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It is our business because the government is confiscating our hard earned money to buy these types their homes as a reward for their out of control spending.
Would you please explain this. I have heard nothing but stories about folks whose banks refused to help them re-negotiate their loans. What taxpayer dollars are buying their homes for them? It was taxpayer dollars that bailed out the banks after they entered into the lousy mortgages. Now they are refusing to help out in foreclosures. What can you tell us about the government buying people their homes?
Would you please explain this. I have heard nothing but stories about folks whose banks refused to help them re-negotiate their loans. What taxpayer dollars are buying their homes for them? It was taxpayer dollars that bailed out the banks after they entered into the lousy mortgages. Now they are refusing to help out in foreclosures. What can you tell us about the government buying people their homes?
No - the banks aren't the ones coming up with the money to give to these people - the government is:
my brother, him and his wife make about 100k a year. they are underwater in their mortgage about 200 grand. so of course they have joined the rest of immoral society and stopped paying their mortgage (they say they are putting all of it in the bank). i admit that i dream about what it would be like to live rent-free and save all that money for 1-3 years. however, what really pisses me off is that my brother is always crying to me about how "broke" they are, how they don't have money to pay for their kids' school projects, for their car repairs, for any vacations.
this is infuriating. how could they NOT have the money for this???? THEY ARE SAVING 3,000 DOLLARS A MONTH!!!!!
That reminds of of someone I know..He had his wife pay the mortgage with her ssi disability check..While he supported his girlfriend for over 10 years..her bills were way over $50,000 a year..He divorced his wife, his girlfriend just used him and went on to the next sucker..He lost his house, his truck, and now wants to blame the economy for it. The idiot still doesnt recognize he could've owned his house by now if he dont support his mistress. He got what he asked for..
What I get from these documents is that the lenders are getting an incentive to re-negotiate rates, not that the money is going to buy the houses. Further, it's not working very well because the mortgage companies are still pushing through the foreclosures that they were partly to blame for in the first place. Am I missing something?
my brother, him and his wife make about 100k a year. they are underwater in their mortgage about 200 grand. so of course they have joined the rest of immoral society and stopped paying their mortgage (they say they are putting all of it in the bank). i admit that i dream about what it would be like to live rent-free and save all that money for 1-3 years. however, what really pisses me off is that my brother is always crying to me about how "broke" they are, how they don't have money to pay for their kids' school projects, for their car repairs, for any vacations.
this is infuriating. how could they NOT have the money for this???? THEY ARE SAVING 3,000 DOLLARS A MONTH!!!!!
There are two issues here you need to separate. One is whether your brother is immoral for not paying his mortgage. Given that businesses walk away from bad investments all the time, it seems strange to hear people condemn homeowners who do the same. Meeting contractual obligations isn't an issue of morality. It's strictly a financial one and despite what people like malamute say, it isn't done simply to qualify for government assistance. Not everyone is a freeloader. For many, it just makes more financial sense to not pay. The second issue is your brother's intellectual dishonesty. Saying you're broke when you're saving $3000 a month is hard to comprehend. Does that mean his expenses still exceed what he's bringing in even including that $3000. What else is he spending his money on? If I were unemployed and could cut my expenses by $3000, I wouldn't be whining about not being able to take vacations. Instead I'd be looking for ways to cut my expenses even further. If I were willing to ruin my credit and lose my home, the LAST thing on my mind would be vacation.
Have you confronted your brother and told him how you feel? I don't tell my relatives how to spend their money. But I don't hold back if I see them doing something stupid with it.
What I get from these documents is that the lenders are getting an incentive to re-negotiate rates, not that the money is going to buy the houses. Further, it's not working very well because the mortgage companies are still pushing through the foreclosures that they were partly to blame for in the first place. Am I missing something?
It's all part of the Obama "stimulus" which is billions of dollars in new debt which will be paid in the future by taxpayers. It's not government money per se, it's new government debt being used to bailout those who don't pay their mortgages.
The rest of us live in humbler homes that we could afford - knowing that no one was ever forcing us to sign for a big loan we couldn't afford just to impress our friends and families with a big expensive house.
So we'll end up not only buying our homes, but the impressive expensive houses for those who couldn't afford what they wanted.
Why wait for foreclosure? Sell the unaffordable house and get something a little more modest that you can afford. Why? Because these people know the government will rescue them. And of course what would their friends and families think if they lived in a simpler house?
okay but the problem is that he is always coming to me and complaining how he/they don't have any money (yesterday he bitched that he can't afford to get some dental work done b/c it would cost 600 dollars)
and i know that they are saving 3k a month
so i am basically asking how am i supposed to deal with this without blowing a gasket
why is he doing this? why would someone complain about being broke when CLEARLY they are not????
Just tell him you don't want to hear about his financial problems anymore. If he brings it up again, just say "I don't care" and change the subject.
The only suffering entity here is the mortgaging bank and the US economy that was flushed down the drain by its noble citizens.
If the guy can afford to make the payments, then he is guilty of a severe ethical lapse. I think I would be disappointed in him, too.
Here's the thing. You make an agreement and you don't go back on it, whether it's a bank or your wife or your employee. That is the glue that holds a society together. With that in mind, people who are ethically elastic depending on the situation are not people to be trusted.
okay but the problem is that he is always coming to me and complaining how he/they don't have any money (yesterday he bitched that he can't afford to get some dental work done b/c it would cost 600 dollars)
and i know that they are saving 3k a month
so i am basically asking how am i supposed to deal with this without blowing a gasket
why is he doing this? why would someone complain about being broke when CLEARLY they are not????
Although this thread appears to be going rather off topic, your complaint is that your relationship with your brother is suffering and you're about to "blow a gasket" simply because you don't agree with how he handles his financial affairs. Simple - next time he brings up the subject of his dire straits, just say, "Oh, dear, that's a shame" and change the subject. It can only affect you so strongly if you allow it to. He's apparently not asking you for a bailout or any sort of financial assistance so let it go. Good luck!
I do think this topic probably belongs in the Real Estate forum but in any case I would tend to share the anger that the OP has for the brother because it is really hurting everyone and the economy in general. I was watching Bill Maher the other night on HBO and he brought up the point that people a couple of generations ago wouldn't have just walked away from their mortgages the way they're doing today and that our sense of responsibility and values seemed to have declined in recent years. I tend to agree with this point of view. It's up to the individual to determine what they can or cannot afford and although the banks did make loans that they shouldn't have it's still the responsibility of the individual or couple who made that decision in the first place. Also, it's not accurate to state that the government is somehow giving people their home for free, it's the banks that have been rescued, not the homeowners and the good news is that many of these banks have already paid back the government for bailing them out.
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and the US economy that was flushed down the drain by its noble citizens.
