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#21
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Remember my Wells Fargo problems. . .
"Lesley" wrote in message ... On May 5, 7:32 am, "tanadashoes" wrote: .. The attorney for the sellers informed us that we were the first people he'd seen read their mortgage contract in a long long time. I am amazed!!!! Okay I rent but if I was taking out the biggest loan of my entire life would I read the small print?... Of course I would! ======================================== We had a fairly easy time of it finding a house that met our criteria. It also sailed through the inspection process, the VA loan process, the bidding war (we only bid $2000 below asking price) and so forth. It was less than a month from start to finish. I've bumped into people who claim to have spent months on end finding a place that suited them, going through the finance blues (we had excellent credit going in, circumstances since have changed it), bidding wars from hell, and so forth. I can understand being shell shocked after that and not reading the contract through. However, I was taught by parents who'd been stomped on enough, being stomped on enough, and marrying into a financially conservative family that refused to get stomped on. I read all contracts, service statements, and so forth. Clerks hate me, lawyers shun me, and I'm considered a prime candidate for death by ink poisoning. Actually I'm a marshmallow who panics when things aren't written on paper as they are represented by mouth. Don't ask me about the infamous transmission problem. Ok, do, but it still gripes my cookies. Pam S. tongue in cheek. |
#22
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Remember my Wells Fargo problems. . .
wrote in message
... The city of New Orleans is cooperating with large corporations to take land away from homeowners and sell it to the corporations so they can build "yuppie condos" and make a killing. What they've been doing is, when owners can't fix their homes (most are still without jobs since businesses in the area are still recovering), the city will bulldoze the house and then charge the homeowner for it. If the homeowner can't pay for the bulldozing, the city confiscates the home/land and then sells it. It's heartbreaking what's happening to our once productive and robust country. The American dream has turned into a nightmare! That is absolutely *UNBELIVABLE* and completely outrageous!!! Helen M ================================================== I really believe the US is in crisis - our government has catered to big businesses for so long now that the "middle class" is becoming extinct. The top 1% of our population makes about 90% of the money here. More and more people are losing their homes (OB people are turning in cats and other pets to shelters in record numbers because they no longer have any place to live), small businesses are going bankrupt, it's really, really scary to live here right now. Hugs, CatNipped |
#23
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Remember my Wells Fargo problems. . .
Those people that this happens to about knocking down their homes, need to
contact every news agency on the planet. I know three people who lost their homes because they couldn't pay the mortgage. However, and this will make me no friends here, all of them bought way over their heads. The banks should have not given the loan but, if even I, who am math impaired, knew they were biting off more than they should have been able to chew, each also had a new car payment and kids, they should have known this too. I know crap happens and a lot of the time it is unintended. But, bottom line to me is WHY do so many people have to start out a marriage, life or whatever, at the point it took their parents 40 years to get to? My kids are included in this question. "CatNipped" wrote in message ... wrote in message ... The city of New Orleans is cooperating with large corporations to take land away from homeowners and sell it to the corporations so they can build "yuppie condos" and make a killing. What they've been doing is, when owners can't fix their homes (most are still without jobs since businesses in the area are still recovering), the city will bulldoze the house and then charge the homeowner for it. If the homeowner can't pay for the bulldozing, the city confiscates the home/land and then sells it. It's heartbreaking what's happening to our once productive and robust country. The American dream has turned into a nightmare! That is absolutely *UNBELIVABLE* and completely outrageous!!! Helen M ================================================== I really believe the US is in crisis - our government has catered to big businesses for so long now that the "middle class" is becoming extinct. The top 1% of our population makes about 90% of the money here. More and more people are losing their homes (OB people are turning in cats and other pets to shelters in record numbers because they no longer have any place to live), small businesses are going bankrupt, it's really, really scary to live here right now. Hugs, CatNipped |
#24
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Remember my Wells Fargo problems. . .
Granby wrote:
Those people that this happens to about knocking down their homes, need to contact every news agency on the planet. But lots of people take advantage of "disasters". I don't automaticall lay all that at the feet of the government. My ex-, Ray, was a carpenter. He used to go help rebuild in the wake of hurricanes. (In fact, he may well be dead because when he heard about Katrina the first thing he would have done was charge down there to be with his remaining family members in Bay St. Louis, MS, which was wiped off the map.) He told me outrageous stories of price gouging by everyone. Need lumber? The price just went up 50%. Need an electrician? Sure, but our rates are now $200/hr. rather than $75. And we're talking *years* before GW was in office, so you can't blame the sitting President. THE GOVERNMENT DOESN'T HAVE A MONOPOLY ON GREED. I know three people who lost their homes because they couldn't pay the mortgage. However, and this will make me no friends here, all of them bought way over their heads. The banks should have not given the loan but, if even I, who am math impaired, knew they were biting off more than they should have been able to chew, each also had a new car payment and kids, they should have known this too. I know crap happens and a lot of the time it is unintended. But, bottom line to me is WHY do so many people have to start out a marriage, life or whatever, at the point it took their parents 40 years to get to? My kids are included in this question As I mentioned in reply to Sherry's post, my single brother sold a very nice 3 br/2ba house in a good neighborhood and built a 5 br/4 ba house. Question: Why does a single person with no kids need 2 more bedrooms and 2 more bathrooms to clean? Answer: Keeping up with the Joneses. He's a good cook but he's not a profession chef. He paid a lot of money for his new kitchen. It doesn't turn out any better-tasting meals than the old one did He doesn't need a formal dining room; it's been used once in 2 years. Could be another 2 years before it's used again. He didn't need to get rid of all of his furniture (except for his bedroom set, which he's planning to replace) and buy all new, either. But he figured, new house, get all new stuff. He even gave away a perfectly good television rather than just put it in one of the unused bedrooms. And if he loses his job, he's going to need hip waders to get through the resulting ****. At least he didn't buy a new car to coordinate with the shade of the bricks! Jill wrote in message ... wrote in message ... The city of New Orleans is cooperating with large corporations to take land away from homeowners and sell it to the corporations so they can build "yuppie condos" and make a killing. What they've been doing is, when owners can't fix their homes (most are still without jobs since businesses in the area are still recovering), the city will bulldoze the house and then charge the homeowner for it. If the homeowner can't pay for the bulldozing, the city confiscates the home/land and then sells it. It's heartbreaking what's happening to our once productive and robust country. The American dream has turned into a nightmare! That is absolutely *UNBELIVABLE* and completely outrageous!!! Helen M ================================================== I really believe the US is in crisis - our government has catered to big businesses for so long now that the "middle class" is becoming extinct. The top 1% of our population makes about 90% of the money here. More and more people are losing their homes (OB people are turning in cats and other pets to shelters in record numbers because they no longer have any place to live), small businesses are going bankrupt, it's really, really scary to live here right now. Hugs, CatNipped |
#25
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Remember my Wells Fargo problems. . .
kilikini wrote:
Granby wrote: I know three people who lost their homes because they couldn't pay the mortgage. However, and this will make me no friends here, all of them bought way over their heads. The banks should have not given the loan but, if even I, who am math impaired, knew they were biting off more than they should have been able to chew, each also had a new car payment and kids, they should have known this too. In our case, my husband is basically unemployed because the housing industry here in Florida has completely stopped. 36% of EXISTING houses are up for sale due to rising property taxes and lack of home insurance - who wants to build? (My husband is a framer/trim carpenter, by the way.) There is a state-funded home insurance company called Citizen's that pretty much has the market because most other insurance companies pulled out. They're at least triple what former home owner's insurance policies were just a couple of years ago. Our property tax has more than doubled. To put it simply, we paid $700 a year for insurance 2 years ago and we're now paying $2200. Our property tax was about $900 a year and now it's about $1800 AND our mortgage went from $456 to $700. All in the past couple of years! We live in an 800 square foot house on a really small lot in the center of crackville. My husband has worked, maybe, 5 days in the past month and a half and I'm on disability. We're really scared, to be honest. When work was strong, we could barely afford what we had, but now that there's no work, and since I got sick, we're hurting - and we live cheaply! I hate to say this, because my husband is a strong-minded man, but he's cried on my shoulder wondering what in the heck we're going to do. We can't sell, because nobody's buying and where would we go that we could live as "cheaply" as we do here? Rent anywhere, these days, is about $1000 a month. Plus we've got our 3 cats and two rats to think of. If we go out-of-state, I lose my Medicaid, which I need for my cancer check-ups. We're kind of stuck. We really don't live beyond our means. We don't buy clothes. We have one vehicle. We spend our money on food, gas, the animals, toiletries, and bills. I think this is the sign that America is going down. Recession my butt; we're in a depression. kili -------sorry for the rant No problem about the rant but you guys shoulda got out years ago. It was going from bad to worse when you got there, sweetie. The writing was already on the wall but the housing situation wasn't nearly in the shape it's in now. I know, shoulda/woulda/coulda and all that. Doesn't help you now. I wish I could make things better but I can't. All I can say is, I'm sure glad I didn't give into my urge to buy a house back in 2002. I was on top of the world at the time. But I'm cynical enough to realize things never stay that way for very long Jill |
#26
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Remember my Wells Fargo problems. . .
On May 5, 9:14*am, "Granby" wrote:
I know three people who lost their homes because they couldn't pay the mortgage. And over here in London I know people who have had to buy even through they were taking out a big mortgage but even so the cost of renting is such that they couldn't afford to rent- they're tied oin for 25 years because their monthly payments are less than the rent but they are at the mercy of their building societies, the job market and negative equity Every time I hear about this I want to send my landlord flowers- not that they'd be happy we moved in back when housing associations were charities and the aim was affordable housing for local people then a certain Mrs Thatcher stripped them of their charitable status so they charge market rents....apart from tenants already in who remained protected under the fair rent acts like us....I pay less than some friends pay for bedsitters/studio flats and if I ever had to leave here then to pay anything as low as this I would have to move miles away Lesley Slave of the Fabulous Furballs |
#27
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Remember my Wells Fargo problems. . .
Lesley wrote:
Every time I hear about this I want to send my landlord flowers- not that they'd be happy we moved in back when housing associations were charities and the aim was affordable housing for local people then a certain Mrs Thatcher stripped them of their charitable status so they charge market rents.... Wow, you *have* been there a long time! How long? -- Joyce To email me, remove the triple-X from my user name. ^..^ |
#28
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Remember my Wells Fargo problems. . .
Sherry wrote: Well, yeah, it's opportunistic, it's predatory lending. But, don't you think *some* accountability rests with the borrower? I'm not talking about people like Pam, or the many others whose world gets turned upside down from health issues, or job loss, etc. There are a whole lot of people out there having homes reposessed simply because they bought homes more expensive than what they could afford. Probably true, but there is an astonishing number of people out there who are quite ignorant about what they can and cannot afford. All it takes is a slick realtor more concerned with his commissions than his client's needs, and a not terribly scrupulous loan officer, and they're quickly in debt way over their heads. |
#29
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Remember my Wells Fargo problems. . .
Lesley wrote: On May 5, 7:32 am, "tanadashoes" wrote: . The attorney for the sellers informed us that we were the first people he'd seen read their mortgage contract in a long long time. I am amazed!!!! Okay I rent but if I was taking out the biggest loan of my entire life would I read the small print?... Of course I would! The problem is, a lot of people don't understand what they're reading, and hate to admit their ignorance. Consequently, rather than spend the money to hire an attorney to look it over and advise them, they let themselves be suckered into a loan they can't afford. (And find themselves losing their entire investment later, because they were too cheap to pay attorney fees when it was in their best interest to do so.) |
#30
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Remember my Wells Fargo problems. . .
"EvelynVogtGamble(Divamanque)" wrote in message
... Sherry wrote: Well, yeah, it's opportunistic, it's predatory lending. But, don't you think *some* accountability rests with the borrower? I'm not talking about people like Pam, or the many others whose world gets turned upside down from health issues, or job loss, etc. There are a whole lot of people out there having homes reposessed simply because they bought homes more expensive than what they could afford. Probably true, but there is an astonishing number of people out there who are quite ignorant about what they can and cannot afford. All it takes is a slick realtor more concerned with his commissions than his client's needs, and a not terribly scrupulous loan officer, and they're quickly in debt way over their heads. We did a "credit score zone" test for how much house we could afford (and actually made a loan for considerably less than we were approved for). However, 2 weeks after closing, I lost my job (Ben was working as house husband back then and didn't have a paying job). I had to take a job for half what I was making - so there went the "credit score zone" results right out of the window. Thank goodness we had been conservative about the loan we made or we probably would have lost the house almost as soon as we'd moved in (as it is, we're still living in a dilapidated "fixer-upper" that we've never been able to fix). As it is, the FIRST thing we pay each month is our house note (even before doing groceries) - every other bill collector can wait their turn, but we need a roof over our heads. I guess what I'm saying is that, even if you don't buy too much house for your pocketbook, situations can change drastically overnight - and in this society where most people live paycheck to paycheck, you can be out on the street in a heartbeat. Hugs, CatNipped |
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