they interview the family on the front page. they bought a house they couldn’t afford and lost it. then they rented a house. the people they rent from are even more screwed….that’s the good part… the family who rents the house tried to sell their house while buying their “dream home” and then couldn’t sell it. rather than back out they just bought the new house anyway…
the couple claims to have $5400 net monthly income. they have a monthly payment of $4000/month on their $615,000 home they bought from Lennar. the wife was quoted as saying..and I kid you NOT.. “it’s their fault”…. the builder/lendar. guess why it’s their fault?? because “they qualified us for it”….. the wife (idiot) who bought a 615,000 house with a 4000/month INTEREST ONLY payment said they thought it would be easy to pay for it as it was to qualify for the loan..
i mean…. I make MORE money than these people, have relatively NO debt aside from one car payment…and I’m sweating spending between 350-400k. but i’m not going interest only…and i’m not going with an ARM…
anyway…these people are idiots. they complain that the builder sold them a house they couldn’t afford…but what part about “affording” it didn’t htey get.
reminds me of that SNL skit on “don’t buy stuff you can’t afford”….. how do people who make $5000/month net afford a 600k+ house…while still floating their last house? before they got the renter, the “idiot” family in the story was paying $6000/month in INTEREST ONLY payments. the husband was quoted as saying they weren’t paying anything down, paying $6000/month interest payments and were over a million dollars in debt… yeah, who’s fault is that?
just ask his wife.. “it’s their fault”…. sorry. i don’t buy that BS.
i understand that some people aren’t that sophisticated, and can get sold stuff they don’t need, or charged too much…. but please.. you buy a $400k house, do interest only, then you can’t sell it to upgrade to the bigger house, but you buy a second house anyway..knowing you owe $2000 on one house, $4000 on the new house…you sign anyway…and then when you get stuck with $6000/month in payments you say it was too easy to qualify so it’s the bank/builder’s fault?
they have no furniture in th ehouse b/c they can’t afford it and the backyard is all dirt…once again, can’t afford landscaping.
maybe they drive BMWs too… 🙂 the article never mentioned their cars..but that would just be the icing on the cake.. a 330 and an X5.. 🙂 leased… 🙂
