Mortgage "crisis" USA TODAY OPINION

[jackknife]

In other news, I just found out that the condos they are building next door to us are starting at 1.4 million. Smashed between two apartments, no pool or even room for grass and the view is a super ugly office building.

[Made in the USA]

I couldn't live like that, I have to have SPACE!!

[Detector]

That's how I was raised. If I got a speeding ticket my parents made ME pay for it...and I learned from that. As long as the gov't keeps rewarding people for stupid behavior that stupid behavior will continue.

I agree, but should you be thrown in prison for 10 years for a speeding ticket? Sting, yes, destroy your life, no.

I don't see it as rewarding stupidity, I see it as understanding shit happens, even to good people.

Default on your boat loan(recreational vehicle) then by all means let them sink. Default on your $300,000 home, let them rent for awhile. But look at each case on it's own before you decide to hang them or not.

[Highwayman]

Originally Posted by Detector

....But look at each case on it's own before you decide to hang them or not.

Thank you Detector.

There are so many ways to work out a possible foreclosure. Banks do not like to foreclose if there is another way. One can renegotiate the loan, go through a credit counseling service or even work out a short sell and trade down. Too many folks are unaware of their options and don’t make an effort to help themselves.

[Army_of_One]

Originally Posted by Highwayman

Thank you Detector.

There are so many ways to work out a possible foreclosure. Banks do not like to foreclose if there is another way. One can renegotiate the loan, go through a credit counseling service or even work out a short sell and trade down. Too many folks are unaware of their options and don’t make an effort to help themselves.

Right...and from what I read a lot of people are just walking away and not even trying to talk to their banks. In fact there are those that will pay their credit cards (because it's immediate cash) before they pay their house payment.

[Highwayman]

Originally Posted by Army_of_One

...In fact there are those that will pay their credit cards (because it's immediate cash) before they pay their house payment.

Nobody is proposing a government bailout for credit cards.

[jackknife]

Originally Posted by Detector

But look at each case on it's own before you decide to hang them or not.

You are right. I think my knee jerk reaction was to a few people I actually know that live out here like they are Frank Sinatra on a Jerry Lewis budget and then cry when it doesn't work out.

I needed some perspective. Thanks you for giving me that.

[K C Muffin]

The mortgage crisis isn't good for anyone. All of us would be in the same boat if we, say, were in the tech bubble that burst a few years ago. It's just simple supply and demand. When mortgage companies repossess, it puts a glut of over-priced homes on the market and people without jobs can't buy them. Like AOO says - it's just economics. Doesn't make sense unless you've studied it and it will make you angry if you dwell on it, but it's the damned truth. I was like Detector and struggled to buy a house. Then the gods smiled and I'm sittin' pretty. But I always know that when there's an "up", there's a "down" and I try to be prepared for it, even though it sometimes seems impossible to prepare.

It's like most other things....sometimes people live beyond their means like there's no tomorrow. Then something happens and snaps them back to reality. This is that reality. Greed is never sound judgement.

[TexKan]

Some times brokers really make you believe you can conquer the world. My house is paid for so this diesn't really affect me - but I have sacrificed to keep my house and didn't live in in for year in order to pay for it. I really feel sorry for those that are caught in an awful agreement where thier house note double in a month. I still feel if they are bailing out the mortage companies ther ought to be help for the buyer as well. I personally am waiting for the gambing to kick in to raise the value of my house. - then I'm gonna be a sellin momma!