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

[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.

 

[dainthomas]

You should probably call the whambulance. If a bank thinks they'll lose less money by cutting interest/principle as opposed to foreclosing, then that's what they'll do. Sorry that life isn't fair.

 

[murban135]

Welcome to the new reality, where those who were prudent and saved get to send their money to those who were foolish and profligate. Sucks to be us.

 

[sactoking]

Originally posted by: murban135
Welcome to the new reality, where those who were prudent and saved get to send their money to those who were foolish and profligate. Sucks to be us.

What's new about this? That's been the 'American Way' for decades!

 

[mundane]

I wonder when/if this is going to start cascading down to student loans. I'm in good shape myself, but know some people who might've overextended themselves a bit.

 

[lifeobry]

i have the same sentiments about this whole meltdown. fiscal irresponsibility is what caused this mess, not "predatory lending". if you needed a variable interest rate and 0% down to qualify for a house then you had no business buying one.

 

[sonambulo]

Yes it pisses me off to no end.

It is freaking ridiculous how much people who lie and cheat get ahead while people who play by the rules get dicked over. I realize life's not fair but it still pisses me off.

 

[JulesMaximus]

Why should I get my panties in a knot over what someone else is doing? I can't do a god damned thing about it so giving myself an ulcer over it isn't going to help.

 

[Gibson486]

Originally posted by: mundane
I wonder when/if this is going to start cascading down to student loans. I'm in good shape myself, but know some people who might've overextended themselves a bit.

<---one of those students.....


I wouldn't mind this at all

I agree with Waggy though....

I should have bought a house instead of going to school.

 

[Gibson486]

Originally posted by: lifeobry
i have the same sentiments about this whole meltdown. fiscal irresponsibility is what caused this mess, not "predatory lending". if you needed a variable interest rate and 0% down to qualify for a house then you had no business buying one.

Dude....its been discussed to death.....

 

[Squisher]

I was thinking about starting a thread back when all the talk was the $700B bailout and its causes about how many ATOTers bought a house anywhere near the limit the loan organization said they could get. I know I didn't. I did spend plenty, maybe too much, but the bank said I could have gotten a loan for 5 times the amount of the loan I was asking for.

My Realtor said to take that approval and burn it so no one would know what we could afford.

 

[Slew Foot]

If this goes through, expect to see loads of people stop paying their mortgage, credit cards, and car loans in hopes of getting principle writedowns.

 

[Quiksilver]

I can half agree with your post as there are idiots who will buy something that they cannot afford and later have to give it up. Yes, those kinds of people don't deserve help but there are people who just happen to be in a bad situation.

For example, back in 2006 me and my parents had to foreclose on our house (which was a normal size house and 2k/sq ft.) and the guy who owns my father's shop that he works at sold the shop to a new guy. Not even two weeks in with the new guy, he fires everyone and closed the doors on the shop. Two weeks later I lost my own job under a similar circumstance. The result was my mother's income isn't enough to be able to make all the payments for all the bills so we just gave up the house that we had been living in for the last 11 years. We weren't in over our heels we just couldn't make payments due to the circumstances.

 

[RKS]

Isn't this similar to short-selling stock?

Some people had the foresight to purchase beyond their means because they knew the economy was gonna tank, the government would step in, and eventually their mortgage would be more palitable AND they would get to stay in a bigger and better house.

Sounds like sour grapes to me.

 

[waggy]

Originally posted by: Gibson486

Originally posted by: mundane
I wonder when/if this is going to start cascading down to student loans. I'm in good shape myself, but know some people who might've overextended themselves a bit.

<---one of those students.....


I wouldn't mind this at all

I agree with Waggy though....

I should have bought a house instead of going to school.

to be honest i think we should help people that went to school more. i paid mine off as soon as i could and my wife's should be paid off in Feb. the amount she had was insane.

its amazing how expensive college cost now.

Originally posted by: dainthomas
You should probably call the whambulance. If a bank thinks they'll lose less money by cutting interest/principle as opposed to foreclosing, then that's what they'll do. Sorry that life isn't fair.

oh trust me i know life is not fair. If it was then at 34 i wouldnt have the medical problems i do.

but yeah its just a rant. just makes me pissed that people who play by the rules are ignored and people that lie/cheat/steal get rewarded.

 

[waggy]

Originally posted by: RKS
Isn't this similar to short-selling stock?

Some people had the foresight to purchase beyond their means because they knew the economy was gonna tank, the government would step in, and eventually their mortgage would be more palitable AND they would get to stay in a bigger and better house.

Sounds like sour grapes to me.

yeah sour grapes because i didn't plan on doing something immoral.

 

[CPA]

Us folks in McMansions are in the same boat. I ritually pay my mortgage on time, but would love some help like everyone else seems to be getting.

 

[CPA]

Originally posted by: waggy

Originally posted by: RKS
Isn't this similar to short-selling stock?

Some people had the foresight to purchase beyond their means because they knew the economy was gonna tank, the government would step in, and eventually their mortgage would be more palitable AND they would get to stay in a bigger and better house.

Sounds like sour grapes to me.

yeah sour grapes because i didn't plan on doing something immoral.

and in many cases, illegal.

 

[Gibson486]

Originally posted by: waggy

Originally posted by: Gibson486

Originally posted by: mundane
I wonder when/if this is going to start cascading down to student loans. I'm in good shape myself, but know some people who might've overextended themselves a bit.

<---one of those students.....


I wouldn't mind this at all

I agree with Waggy though....

I should have bought a house instead of going to school.

to be honest i think we should help people that went to school more. i paid mine off as soon as i could and my wife's should be paid off in Feb. the amount she had was insane.

its amazing how expensive college cost now.

Originally posted by: dainthomas
You should probably call the whambulance. If a bank thinks they'll lose less money by cutting interest/principle as opposed to foreclosing, then that's what they'll do. Sorry that life isn't fair.

oh trust me i know life is not fair. If it was then at 34 i wouldnt have the medical problems i do.

but yeah its just a rant. just makes me pissed that people who play by the rules are ignored and people that lie/cheat/steal get rewarded.

maybe I should write a letter to my Federal official about how the graduating class will be the future of our country and how we are the ones who will stimulate the economy. Bail the college grads out!!!!!

 

[ViviTheMage]

IMO F them...they put themselves into the spot they are in.

Kick them all out of their houses, make them move into apartments.

Granted, if I was in their shoes, I would probably be saying the opposite.

 

[bryanv]

Originally posted by: Quiksilver
I can half agree with your post as there are idiots who will buy something that they cannot afford and later have to give it up. Yes, those kinds of people don't deserve help but there are people who just happen to be in a bad situation.

For example, back in 2006 me and my parents had to foreclose on our house (which was a normal size house and 2k/sq ft.) and the guy who owns my father's shop that he works at sold the shop to a new guy. Not even two weeks in with the new guy, he fires everyone and closed the doors on the shop. Two weeks later I lost my own job under a similar circumstance. The result was my mother's income isn't enough to be able to make all the payments for all the bills so we just gave up the house that we had been living in for the last 11 years. We weren't in over our heels we just couldn't make payments due to the circumstances.

Did you have any sort of emergency fund? Neither you or your dad could find another job in six months?

Not to say this was your situation, but people who have no significant savings - lose their job in one month and can't pay their mortgage the next month - have overextended themselves.

 

[amdskip]

Most do not deserve the houses they have, leaving way beyond their means. I put 20% down when I purchased my house, trying to make extra payments when possible, keeping things simple. People need to come back to reality and learn how to manage their finances properly.

 

[ViviTheMage]

Originally posted by: bryanv

Originally posted by: Quiksilver
I can half agree with your post as there are idiots who will buy something that they cannot afford and later have to give it up. Yes, those kinds of people don't deserve help but there are people who just happen to be in a bad situation.

For example, back in 2006 me and my parents had to foreclose on our house (which was a normal size house and 2k/sq ft.) and the guy who owns my father's shop that he works at sold the shop to a new guy. Not even two weeks in with the new guy, he fires everyone and closed the doors on the shop. Two weeks later I lost my own job under a similar circumstance. The result was my mother's income isn't enough to be able to make all the payments for all the bills so we just gave up the house that we had been living in for the last 11 years. We weren't in over our heels we just couldn't make payments due to the circumstances.

Did you have any sort of emergency fund? Neither you or your dad could find another job in six months?

Not to say this was your situation, but people who have no significant savings - lose their job in one month and can't pay their mortgage the next month - have overextended themselves.

I have my mortgage paid until mid next year...not sure if that is a good idea, or a bad idea...haha

 

[waggy]

Originally posted by: amdskip
Most do not deserve the houses they have, leaving way beyond their means. I put 20% down when I purchased my house, trying to make extra payments when possible, keeping things simple. People need to come back to reality and learn how to manage their finances properly.

exactly.

a buddy of mine makes $200k a year. but guess what? he is broke EVERY FUCKING MONTH.

they have a huge house (4500 k sq/ft) on like 15 acres. they have no need of a house that big! they don't have kids etc.

when asked why he got it. his response was that they could afford it and it impresses people.

sure he can afford the monthly payment but he is out of work for a few months he is screwed.

Originally posted by: bryanv
Not to say this was your situation, but people who have no significant savings - lose their job in one month and can't pay their mortgage the next month - have overextended themselves.

i agree.

i have a lot of money in the bank. if i wanted i could live great for 10-15 years. but then i would be screwed.

i have a budget that should get me to my 70's. its a tight budget. i don't have a lot where i can "play" with it. heh it took me 2 years to save for my big screen TV!

 

[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.