http://www.palmbeachpost.com/news/b...-tormented-by-foreclosure-that-wont-go/nStXn/ After paying your Mortgage for 19 years you should be on the homestretch with lots of equity on the property and close to living mortgage free. What the heck do people do?, always some sob story about people living in a home for 19-25 years getting foreclosed on.
I don't get it either. If the mortgage is for 30 years, you should have put a real dent in the loan after 19 years, enough of a dent to give you some breathing room. But you know what time it is. If modern day Americans could have their way, people would produce items only to give them away for free. We know how forbidden it is to create a product or offer a service in today's America and expect to make a profit.
I'm guessing these guys raped and pillaged their home equity along the way. I just skimmed the article, but it didn't say anything about refi's or equity lines of credit, so you have to assume they pulled $100k or more out of it along the way.
Here is the bogie: "The couple refinanced into an adjustable rate mortgage in 2006 that ended up with high-risk lender IndyMac Bank. They realized they were in trouble in 2009 when their rate was about to adjust and Jamesâ flooring business collapsed with the economy." I suspect the husband pulled out money to support his flooring business. This was common practice as at the time, this was the easiest way to get a business loan. Take the money out to support a failing business. Business fails. Money gone.
That would be my guess also. After that amount of time and the way interest rates dropped, if they didn't have home equity loans etc, they should have been able to cut their rate and payment considerably from what they must have been paying. Kind of sounds like a slam story on evil bankers instead of idiots who thought their house was a bank with no limit to cash. I am sorry to say that as I know it isn't nice, but at some point people need to take some responsibility. I had a neighbor who didn't get it. He sent his kid to a $20,000 a year grade school thru high school, even after he lost his job. He then used his home to finance his own business. Very smart guy actually, but not financially. He lost it all. Very sad, as he is a great guy and has a nice family, but he screwed them all. On another note I called Bank of America about 3 homes in our neighborhood that were vacant with BOA signs in the windows. I couldn't get an answer on how to buy the houses, or who to contact to make an offer. I talked to a minimum of 5 different people at BOA, and then the local realtors, and sheriffs office. No information, but some turd company bought them and made a mess in the process of flipping them. Their teams magically forgot to lock doors or even close them and theives came in and stole the copper pipes and anything else. I met one of the clowns walking my dog and asked if he was making money stealing from his property. He told me to fuck off, and my dog proceeded to go into vicious mode. Scared the hell out of the guy. My Golden has been getting treats ever since.
yes, you are exactly correct. "My mother bought this house, this is the house I was born in, I raised my kids in this house. Now the bank is forecloseing on it." It's a communist plot to make the banks look bad and the workers look innocent. Thank g-d I was educated in a very good public school before they invented the Department of Education, and there were only three channels on tv (and they all played the Star Spangled Banner at midnight and went off the air.)
the funny thing is, when my Dad bought his new house he paid about 32k for it. He sold if for about 32k. He was happy. He figured, "When I bought it it was brand new, now it's 30 years old."
I gotta admit, people that bought at the high, say 2006, have a decision to make. In some cases, especially out there in Arizona, can almost make out better just to stop paying the mortgage until they get the eviction notice. You already lost the down payment, so what do you have to lose? (not that you lost that much by not being in the market.)
Peace, but it really had no importance of where you were educated, or how many channels were on tv. I was born in what would be described by Obama turds as oppulence and priviledge. My Dad gave me nothing. Not because he was an asshole, but he wanted me to learn what he did, and how to live responsibily. I paid off my mortgage without any help from my parents, and lived on the minimum to do so. Yet, I would never claim life was horrible because I didn't have cable tv, a cell phone etc. I now have all those things and question why I do. My kids are ticked at me as I refuse to give them cell phones, and I bitch daily about paying for tv. My 2 oldest pay for their cell phones, I do pay for the infinitely useless tv programming we have. I will admit I am a sports addict and this is probably the only reason I pay for tv at all. I am ticked on a daily basis the public education my kids get, and make them go through Kahn academy.com with me and work on what is there. I am not the popular guy in the house, but I feel no guilt, and am regualrly pissed off that I have to spend time doing this beyond homeworkl to have my kids educated to the same level I was at in parachoial schools decades ago. F*** pubic schools and their whiney ass teachers. And yes I typed it as I meant it.