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Was the Mortgage a Mistake? (Homeowner just now figures out they are in a hole)
http://www.washingtonpost.com/wp-dyn/content/article/2007/08/18/AR2007081800089.html?referrer=digg ^ | 8-19-07 | Michael S. Rosenwald

Posted on 08/21/2007 8:18:53 AM PDT by Hydroshock

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To: Hydroshock

A tad off-topic, but the phrase “we got pregnant” bug anyone else but me?


81 posted on 08/21/2007 9:25:38 AM PDT by kenth
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To: goldstategop

Eventually an ARM becomes an ARM AND A LEG.


82 posted on 08/21/2007 9:26:19 AM PDT by dfwgator (The University of Florida - Still Championship U)
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To: Dems_R_Losers
I think you should have felt better about yourself and to hell with these people that have more material items. You would be surprised they are all probably up to their eyeballs in debt.
83 posted on 08/21/2007 9:28:02 AM PDT by angcat ("IF YOU DON'T STAND BEHIND OUR TROOPS, PLEASE FEEL FREE TO STAND IN FRONT OF THEM")
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To: dfwgator

I have said it before adn I will say it again. If you can not afford 120% of the total monthly cost of the house on a 30 year fixed with at least 10% down plus closing you can not afford the house.


84 posted on 08/21/2007 9:28:27 AM PDT by Hydroshock ("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
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To: rellimpank

“I have been flamed before for making fun of the “interest only” loan, stating that we used to call that “rent”.”

I’ve been flamed for asking why people would choose to have a mortgage verses no mortgage. But of course, I don’t want to be in debt.


85 posted on 08/21/2007 9:29:49 AM PDT by caver (Yes, I did crawl out of a hole in the ground.)
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To: kenth

Yes, it bugs me.


86 posted on 08/21/2007 9:30:16 AM PDT by jennyjenny
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To: Hydroshock

It’s amazing how many ostensibly well educated people have no grasp of how the free market works.


87 posted on 08/21/2007 9:31:55 AM PDT by utahagen
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To: Hydroshock

Am I supposed to feel sorry for this couple who “deserved” a nice home even though they had no down payment, couldn’t afford the payments for anything except an interest only, balloon payment mortgage on the house they chose, priced beyond their range, and waited 2 yrs. before even exploring what they have gotten themselves into instead of asking these questions before signing first? Now he thinks the best outcome is a recession for the country so that interest rates fall? Apparently, it never crossed his mind that he just might be one of those expendable people who lose their job in a recession. Maybe he’s related to somebody at the WaPo and doesn’t have to worry about that. For his sake, I hope so, because as stupid as he sounds, it may be a l-o-n-g, l-o-n-g time before he finds employment again.


88 posted on 08/21/2007 9:32:01 AM PDT by penowa
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To: kenth

Absolutely. My wife gets pregnant, not me. This phrase was invented by men who feel left out and want to be included in the pregnancy. Sorry, fella, you’ll get your chance to be involved after the baby is born.


89 posted on 08/21/2007 9:32:16 AM PDT by dinoparty
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To: Dems_R_Losers
One reason I moved away from the DC area is that it is so difficult to escape the keep-up-with-the-Joneses mentality there. We lived in an 1800-square foot house and drove used cars, and on a combined income of $200,000 we could not afford to buy a bigger home in our neighborhood, and we often felt like we were poor compared to most of our friends who were buying vacation homes, drove expensive cars, etc. When everyone you know has a house nicer than yours, drives a BMW, sends their kids to private school, etc. you can quickly start to feel like a failure if you don’t have all this stuff. This couple may seem like they had a good combined income that they should be happy with, but if they have friends who are lawyers or lobbyists or mortgage brokers, they probably feel pretty middle class.


Thus the wisdom behind "You shall not covet your neighbour’s house; you shall not covet your neighbour’s wife, or male or female slave, or ox, or donkey, or anything that belongs to your neighbour." (Exodus 20:17)
90 posted on 08/21/2007 9:33:18 AM PDT by this is my name not yours (Free speech is the escape valve that keeps some people from picking up a rifle.)
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To: dinoparty

I see it as the same sort of leftist guy who takes his wife’s last name, at least hyphenated.

I guess it’s just more evidence of the liberal mindset.


91 posted on 08/21/2007 9:33:57 AM PDT by kenth
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To: dinoparty
Why do people continually believe that they “need” very nice things that they cannot afford?

and he also said he and his wife "deserved" to own a nice home... because their parents owned homes at the same age... their parents probably started out small, with what they could really afford and then upgraded through the years... this couple wanted the nice townhouse and nice neighborhood and nice vacations all at once, before they could afford it... for some reason they think they "deserve" it...

92 posted on 08/21/2007 9:34:11 AM PDT by latina4dubya
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To: Bob J
...it was the adjustable mortgage rate that is killing them.

Really? Here I was thinking it was their "kid in a candy store," living beyond their means spending mentality. It never occurred to me that math might be to blame.

93 posted on 08/21/2007 9:34:51 AM PDT by grellis (Femininists for Fred!)
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To: Hydroshock

Wonderful 1st hand account of stupid, selfish people being stupid, even knowing they are being stupid and not caring bout it, because by gosh “we deserve it”. Stupid people.


94 posted on 08/21/2007 9:36:40 AM PDT by Freedom_Is_Not_Free
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To: Hydroshock

Im in a similar spot though because I bought conservatively it wont kill me but I bought a 900sq ft, 142K condo in the twin cities seems like in 6 months the condo market died and not *if* I had to sell I would guess Id get 135 and it would take 6-12 months to get that..

So as my family has grown in the two and a half years we’ve been there we cant move right now... Oh well at least I might be able to rent it to cover expenses until the market recovers..


95 posted on 08/21/2007 9:38:15 AM PDT by N3WBI3 (Light travels faster than sound. This is why some people appear bright until you hear them speak....)
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To: grellis

They’re only living beyond their means because their interest rate keeps getting hiked. I’m assuming if the interest rate was fixed they would be able to afford all the frills.


96 posted on 08/21/2007 9:38:17 AM PDT by Bob J (Rightalk.com...a conservative alternative to NPR! Check out nat synd "Rightalk with Terri and Lynn")
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To: RockinRight

No, they problem is they still don’t know if they will be able to afford the Jumbo or if they will be able to refinance in 2010. Nice incomes or not, they still may lose their home.


97 posted on 08/21/2007 9:39:18 AM PDT by Freedom_Is_Not_Free
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To: 3Lean

I’d think the dog would finally want to go home with hired walker. The dog would figure out who’s taking care of him.


98 posted on 08/21/2007 9:42:07 AM PDT by caver (Yes, I did crawl out of a hole in the ground.)
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To: Hydroshock

And although you and I occasionally spar, I would have to agree with that.


99 posted on 08/21/2007 9:49:15 AM PDT by RockinRight (Fred Thompson once set fire to a crowd of liberals simply by puffing his cigar and staring real hard)
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To: Bob J
He’s sitting on a 5.125% interest rate. It hasn’t adjusted yet and won't until 2010, so the ARM is not killing him. Now, this guy is a WaPo writer, but if he has half a brain, he would use this ARM they way it was intended to be used. He still has time, and it sounds like the means, to do that and it may still be possible to come out ahead in the end.
100 posted on 08/21/2007 9:50:07 AM PDT by jennyjenny
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