Free bank living – the HELOC replacement

[davelj]

[quote=jpinpb][quote=Nor-LA-SD-guy]So lets hear it, be honest, who else here feels like a chump for not buying that Ocean view McMansion with an option arm that just reset or will reset in the next few years,

I know I do..[/quote]

X2[/quote]

Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?

[Arraya]

[quote=Nor-LA-SD-guy]

They should just quit pretending and just mail Checks to every U.S. citizen.

It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]

The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.

Do the math

Paying for FBs is a small portion of the nut

[Arraya]

[quote=Nor-LA-SD-guy]

They should just quit pretending and just mail Checks to every U.S. citizen.

It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]

The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.

Do the math

Paying for FBs is a small portion of the nut

[Arraya]

[quote=Nor-LA-SD-guy]

They should just quit pretending and just mail Checks to every U.S. citizen.

It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]

The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.

Do the math

Paying for FBs is a small portion of the nut

[Arraya]

[quote=Nor-LA-SD-guy]

They should just quit pretending and just mail Checks to every U.S. citizen.

It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]

The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.

Do the math

Paying for FBs is a small portion of the nut

[Arraya]

[quote=Nor-LA-SD-guy]

They should just quit pretending and just mail Checks to every U.S. citizen.

It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]

The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.

Do the math

Paying for FBs is a small portion of the nut

[davelj]

[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.

If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.

Want a decent house? 500k

Want a decent education for the kids? 20k a year or roll that into the house price[/quote]

There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.

[davelj]

[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.

If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.

Want a decent house? 500k

Want a decent education for the kids? 20k a year or roll that into the house price[/quote]

There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.

[davelj]

[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.

If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.

Want a decent house? 500k

Want a decent education for the kids? 20k a year or roll that into the house price[/quote]

There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.

[davelj]

[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.

If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.

Want a decent house? 500k

Want a decent education for the kids? 20k a year or roll that into the house price[/quote]

There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.

[davelj]

[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.

If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.

Want a decent house? 500k

Want a decent education for the kids? 20k a year or roll that into the house price[/quote]

There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.

[jpinpb]

[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.

The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.

Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.

[jpinpb]

[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.

The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.

Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.

[jpinpb]

[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.

The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.

Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.

[jpinpb]

[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]

What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.

In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.

The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.

Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.

[Author]

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