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I agree, it IS a privlege. People I know that have been foreclosed on DID plan for the future. A little thing called Cancer wiped them out because they met their lifetime limit with their health insurance carrier. The rest came out of pocket. They either had to pay for the treatments or lose their home.
Sorry, not buying it. You can't possible tell me that all of the foreclosures are due to medical reasons. Just so we have this in perspective.
Lets not play semantics and political agenda games with the logical discussion that has thsu far taken place in this thread.
That isn't true. When a business breaks contract, they pay the fee for the termination including the legal costs associated with the breech and the legal fees associated with getting sued for damages. Sure, companies break contract because the costs associated with the breech are less than the cost of continuing the contract.
That is exactly what the homeowners are doing. They are breaking contract and paying the costs associated with that breech. It makes more financial sense for them to do that than attempt to stay in contract.
Not always. We were owed over $70,000 for services rendered and had paid sub consultants out of our pocket for a larger commercial project last year...and guess what. The fat cat developer just decided not to pay and stop all work. Our contract states that he agreed to pay up until the stop notice but now refuses to do so. Collection agencies are a waste of time and energy and the courts here seem to favor those fat cats and dismiss the charges. So what to do? I think this is just a small example of the mentality out there today and that is I don't care what I agree to or sign if I don't want to pay, I won't pay. Sad
Funny when businesses break contracts when it makes business sense for them it's okay but when consumers do it, "they signed a contract, they have an obligation..."
That's because the average folk don't have an attorney on retainer.
Normally, a house should be considered collateral and the mortgagee should be off the hook, but people seem to have missed their state's laws concerning the abrogation of their contract.
Only 5 years ago when I used to post threads on google groups about the housing market collapsing, people would laugh at me and suggest that I'm somehow jealous of these people, even though I've always owned (a much more modest house). Guess who's laughing now?
I love that the people who abandoned their mortgages don't understand that they have just made it a "Toxic Asset" and done their part to destroy our economy
Not always. We were owed over $70,000 for services rendered and had paid sub consultants out of our pocket for a larger commercial project last year...and guess what. The fat cat developer just decided not to pay and stop all work. Our contract states that he agreed to pay up until the stop notice but now refuses to do so. Collection agencies are a waste of time and energy and the courts here seem to favor those fat cats and dismiss the charges. So what to do? I think this is just a small example of the mentality out there today and that is I don't care what I agree to or sign if I don't want to pay, I won't pay. Sad
Lien him and push the courts to make a judgement.
I am not saying the road is easy, but if your contract is rock solid, you should be able to recover that lost income.
There are reprocussions in the private sector for breeching contract, but they have to be persude.
Not suggesting that everyone whom gets foreclosed upon is irresponsible. However, how many purchase a home assuming their income will always be what it was or better than when they qualified. Many banks are finally making an effort to work with homeowners in financial trouble however the homeowners really need to address the problem with their lenders before it ever gets to delinquent/missed payments and foreclosure.
I agree with you that people need to talk to their lenders before it comes to foreclosure. Ignoring the problem doesn't make it go away...
I didn't say ALL foreclosures were due to medical reasons. YOU said that..go back and read my post!
I do have this in perspective and I said that not everyone in foreclosure is irresponsible..that life happens...
Trying to make something out of nothing...
fancy chart, btw...
My point is, that circumstances have lead to foreclosures since lending was first commercialized. Thus, for this discussion, bringing up medical bankruptcy in a discussion on foreclosure is only done so to push THAT political agenda.
My point is, that circumstances have lead to foreclosures since lending was first commercialized. Thus, for this discussion, bringing up medical bankruptcy in a discussion on foreclosure is only done so to push THAT political agenda.
Good Gawd....it's statements like THAT one that I tend to stay away from the politics forum. Seems ya just can't TALK to some people.
I was answering the post that said people bought beyond their means, etc., etc., etc.,
I can bring up whatever I wish to in response to another post. I don't see it in the TOS that it's not ok to state that some people lose their homes due to medical problems....if it's there, lemme know...get back to me, k? It's as valid as someone losing their home because they bought a 500k home instead of the 100k one they could afford. The only difference is that these people's health insurance ran out, savings ran out, EVERYTHING ran out.
What would you do? Live at the Salvation Army without a fight?
Another tsk tsk'er..you don't know what it's like til it happens to you...God forbid, of course...
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It's as valid as someone losing their home because they bought a 500k home instead of the 100k one they could afford. The only difference is that these people's health insurance ran out, savings ran out, EVERYTHING ran out.
