Posted on 12/04/2006 1:47:48 PM PST by RobRoy
>>Some house payments went on their few credit cards. <<
I'm guessing that "few" is more than "two".
I am thinking they will try to include that in the bankruptcy.
Actually, my sympathy goes out to these guys. I would just really like others to learn from this.
The overpriced home. The big tv. the multiple credit cards.
What they should have had instead was a "starter" home and a lot of savings/investments.
There is a reason my heart goes out to them. In a 21st century way, they are me when I was their age. But you can get into far more trouble, and quicker and easier than you could back in the day.
Oh, come on; we can vent a lot of pent up anger on that one........LOL.
They OVERBOUGHT; and I don't believe for one minute she didn't understand the contract.
Their "income" was cobbled together and should have been DISAPPROVED.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Thank you. Saw it all the time in TX. We got to where we would "bet" on how long people could keep up the appearances before they packed up and left in the middle of the night.
You are right. They overbought.
A lot of people overbought. If enough do, it impacts more than just them. Heck, when I was their age, it was impossible to overbuy to that extent. There is simply no way you would get the loan in the first place.
Now they give you more than enough rope to hang yourself real good.
Today, you really need a lawyer just to understand the forms being completed.
Go to a PPO doctor, be prepared to recieve a litany of forms releasing him of all accountability, meanwhile surrendering all financial interpretations to an independnet adjudicator of his choosing. Several steps later, the doctor's hired subprofessional staff have learned the ropes of the health insurance company by double and triple charging all possible claim procedures regardless of required procedures in the visit.
Then the insurance company only pays what was reasonable, but the doctor's office/healthcare professional billing service proceeds to charge the double and triple bill to the individual patient in an attempt to milk as much cash out of the fraud as possible.
Edit the form and watch the faces of the girls handling the forms who get beligerant that you dare to challenge their phrasing of a unilateral contract into a bilateral signed document.
At the other end of the spectrum, we have those who simply enter into agreements by culture, earn less than $30k/annum but live in new houses with new cars and no shortage of expendable income say to about %5k per person.
I fear our society is far less secure than most trust.
I hope she's not looking for work as an accountant.
Human beings simply cannot cope with this complexity indefinitely. Our culture will begin fraying at the edges.
Or is it already.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Yes, I'm well aware of that. We're talking about NO down payment, here, and getting an interest only loan on top of that. It's nuts. It's a formula for being in debt for the rest of your life, the financial gain is only in the income tax deduction, and IMHO it's evidence that one shouldn't be buying that much house.
Come on...they both lost their jobs, she has cancer, he just started a new career...and the wrong mortgage is the problem?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Well, I was going to buy a big screen HD TV for the family (me) this Christmas. The Dentist informed me Thing One needed corrective braces for her teeth.
So the money goes to the teeth and I start squirreling away money in the cookie jar for next year.
I see people like her family every month.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
"Divorces left them both with blotchy credit"
No - not paying your bills leaves you with blotchy credit. I have been divorced. It didn't do anything to my credit because I pay my bills.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
No need to blame mortgage companies, blame those who purchase beyond their means, and who do not plan for emergencies.
"Most people don't take the time to read complex legal documents."
Buyers need to hire - themselves, not through the realtor or the seller - a good dirt lawyer who is well versed in real estate law, to review any and all contracts, to protect the buyer's interest. It's a couple hundred dollars well spent. It would also be wise to insist that this same lawyer handle the closing.
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