Foreclosures

On FNC, there was this sob story of more home foreclosures in this past year. Some bleeding heart liberal woman was whining how the government needs to bail out people who have defaulted on their home loans. Of course, it seems how the majority of home buyers are often breeders who feel they are buying into the "American Dream" when they buy a house. Adjustable interest loans and how high a payment can get when the interest goes up are not taken into account. Neither do people think of the repairs needed and how it is on them since they are "homeowners".

I have had breeder co-workers tell me how I was just throwing my money away when I said, "NO," when these idiots suggest that I buy that house instead of continuing to rent my apartment. NO...I am not throwing $$$ away as I had a nice place to live. Any repairs were handled ASAP as I could call the office and maintenance would come over. And...guess what??? I did not have to pay for the repairs. In one complex, it was easy to break my lease and move once the place became a shit hole full of welfare moos, gang bangers, and drug dealers. Try selling a house when the neighbourhood has gone to shit and the values have plummeted.

My stupid soon-to-be ex-husband whined how I did not want to buy into the "American Dream". My response, "With what money are we going to buy this house???" He responded that the payment would not be much higher than the rent to which I told this ass how *I* and *I* alone would be responsible for repairs as he was very irresponsible and it was MY not-so-great salary that took care of living expenses. And...the issue of down payment came up where he naturally thought his daddio would give hm the $$$. No. Thank. You! I've learned to think for myself when it comes to this "American Dream" bullshit which is often a scam unless the person can really afford it.

The government does NOT need to be bailing out these asshole families who got in over their heads when they bought a house that they could not afford. One man on FNC asked the Lib if she felt the government should bail out those who are behind on car payments. I made a comment to the telly of "how about people who fuck up with credit cards". No agency bailed me out when I had to pay off a mammoth charge debt! Of course, the cunt said, "No," to that one. I am sure there would be no outcry for "assistance" if the majority of the home buyers who default were childfree-by-choice people.

I listen to the news on the radio in the morning while getting ready for work and they were talking about foreclosures this morning.

The experts are saying that 2007 will have a record number of foreclosures and 2008 will probably match if not surpass.

I didn't hear anything about bailing these morons out of their holes though. That chaps my hide more than a little.

Why the hell should I (in the form of my tax dollars because you know that's where it will come from) help to pay for these idiots mortgages. I'm not the one who signed a loan that I wouldn't be able to pay for. SO and I made damn sure that our mortgage was such that either one of us could afford it if the other kicked the bucket which meant not buying an overpriced McMansion. The trick is not purchasing at the upper end of your limit. We also took a 30 year fixed instead of all those ridiculous ARM's. But you know breeders, they always think they deserve to have the best of everything whether they can afford it or not. Everyone knows that this increase in interest rates has been coming for awhile now. So we are supposed to feel sorry for the imbeciles who didn't refinance and get out of that mess? I don't think so!

My ex-husband manages a mortgage company.

I remember his stories of people whining that they can't *POSSIBLY* make a mortgage payment this month because they just had a BAYBEE.

Is it just me or does something here not sound quite right?

KidFreeLuvnLife Wrote:
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> Is it just me or does something here not sound quite right?

Breeders are entitled to free housing, doncha know, just for having squirted out the bratlings!

The breeder sense of entitlement never ceases to amaze and infuriate me. AND they instill that bullshit belief in their snot monsters too.

They believe that they deserve the best of everything but don't feel like they should have to pay for it. Bunch of assholes! They ruin it for everyone else and drive up the prices of everything because they can't pay their freaking bills.

I've been spending a lot of time cruising the MLS, looking for a house. Most of the new developments are offering no money down ARM's- still! Gee, if you don't have any money, what the hell makes you think you can afford a house in the first place? DUH!!!

I know some people who took advantage of those "offers", only to be ass- deep, upside down, and royally fucked. A lot of those folks couldn't scrape up enough cash for move in costs on a shitty apartment. I don't feel sorry for them at all. The whole time, they were looking down on DH & I for renting until we could afford what we wanted.

what i want to do is buy some land and build my own house, to my specifications, hire builders architects, plumbers, electricians, but get it built exactly to my idea.

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I just post the stories, for interest.. for everyone

Lord, what fools these mortals be!
- A Midsummer Night’s Dream, Act III, Scene ii

Voltaire said: "Those who can make you believe absurdities can make you commit atrocities."

H.L.Mencken wrote:"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. Albert Einstein

sprogless Wrote:
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> I've been spending a lot of time cruising the MLS,
> looking for a house. Most of the new developments
> are offering no money down ARM's- still! Gee, if
> you don't have any money, what the hell makes you
> think you can afford a house in the first place?
> DUH!!!

Americans scream about socialism until some single woman gets knocked up by a low-life and the county hands her Medicaid or a family is about to get the boot because Moo and/or Daddio cannot make the house payment. Suddenly, the Libs are screaming how the gub'mint needs to bail out these fucking people! Look at Habitat for Hos...er, I mean "Humanity". The only way to qualify for the zero down/no interest loan is to be a fucking breeder and participate in the sweat equity. Eons back when I went to Roman Catholic Church, this stupid priest told me that I needed to volunteer this one Saturday by swinging a hammer at he HfH site. I told this asshole that I worked 'til AFTER 12am at a call center and was not about to use any of my weekend off to work for free and that no one is paying my rent.

All great points. I'll add a few myths that people buy into.
Like the myth that a home automatically is equity. In most cases, investing in stocks and bonds outperforms the "investment" in a home.
This from the National Multi Housing Council:

Myth: I'll reduce my tax bill if I buy a house.
Reality: A majority of homeowners reap no annual tax benefits from owning a house.

Myth: Paying rent is throwing away money.
Reality: For the first five years of ownership, you are simply giving away your money to a bank. Nearly one-third of all buyers move within five years before they start building any real equity.

Myth: My mortgage payment will be less than my rent.
Reality: Your mortgage payment is just the beginning. The "hidden costs" of ownership can add up to thousands of dollars a year.

Myth: As an owner, my housing costs will stay constant. I won't have to worry about rent increases.
Reality: Your mortgage may remain constant, but other costs, such as maintenance, insurance and property taxes can go up significantly every year. And if you have an adjustable-rate mortgage, your mortgage payment itself can increase.

Myth: Investing in a house is a safe investment.
Reality: Even in today’s healthy housing market, stocks and bonds often still offer a better return.

The only reason I would want a house would be the privacy (I still can't figure out how I'm going to practice my singing and violin once I move from my mum's house to an apartment and this is a big problem for me. Plus I hate loud neighbors; I refuse to live near someone with kids or a dog and in fact one of the questions I ask when apartment hunting is "are there a lot of kids around?"), and if I wanted to have a garden (I plan to use pots on the balcony).

Otherwise, apartment all the way. I hate yardwork, I hate home repairs, so not having to do those things? Priceless.

Plus an apartment is a lot easier to get out of when you want to go somewhere else. Finish out your lease and you're gone.

The problem with bailouts for people with adjustable mortgages is that most of them is that most of them are so called 'liar loans'. You don't have to prove income by providing tax returns so people make up a number that will qualify them for the amount of the mortgage they want. They start out with a ridiculously small payment and increase in 2 years to the normal payment and all of a sudden you can't afford the house anymore. They did this to themselves, they knew it was out of their reach and went ahead an signed the papers anyway. Now that housing prices are falling they can't refinance to a fixed rate loan and they can't make the payments monthly, they will get foreclosed on and their credit will be trashed for the next several years. I can't see how this is the taxpayers problem.

I do own my house, I bought because I couldn't find anyone willing to rent to someone with two dogs and a cat, it's easier for me to buy. However I didn't purchase this house as an investment or a tax writeoff, I actually wanted a place to live. If I lose a bit of money I'm okay with the loss.

We bought a house recently and although the bank who evaluated our purchasing capacity said we could afford a much expensive property, we decided we wouldn't pay past a certain amount. We got a flat at exactly the right price, knowing we could afford it.
Plus, we bought it from a couple who was splitting and they were desperate to sell, so at the beginning, they were asking for 40k over the price we ended up paying. It's sad for them, but good for us.

Nour, you said it best!

Yeah...the sheeple think they are getting all of this great equity on that house and believe they will be millionaires when they sell. How true how so many move within five years and end up starting all over with yet another 30 year mortgage with the bank.

I've also told clueless breeder "home owners" that I save money as a renter as I would only need to call the office when something broke down. I also would laugh and tell these fools how they are not "an owner". They do not own shit until that last payment is paid off.

And...those home equity loans really put these "owners" deeper in debt. Also, it is harder to move if the neighbourhood goes to shit as no one will be itching to buy. In my area, home sales are down even in the nicest of areas.

Oh Goddess, please no more programs to save the idiot breeders from their own stupidity! We have had wave after wave of these programs in California over the years, and they always end up in shambles. The fucktards in our state legislature think the state is one large social engineering laboratory. We get these programs to save breeders from their mortgages, or to give them cars or whatever. Two years later, we discover that the programs were administered improperly and pour more money down the shit hole to cover up for incompetent bureaucrats. I already pay some of the highest state income taxes in the nation, and I do not want to pay more.

I agree that there has been some major, greedy profiteering. That does not excuse the buyer from being aware of what a mortgage really is. The state used to require a class for new homeowners to understand the terminology and meaning behind mortgages and the responsibilities of owning property. We did away with that, and maybe it is time to bring it back as a condition of owning property for the first time. I think that would be the most reasonable approach instead of bailing out the assholes who knowingly bought a house when they could not afford it.

Predatory lending practices are definitely something that needs to be addressed and handled, but not in the form of special perks for breeders or letting them out of their obligations just because they claim they "didn't know."

It's been proven so many times that the more you help people, the more helpless they become, they more they start to depend on hand outs, they more the become entitled, and the more they start to take advantage of the hand outs.

Habitat for Hos is the perfect example of this shit. And all these home buying programs and incentives for breeders. Welfare, WIC, you name it. Cut all this shit out and you'll see how people can suddenly become self-sufficient.

People would probably feel a lot better about themselves if they were made to work and provide for themselves. I can't imagine how good it is for the psyche to sit home all day, accomplishing nothing, and waiting for that welfare check.

Some of these scathing posts make me feel like I should apologize for having bought a house. True, you don't own the house until the last payment is made but with enough self-discipline to make a down payment and some education of oneself re: mortgage loans and the hidden costs, home ownership is definitely doable and makes more sense to me than lining the pockets of some landlord indefinitely with my hard-earned cash.

Quite simply, if you want to buy a house you need to take EVERYTHING into consideration, including the hidden costs and comprehend that the bank isn't considering those hidden costs when they give you that prequalification $$ amount. Logic tells you that you shouldn't buy a house at the high end of that $$ amount. I guess most buyers(with or without kids) aren't realizing that although there's a wealth of articles, seminars and books available about homebuying and determining what you can REALLY AFFORD.

I feel as though I've just been raped when the 4 months out of the year arrive that I have to write out that damned school tax bill.

i have noticed that in america, that people move too often, and its happening here too.. we have lived in the same house for 33 years.. i have the same bedroom i had 33 years ago.. its a comfortable house.. well its a home really..

but i see people in america move after 3 years.. then move again.. and again.. a sort of wandering spirit inhabits them.

i just want a place i can live in and never move from..

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I just post the stories, for interest.. for everyone

Lord, what fools these mortals be!
- A Midsummer Night’s Dream, Act III, Scene ii

Voltaire said: "Those who can make you believe absurdities can make you commit atrocities."

H.L.Mencken wrote:"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. Albert Einstein

I have no sympathy for the idiots who either used an ARM (Adjustable Rate Mortgage) and/or used their house as an ATM and I don't see why I, a fiscally responsible person should bail them out.

I bought a house a few years ago but I 1) bought for $40k less than I was qualified for; 2) got a 30 year fixed, 5.75 loan; 3) had enough savings to cover repairs; and 4) routinely toss out all the 'you need to liberate your equity to buy toys' junk mail.

I can't understand not researching mortgages before buying one!

IMO, a mortgage is a bigger commitment than getting married! (how many marriages do you see anymore that last 30 years?) Shit, I'm more committed to my student loans than I ever will be to any guy (with them, I'm guaranteed a 15-year relationship and trust me, it's gonna be monogamous cuz my lender's not interested in anybody but me when it comes to those loans!)

Hexmark, there is nothing wrong with buying a house. You are one of the few who actually did the homework of being a home buyer than just wandering into buying a house because "you should do it". You knew the pros and cons of buying. More people should take the time to research these issues rather than blithely signing the mortgage contracts. For me, renting makes more sense. If the neighbourhood goes to shit, I can up and move easier than trying to unload a house.

Part of the reason I bought is because I couldn't stand the constant kiddie screaming from all sides, upstairs neighbors stomping around 24/7, and the general unpleasantness of shared walls.

Of course, I bought right before the boom and the rents in my town have gone insane. I know people paying more a month to rent a one bedroom apartment than I pay for my three story townhouse. I was very lucky. However, I wouldn't buy today, I'd hold off until the next wave of ARM resets forces forclosure and pick up a bargain.

The market in my area is in a real lull right now. It's best to hang on to what you've got and maintain it.

The market is good for buyers, however, hopefully the breeders will just buy in neighborhoods of their like-kind and leave the peaceful childfree neighborhoods alone.

Here's something I've noticed, more and more people selling homes by schools. I'll drive around my city and see homes for sale but they're spread out pretty evenly. When I drive by a school I'll see like 5-7 homes for sale within a couple blocks...seems odd.
I mean, I would never by a house near a school, but you'd think breeders would snatch those up like candy from a pinata.