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.
This entire thing makes me sick. I don't believe that anyone (unless it is due to a sickness or loss of job,something that is life altering) should be helped.... they bought a home they couldn't afford,they are choosing to walk away, some type of punishment needs to happen.
It's not a punishment. If you jump off the top of a 20 story office building, there's more than a 99% chance you'll die. It's not a punishment. It's just what happens. Same is true for committing financial suicide. If you buy a house you can't afford, you lose it.
NYMD67, I understand the gist of your post. The bottom line is that everything we do has a ripple effect on others, for good or for ill. The actions of irresponsible home buyers and banks have hurt all of us in some way or other, and there's nothing any of us can really do about it but move forward. I don't own a home, but my stock funds in my 401k and IRAs tanked, largely as a result of the financial crisis. Yet there's nothing I can do about it.
Anyone care to say anything other than investors,bank lackeys or people who bought low now and feel that the rest were irresponsible?Any...?Hoping to hear soon....
It's not a punishment. If you jump off the top of a 20 story office building, there's more than a 99% chance you'll die. It's not a punishment. It's just what happens. Same is true for committing financial suicide. If you buy a house you can't afford, you lose it.
Anyone care to say anything other than investors,bank lackeys or people who bought low now and feel that the rest were irresponsible?Any...?Hoping to hear soon....
{mod cut Personal attack}
I think that some foreclosure judges need to order the banker/mortgagebroker and the homeower locked into the house, have the sheriff pour gas on the roof, and light a match. No more irresponsible borrower taking on debt he can't repay, no more thieving banker making high-risk loans with other peoples' money, and no more overpriced house to add to the swelling foreclosure inventory.
Never forget that witch burning, whether you agree with it or not, had the pretty substantial effect of making people go out of their way to avoid anything even resembling witch-like behavior in Salem...
NYMD67, I understand the gist of your post. The bottom line is that everything we do has a ripple effect on others, for good or for ill. The actions of irresponsible home buyers and banks have hurt all of us in some way or other, and there's nothing any of us can really do about it but move forward. I don't own a home, but my stock funds in my 401k and IRAs tanked, largely as a result of the financial crisis. Yet there's nothing I can do about it.
We can conduct investigations and forensic audits and throw those responsible--whether it be through misconduct or malfeasance in public office--in jail, after we claw back their illicit gains. And by claw back, I mean with sharp steel things that leave a mark.
We can vote out the bums that are still in office that repealed the Glass Steagal Act--the safety mechanism law that was put in place in 1933 to prevent what caused the First Great Depression. We might even consider trying a few of the leaders for high treason.
We can fire anyone working in a regulatory agency for the last decade, and repopulate those places with hungry recent college graduates who are just now realizing that their generation just got stuck with the bill without ever having been invited to the party.
Or.......we can sit around and say to ourselves that there's nothing we can do about it until the currency and the government fails. When nobody is held accountable, the looting will not stop until there's nothing left to loot.
Anyone care to say anything other than investors,bank lackeys or people who bought low now and feel that the rest were irresponsible?Any...?Hoping to hear soon....
Well.... what is your opinion? hoping to hear soon.....
That's too bad NY. You probably overpriced it. I mean, 7 months & no showings. . .I don't need tea leaves for that one.
Look at the opportunity around you though - sounds like some people in your neighborhood are swimming WITH the current instead of against it. If you're not above squatting, it's a paradise right now. Even your own home you can cease all payments & milk the bank for at least 12 months. Finally, your chance to hit them back! Anyway, I wish you the best. Probably want to price your house more realistically, and think about not paying the banks anymore, they're crooks anyway!
investors,bank lackeys or people who bought low now and feel that the rest were irresponsible
I guess that's me, huh? You're right, I am all three of those things.
Investor - I am heavily invested in the stock market right now. But I follow the buy low and sell high rule, and I bought in throughout the low months of this crisis, Feb, Mar and April. I'll sell in a few years when the time is right and the market is high again and then wait to reinvest again in the next recession.
Bank lackey - While I have no real love for banks, I don't hate them either. To me, they're just another place of business, like a post office, grocery store or mall. My banks aren't charging me massive overdrafts because I don't spend more than I have. My banks are not raising my CC interest rates, because I don't carry any balance at all. My mortgage isn't in foreclosure because I didn't go crazy and overspend on a house I couldn't afford. My mortgage payment is actually in line with my income, and I am paying it off early. I guess what I am trying to say is that to me, my banks aren't the evil, satanic institutions that everyone else feels theirs is. I wonder why? Oh yeah, because I do what I'm supposed to do. Duh. And BTW, bank stocks have made me the most profit this year. Thanks folks, keep all those overdrafts coming!
People who bought low now and feel that the rest were irresponsible - Let's define "bought low". I don't know if you are refering to the stock market or to a home, but I want you to refer back to the last paragraph where I said my mortgage payment is in line with my income. Yes, I bought my home before the last real estate boom, and it cost a lot less than it would if I had bought it over the last few years. But at the time I bought it, it was not cheap at all. And that's my point. Compared to home values over the last few years, yes, my purchase price was low, but it was not low for the time period in which I bought it. HOWEVER, I was careful to choose a home that provided what my family needed AT A PRICE I COULD AFFORD. I could easily have gotten another $100K from my bank and bought a much nicer house, but I didn't because I couldn't easily pay it back. I stayed within my means, and now will have my home paid for 15 years into the 30 year mortgage. So, if that's what you mean by "bought low", then yes, I am guilty as charged. I don't think that's what you meant though.
Last edited by treasurekidd; 09-26-2009 at 02:27 PM..
That's too bad NY. You probably overpriced it. I mean, 7 months & no showings. . .I don't need tea leaves for that one.
Look at the opportunity around you though - sounds like some people in your neighborhood are swimming WITH the current instead of against it. If you're not above squatting, it's a paradise right now. Even your own home you can cease all payments & milk the bank for at least 12 months. Finally, your chance to hit them back! Anyway, I wish you the best. Probably want to price your house more realistically, and think about not paying the banks anymore, they're crooks anyway!
Thanks
We are priced high, when compared to what the foreclosures are selling for of course. The problem is that we have to use them as comps now and the home is brand new. We are talking about having to price the home possibly $200K less than we paid for it if we are going to price it as low as the foreclosures,that is what is selling right now.
A 4200 sq ft.home in the neighborhood we are trying to sell from, just sold at auction for $199K, that home was built in the mid 400's....
Just to give you an idea.... our home is not that large and so it was not as much money,but the gist is, there are more foreclosures that have sold than any other properties.
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.
That`s why it called predatory lending
