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People who can't make house payments
I'm not getting into whether these people should get bailed out or not despite that the Internet is full with people exchanging "tips" how to beat the system so they too will get bailed out, people who want to profit from it even though they could make their house payments.
My qustion is this: People who cannot afford house payments how can they afford the upkeep, maintenance etc? Every house even a new house has something wrong sooner or later. We all know how expensive plumbers are. Some people are lucky and the man of the house can fix everything, some people have a friend or a neighbor who will fix things, but the rest of the people have to call a maintenace man. If you get an"unlicensed" one most of these men will NOT take a credit card or check, but cash only. If you get a licensed one, he will take all that, but will be a lot more expensive.
Most people I have talked to are against renting and lots of them who have houses complain about the expensive upkeep. I know a woman who would never rent, she had to have a house, she is single, but she cannot afford a plumber and she uses a bucket full of water to flush down the toilet every time she uses it.
All these poor people who are getting bailed out, can they afford a "Home Warranty Insurance"?? Can they afford a plumber etc if they need one??
We rented for 20 yrs and were criticized big time by people and even friends for not owning our own home. In these 20 yrs we did not have to worry about any upkeep, we saved money for a down payment on a house and bought when we knew that we could ALSO afford the upkeep. Of course we would have liked to have a $500.000 house overlooking the river, and we probably would've gotton the loan for it, but we knew better, we thought about tomorrow and thereafter, will we be able to make our house payments?? We settled for a 2 BR house (kids were married and gone by then) in a middle class neighborhood with a reasonable mortgage payment.
Of course I am not talking about the people who lose their jobs over night and other emergencies, but in general its lots of peoples own fault. People need to take responsibility. Read the fine print on the contract. Think about the "what if". Think about tomorrow and not only in the "now".
What is next? Bailing out the people who cannot make their car payments, or SUV payments they cannot afford?
How long will the bail out last until these people are back where they were?
Years ago people didn't get bailed out, they managed whatever came their way and they dealt with it.
What say you?
My qustion is this: People who cannot afford house payments how can they afford the upkeep, maintenance etc? Every house even a new house has something wrong sooner or later. We all know how expensive plumbers are. Some people are lucky and the man of the house can fix everything, some people have a friend or a neighbor who will fix things, but the rest of the people have to call a maintenace man. If you get an"unlicensed" one most of these men will NOT take a credit card or check, but cash only. If you get a licensed one, he will take all that, but will be a lot more expensive.
Most people I have talked to are against renting and lots of them who have houses complain about the expensive upkeep. I know a woman who would never rent, she had to have a house, she is single, but she cannot afford a plumber and she uses a bucket full of water to flush down the toilet every time she uses it.
All these poor people who are getting bailed out, can they afford a "Home Warranty Insurance"?? Can they afford a plumber etc if they need one??
We rented for 20 yrs and were criticized big time by people and even friends for not owning our own home. In these 20 yrs we did not have to worry about any upkeep, we saved money for a down payment on a house and bought when we knew that we could ALSO afford the upkeep. Of course we would have liked to have a $500.000 house overlooking the river, and we probably would've gotton the loan for it, but we knew better, we thought about tomorrow and thereafter, will we be able to make our house payments?? We settled for a 2 BR house (kids were married and gone by then) in a middle class neighborhood with a reasonable mortgage payment.
Of course I am not talking about the people who lose their jobs over night and other emergencies, but in general its lots of peoples own fault. People need to take responsibility. Read the fine print on the contract. Think about the "what if". Think about tomorrow and not only in the "now".
What is next? Bailing out the people who cannot make their car payments, or SUV payments they cannot afford?
How long will the bail out last until these people are back where they were?
Years ago people didn't get bailed out, they managed whatever came their way and they dealt with it.
What say you?
I feel people don't intentionally buy a home going oh I can't afford this. So that being said. My husband and I own a home (and a rental). My husband was the only one in the house employed for nearly 6 years. We were doing very well for ourselves considering we were 21 by the time we owned two homes. Now my husband lost his job in October and I went back to work at the clinic, I sure don't make as much money as he does. I feel that maybe people are being a little over judgemental on this topic sometimes. We have one of the ARM mortgages and were have no problems making the payment, until he lost his job.
I just don't think you can judge a book because you think you know it's story. That's all.
I just don't think you can judge a book because you think you know it's story. That's all.
back when i bought my first house,i was a single mom..but excellent credit...i knew i could afford 750 tops for a mortage (this was back in 2000) so that meant i should look for a house in the 65-70,000 range....and i was approved for 175,000!!!!...i had to tell the bank well thats all good but i cant afford that duh!!! anyway i found one in my price range that i could afford...fast forward a few years and i met my husband..we were paying 3 mortgages,one for my house,(until it sold,about 4 months)one for his ex wife,and one for the new house being built...my bff used to be an underwriter for the subprime loans...that was the beginning of the end when she lost her job 2 years ago...
I would imagine that most people that buy a home, start out with all good intentions of paying the mortgage, keeping up with the maintenance and building a future in their home. I have seen a few people who have be sucked in, baffled and bamboozled by fast talking mortgage brokers out to snag a sucker, sell off the mortgage very quickly. A lot of these people have found themselves in a unexpected situations....job lose, medical etc. and then it's downhill from there. I, myself have lost my home. Did I plan on it? Absolutely not. Did I get a bad mortgage deal? No, standard 30 year fixed. I paid a large down-payment when I bought my home, from the sale of my previous home (13 yrs. there) and was doing fine for 10 years. Well $hit hit the fan and all heII broke loose, and I've lost everything I worked all my life for. Florida was hit badly, especially our area. I can't/won't go into all the details but both my sisters are in the same boat. Luckily we came together had made an alternate plan and things will work out for us. But not so for everyone else. Should they be "bailed-out"? Maybe not "bailed-out", but perhaps some temporary assistance for those that have the potential to bounce back when the economy gets better. I don't think most people are looking for a free ride, just some temporary relief, so they don't loose everything they've worked for. Wouldn't it be better for these mortgage companies to reduce people's payments for a year or two, add the difference to the end of the mortgage,in the long run getting the same principal & interest, rather than foreclosure, the house sitting for a year and it getting totally vandalized? How about some regulation on the credit card companies, instead of having them raping the people by having free reign to charge any interest rate they want, any time for no good reason.
Sure, there will always be people who will take advantage and cheat the system, they've been around forever. But I have to believe most people are decent, with good intentions and will pay their bills, if at all possible. But sometimes when you get down so low, and the system is just $crewing you every time you try to get ahead......well, then sometimes people just throw their hands up and say "$crew it, whats the point". No one wants to lose their home. Instead of all those big CEO's that walked away with those giant golden parachutes, the same people that made a bundle, ripping people off, that money should have some how been given to the people....or it shouldn't have been done at all.
I'm not saying that anyone should be "bailed out", what I'm saying is that most of these people that are loosing their homes, are good, decent, hardworking people, that are devastated at the situation they have found themselves in. A little compassion goes a long way. Remember...."There but for the grace of God, go I".
Sure, there will always be people who will take advantage and cheat the system, they've been around forever. But I have to believe most people are decent, with good intentions and will pay their bills, if at all possible. But sometimes when you get down so low, and the system is just $crewing you every time you try to get ahead......well, then sometimes people just throw their hands up and say "$crew it, whats the point". No one wants to lose their home. Instead of all those big CEO's that walked away with those giant golden parachutes, the same people that made a bundle, ripping people off, that money should have some how been given to the people....or it shouldn't have been done at all.
I'm not saying that anyone should be "bailed out", what I'm saying is that most of these people that are loosing their homes, are good, decent, hardworking people, that are devastated at the situation they have found themselves in. A little compassion goes a long way. Remember...."There but for the grace of God, go I".
With the 400.00 a year extra i will see on my paychecks i think i can now afford my dream home.....its ONLY $399,000.00 and by the lake!!!!!!!
back when hubby and I bought our first home, you had to have good credit and a down payment. the bank wouldnt approve you for a loan with the payments more than 25 % oyf your monthly income. now the banks will approve people when the house payment if over 50% of their income, you don't have to have a down payment and even if you have a foreclosure on your credit you can get another mortgage...I don't understand what has happened. there are loan companies out there that are selling new homes to young couples that they know can't afford the payments and the house will go into foreclosure...there is a housing addition down the road from where we lived in Indiana and over 75 % of the houses are empty and in foreclosure...when the first built it, anyone and everyone was moving over there, no problem about bad credit, or no down payment...I think every person buying a home should have to pay a down payment. they are more likely to make the payment and keep the upkeep if they had to put some of their own money on it....Sorry this is such a sore spot for me, after I saw what they were doing at the housing addition... Hubby and I sold the home where we raised our family, yes it was paid off and moved to Tennessee to live in a tralier on the lake, it is alot smaller than what we had but we know it is ours, no mortgage on it, no worry about not having a place to live in a month,,,but we see it happening here alot, people buy on the lake only to lose it in 6 months, jobs are scares and people dont save like they use to...bankruptcy use to be an embarrassment now it is no big deal, lose your house, have your car repoed, now it is a joke...kids now a day were not raised to think they way us older ones were....sorry will now get off my soap box
I have very mixed feelings about the bailout but let me give a different thought.....
3 years ago my husband and I were looking for a rental property to buy near the university that both our children attend. We wanted a safe place that we would maintain and the roomates rent would cover the mortgage. It wasn't the 1st house we'd ever bought and we had 20% to put down on the $80,000 place we chose. The agent tried every way she knew to get us into a subprime loan. She was really pushy about it because she had a "friend" in the loan business. Who knows how much our $550/mo payments (which are totally covered by rent) would have escalated to if we had followed her suggestion.
Some people were irresponsible...lived on credit and beyond their means. And some were pushed into loans they really didn't understand by real estate people they trusted.
3 years ago my husband and I were looking for a rental property to buy near the university that both our children attend. We wanted a safe place that we would maintain and the roomates rent would cover the mortgage. It wasn't the 1st house we'd ever bought and we had 20% to put down on the $80,000 place we chose. The agent tried every way she knew to get us into a subprime loan. She was really pushy about it because she had a "friend" in the loan business. Who knows how much our $550/mo payments (which are totally covered by rent) would have escalated to if we had followed her suggestion.
Some people were irresponsible...lived on credit and beyond their means. And some were pushed into loans they really didn't understand by real estate people they trusted.
After the hurricanes hit florida a few years ago, and people started coming, there was a shortage on rentals, rent hit the roof and homeowners were having their places appraised and refinancing over and over again. I know of one guy that bought himself and his wife a motorcycle, ran up credit cards, invested in scuba gear all purchased from the refinancing process. From what I understand you have to have great credit and meet other criteria in order to get a new mortgage. Which if this be true, will weed these ones out. Hopefully. Time will tell. I rent, cannot afford a home, so these frauds just made it that much harder for the rest of us to get a home. Rules are tuffer now, thanks to these jerks.
I think we are going to be raising a generation of weak people if we keep bailing people out of things. It's like the parents who keep bailing their kids out. How will they ever learn to take care of themselves and take responsibility if we keep bailing them out? Look at the car companies. I think Ford would be rolling in his grave if he saw this mess right now. But there are plenty of car companies who aren't jumping on the band wagon of asking for a bailout.
I don't understand how in the world people managed to get a loan for a house with an income that would not be able to support it. That's just asking for trouble.
Yes, I think there's been a lot of mistakes. I hope this mess can get cleared up without things getting any worse.
I don't understand how in the world people managed to get a loan for a house with an income that would not be able to support it. That's just asking for trouble.
Yes, I think there's been a lot of mistakes. I hope this mess can get cleared up without things getting any worse.
the country is going to h ell ina hand basket..and it really doesnt matter what they do there are so many sectors of the economy that now figures the gov't will bail us out... thats great but how and who is going to be paying back all this bailout money?? the housing bailout started at 50 billion it is now up to 75 billion where and wnem will it end???. plus you brought up another good point whats next?? it is going to be credit card companies and car loans it is so sad and bad
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