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Yes granted it was equal in price to their home because it is in a less edesireable location but this wa sa chance for them to cash out on their equity and put it towards retirement.
The craziest part is - they want to put on an addition!
Sorry to interrupt, but a good number of those 76% make plenty of income but still spend every penny on material possessions.
They have to have the biggest house possible. They have to have the luxery cars. They have to stay at the Ritz Carlton.
Not necessarily. Prices have gone waaaay up. Wages have not.
Some people have all they can do to keep food on the table. Those are the people that need to spend every dime of their own. They don't qualify for anything nor are they asking for it.
I know quite a few like this. Not living in huge homes, some are renting. No car payments. Just monthly bills. Rent, food, lights, heat or oil, garbage, water, sewer, phone bill, cable bill, gas to get to and from work. I don't know about you, but the grocery bill is quite high these days.
Don't forget clothing, lunches for kids at school, school supplies, kids going to a birthday party, upcoming holidays if they celebrate anything. Money goes quick and we should be thankful that they are working for it and not relying on others to support them.
Since when did the fact that someone is offered a loan mean they have to accept it?
The housing bubble was caused by ordinary people borrowing money for houses they couldn't actually afford.
Except it isn't that cut and dry....these loans were being presented in a way that were perceived to be affordable. Did many not do their homework? Sure. Was the process so convoluted that some people really didn't have the capacity to break down terms? Yes.
I know, that's what lawyers are for. I'm still not going to fault somebody who just wants to get a house, work their 40 and pay their bills.
Did you think that every unfit buyer simply said "Hey, I can't afford it...but F it... I will live it up for 3 years and get foreclosed"??
Did you think that these people simply went into their homes and just didn't pay their house notes upon moving in?
In the illusion of the American Dream, buying a house is an END for many. Believe it or not, most of these people just wanted to buy a house and settle into their niche.
Can you give me some idea of what percentage of that 76% makes plenty of income? Or is this just your opinion?
Just an astute observation:
Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn't enough money left over for saving more
Not necessarily. Prices have gone waaaay up. Wages have not.
Some people have all they can do to keep food on the table. Those are the people that need to spend every dime of their own. They don't qualify for anything nor are they asking for it.
I know quite a few like this. Not living in huge homes, some are renting. No car payments. Just monthly bills. Rent, food, lights, heat or oil, garbage, water, sewer, phone bill, cable bill, gas to get to and from work. I don't know about you, but the grocery bill is quite high these days.
Don't forget clothing, lunches for kids at school, school supplies, kids going to a birthday party, upcoming holidays if they celebrate anything. Money goes quick and we should be thankful that they are working for it and not relying on others to support them.
Not to mention helping your kids go to college. There is no way an average middle-class family is going to have a lot left over if they have kids in college.
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