Posted on 10/25/2012 7:58:06 AM PDT by Responsibility2nd
A family is losing their home. They gotta go. So they post an ad on Craigslist....
Video at link also.
This makes me sick. Craig’s list was the first mistake. Not having a shotgun in the house was the second.
I’m having a hard time mustering up any sympathy when his ad says...
“Moving and we want everything to go for free. So come over and take whatever you want and how much you want.”
When he asked them to stop they should have. Otherwise, the invite was out there.
Don’t EVER...EVER EVER EVER post your home address on craigslist!! If you want to give away items donate to a Church or Salvation Army.
Mob rule
Not sure I am sympathetic, the family wrote the ad ‘everything must go, free’, really what did they expect.
I have had ads on craigslist for free stuff and I always put just the street name and WHATS IN THE DRIVEWAY AT THE CURB ONLY, with sign.
On article said some people have brought stuff back, I am still baffled how after 20 years they lost the house, wouldn’t the mortgage payments be really low or at least way lower than rent.
Obama’s thieving sons...
You caught that, too. It doesn't make any sense. But then why anyone would get a mortgage longer than 15 years doesn't make any sense either. They'd have been free and clear for 5 years. Even a 20 year mortgage would have been paid off. Why not have a paying yard sale? Did they previously? It doesn't sound like it or they'd know that people show up before dawn. By 10 AM the good stuff is already gone. I'm curious what they did to try to save their house.
We got a 30 year loan, and doubled the principle for about seven years.
Went that way just in case the economy went belly up, our payments would be easier to make.
Apparently we made the right choice.
(Its amazing how fast the principle gets paid down by doubling it each month.)
Millions of people have cashed out the equity in their homes. They thought that home values would always incease and since interest rates are low, why not?
Why not get that home equity loan?
Then the lay-offs came and the bills came and so on and so on.
That’s probably the reason.
There's probably a lot more to the story, but the craigs-flash mob took some sentimental family items, and I do feel sorry for them. To be so put down as to be foreclosed upon, and then to find themselves trying to hold off a horde I'm sure they didn't expect.
They look young and foolish, as of course they were, but I still pity them, based on what I know from the reported story.
First, in a thirty-year fixed mortgage, the payments do not get really low. They stay the same size, but the percent of the loan that's devoted to the principal and the interest change over the years. That's what's meant by "amortization." The initial payments are almost 100% interest (+ property tax + homeowner's insurance) and over the course of thirty years the amount of principal in the payment increases while the amount of interest decreases, but the payment size remains steady.
This means that the portion of the payment that's tax-deductible decreases over time. Total payment may go up or down due to changes in property taxes or homeowner's insurance, but that's not part of the loan; the lenders just collect those charges to protect themselves.
Yes, the mortgage payments may well be less than rent. That makes the loss of a home doubly awful. For some families, if they can't afford the mortgage payment they certainly can't afford the rent on a modest apartment. And if they've been foreclosed on, their credit is shot so they can't rent a decent apartment.
Third, you don't have to max out your equity with home equity loans or buy too much house or do anything else stupid to get in trouble. Just lose your job, fall a few months behind on the loan, and the mortgage lender will come after you. You can't refinance if you've lost your job, and you won't qualify for the lovely Obama "Making Home Affordable" program unless you're underwater on your loan. Depending on the time of year, the location and condition of your house, and the local market, you might not be able to sell before they kick you out. Once they start the process, you practically have to win the lottery to keep the house, because they want the whole arrears plus penalties, late fees, punishments, extra charges, and other fees.
This has happened to a lot of responsible people in the past four years. You don't need to be a deadbeat to get in serious trouble. In the current economic climate, one piece of bad luck can put you in danger and two pieces can put you over the edge.
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