Posted on 07/09/2007 8:28:47 AM PDT by BenLurkin
Edited on 07/09/2007 8:30:20 AM PDT by Admin Moderator. [history]
More than a quarter million black and Hispanic families are expected to lose their homes in the next few years due to foreclosure. For many, the financial trouble will be traceable to a mortgage they should never have been given.
I think the reason many minority families get into trouble mortgage wise is that they often buy more house than they can afford.And there is a psychology going on here.
For many blacks-and Hispanics-who grew up in low income areas,the American Dream has always been to have a big house in the suburbs.For black women in particular,this is an obsession.And one can sympathize.After all,they don’t want their kids going to the horrible schools in the hood and have to deal with the gunfire and rip offs that happen so frequently.
So in order to purchase this dream house,many minority families pull out all stops and manage to get the mortgage.Yet they find that living the suburban lifestyle means spending all kinds of money on other things in order to keep up with the proverbial Joneses.Debt then piles up and finally many of these families do lose their house and their dream and they are back renting in the hood again.
Not saying this justifies their wrong headed thinking,just trying to explain it.
And you do your job for the satisfaction?
If you think being a real estate agent is such a lucrative profession, I guarantee you that you can get a job doing it.
Of course, only about one out of a hundred actually make a living at it. You have to be willing to be available at all hours of the day and night, weekends and holidays, rain or shine, to show people houses.
Most people just want to put in their time and get a paycheck. I suspect that you are one of those.
Most states require constant reeducation programs for license renewals, for laws change or new laws are instituted and must be followed.”
Yes, yes ... but HONESTY is not required. Brokers as well as against have ETHICAL issues and no amount of real estate courses, what is it a measly 6 credits, a state test and working for a broker for a few years to become a broker will stop ANY SHYSTER from THRIVING in real estate. Or for that matter simply to get a license to be an agent. Well schooled? LOL! Any idiot can become an agent or a broker - it’s not a prestigious profession by any stretch of the imagination - in comparing to becoming a lawyer there is some schooling there. Still “schooling”, “tests”,
“licenses” don’t stop creepy people for being what they are - dishonest “prostitutes” for $$$.
The turnover rate for agents and brokers is HIGH so the need to make a buck is even more urgent. It’s an over crowded field that ANYONE can enter.
It’s all about MONEY.
Yeah... I’m a divorced mom and I have a mortgage that’s tough to make payments on but you don’t see me complaining about discrimination! LOL I did recently acquire a fiance though and that helped me deal with my June ARM increase he he. Seriously though, my payment went up about $300 but I had planned for it and knew it would be ok. Worse thing though someone screwed up my escrow at closing and now I’m making double escrow payments :( I wasn’t explecting to have to pay an extra $200/month on that!
But, I’m not planning on letting the bank foreclose! It’s war!
I agree....I work for www.CurrentForeclosures.com and I think the increase in foreclosures is occuring because of subprime loans and ARM loans-hopefully if people were more aware of what they were getting into they would choose not to go through with the loan...
I don’t work. I left management a few years ago. Staying home with the “kiddies” is more important to me and hubby.
Hubby handles bringing home the “bacon”. We are VERY comfortable.
He does it for the money but he isn’t a shyster. He doesn’t hate his profession either.
>Since when does one advertise stupidity? People don’t. They’re embarrassed. There’s ALWAYS someone out there to exploit - ALWAYS! Shysters THRIVE in real estate.<
I have only one thing to say about the above statement. People do have a proclivity to judge others by themselves.
“Yet, for those buyers and sellers who care about race, the realtors have developed a code for transmitting that federally forbidden information which leaves them in the clear.”
I was in the business for several years and am here to tell you, there is NO MORE SURE WAY to put your broker’s arse in a sling than to screw around with fair housing regulations. We’re talking 5-digit federal fines here. Or, did I misread what you said? If so, my apologies.
Same here. We could have obtained a mortgage for $200K with an ARM. My wife and I have learned a few things over the years, however; instead, we bought a $90K house at a flat six percent and never looked back. We owe $70K today and do not fear the mortgage company.
It’s called frugality, gang, You live within your means. I had to learn that lesson the hard way. Others may have to as well. I just feel sorry for the poor little kids who are going to suffer because mommy and daddy are too greedy and stupid to buy a house that they can afford.
“Lay not up to yourselves treasures on earth: where the rust, and moth consume, and where thieves break through, and steal. But lay up to yourselves treasures in heaven: where neither the rust nor moth doth consume, and where thieves do not break through, nor steal. For where thy treasure is, there is thy heart also.” — Matthew 6:18-21
No I haven’t shown any “stupidity”. A few women like me who don’t have to work, tried real estate while the kiddies where in school. They were APPALLLED at the routine under handed stuff that went on. They all had college degrees and substantial positions before they left the work force. It wasn’t worth it to them to sell out as a shyster.
“so I must assume that you are a hard headed, self righteous and unreasonable person, and thus I leave you to your own devices. :)”
Silly name calling doesn’t change the truth about the being dishonest and sleazy as either a real estate agent or broker - it just goes with the business. For others that have NOT had to be such a low life, it’s appalling and they don’t stay in the “profession”. They didn’t have to leave their scruples at home in a more professional position and see no need to do that now in a lowly real estate job.
In most states a forced escrow account is illegal. Just change it to where you pay your own taxes and Insurance.
An escrow account is, in effect, you making an interest free loan to your bank.
You: I have only one thing to say about the above statement. People do have a proclivity to judge others by themselves.
You don’t really need to hear about others through others ... people aren’t so hard to read ... . The “profession” of real estate is known for sleaziness - like prostitution.
Your quoted statement was not mine, but solely yours. And you are the one who is judging others by yourself.
By the way, what business are you in?
Preyed upon by their own race.
Twenty years go. Everyone bellyached that they were being redlined and not given mortgages or loans. Now banks give mortgages and loans to deadbeats and up their rates to everyone else to pay for the occasional loss. Now they arre finding out that the deadbeat part of the population actually are deadbeats and don’t pay.
Sorry, no tears here. If you can’t afford a mortgage and get one anyway, then eventually you will lose your house.
Foreclosures Up; Women, Minorities Hardest Hit
I was waiting for someone to catch that!
No, I quoted others who left this “profession”.
“By the way, what business are you in?”
I don’t have to work - so I don't. I left my position as a regional manager for a F500 software vendor.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.