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The people generally made their own mistakes, and should have known better. It doesn't matter how much they "loved" the house, or the "feeling" of the area, or the "satisfaction" of owning...
If the math doesn't work, you don't do it.
I would much rather see the money being used for this program put elsewhere. You know, so that people don't have to pay so much in taxes for these programs that more people need these programs.
OK..not all are people who purchased more than they could chew. What about the guy who worked for the same company for 25 yrs. - got laid off... has kids in college... one about to head out to college... is in his mid 50's and no one wants to hire him... can't refi because he doesn't have a job...can't sell because the market sucks? This example is who I am talking about... the guy just like any of us who thought he was set for life! He earned a right for us to do whatever we can to help him and his family out...agreed?
OK..not all are people who purchased more than they could chew. What about the guy who worked for the same company for 25 yrs. - got laid off... has kids in college... one about to head out to college... is in his mid 50's and no one wants to hire him... can't refi because he doesn't have a job...can't sell because the market sucks? This example is who I am talking about... the guy just like any of us who thought he was set for life! He earned a right for us to do whatever we can to help him and his family out...agreed?
No, I don't agree. When I make my financial decisions, like purchasing a house, I have to factor in whether I could afford it given the risk of a long period of unemployment. If buying a house means I don't have a cushion of savings that will get me through such a period of unemployment, then I can't afford that house. It's not wise to live hand-to-mouth and we shouldn't be encouraging it. And it's not my fault that this guy was foolish enough to think that he was "set for life"; maybe because I'm Gen-X, but I've never felt that kind of job security and so I have little sympathy for someone else being disabused of that notion.
His kids can pay for their own college (heck, I paid for mine) and if his kids are college age, then he and his wife can sell the house and move into a much smaller rental apartment like so many of the "little people" out there. It's not a death sentence, merely downsizing to live within their means.
Remember that old rule of thumb that worked for our parents and grandparents, about not buying a house that cost more than 2x or 3x your income? If he (and countless others like him) would have followed that advice, he'd be OK.
But regardless, this program is like a drop in the bucket, it won't do anything except continue to push NJ deeper into its own financial hole, and raise our taxes in the end.
No, I don't agree. When I make my financial decisions, like purchasing a house, I have to factor in whether I could afford it given the risk of a long period of unemployment. If buying a house means I don't have a cushion of savings that will get me through such a period of unemployment, then I can't afford that house. It's not wise to live hand-to-mouth and we shouldn't be encouraging it. And it's not my fault that this guy was foolish enough to think that he was "set for life"; maybe because I'm Gen-X, but I've never felt that kind of job security and so I have little sympathy for someone else being disabused of that notion.
His kids can pay for their own college (heck, I paid for mine) and if his kids are college age, then he and his wife can sell the house and move into a much smaller rental apartment like so many of the "little people" out there. It's not a death sentence, merely downsizing to live within their means.
Remember that old rule of thumb that worked for our parents and grandparents, about not buying a house that cost more than 2x or 3x your income? If he (and countless others like him) would have followed that advice, he'd be OK.
But regardless, this program is like a drop in the bucket, it won't do anything except continue to push NJ deeper into its own financial hole, and raise our taxes in the end.
I guess you and I are the only ones who understand that it can happen to anyone of us at any time! I just got my retirement plan statement this week...I'm down over 50%. How many others thought that they made the right investment choices? That they are invincible to recessions and depressions? Ah to be young and niave again!
I guess you and I are the only ones who understand that it can happen to anyone of us at any time! I just got my retirement plan statement this week...I'm down over 50%. How many others thought that they made the right investment choices? That they are invincible to recessions and depressions? Ah to be young and niave again!
Wiley,
To make our point clear, understand that "the Government" doesn't have wealth, it doesn't create wealth, it doesn't bestow wealth.
"The Government" simply redistributes wealth.
How?
It takes it away from people like me and GIVES it to people like "him".
This is a fine concept until they take SOOOO much from me that I am placed in danger, because of an unbearable tax burden.
Perhaps it is not Christian, but in this case, better him than me.
To make our point clear, understand that "the Government" doesn't have wealth, it doesn't create wealth, it doesn't bestow wealth.
"The Government" simply redistributes wealth.
How?
It takes it away from people like me and GIVES it to people like "him".
This is a fine concept until they take SOOOO much from me that I am placed in danger, because of an unbearable tax burden.
Perhaps it is not Christian, but in this case, better him than me.
Although understand, I do wish "him" luck.
Maybe I read it wrong, but it looks like a program run mostly by "volunteers"...professionals - attorneys, counsellors..etc. Minimal cost to the State?
"...500 of the 700 attorneys who volunteered their services since October have already been trained, and the remainder should be trained by the end of the month.
Some 40 counselors have signed up to work with homeowners in all of the state's 21 counties..."
OK..not all are people who purchased more than they could chew. What about the guy who worked for the same company for 25 yrs. - got laid off... has kids in college... one about to head out to college... is in his mid 50's and no one wants to hire him... can't refi because he doesn't have a job...can't sell because the market sucks? This example is who I am talking about... the guy just like any of us who thought he was set for life! He earned a right for us to do whatever we can to help him and his family out...agreed?
First off, no one is entitled to send their kids to college. And, yes, you can sell in this market, if you are willing to take MARKET VALUE. There is no problem that the right price won't solve. He has not earned the right to take money from the people that are looking to buy a house so he can live comfortably. Home ownership isn't for everyone. If he sells his house, he'll free up a lot of cash and he can rent at a lower price. It's not that he can't sell. It's that he can't sell at the price he wants. TOUGH CRAP! That doesn't change the fact that you want to take money from one person and give it to another.
What about me? Have I earned the right to hold onto the money I have saved? I don't even own a house. I would love to. He's got more than I do right now and is living more comfortably than I am. I paid for my own college and saved up money to buy a home. You want to take money from me so I can no longer afford a house so he can? You are going to put me out on the street to keep him in his house.
Once again, you should stop thinking about the person you are trying to help and start thinking about the person you are going to hurt! You are going to hurt me for living within my means and help him for living outside of his means.
No, he can sell his house and rent a smaller property to reduce his overall costs. This is an option that no one wants to address. These people don't need to own their homes. They need to be put in a position where they either own much smaller homes or rent at a lower cost. No one is entitled to home ownership. Furthermore, the past year has shown us that when you try to prevent foreclosures, more people PURPOSELY default on their loan so they can get some free assistance as well. It actually makes the problem worse than it is.
No, he can sell his house and rent a smaller property to reduce his overall costs. This is an option that no one wants to address. These people don't need to own their homes. They need to be put in a position where they either own much smaller homes or rent at a lower cost. No one is entitled to home ownership. Furthermore, the past year has shown us that when you try to prevent foreclosures, more people PURPOSELY default on their loan so they can get some free assistance as well. It actually makes the problem worse than it is.
what noone is addressing is the fact that not EVERY HOMEOWNER that is in trouble is some greedy SOB who bought above his/her means.
to answer your question - if you bought awhile ago, your mortgage is probably lower than rent. if you've gone through savings, 401K and sold your house and STILL don't have a job, then what? From what I hear..."f you".
NOONE, and I mean NOONE is immune to what's happening with this economy, we are ALL one or two circumstances from being in the same boat, and to hear these boastful posts with countless numbers of "I, ME, MY" is quite frankly, sickening.
I guess you and I are the only ones who understand that it can happen to anyone of us at any time! I just got my retirement plan statement this week...I'm down over 50%. How many others thought that they made the right investment choices? That they are invincible to recessions and depressions? Ah to be young and niave again!
Yeah, about 45% here. There was still vomit on the statement last night when I threw it into the garbage can.
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