sprinter Posted October 29, 2008 Share Posted October 29, 2008 What would you do if your home was foreclosed? I am totally astounded as to what they leave behind. The devastation they must be feeling is tremendous. And the really scary part, just think how close each of us are to this same event. http://www.kcet.org/socal/2008/09/foreclosure-alley.html Quote Link to comment Share on other sites More sharing options...
NickF1011 Posted October 29, 2008 Share Posted October 29, 2008 What would you do if your home was foreclosed? I am totally astounded as to what they leave behind. The devastation they must be feeling is tremendous. And the really scary part, just think how close each of us are to this same event. http://www.kcet.org/socal/2008/09/foreclosure-alley.html How are each of us "close" to this type of thing? I'm nowhere near foreclosure. I had the brains not to buy beyond my means. Quote Link to comment Share on other sites More sharing options...
fordmantpw Posted October 29, 2008 Share Posted October 29, 2008 How are each of us "close" to this type of thing? I'm nowhere near foreclosure. I had the brains not to buy beyond my means. Ding ding ding! We have a winner! Right answer Nick! Some people just don't get this. This country is in the trouble it is in because people don't feel the need to live within their means. Too many Americans thinks they have to have all things all the time. The number of people building $300k houses when their combined income is $60k is frightening. Quote Link to comment Share on other sites More sharing options...
No_Fear Posted October 29, 2008 Share Posted October 29, 2008 What would you do if your home was foreclosed? I am totally astounded as to what they leave behind. The devastation they must be feeling is tremendous. And the really scary part, just think how close each of us are to this same event. http://www.kcet.org/socal/2008/09/foreclosure-alley.html Although that is definitely not a concern for me, I can understand how it could be devastating to someone who has that worry. Several years ago my family had a setback due to a loss of job, thus lowering of our income. We wound up having to use all our savings which we had earmarked as a downpayment for our first home. We had two children, but we had our priorities in the right place. We survived that experience and after several years, we managed to once again save that downpayment for a home, but I often wonder what could have happened if we had already purchased that home. It's not a shame to want to experience the "American Dream" of home ownership. For those persons who really want that dream, I say that it can be done if they really want it, but it comes with hard work and much preparation. The blame for what has happened goes back to the lenders who gave out loans to persons they knew full well could never afford them. They are the culprits and should be held accountable. They are the parties that should be suffering right now, instead of being bailed out and given bonuses. Shame on them!! Quote Link to comment Share on other sites More sharing options...
retro-man Posted October 29, 2008 Share Posted October 29, 2008 It's all well and good to sit and make judgement with an older (i.e. cheaper) mortgage, a pile of equity (even in a deflated market) and a secure income. Anyone who has a mortgage and a job is vulnerable. The video depicts a newer neighborhood - i.e. recent buyers. I don't know anyone who wasn't "housebroke" for a few years after buying their first home. On the other hand, those people tend to be younger, and will recover. Unfortunately, many of them will be taking young children through their homelessness. People who have been in their houses for 15 or 20 years, are well into middle age, and suddenly find themselves unable to make that last 10 years on their 30 year mortgage - and lose everything - those are sad cases. Quote Link to comment Share on other sites More sharing options...
mettech Posted October 29, 2008 Share Posted October 29, 2008 How are each of us "close" to this type of thing? I'm nowhere near foreclosure. I had the brains not to buy beyond my means. +1 Wife and I live in a 1500 sq ft house that cost us $74K 10 years ago. I'm currently in the USAF and my wife is retired USAF and currently a high school teacher. When we were house shopping, the Realtor and bank said we could afford a $250-300K house. Rules-of thumb that my parents taught me: Borrow and buy only what you can keep with a minimum income... You'll always have a home then. Before you spend a dime, make sure you have three months of income saved. Never loan money unless you can afford to lose it. You are responsible for your own destiny. Expect nothing, you'll never be disappointed. Last year I sold my 1 bedroom home that I bought in 1978. Because we feel comfortable in knowing our current house will be paid for next year. Anyone that jumps into deep water without a lifeline deserves what they get. The public should not be expected to protect and rescue overindulging idiots. Quote Link to comment Share on other sites More sharing options...
sprinter Posted October 29, 2008 Author Share Posted October 29, 2008 Ding ding ding! We have a winner! Right answer Nick! Some people just don't get this. This country is in the trouble it is in because people don't feel the need to live within their means. Too many Americans thinks they have to have all things all the time. The number of people building $300k houses when their combined income is $60k is frightening. How long can you 'hold out' when you lose your job? The way the economy is headed there is chance many more jobs will just become history. The problem compounds itself. For example Ford goes out of business. You could easily lose 10 times that number of jobs just counting sub assembly part manufactures. Then add into that retail and service jobs in your own community because of the supply cut of money being spent. It all adds up to a very unpleasant picture. Thinking your immune from the problem is being foolish. As for myself, I have been listening to the right wing wacko conspiracy theorists and have been buying precious metals; gold and lead. Quote Link to comment Share on other sites More sharing options...
fordmantpw Posted October 29, 2008 Share Posted October 29, 2008 How long can you 'hold out' when you lose your job? The way the economy is headed there is chance many more jobs will just become history. The problem compounds itself. For example Ford goes out of business. You could easily lose 10 times that number of jobs just counting sub assembly part manufactures. Then add into that retail and service jobs in your own community because of the supply cut of money being spent. It all adds up to a very unpleasant picture. Thinking your immune from the problem is being foolish. As for myself, I have been listening to the right wing wacko conspiracy theorists and have been buying precious metals; gold and lead. If you are speaking to me directly, if my wife and I were both to lose our jobs tomorrow, we have enough in savings and our Roth IRA's (that we can withdraw without penalty) to last us about 8 months not counting unemployment. That is if we did not decrease our expenses at all and I didn't get any job paying any kind of salary at all. In reality, it's probably closer to 12-14 months since we would definitely cut back expenses (no need for daycare when we're both at home, kill cell phones, satellite TV, crank the thermostat back a couple degrees, quit eating out entirely, no need for gas if I don't go to work, eat cheaper food) and we would both receive some unemployment and I would most liketly flip burgers if I had to. Bad comes to worse, we can tap our 401k accounts (which is really a last-ditch effort). We are not rich by any stretch of the imagination, but we know how to live within our means and be prepared. We could have paid cash for our new Flex, but chose to finance to be prepared for what the economy may bring in the coming months. I agree with what you are saying, and I know that no-one (including myself) is immune. Mettech said it very well. Consumers are ultimately responsible for what they spend and for putting paper to pencil to know what they can afford. That's what high school math is for. The banks are not the only ones to blame. Quote Link to comment Share on other sites More sharing options...
NickF1011 Posted October 29, 2008 Share Posted October 29, 2008 How long can you 'hold out' when you lose your job? The way the economy is headed there is chance many more jobs will just become history. The problem compounds itself. For example Ford goes out of business. You could easily lose 10 times that number of jobs just counting sub assembly part manufactures. Then add into that retail and service jobs in your own community because of the supply cut of money being spent. It all adds up to a very unpleasant picture. Thinking your immune from the problem is being foolish. As for myself, I have been listening to the right wing wacko conspiracy theorists and have been buying precious metals; gold and lead. If I had to, I could hold out for probably 2+ years without working. I sure wouldn't want to, as that's a start to what I'm trying to retire with in another 20 or so years. Needless to say, I'm not panicking. Nor should most people who have common sense. Quote Link to comment Share on other sites More sharing options...
mettech Posted October 29, 2008 Share Posted October 29, 2008 How long can you 'hold out' when you lose your job? The way the economy is headed there is chance many more jobs will just become history. The problem compounds itself. For example Ford goes out of business. You could easily lose 10 times that number of jobs just counting sub assembly part manufactures. Then add into that retail and service jobs in your own community because of the supply cut of money being spent. It all adds up to a very unpleasant picture. Thinking your immune from the problem is being foolish. As for myself, I have been listening to the right wing wacko conspiracy theorists and have been buying precious metals; gold and lead. If there is a market... jobs will be made to fill the market. Quote Link to comment Share on other sites More sharing options...
Bored of Pisteon Posted October 29, 2008 Share Posted October 29, 2008 Ding ding ding! We have a winner! Right answer Nick! Some people just don't get this. This country is in the trouble it is in because people don't feel the need to live within their means. Too many Americans thinks they have to have all things all the time. The number of people building $300k houses when their combined income is $60k is frightening. And a lot of those assholes live in Metro Detroit. Quote Link to comment Share on other sites More sharing options...
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