As I read more and more stories about these foreclosure “victims”, I become angrier and angrier that the responsible among us (as well as our children and grandchildren) will be forced to pay for these idiots’ greed, stupidity and excess.
$66,000 in equity and second loans. They consumed their way into trouble.
Many of these bankrupts pulled out a ton of money from a rising asset. Their home was an ATM machine. And responsible people are supposed to help them stay in their homes? Not be foreclosed on?
Ping!
I think I know where this house might be. It looks very familiar.
I’m supposed to feel sorry for people who took out $66,000 in loans on a house that wasn’t paid for?
“The Binfets had no trouble paying their mortgage for the first three years. As long as the housing market remained strong, so did the family’s income. “
What in the heck does a strong housing market have to do with a family’s income? As long as I have my job my income will remain strong also. My house has nothing to do with my income.
I don’t refinance my house to cash out and buy toys. What a bunch of idiots. I have sacrificed and tried to be wise and I will end up paying for these irresponsible slobs. They get the toys and I get the bill.
Thanks a lot.
Market appreciation = income??? HELLO. McFly??? And they harvested their new-found paper equity.
50K for a deck and some landscaping? You’ve got to be kidding me. Even the guys on This Old House couldn’t run up the bill that high and believe me, they’re experts.
So what if the servicing company changed hands several times over. That didn't change the payment although it would make the monthly mailing a bit confusing. Did they not get all those HUD forms at the closing? Was this a compound-vig loan or something?
If someone stops that far into the story, it is all the fault of the bank and the Binfet's were attacked by their mortgage. BUT .. read on and see how they refinanced and spent their way to ruin and it is clear that while the banks could be considered enablers, the Binfet's enjoyed the high life milking their cash cow home.
Just damn!!
Unless I'm missing something here, this does not compute out as stated. It works out to $341.09 a month not $2,400.00.
I have always rented because I had not the income to feel comfortable enough to be responsible for purchasing a home. Now I feel like an idiot. Responsibility has nothing to do with it, I should have bought a home years ago and if I got into trouble expected the tax payers of this nation to bail me out!
Personal responsibility? What’s that?
Yep all of those people who used their homesto finance their lifestyles are now having to pay the pieper. $50,000 for landscaping YIKES! A shovel and a few trips to Lowe’s over several years is a much cheaper!