DUH!!..69% Say Those Struggling With Mortgage Should Sell, Buy Cheaper Home

[The Rabbi]

Utter bullshit. It may be hard to find something that's affordable and desirable but no one is entitled to any particular standard of living. If you earn enough to have bought a home with a mortgage, you can rent. Move where you can afford to live, just like everyone throughout history has done.

Did I not point out that these folks were in this predicament because a very good job was lost? I think I did. That puts a dent into someones income. Now they also would have a foreclosure and a bankruptcy plus the added attraction of a lower income and the added debt of selling a home for less than the amount owed. Seems like everyone on this board thinks that everyone is in that top two percent of earners. They are not. How many millions do you make every year. I am impressed so many of you top two percenters post on USMB.

It's odd but I've found over the years that usually on political message boards those who are the most hardcore "conservatives" IE those who espouse "fuck everyone who can't take care of themselves" are usually themselves deadbeats who are living off of others, and feel guilty about it and thus espouse such harsh opinions on an anonymous message board.

LOL

And I've found that most who are quick with someone else's money are typically dooshbags who wouldn't contribute a dime of their own to any charity.

 

[RDD_1210]

Did I not point out that these folks were in this predicament because a very good job was lost? I think I did. That puts a dent into someones income. Now they also would have a foreclosure and a bankruptcy plus the added attraction of a lower income and the added debt of selling a home for less than the amount owed. Seems like everyone on this board thinks that everyone is in that top two percent of earners. They are not. How many millions do you make every year. I am impressed so many of you top two percenters post on USMB.

It's odd but I've found over the years that usually on political message boards those who are the most hardcore "conservatives" IE those who espouse "fuck everyone who can't take care of themselves" are usually themselves deadbeats who are living off of others, and feel guilty about it and thus espouse such harsh opinions on an anonymous message board.

LOL

And I've found that most who are quick with someone else's money are typically dooshbags who wouldn't contribute a dime of their own to any charity.

And I've found that people who think that someones skin color has an impact on their ability to lead a country probably isn't smart enough to comment on anything else of importance.

 

[The Rabbi]

What makes you think someone made a bad investment?

Say these people bought a home when both had decent jobs and a job with a very good income was lost and not able to be replaced. Their financial situation changed. Why do people think that someone had to have done something wrong? I know two families to which this happened. One survived as the job was replaced in a few months. The other one has been a nightmare. Both made good investments and could easily afford what they bought. How were they to know their world will change.

Life sucks that way and I hate it for them.
But like hell will I help bail them out. I don't care whose fault it is.

Why would it require a bail out? Why would you think you would have to lift a finger? It's not necessary for you to do anything. The lender extends the loans over a longer period and lowers the payment for the time of the difficulty. When the people have their act together they pick up right where they were. The lender is still getting some negotiated payment and owns the home. The foreclosure rate drops. You do this only with people who are legitimately at the point of foreclosure. If people were stupid or institutions made unwise loans oh well.
The people retain their home and would be able to recover as the economy improves. No one loses anything. Forcing people into the street doesn't solve anything. It only makes matters worse.

Banks do that kind of thing all the time. I have no issue if they willingly enter into modification agreements with borrowers.
I have a big problem when the gov't tells them this is what they must do. If so, what's the point of any contract if the gov't can simply abrogate it when it becomes politically feasible? That would destroy any notion of the rule of law. No one in his right mind would give a mortgage after that.
About 80% of the people who have gone through one of the Obama Admnistrations' limitless programs find themselves in foreclosure anyway 18 months later. Why prolong the agony? Trhis is why the housing market is still the weakest sector in the economy.

 

[The Rabbi]

It's odd but I've found over the years that usually on political message boards those who are the most hardcore "conservatives" IE those who espouse "fuck everyone who can't take care of themselves" are usually themselves deadbeats who are living off of others, and feel guilty about it and thus espouse such harsh opinions on an anonymous message board.

LOL

And I've found that most who are quick with someone else's money are typically dooshbags who wouldn't contribute a dime of their own to any charity.

And I've found that people who think that someones skin color has an impact on their ability to lead a country probably isn't smart enough to comment on anything else of importance.

You couldn't find your ass with both hands. Quit lying.

 

[RDD_1210]

And I've found that most who are quick with someone else's money are typically dooshbags who wouldn't contribute a dime of their own to any charity.

And I've found that people who think that someones skin color has an impact on their ability to lead a country probably isn't smart enough to comment on anything else of importance.

You couldn't find your ass with both hands. Quit lying.

I actually could, probably one finger even.

So can black people be good leaders of countries?

 

[Unknown_Soldier]

Big fucking deal. Did they force you or anyone else to buy a house? You are responsible for your own life and decisions. It's a shame that so many people refuse to accept personal responsibility for their lives.

Look dude, forget about the investment issue, because that's not what we're talking about here. If someone bought ten houses on mortgage to try to flip them for a profit. tough shit for them, I agree, but that's not what were talking about.

We're talking about regular people who bought a modestly priced home well within their budget when the economy was good and they had stable income(s) to pay their mortgage who have suddenly found themselves working jobs that don't pay nearly as well, or on unemployment, due to a near collapse of the world economy and are now struggling to make ends meet but deserve a chance to not lose out on the equity they DO have in their homes due to something largely out of their control.

Now if you can focus and just discuss THAT situation, let's talk. But if you'd rather be a monkey who doesn't have a clue, then I'll just move on.

Not everyone who's in trouble bought a house that they couldn't afford and lived the high life while things came crashing down. Only a simpleton would believe otherwise.

OK, let's focus on the people you mention.
They were victims of bad circumstances. Lots of people are. Why do we need to bail them out?

Okay, I'm going to try again.

Who said ANYTHING about bailing ANYONE out?

 

[jillian]

Life sucks that way and I hate it for them.
But like hell will I help bail them out. I don't care whose fault it is.

Why would it require a bail out? Why would you think you would have to lift a finger? It's not necessary for you to do anything. The lender extends the loans over a longer period and lowers the payment for the time of the difficulty. When the people have their act together they pick up right where they were. The lender is still getting some negotiated payment and owns the home. The foreclosure rate drops. You do this only with people who are legitimately at the point of foreclosure. If people were stupid or institutions made unwise loans oh well.
The people retain their home and would be able to recover as the economy improves. No one loses anything. Forcing people into the street doesn't solve anything. It only makes matters worse.

Banks do that kind of thing all the time. I have no issue if they willingly enter into modification agreements with borrowers.
I have a big problem when the gov't tells them this is what they must do. If so, what's the point of any contract if the gov't can simply abrogate it when it becomes politically feasible? That would destroy any notion of the rule of law. No one in his right mind would give a mortgage after that.
About 80% of the people who have gone through one of the Obama Admnistrations' limitless programs find themselves in foreclosure anyway 18 months later. Why prolong the agony? Trhis is why the housing market is still the weakest sector in the economy.

The only banks being told they HAVE to do HAMP modifications are those which took government bail outs. It was a condition of their obtaining those loans.

Banks that didn't take money aren't forced to do good faith modifications.

 

[RDD_1210]

Treat me like an idiot that you know I am, and point out / quote the portion of your link that says that 10% more liberals than cons don't pay federal income taxes.

What's the income threshhold for owing income tax?

Wait, you already quoted that there was a 10% difference, which chart did you pull that stat from?

Soooo.....like I said. You're very good at just making stats up. Thanks for proving me right again.

 

[The Rabbi]

Look dude, forget about the investment issue, because that's not what we're talking about here. If someone bought ten houses on mortgage to try to flip them for a profit. tough shit for them, I agree, but that's not what were talking about.

We're talking about regular people who bought a modestly priced home well within their budget when the economy was good and they had stable income(s) to pay their mortgage who have suddenly found themselves working jobs that don't pay nearly as well, or on unemployment, due to a near collapse of the world economy and are now struggling to make ends meet but deserve a chance to not lose out on the equity they DO have in their homes due to something largely out of their control.

Now if you can focus and just discuss THAT situation, let's talk. But if you'd rather be a monkey who doesn't have a clue, then I'll just move on.

Not everyone who's in trouble bought a house that they couldn't afford and lived the high life while things came crashing down. Only a simpleton would believe otherwise.

OK, let's focus on the people you mention.
They were victims of bad circumstances. Lots of people are. Why do we need to bail them out?

Okay, I'm going to try again.

Who said ANYTHING about bailing ANYONE out?

Um, you did?
What else could you mean by someone deserving a chance not to lose the equity they have in their home?
and btw if they have equity in their home, they can sell the home. So they really dont deserve anything special from anyone.

 

[The Rabbi]

And I've found that people who think that someones skin color has an impact on their ability to lead a country probably isn't smart enough to comment on anything else of importance.

You couldn't find your ass with both hands. Quit lying.

I actually could, probably one finger even.

So can black people be good leaders of countries?

No, you're thinking of that guy in the men's room last night that found it. I meant you on your own.

I dont know if black people can be good leaders of countries. Can you name 3?

 

[8537]

Lehman went under and it wasnt the end of the world.

In an arena chock full of dumbass comments, this one might rise to the top as the dumbest.

Were you even alive in 2008?

 

[8537]

All the banks were not going to fail. Try again.

Name a single major U.S. investment bank that did not receive a "bailout" and that did not fail.

Thanks.


"All the banks were not going to fail. " Famous last words. Do you know how banking works? The money in your checking account mostly isn't really there. Its merely a promise to repay you money on demand, and most of it has been loaned out. If the folks the money is loaned to can't pay it back - and the FDIC runs out of funds - then you just lose your money, plain and simple.

None of the banks failed except Goldman. So what?

Void my last comment about your previous quote being the dumbest. This one is even dumber.

 

[syrenn]

Buying a home was a not a serious gamble if one bought in a good area until the bottom fell out. You didn't have something like this happen to you so you seem rather flippant about your fellow Americans plight.
As long as number one is fine no one else's situation seems to matter. Okay.

Any mortgage is a gamble. I knew that when i signed on the loan papers.

If this is your situation i am very sorry for you and hope you find a way thought it. But you gambled that the bottom would not fall out of the market...and it did.

Stop pretending you're a home owner. Home owners understand things that you obviously do not.

stop pretending..... Oh the irony.

 

[8537]

I dont know if black people can be good leaders of countries.

Supersweet! I love the fact that you don't even attempt to hide your racist screeds.

And kudos - you've gone from "name one!" to "name three!". That's progress - kinda like going from one K to three K's

 

[eflatminor]

...believe me.

Uh, no.

 

[syrenn]

Good point...so you loose loose for your investment in a home. Sorry, that that's how it works. They gambled on their future...and lost. Nothing utopian about it.

You gamble on the market staying at its level or going up
You gamble on staying healthy long enough to pay back your loan
You gamble on your income being steady.
You gamble when you sign on the dotted line that everything will work out and you, and you come out a winner.

Buying a home was a not a serious gamble if one bought in a good area until the bottom fell out. You didn't have something like this happen to you so you seem rather flippant about your fellow Americans plight.
As long as number one is fine no one else's situation seems to matter. Okay.

Syrenn is well-versed in commenting on things she has no first hand knowledge off. As if that doesn't come off blatantly in her posts and lack of understand and real world solutions to real world problems.

yes we have been over this before...... i am about personal responsibilities and paying your bills.

 

[eflatminor]

...doesn't matter. he's full of it anyway.

Irony bomb in 3...2...1

 

[syrenn]

If you bought a house and now its worth less than what you paid for it.... TOUGH SHIT.

You can continue to pay the note and wait for the prices to recover (or pay off the loan) , arrange a short sale, or walk away and face foreclosure. Whatever happens, you need to buy a mirror and take a long gander at the person looking back at you....that is the person to blame.

Government is not your mommy.

I guess that concept is to hard to grasp.

 

[syrenn]

The banking industry is mostly to blame for the boom and consequent drop in home values.

Big fucking deal. Did they force you or anyone else to buy a house? You are responsible for your own life and decisions. It's a shame that so many people refuse to accept personal responsibility for their lives.

Look dude, forget about the investment issue, because that's not what we're talking about here. If someone bought ten houses on mortgage to try to flip them for a profit. tough shit for them, I agree, but that's not what were talking about.

We're talking about regular people who bought a modestly priced home well within their budget when the economy was good and they had stable income(s) to pay their mortgage who have suddenly found themselves working jobs that don't pay nearly as well, or on unemployment, due to a near collapse of the world economy and are now struggling to make ends meet but deserve a chance to not lose out on the equity they DO have in their homes due to something largely out of their control.

Now if you can focus and just discuss THAT situation, let's talk. But if you'd rather be a monkey who doesn't have a clue, then I'll just move on.

Not everyone who's in trouble bought a house that they couldn't afford and lived the high life while things came crashing down. Only a simpleton would believe otherwise.

No, not everyone bought a house they could not afford at the time...and not all of them are dead beats. A good deal of the are...and a good deal of them are not dead beats.

Losing your job, you house value tanking and dropping still has nothing to do with the note you signed for.

 

[Zoom-boing]

Life sucks that way and I hate it for them.
But like hell will I help bail them out. I don't care whose fault it is.

Why would it require a bail out? Why would you think you would have to lift a finger? It's not necessary for you to do anything. The lender extends the loans over a longer period and lowers the payment for the time of the difficulty. When the people have their act together they pick up right where they were. The lender is still getting some negotiated payment and owns the home. The foreclosure rate drops. You do this only with people who are legitimately at the point of foreclosure. If people were stupid or institutions made unwise loans oh well.
The people retain their home and would be able to recover as the economy improves. No one loses anything. Forcing people into the street doesn't solve anything. It only makes matters worse.

Why should the lender do that? The terms of the loan are the terms of the loan. If the borrower is released from those terms, then the lender is being robbed.

Do you think contracts should become meaningless?

Because that's the best solution for everyone.

Here's the thing . . . if someone defaults on their car loan their car gets repossessed. Does that affect me? No. Someone makes bad investment and they lose their shirt. Does that affect me? No. However, the housing situation is different because my neighbor being upside down and foreclosing does affect me, does affect the value of my home. The housing situation isn't an 'isolated' thing that just affects those in trouble . . it affects everyone. Even people who aren't under water, who aren't having any problems. If the people on either side of me go under that has a direct affect on me, my home. Why not help those who are doing everything possible stay in their homes? Why not rewrite the term of the loan? The bank will still get its money, albeit later than originally agreed upon . . but isn't that better for the bank then getting a forclosed on house? Isn't that better for me and you than having that family walk away and dropping housing prices even further?

Some of you crying 'your problem, fuck you' . . . you're really not seeing the bigger picture here because it isn't just the underwater homeowner's problem; it affects all homeowners. So which is worse . . let those folks go under and bring the value of your home down even more or help them stay in their house so when they get back on their feet and/or things recover everyone will be better off?