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cyphire.
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August 9, 2007 at 1:00 PM #72419August 9, 2007 at 1:21 PM #72317
Critter
ParticipantExcellent advice. One more piece – think carefully about every possible scenario that could happen in future, including –
you or your spouse losing your job
divorce
having children
emergency medical situationsand, the possibility that your home could go down in value. Contrary to the opinion of a few on this board, it is NOT OK to just walk or mail in the keys if things don’t “go right.” This is a binding contract and there is no weasel clause on your end. Blaming the lender and saying it is “their fault” is a child’s response to an adult situation.
If you are confident that you can handle life changes and are not looking at a home purchase as something that can ONLY go up – and you have done your homework – then proceed.
August 9, 2007 at 1:21 PM #72435ParticipantExcellent advice. One more piece – think carefully about every possible scenario that could happen in future, including –
you or your spouse losing your job
divorce
having children
emergency medical situationsand, the possibility that your home could go down in value. Contrary to the opinion of a few on this board, it is NOT OK to just walk or mail in the keys if things don’t “go right.” This is a binding contract and there is no weasel clause on your end. Blaming the lender and saying it is “their fault” is a child’s response to an adult situation.
If you are confident that you can handle life changes and are not looking at a home purchase as something that can ONLY go up – and you have done your homework – then proceed.
August 9, 2007 at 1:21 PM #72443ParticipantExcellent advice. One more piece – think carefully about every possible scenario that could happen in future, including –
you or your spouse losing your job
divorce
having children
emergency medical situationsand, the possibility that your home could go down in value. Contrary to the opinion of a few on this board, it is NOT OK to just walk or mail in the keys if things don’t “go right.” This is a binding contract and there is no weasel clause on your end. Blaming the lender and saying it is “their fault” is a child’s response to an adult situation.
If you are confident that you can handle life changes and are not looking at a home purchase as something that can ONLY go up – and you have done your homework – then proceed.
August 9, 2007 at 1:27 PM #72320cyphire
ParticipantMaybe in OZ Contraman….
Look – I agree with you – those are very altruistic goals… But unfortunately you aren’t dealing with people who have had those values, goals, or level of self control. You are dealing with people who have lived their lives on the edge, from the guy making 25K to the guy making 250K.
The American consumer has been turned into a spending machine which has created this playboy mentality. It’s what made our economy what it is. Look at conservative countries… Their unemployment is high, taxes are larger, and have bad economies. They don’t spend. So when the spending machines get conned, don’t expect them to stop watching American Idol and get a library card.
You play the hand you are dealt.
I read about Serpico (the cop from NY)… He grew up in a family which if you couldn’t pay cash for it, you don’t buy it. I think that’s admirable. But it also wouldn’t have created the economy which paid his salary.
I would love it if the US Consumer was educated and we started saving. Of course in the current economy that would effectively destroy our economy. (The consumer spends 70% of the money in this society, if they even spent 10% less it would drive us into a depression).
Anyway – smart people will make smart decisions, the vast number of smart but non-thinking people and not smart, not educated people will do what the marketers tell them to…. Sorry… Thats reality.
August 9, 2007 at 1:27 PM #72438ParticipantMaybe in OZ Contraman….
Look – I agree with you – those are very altruistic goals… But unfortunately you aren’t dealing with people who have had those values, goals, or level of self control. You are dealing with people who have lived their lives on the edge, from the guy making 25K to the guy making 250K.
The American consumer has been turned into a spending machine which has created this playboy mentality. It’s what made our economy what it is. Look at conservative countries… Their unemployment is high, taxes are larger, and have bad economies. They don’t spend. So when the spending machines get conned, don’t expect them to stop watching American Idol and get a library card.
You play the hand you are dealt.
I read about Serpico (the cop from NY)… He grew up in a family which if you couldn’t pay cash for it, you don’t buy it. I think that’s admirable. But it also wouldn’t have created the economy which paid his salary.
I would love it if the US Consumer was educated and we started saving. Of course in the current economy that would effectively destroy our economy. (The consumer spends 70% of the money in this society, if they even spent 10% less it would drive us into a depression).
Anyway – smart people will make smart decisions, the vast number of smart but non-thinking people and not smart, not educated people will do what the marketers tell them to…. Sorry… Thats reality.
August 9, 2007 at 1:27 PM #72446ParticipantMaybe in OZ Contraman….
Look – I agree with you – those are very altruistic goals… But unfortunately you aren’t dealing with people who have had those values, goals, or level of self control. You are dealing with people who have lived their lives on the edge, from the guy making 25K to the guy making 250K.
The American consumer has been turned into a spending machine which has created this playboy mentality. It’s what made our economy what it is. Look at conservative countries… Their unemployment is high, taxes are larger, and have bad economies. They don’t spend. So when the spending machines get conned, don’t expect them to stop watching American Idol and get a library card.
You play the hand you are dealt.
I read about Serpico (the cop from NY)… He grew up in a family which if you couldn’t pay cash for it, you don’t buy it. I think that’s admirable. But it also wouldn’t have created the economy which paid his salary.
I would love it if the US Consumer was educated and we started saving. Of course in the current economy that would effectively destroy our economy. (The consumer spends 70% of the money in this society, if they even spent 10% less it would drive us into a depression).
Anyway – smart people will make smart decisions, the vast number of smart but non-thinking people and not smart, not educated people will do what the marketers tell them to…. Sorry… Thats reality.
August 9, 2007 at 1:33 PM #72325Ex-SD
Participant……………………BINGO!!!
It’s coming. I’m sure that by now, everyone who reads internet news sites has seen the story about France’s largest bank by market value, who announced today that one of its units was suspending three of its asset-backed securities funds, saying it could not value them accurately because of problems in the U.S. subprime mortgage market.
Today, the Dow dropped 387 points due directly to the this big, credit problem that is looming over these bubble markets.
It’s not going to get better over-night……………..My opinion is that it’s going to go further & further down in chunks for the next three to five years before it stabilizes. I know that I won’t be buying any real estate in any of the bubble markets until I am convinced that the mud on the bottom has settled.
August 9, 2007 at 1:33 PM #72444Participant……………………BINGO!!!
It’s coming. I’m sure that by now, everyone who reads internet news sites has seen the story about France’s largest bank by market value, who announced today that one of its units was suspending three of its asset-backed securities funds, saying it could not value them accurately because of problems in the U.S. subprime mortgage market.
Today, the Dow dropped 387 points due directly to the this big, credit problem that is looming over these bubble markets.
It’s not going to get better over-night……………..My opinion is that it’s going to go further & further down in chunks for the next three to five years before it stabilizes. I know that I won’t be buying any real estate in any of the bubble markets until I am convinced that the mud on the bottom has settled.
August 9, 2007 at 1:33 PM #72452Participant……………………BINGO!!!
It’s coming. I’m sure that by now, everyone who reads internet news sites has seen the story about France’s largest bank by market value, who announced today that one of its units was suspending three of its asset-backed securities funds, saying it could not value them accurately because of problems in the U.S. subprime mortgage market.
Today, the Dow dropped 387 points due directly to the this big, credit problem that is looming over these bubble markets.
It’s not going to get better over-night……………..My opinion is that it’s going to go further & further down in chunks for the next three to five years before it stabilizes. I know that I won’t be buying any real estate in any of the bubble markets until I am convinced that the mud on the bottom has settled.
August 9, 2007 at 1:39 PM #72328contraman
ParticipantThere are indeed exceptions to my points here, obviously, when people have emergencies they were not planning on it throws a kink in things, this is life, and happens to us all at one time or another. I am not addressing these instances, but rather the ones where people don’t take the time to be responsible for themselves and their family concerning mortgages and home ownership.
All people know where I library is located and if they don’t want to be screwed BAD ENOUGH then walk there and get educated and make a wise decision. It is up to you!
THERE ARE NO EXCUSES AND YOU CAN POST TO THIS THREAD ALL YOUR LIFE AND WON’T CONVINCE ME OTHERWISE.
Maybe I should market and sell debt pills and when you take them your debt automatically disappears! Or maybe, I should get up and go to the gym every day and not consume more calories than I burn……oh, that takes work, effort, and commitment…VALUES…..
Sincerely, Contraman
August 9, 2007 at 1:39 PM #72447ParticipantThere are indeed exceptions to my points here, obviously, when people have emergencies they were not planning on it throws a kink in things, this is life, and happens to us all at one time or another. I am not addressing these instances, but rather the ones where people don’t take the time to be responsible for themselves and their family concerning mortgages and home ownership.
All people know where I library is located and if they don’t want to be screwed BAD ENOUGH then walk there and get educated and make a wise decision. It is up to you!
THERE ARE NO EXCUSES AND YOU CAN POST TO THIS THREAD ALL YOUR LIFE AND WON’T CONVINCE ME OTHERWISE.
Maybe I should market and sell debt pills and when you take them your debt automatically disappears! Or maybe, I should get up and go to the gym every day and not consume more calories than I burn……oh, that takes work, effort, and commitment…VALUES…..
Sincerely, Contraman
August 9, 2007 at 1:39 PM #72455ParticipantThere are indeed exceptions to my points here, obviously, when people have emergencies they were not planning on it throws a kink in things, this is life, and happens to us all at one time or another. I am not addressing these instances, but rather the ones where people don’t take the time to be responsible for themselves and their family concerning mortgages and home ownership.
All people know where I library is located and if they don’t want to be screwed BAD ENOUGH then walk there and get educated and make a wise decision. It is up to you!
THERE ARE NO EXCUSES AND YOU CAN POST TO THIS THREAD ALL YOUR LIFE AND WON’T CONVINCE ME OTHERWISE.
Maybe I should market and sell debt pills and when you take them your debt automatically disappears! Or maybe, I should get up and go to the gym every day and not consume more calories than I burn……oh, that takes work, effort, and commitment…VALUES…..
Sincerely, Contraman
August 9, 2007 at 2:38 PM #72378Participant“where people don’t take the time to be responsible for themselves and their family concerning mortgages and home ownership”
Do you think that the vast, vast majority of these people didn’t obsess over every single part of their buying experience? That they didn’t lose sleep every second before they pulled the trigger? This scared the crap out of them, and they were fleeced. You expect a lot out of people who would have no idea what you are talking about.
People get their news and info from whoever is selling to them …. Thats the way it works. It takes a lot for people to pull themselves up by their bootstraps.
Anyway – I don’t disagree on what people should do, I just disagree that it’s that easy to expect a large number of them to do it.
August 9, 2007 at 2:38 PM #72494Participant“where people don’t take the time to be responsible for themselves and their family concerning mortgages and home ownership”
Do you think that the vast, vast majority of these people didn’t obsess over every single part of their buying experience? That they didn’t lose sleep every second before they pulled the trigger? This scared the crap out of them, and they were fleeced. You expect a lot out of people who would have no idea what you are talking about.
People get their news and info from whoever is selling to them …. Thats the way it works. It takes a lot for people to pull themselves up by their bootstraps.
Anyway – I don’t disagree on what people should do, I just disagree that it’s that easy to expect a large number of them to do it.
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