A typical subprime story ??

[cr]

JES,

That’s a good lesson for disciplined money management, something a lot of people simply don’t comprehend, i.e. our sobbing family in question. Also having no ccard debt, and car payments is virtually unheard in our society.

But one question:

What did you do (or would you have done) after 7 years?

This family couldn’t hack it in less than that. It’s really a roll of the dice on where values will be when buyers realize they couldn’t afford their house.

[novice1027]

I want to know if they sold a house a couple of years previous, what did they do with that money???

[novice1027]

I want to know if they sold a house a couple of years previous, what did they do with that money???

[novice1027]

I want to know if they sold a house a couple of years previous, what did they do with that money???

[snail]

I want to know if they sold a house a couple of years previous, what did they do with that money???

That’s point#1

Let me add more:
2. “was tired of renting”, WTF is that? Its being broke is better than renting? Is being a renter makes you do work out and push up, wasting your energy thus makes you tired?

3.”say their mortgage broker assured them they would be able to refinance in a couple of years to keep their payments affordable.” Let me try to understand this logic, you barely could afford the payment now, after a couple of years you refinance again, then you refinance again, then again (even if interest rates stay level)…. when will you payoff your loan?

4. $700.00/ month on car payment! sell one car and take the bus, moron!

5. No more piano lesson? Good for you, who cares about classical music snob, as long as moved to the better area and not being a renter. Being a renter is tiring remember!?

6.”The couple now eat out once or twice a month, instead of once or twice a week before they bought the house. They have yet to visit a nearby jazz club they had hoped to frequent. The trips they used to take to Lake Tahoe now are out of the question.” They should be doing this before they bought the house, and save the money for down payment last time so they will be in better shape financially.

I am mad and not going to take it anymore,

[snail]

I want to know if they sold a house a couple of years previous, what did they do with that money???

That’s point#1

Let me add more:
2. “was tired of renting”, WTF is that? Its being broke is better than renting? Is being a renter makes you do work out and push up, wasting your energy thus makes you tired?

3.”say their mortgage broker assured them they would be able to refinance in a couple of years to keep their payments affordable.” Let me try to understand this logic, you barely could afford the payment now, after a couple of years you refinance again, then you refinance again, then again (even if interest rates stay level)…. when will you payoff your loan?

4. $700.00/ month on car payment! sell one car and take the bus, moron!

5. No more piano lesson? Good for you, who cares about classical music snob, as long as moved to the better area and not being a renter. Being a renter is tiring remember!?

6.”The couple now eat out once or twice a month, instead of once or twice a week before they bought the house. They have yet to visit a nearby jazz club they had hoped to frequent. The trips they used to take to Lake Tahoe now are out of the question.” They should be doing this before they bought the house, and save the money for down payment last time so they will be in better shape financially.

I am mad and not going to take it anymore,

[snail]

I want to know if they sold a house a couple of years previous, what did they do with that money???

That’s point#1

Let me add more:
2. “was tired of renting”, WTF is that? Its being broke is better than renting? Is being a renter makes you do work out and push up, wasting your energy thus makes you tired?

3.”say their mortgage broker assured them they would be able to refinance in a couple of years to keep their payments affordable.” Let me try to understand this logic, you barely could afford the payment now, after a couple of years you refinance again, then you refinance again, then again (even if interest rates stay level)…. when will you payoff your loan?

4. $700.00/ month on car payment! sell one car and take the bus, moron!

5. No more piano lesson? Good for you, who cares about classical music snob, as long as moved to the better area and not being a renter. Being a renter is tiring remember!?

6.”The couple now eat out once or twice a month, instead of once or twice a week before they bought the house. They have yet to visit a nearby jazz club they had hoped to frequent. The trips they used to take to Lake Tahoe now are out of the question.” They should be doing this before they bought the house, and save the money for down payment last time so they will be in better shape financially.

I am mad and not going to take it anymore,

[MisterMark123]

Yeah, snail, you sound mad – and bitter.

People do get tired of renting. Most Americans want to own a home.

Taking the bus is often not a feasible option.

Don’t call people “moron” when they’re acknowledging their mistakes. I’m sure you’ve made a few mistakes in your life, right?

People who appreciate classical music are “snobs”? I guess it would be equally as rational to say that you’re a hick if you don’t like classical music.

Your self-righteous indignation is putrid.

Just for the record, I don’t own a home.

[MisterMark123]

Yeah, snail, you sound mad – and bitter.

People do get tired of renting. Most Americans want to own a home.

Taking the bus is often not a feasible option.

Don’t call people “moron” when they’re acknowledging their mistakes. I’m sure you’ve made a few mistakes in your life, right?

People who appreciate classical music are “snobs”? I guess it would be equally as rational to say that you’re a hick if you don’t like classical music.

Your self-righteous indignation is putrid.

Just for the record, I don’t own a home.

[MisterMark123]

Yeah, snail, you sound mad – and bitter.

People do get tired of renting. Most Americans want to own a home.

Taking the bus is often not a feasible option.

Don’t call people “moron” when they’re acknowledging their mistakes. I’m sure you’ve made a few mistakes in your life, right?

People who appreciate classical music are “snobs”? I guess it would be equally as rational to say that you’re a hick if you don’t like classical music.

Your self-righteous indignation is putrid.

Just for the record, I don’t own a home.

[temeculaguy]

At this point there’s no reason to get mad, be thankful they paved the way for you. If all the 2/28 and toxic 0 down borrowers hadn’t caused the run up, the builders wouldn’t have added so much inventory that will soon be vacant. Like a hermit crab, look at all the pretty shells you will have to choose from. Had things leveled off in 2003 they would be taking off again now and there would be less inventory to choose from. You had all those years to prepare and save. I haven’t had to bust out any Lao Tzu for weeks but you forced me, “There is beauty in life’s disorder.” Some guy just ordered a bunch of Pizzas and couldn’t pay for them, rather be angry about how his large order delayed yours, offer the pizza guy half the price to take it off his hands.

[temeculaguy]

At this point there’s no reason to get mad, be thankful they paved the way for you. If all the 2/28 and toxic 0 down borrowers hadn’t caused the run up, the builders wouldn’t have added so much inventory that will soon be vacant. Like a hermit crab, look at all the pretty shells you will have to choose from. Had things leveled off in 2003 they would be taking off again now and there would be less inventory to choose from. You had all those years to prepare and save. I haven’t had to bust out any Lao Tzu for weeks but you forced me, “There is beauty in life’s disorder.” Some guy just ordered a bunch of Pizzas and couldn’t pay for them, rather be angry about how his large order delayed yours, offer the pizza guy half the price to take it off his hands.

[temeculaguy]

At this point there’s no reason to get mad, be thankful they paved the way for you. If all the 2/28 and toxic 0 down borrowers hadn’t caused the run up, the builders wouldn’t have added so much inventory that will soon be vacant. Like a hermit crab, look at all the pretty shells you will have to choose from. Had things leveled off in 2003 they would be taking off again now and there would be less inventory to choose from. You had all those years to prepare and save. I haven’t had to bust out any Lao Tzu for weeks but you forced me, “There is beauty in life’s disorder.” Some guy just ordered a bunch of Pizzas and couldn’t pay for them, rather be angry about how his large order delayed yours, offer the pizza guy half the price to take it off his hands.

[hawk]

Good point temecula guy. But I have to admit that these type of sob stories make me mad as well. Who the hell thinks that they deserve to live in a 567k home on 90k a year with “so-so” credit and two car loans!!!???

My husband and I make a decent amount more than that, no debt except $250/ month student loan payment, good credit, and would not think of getting a loan more than 400k.

I just get sick and tired of hearing these stories that seem to implicate that we should feel bad for these people and someone should bail them out, ugh!

Anyways, sorry for the rant. I am an infrequent poster, consistent lurker.

[hawk]

Good point temecula guy. But I have to admit that these type of sob stories make me mad as well. Who the hell thinks that they deserve to live in a 567k home on 90k a year with “so-so” credit and two car loans!!!???

My husband and I make a decent amount more than that, no debt except $250/ month student loan payment, good credit, and would not think of getting a loan more than 400k.

I just get sick and tired of hearing these stories that seem to implicate that we should feel bad for these people and someone should bail them out, ugh!

Anyways, sorry for the rant. I am an infrequent poster, consistent lurker.

[Author]

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