Life after foreclosure

[DesiPower]

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

Its not Holy - its unholy CNN shit - they "choose" 2 families with medical issue. Do you really think 50% of foreclosures are coz of medical reasons?
I believe a good 75% of the rise in the foreclosures are because of medical reasons - Mental Issues of buyers. I choose to live within my means and now I own a second "investment" property that I got way below the market price from one of those suckers!

 

[IndyColtsFan]

Originally posted by: DesiPower

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

Its not Holy - its unholy CNN shit - they "choose" 2 families with medical issue. Do you really think 50% of foreclosures are coz of medical reasons?
I believe a good 75% of the rise in the foreclosures are because of medical reasons - Mental Issues of buyers. I choose to live within my means and now I own a second "investment" property that I got way below the market price from one of those suckers!

:thumbsup:

And yes, CNN cherry picks these cases to go for the sob story angle. Some of their sob stories from last year were especially pitiful and they didn't even try to hide the obvious personal responsibility issues some of those guys had. Remember the lady who left her Gucci bag and fancy jewelry at home so she could go get food from the government? Or the other case (actually, might have even been the same lady) who managed to turn a $400,000 mortage into something like $800,000 in debt because she and her husband kept taking out additional mortgages on their home so they could buy things? And let's not forget the poor mom who "sacrificed" buying herself designer jeans so she could go buy like $600 worth of toys for her kid for Christmas. And CNN acted as if these guys were "victims."

 

[StageLeft]

Originally posted by: DesiPower

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

Its not Holy - its unholy CNN shit - they "choose" 2 families with medical issue. Do you really think 50% of foreclosures are coz of medical reasons?
I believe a good 75% of the rise in the foreclosures are because of medical reasons - Mental Issues of buyers. I choose to live within my means and now I own a second "investment" property that I got way below the market price from one of those suckers!

I agree with this. Medical issues are used as an excuse because they happen to be the final straw.

CNN did cherry pick these people. Nobody is saying they are a fair approximation or subset of the country.

Some of their sob stories from last year were especially pitiful and they didn't even try to hide the obvious personal responsibility issues some of those guys had.

Was it CNN that had the story about the mom who was feeling the recession and no longer buying designer jeans and had cut back the purchases of toys for her kid to a still-egregious level? It was one of the more ridiculous articles.

And let's not forget the poor mom who "sacrificed" buying herself designer jeans so she could go buy like $600 worth of toys for her kid for Christmas

Ah, it was. I remember that (as you can see I respond to posts in a sep window as I read...).

 

[JSt0rm]

Originally posted by: DesiPower
Its not Holy - its unholy CNN shit - they "choose" 2 families with medical issue. Do you really think 50% of foreclosures are coz of medical reasons?

did I say that? No I didnt.

 

[imported_inspire]

I'll offer up my own story for family 5 -

Finally made it out of grad school and found a nice job across the country. Bought a house with a 30yr fixed. Starting having issues with the wife, that, in all honesty had been long-standing, but with 2 kids, 3 jobs, and grad school, I just hadn't been able to tackle. Wife moves out, i file for divorce.

She doesn't work, and further refuses to. She moves back in with her parents across the country and demands alimony (child support I had no issue with), so she can go back to school and get the job she wants - even though she already has a 4-year degree from a university.

In a nutshell, I was fucked - I had no savings, over $60k in student loan debt because she didn't work while I was in school. I couldn't afford a prolonged legal battle, but I couldn't afford to pay her support & alimony and keep up with the note ($2k) all on my own.

The market sucked - if it had happened a year earlier, I'd have been fine, but that's life, I guess. Tried selling. Tried short-selling. Now, I'm doing a deed-in-lieu. The best decision I've ever made was to walk away. I took the money I wasn't paying on my house note and put it towards paying down the massive credit card debt I had racked up with lawyers' fees and replacing all the essential shit she took with her.

My options were to either live off credit and make the notes, driving myself into a hole of debt, I'd never be able to get out of, or to let the house go and start salvaging what I'd be able to walk away with.

Truth be told, the bank didn't even return a phone call for three months while I was trying to work with them, but still making payments. Once I missed the first one - bam - they got the ball rolling right away.

It'll be another 4 years or so until my credit completely recovers, and I'm running a surplus every month now. It pisses me off a little bit when I think about it all, but it really just makes me happier to be out of that relationship. I don't know why I ever thought that was a good idea, but I was young and stupid.

Cliffs:
- Stable job & mortgage
- Wife moves out, and refuses to pay for anything or get a job
- Market sucks, but have to sell bc I can't afford note, support, & alimony
- I let the house go and pay off my other debts and move on

 

[StageLeft]

inspire it sounds like screwing the mortgage worked out right for you. However, was it plausible to also screw the credit cards, just take all the extra money by not paying them off and run that game as long as possible until you finally were forced to file for bankruptcy? Just wondering...

 

[dmcowen674]

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

That can't be possible the Quirks say that the Health Industry is perfectly fine.

 

[Corn]

Originally posted by: dmcowen674

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

That can't be possible the Quirks say that the Health Industry is perfectly fine.

So in your idiotic world health insurance is supposed to pay lost wages for people who cannot work due to an illness?

 

[dmcowen674]

Originally posted by: Corn

Originally posted by: dmcowen674

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

That can't be possible the Quirks say that the Health Industry is perfectly fine.

So in your idiotic world health insurance is supposed to pay lost wages for people who cannot work due to an illness?

You live in Detroit and call me the idiot? :laugh:

 

[Corn]

Originally posted by: dmcowen674

Originally posted by: Corn

Originally posted by: dmcowen674

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

That can't be possible the Quirks say that the Health Industry is perfectly fine.

So in your idiotic world health insurance is supposed to pay lost wages for people who cannot work due to an illness?

You live in Detroit and call me the idiot? :laugh:

Yes, you are an idiot and not just because I don't live in Detroit. Detroit proper is about 30 miles distant from my doorstep. Detroit is in ruin because morons like you govern and populate it.

By the way, you didn't answer the question.

 

[dmcowen674]

Originally posted by: Corn
Detroit is in ruin because morons like you govern and populate it.

Really, I wasn't aware I was elected and I haven''t been to Detroit since I was 9.

Interesting

 

[Vic]

Any and all mortgage lenders in the country will work aggressively to help customers affected by an adjustable rate. The only way they would lose their home is if (1) they ignored their lender's repeated attempts at loss mitigation, (2) loss mitigation occurred and it was determined the customer genuinely could not afford the house, or (3) the customer refused to accept the lender's proposed resolution.

 

[Corn]

Originally posted by: dmcowen674

Originally posted by: Corn
Detroit is in ruin because morons like you govern and populate it.

Really, I wasn't aware I was elected and I haven''t been to Detroit since I was 9.

Interesting

What I find to be interesting is that I certainly didn't state you *specifically* were elected or lived in Detroit.

Why are you afraid to answer my original question?

 

[imported_inspire]

Originally posted by: Skoorb
inspire it sounds like screwing the mortgage worked out right for you. However, was it plausible to also screw the credit cards, just take all the extra money by not paying them off and run that game as long as possible until you finally were forced to file for bankruptcy? Just wondering...

Yeah, it did. The reason I decided not to go with a bankruptcy is that I figured I could pay the credit cards down in a year, and, so far, I've been on track (Only about $4k left to go). The bonus is that those lines of credit have actually stayed open for me, so I dont see them freezing up.

Bankruptcy would have dinged me for 7 years and possibly more, but the Deed in Lieu will likely only hurt me for 3-5 years and will only show up as a 'judgement'. Also, the Student Loans can't be discharged in bankruptcy - it that were reversed, i might have considered it. In the end, I felt that this was the quickest way to land back on my feet and start rebuilding my life.

 

[Aimster]

I just bought a house with a 30 year ARM @ 3.875%

... I won't be living in my house in 5 years and if I do I better have a wife to pay ALL my mortgage

 

[Fern]

Originally posted by: blanghorst

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

And when I bring things like this up, I am told "oh, every state has catastrophic insurance for stuff like that." Obviously that person is wrong.

Originally posted by: dmcowen674

Originally posted by: JSt0rm01
so 2 out of 4 of them had a medical event? holy shit

That can't be possible the Quirks say that the Health Industry is perfectly fine.

Hey guys, this doesn't look to be a health insurance issue. These people, according to the summary above, didn't have problems because of big health care expenses; they had a problem because of an[/u] income reduction[/u]. They may have had great HI coverage, everything paid for.

That's more likely a disability insurance issue, which is something different and (AFAIK) not in the current UHC debate.

If you think HI is expensive, have a look into disability insurance.

Fern