anyone else getting pissed that idiots in foreclosure are getting tons of help?

[Squisher]

I put close to 50% down on my house in 2005.

I have since retired, but if GM goes bankrupt, I'll lose my health care and who knows what will happen to my pension under federal department that oversees pensions. I'd have to go out and find a new job, but expect the unemployment rate to be 20-25% here in Michigan. I could sell my house and move to somewhere else, but who would buy it even for half what I paid?

I could liquidate all my savings and retirement money (pay the penalties) and pay off the house, and hope no one, especially the wife, gets sick. Like I tell her all the time, she's finally worth more to me alive than dead these days.

If all the planets aligned just right, foreclosure could happen to me.

 

[waggy]

Originally posted by: ViviTheMage
sounds pretty fun waggy...I mean,w hat DO you do for fun if you live on that tight of a budget?

Personally I game, so my only expenses are games every so often , and paying for electricity...I do not go out and party, drink, do drugs, etc. I will go out to eat once in a while with friends, movie, etc...but what else is there that you do not spend money doing?

Me and my GF are living pretty well, but she is in school, so her income barely makes her pay her CC's off and me monthly. (mortgage, phone, car insurance, tv, association, etc)...so we gotta keep it tight.

oh we have "fun" budgeted. i get a new game every few months, have my wow account etc. My wife really does not have a hobby. but every few months she goes on a shopping spree (usually buying the kids or Me something). Same with going out to dinner. we go out for lunch/dinner once a week.

I couldnt imagian having a life without doing something fun heh.

 

[txrandom]

It's just business. Would Citi rather see some cash flow or the loanees walk away?

 

[ViviTheMage]

Originally posted by: waggy

Originally posted by: ViviTheMage
sounds pretty fun waggy...I mean,w hat DO you do for fun if you live on that tight of a budget?

Personally I game, so my only expenses are games every so often , and paying for electricity...I do not go out and party, drink, do drugs, etc. I will go out to eat once in a while with friends, movie, etc...but what else is there that you do not spend money doing?

Me and my GF are living pretty well, but she is in school, so her income barely makes her pay her CC's off and me monthly. (mortgage, phone, car insurance, tv, association, etc)...so we gotta keep it tight.

oh we have "fun" budgeted. i get a new game every few months, have my wow account etc. My wife really does not have a hobby. but every few months she goes on a shopping spree (usually buying the kids or Me something). Same with going out to dinner. we go out for lunch/dinner once a week.

I couldnt imagian having a life without doing something fun heh.

Just making sure man! Was hoping you weren't cooped up all of the time, doing nothing at all, but maybe watching TV.

What realm?

 

[XxPrOdiGyxX]

There, there waggy. Just take comfort in the fact that stupid does not go away no matter how much the government bails them out this time. If they remain stupid they'll find themselves in another bad situation and you will still be sitting pretty.

 

[OCGuy]

Meh I processed the loans that got them into the house, and now on top of that, i'm getting loan modifications to get them out.

Business is good.

/ducks from thread

 

[waggy]

Originally posted by: ViviTheMage

Originally posted by: waggy

Originally posted by: ViviTheMage
sounds pretty fun waggy...I mean,w hat DO you do for fun if you live on that tight of a budget?

Personally I game, so my only expenses are games every so often , and paying for electricity...I do not go out and party, drink, do drugs, etc. I will go out to eat once in a while with friends, movie, etc...but what else is there that you do not spend money doing?

Me and my GF are living pretty well, but she is in school, so her income barely makes her pay her CC's off and me monthly. (mortgage, phone, car insurance, tv, association, etc)...so we gotta keep it tight.

oh we have "fun" budgeted. i get a new game every few months, have my wow account etc. My wife really does not have a hobby. but every few months she goes on a shopping spree (usually buying the kids or Me something). Same with going out to dinner. we go out for lunch/dinner once a week.

I couldnt imagian having a life without doing something fun heh.

Just making sure man! Was hoping you weren't cooped up all of the time, doing nothing at all, but maybe watching TV.

What realm?

im on elextrasza. heh i just got a call from gamestop saying to come at 10pm tommrow for a party and pick up teh game.

 

[moshquerade]

Originally posted by: waggy
OK.

When we were looking for a house we could have gotten a loan for $400k and got a huge house etc. BUT we knew that sure the interest at first was low enough we could afford it no problem. trouble is we also knew that in 4-5 years when it goes up we wold be screwed.

so what did we do? took a lot less house and mortgage. Instead of getting a 4k sq/ft house we settled on a 2k /sqft house that fits the needs we have.

doing that allowed us to be able to afford the mortgage (also got a fixed rate and not a ARM).


So it pisses me off that idiots that purchased these large McMansions on a income that can't afford it are getting the principle and interest slashed so they can stay in it.

What about people like me? who made/make sacrifices to pay for the house? is the bank going to slash my principle or interest for me?



they just announced Citibank is going to work with people in foreclosure to keep the house. doing things such as reducing interest and principle and forgive the late payments.


makes me think that maybe i should skip the mortgage payment this month and go on vacation.

Do what you are supposed to do, pay your bills, live within your means, and get screwed.
Welcome to America.

Now I see Obama is talking about bailouts for the U.S. automakers. The way I see it they dug their own graves. How about some fuckin accountability?

 

[tk149]

Yeah, I'm pissed. I could have bought a more expensive house, but I decided a larger down payment percentage and a smaller loan was a more prudent choice.

On the plus side, at least some of these irresponsible lenders are now paying the price for their shortsightedness by taking the losses for lowering rates and forgiving fees.

 

[ViviTheMage]

Originally posted by: moshquerade

Originally posted by: waggy
OK.

When we were looking for a house we could have gotten a loan for $400k and got a huge house etc. BUT we knew that sure the interest at first was low enough we could afford it no problem. trouble is we also knew that in 4-5 years when it goes up we wold be screwed.

so what did we do? took a lot less house and mortgage. Instead of getting a 4k sq/ft house we settled on a 2k /sqft house that fits the needs we have.

doing that allowed us to be able to afford the mortgage (also got a fixed rate and not a ARM).


So it pisses me off that idiots that purchased these large McMansions on a income that can't afford it are getting the principle and interest slashed so they can stay in it.

What about people like me? who made/make sacrifices to pay for the house? is the bank going to slash my principle or interest for me?



they just announced Citibank is going to work with people in foreclosure to keep the house. doing things such as reducing interest and principle and forgive the late payments.


makes me think that maybe i should skip the mortgage payment this month and go on vacation.

Do what you are supposed to do, pay your bills, live within your means, and get screwed.
Welcome to America.

Now I see Obama is talking about bailouts for the U.S. automakers. The way I see it they dug their own graves. How about some fuckin accountability?

My thoughts exactly mosh....it sucks, but you should have to live with your mistakes.

 

[ShotgunSteven]

Is it too late to run out and buy a house I cannot afford? My credit score is high enough.

Every person they interview on NPR that has been "hurt" by this mortgage crisis comes off as a complete moron that is totally undeserving of any sympathy. Not saying that all of the people are like this, just that NPR seems to pick some real winners. Immigrant earning $20,000.00 a year buying a 1.5 million dollar house, then getting a loan against it to buy other properties. 60+ year old bus drive that is a few years from retirement buying a $300,000.00 home. Not one case of a family that got in just slightly over their head, all cases of extreme lack of common sense on the part of the buyers.

 

[OCGuy]

Originally posted by: ShotgunSteven
Is it too late to run out and buy a house I cannot afford? My credit score is high enough.

Nope. But act fast, fannie/freddie are doing away with verbal only income verification next month.

 

[BlahBlahYouToo]

i was wondering the same thing. i bought and live within my means, have a good amount of savings at the end each month, but how is it fair that they'll get their payments reduced and i won't?
i'd like some extra $ in my pocket too.

 

[RU482]

This has really got to be a kick in the face for people who are scraping by to keep that damn mortgage/credit card/phone sex payment current.

 

[Slew Foot]

Originally posted by: XxPrOdiGyxX
There, there waggy. Just take comfort in the fact that stupid does not go away no matter how much the government bails them out this time. If they remain stupid they'll find themselves in another bad situation and you will still be bailing them out again.

Fixed

 

[ponyo]

You guys haven't even seen what's coming in the horizon in the future. You think you're safe with your savings? I predict the savers are going to get punished in the future by hyperinflation. We'll have period of deflation. We're just starting that. When this 24/7 printing press and bailouts run its course, my fear is hyperinflation down the line. You might want to think about allocating small portion of savings into commodities and other currencies like the Japanese Yen in the future if prices become favorable for the swap.