I agree with ya there man "give:

 

Im with dennis here too

 

All good points, but, there is a lot of responsibility for the guy who signed the papers too. Buying a home is a big purchase and if they didn't understand the papers they were signing, or felt they were being taken advantage of, they should have decided not to sign the papers.

Not everyone who is losing a home is losing it because the "Lender" screwed them.... I've seen a lot of people go get their home loan, and the day after, load up that house with lots of new furniture, a new (or new to them) car, and big screen TV and the like.

I personally don't think the government should bail out either the lenders or the borrowers. Both parties have some responsibility for thier mess.... why should you or I have to pay to fix it?

 

hey... I work every day... pay all my bills on time and live within my means... Does the govenment planning on giving me any money?? Heck no!!! But if I bought a house I couldn't afford and was foolish with my money then... well then maybe I can get the govenment to take money away from the responsible people and give it to those irresponsible..

And Don't forget that those same people that the government is talking about bailing out just cost all of us homeowners several 10's of thousands of $$$ due to the housing market falling out...

I say let the banks forclose on all of them!!!!!

 

what Gerry said and more!!!

 

I think they should all be forclosed on too AND I think the banks should have to eat their losses. When Bobby and I bought our house last summer, the mortgage companies we not only pushing ARMs, they were also pushing 100% financing. NO DOWN PAYMENT! On houses!!! I may be a young'in, but honestly... Did anyone think this would last?

 

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Another big problem is, some of these people can afford the house, its they can't afford all the other crap. It is so easy to get credit, the attitude " I'll pay for it later" is killing the middle class, they run up thirty thousand on credit and then to make it go away the refi and add it to their house note and whammy you owe more on the house than it is worth, and then they can't sell the house when the **** storm hits.

 

Gerry, I am with you 100%. I have the american dream at 27 years old. I own a home, and I have a nice truck, albiet 3 years old now. My house was also built in 1984, but I like it, my wife likes it, and we're not living beyond our means.. I hope the president comes up with a "bailout" for those of us that understand what a budget is, and how to use it. This kinda crap just pisses me off!
Scott

 

I've made some stupid mistakes in my time. Bought a big brand new truck when I started a kick *** new high paying job at a fancy engineering company. I stayed there 8 months - I just finished the $1000 payments this past Feb. you do the math. I've bought a 12 year "fixeruper" and lost $20 large on it because I couldn't sell it in time to relocate - it was on the market for 11 months! The same place would sell for well over double what I sold it for now. Then, things started to click. Bought another house in a better market - it was smaller and I knew it was for a short while. We owned it for 18 months and we sold it for $75,000 more than we bought it for. I cleared a bunch of mistakes (read credit) and bought this new bigger place we have now - 60 month fixed term, low rate and it has already increased in value $90,000 in 7 months.

I see lots of guys that spend like it is going out of style - I wish I could do all sorts of things to my truck etc. (even in the parts bus) but this **** costs BIG $$ when you start looking at twins, clutches and so forth. There is only so much time in the day to work at paying it off and I'm tapped.

I fully agree with what was said here, think for yourself and don't believe the buy now pay later BS that everyone seems to fall prey to these days. I see it this way - can't say I live it exactly but if the money isn't in the account it isn't yours! Cash is something that we as a people need to start thinking about again, not credit, not plastic, not minimum payments etc. I'm not sure I'd say not to trust your banker but more specifically find one that is as old as your parents (if possible) and ask them about what happened back in (insert decade here) when people hit hard times and things were tough and so on. If you go on a flexible mortgage plan - ask them what the payment is then ask them to double it. If you can't do that - then you can't afford it.

My 2 cents.

 

Profound words....and also words that I live by. For almost everything I pay cash or at least have the cash when I buy it. I refuse to pay big interest. And I also refuse to pay $450k for a house that is worth less than $170k. Its not that I cant afford to buy a house, but a 2K or more mortgage a month, isnt doable in my mind and I will NOT live on plastic.