemployment will be shocked in the next few years to see what will happen in their neighborhood from people moving to seek employment.
I think many people in areas that are already seeing high unemployment will be shocked in the next few years to see what will happen in their neighborhood from people moving to seek employment.
Good point. Makes me even less enthusiastic about buying a house while things are so volatile, renting equals mobility and flexibility.
However, I do not think it is fair to say homeowners who lose their homes due to job loss is at fault.
Let the market decide! What a joke. Socialism for the rich. The term middle class is an illusion. We are the most vulnerable group out there. There should be programs to help us if we are unable to pay our mortgage if we get sick or are unemployed for a long period of time.
Do you feel the same sympathy for all homeless? What about renters who lose jobs and then homes, or have to rent smaller section 8 apartments in bad neighbourhoods? Are they less deserving?
There is help for people out of work, pretty minimal and basic, but why should homeowners be a specially protected class? Why should the state protect a specific standard of living? The "program" out there to help those with an unaffordable debt load is called bancruptcy - the legal release of all debts.
Wow, there sure are a lot of preachers on this forum. Obviously they are savers and have had the time and ability to save the decades of emergency savings and benefited from lower refinance rates, etc.
Not everybody has been in the workforce as long or have had time working on their side as long in regards to paying down mortgages. If someone's been in the workforce for less than 8 years, and even if they saved 10% of their incomes every year, they still wouldn't have a years worth of emergency expenses.
Not to mention, at the start of everyones career and entrance into the workforce is when you start accumulating assets, first car, first house etc (used or new or whatever). If you have time on your side of course you have had time to pay things off, down, and had ample time to save.
Even if your renting you could easily get caught up in this mess... if you lose your job, your still going to have to pay rent to someone. Hopefully you've been working long enough to have saved the decades of savings... otherwise, if your a new grad, or just recently entered the workforce... good luck to you. Hopefully you have good relations with mom and dad... or you can look forward to bunking with 5 other room-mates instead of the already 2 others.
We have the layoff thing goin' on here. Not foreclosing but we're starting to really feel the pinch. Job picture is not good...
We've got a ways to go before foreclosure would be an issue so Lord willing something'll come along before then.
But yeah, I can say with certainty, it can happen to any of us.
This IS the "hard times" we've been hearing about...we're living it ourselves and frankly, it ain't much fun. I suspect we will be in good company in the coming months, unfortunately, as more and more layoffs take place.
good luck and best wishes to you bbkaren. Hope you guys find something soon.
Yes, the bank owns the note on my mortgage. But, I own my home. If there is a problem with my home, I have to take care of it. The bank does not tell me what color I can paint my wallls. It does not tell me how high I can adjust the heat or central air conditioner. What autonomy does a renter have? I rented for 5 years after college and it sucked. I hated it. I do not like being told what I can do in my own home. My choice! Luckily for me, my mortgage is less than the rent on a studio in NY today. What should all of those renters in NY that lose their jobs do? Should renters have 5 years of savings? Where are they going to go when the well runs dry? Homeowners are not the only people who are hurting because of this ecomonic downturn.
I agree there are people out there who are not responsible enough to be homeowners. There are people who are not mature enough to be renters too. I just want to be clear that not every person that is in danger of losing their home is irresponsible; things happen. If you are not aware of this, then you are lucky.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,826,582 times
Reputation: 6438
Quote:
Originally Posted by hello13685
First, let's be perfectly clear: If you carry a mortgage, you are not a "homeowner". The bank owns the property. You're renting money from a bank, rather than renting a property from a landlord. Homeowner rescue programs don't keep people in THEIR homes; they keep people in the BANKS' homes. This is a fundamental difference that needs to be understood.
I used to think that, too.
Quote:
Originally Posted by 70Ford
This isn't against the law? Hrmmm...seems like it would be. Is it your home, or the banks? I've always assumed it was the banks until the note was paid off.
I got this response back from a Realtor.
Quote:
Originally Posted by Sarah Maske
No, YOU own your house, not the bank. With, of course the exception of foreclosures.
In the case of real estate, the Mortgagee is the lender or bank. The Mortgagor is the borrower. The borrower is the one who is giving the mortgage to the bank...it's not the bank is giving a mortgage to the borrower. The bank takes the MORTGAGE (not the property) and holds it until that particular property is paid off.
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