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If you know you can't survive for several months if someone loses their job, I think there may be a very good chance you cannot afford a $2800 house payment. Being prepared for an emergency isn't living within your means, it's living below your means. Every person Iv' known so far that has lost their house, does have some blame. Yes, I feel bad for them because they aren't bad people, but people should be responsible for their own mistakes.
You obviously didn't read my entire post, because it states that we continued to pay for the house for a year and a half after the transfer. It bacame impossible for us to afford the house anymore when my husband was transfered to Oregon where his company does not pay per diem because that is the home base of the company. That is when I tried to get the bank to help themselves by doing a refi to lower the payments, the said no because the appraisal came in too low. I was like really? I'm telling you we want to keep the house and pay even though we owe about 150K for than what the house is worth and you wont refi? Then I asked about all the supposed govt. programs, turned down there too. So we started the SS process. We tried EVERYTHING to keep the house, it was the banks that were unwilling to work with us.
I am sorry for all the travail you have been through. However, if your house was on the market all that time without being sold, it is clear you had it priced too high. In retrospect, wouldn't you say it would have been better to take a loss on the house and get it sold quickly rather than to go through such prolongued agony? Was your own stubborness a part of the problem?
Not at all. On the advise of our realtor, we had the starting price at what we owed on the house. We then, approx. every 2 to 3 weeks lowered the price anywhere from 10K to 15K. At the end, the house was listed for $225K, way below what the house was worth. The problem we had was there were so many foreclosures and SS in our town that even at 225K for a 3200 sq. ft. house was too much. Any lower and the bank wouldn't have had accepted the offer anyway, so we let it sit at that price for quite a while. Had a lot of looky loos, but no offers and I thought that was weird. Then we started the SS process. If I remember correctly, there were like 300+ SS and foreclosures in our town at the time we were trying to sell.
I am so tired of people saying that those who get foreclosed on are losers or bought outside their means. This is not always the case. There are extenuating circumstances that people have no control over that influence whether or not they can continue to afford their house. Medical expenses, last minute job transfers and job loss are just a few. It's all fine and dandy to sit here on CD and say you should have had a contingency plan, you should have had enough money in savings to pay the mortgage for up to a year, but realistically how many of you have $20,000 just sitting in your savings account? We did have quite a bit in savings, but most of that went to sustain the second houshold, moving expenses, etc... Most people in the U.S. are living paycheck to paycheck, that does not mean they are unable to afford a house.
typical. these are just a sample of what you can find in re: to news stories and you find "exceptions" in every one
don't ask a question if you are then going to question or take exception to the reply....
but i'll give you one last chance...Nyergers foreclose on BoA after BoA tries to take their house thru the FC process. Except the Nyergers don't have a mortgage, never did, as they paid cash for the house.
I know...I know...you'll prob'ly say this doesn't count as well cuz the prob'ly got the house thru a SS, FC-auction process and paperwork was still pending somehow.
Examples are examples. you asked for em, got em, and now don't like em
I may be mistaken, but I thought the purpose of this forum was at least in part to provide for debate and discussion. If we are not allowed to give our opinions on comments and questions, then there is little use for this forum. Axiom had some valid points about your examples that you apparently want to ignore by saying it's not fair to question your examples .
...but i'll give you one last chance...Nyergers foreclose on BoA after BoA tries to take their house thru the FC process. Except the Nyergers don't have a mortgage, never did, as they paid cash for the house....
Yes, but the Nyergers home was not actually sold at a foreclosure sale. the process was stopped by a judge. I think you and Axiom are arguing different points. You do not appear to have an example where a homeowner actually lost their home through a mistaken foreclosure.
I may be mistaken, but I thought the purpose of this forum was at least in part to provide for debate and discussion. If we are not allowed to give our opinions on comments and questions, then there is little use for this forum. Axiom had some valid points about your examples that you apparently want to ignore by saying it's not fair to question your examples .
to many just like to rip into other posters comments and never offer much substance of their own.
not all examples are equal.
major point tho...wrongful foreclosures have occurred and are occuring. Axiom never asked for an example of where a FC went to sale/auction.
Roughts, nyegers, cardosos....these are the sensational ones that hit the headlines.
I am so tired of people saying that those who get foreclosed on are losers or bought outside their means. This is not always the case. There are extenuating circumstances that people have no control over that influence whether or not they can continue to afford their house. Medical expenses, last minute job transfers and job loss are just a few. It's all fine and dandy to sit here on CD and say you should have had a contingency plan, you should have had enough money in savings to pay the mortgage for up to a year, but realistically how many of you have $20,000 just sitting in your savings account? We did have quite a bit in savings, but most of that went to sustain the second houshold, moving expenses, etc... Most people in the U.S. are living paycheck to paycheck, that does not mean they are unable to afford a house.
You are right that it isn't always the case. In the case where people are stuck with a house they can't sell, well it is a risk you take if you sign mortgage papers. There never was a guarantee that your home value would stay the same or increase. Many decided to refinance and take all the equity out in cash. It is their right to do so. Where I find offense is with people that think tax money should be bailing them out. I don't call people losers for it. If I make a bad financial decision I pay for it. I think it is a rule that should apply to everyone.
I am curious why you stayed as long as you did. I do think in some circumstances maybe all you can do is take what ever consequences come with it and walk away.
And I do disagree with one thing. If you are living paycheck to paycheck then you cannot afford it. Just because so many people do it doesn't make it a smart thing to do or something that you should do. No one needs a 3200 sq ft house.
You are right that it isn't always the case. In the case where people are stuck with a house they can't sell, well it is a risk you take if you sign mortgage papers. There never was a guarantee that your home value would stay the same or increase. Many decided to refinance and take all the equity out in cash. It is their right to do so. Where I find offense is with people that think tax money should be bailing them out. I don't call people losers for it. If I make a bad financial decision I pay for it. I think it is a rule that should apply to everyone.
I am curious why you stayed as long as you did. I do think in some circumstances maybe all you can do is take what ever consequences come with it and walk away.
We stayed because we were trying to do the right thing. We didn't want to SS or Foreclose because we have always paid our debt. But when the house was on the market for a year with no offers because of the flood of foreclosures and SS in our town we were left with no choice.
And I do disagree with one thing. If you are living paycheck to paycheck then you cannot afford it. Just because so many people do it doesn't make it a smart thing to do or something that you should do. No one needs a 3200 sq ft house.
I'll give you the paycheck to paycheck thing, this is true. Bad example on my part. BTW we weren't living paycheck to paycheck when we bought the house, lol
I wouldn't say no one needs a 3200 sq. ft. house. If you have say 8 kids, you may need that space. When we purchased the house the basement was not finished and not part of the sq. footage, we finished it ourselves, we didn't hire contractors, so that brought it up to the 3200 sq. ft.
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BTW we weren't living paycheck to paycheck when we bought the house, lol 
