Bank gets foreclosed on by homeowner. - Page 2 - Snowboarding Forum - Snowboard Enthusiast Forums
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post #11 of 22 (permalink) Old 06-08-2011, 09:23 AM
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I would hate to be young person just starting out in todays society. When I bought my house in '93 things were pretty simple, you bought a "starter house" that you could afford, had kids, got promoted at your job, built equity in your home until the need arose for a larger house. At that point you had enough equity, cash savings, credit score and income to get something larger.

Then it got to the point where young couples started out with huge 500k houses and lived paycheck to paycheck to get to point of where they should have hit in thier 30's. Somewhere along the line big business/gov't decided to sell our middle class to 3rd world countries, because let's face it, sustaining our middle class was just getting to expensive. So no more raises for mr. Smith, no decent paying jobs for Mrs. Smith, so poof there goes the 500k home. In walks Mr. and Mrs. Jones who think they can afford the smiths old house, and the cycle repeats.....

Crap!! I had a nice big rant, but now rather then finishing that thought I have to go chase the almighty dollar and get my ass to work...

Moral of the story, we fucked ourselves by being so caught up in "the american dream" no one was paying attention whne it got sold out from under us.


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post #12 of 22 (permalink) Old 06-08-2011, 12:04 PM
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I would hate to be young person just starting out in todays society. When I bought my house in '93 things were pretty simple, you bought a "starter house" that you could afford, had kids, got promoted at your job, built equity in your home until the need arose for a larger house. At that point you had enough equity, cash savings, credit score and income to get something larger.

Then it got to the point where young couples started out with huge 500k houses and lived paycheck to paycheck to get to point of where they should have hit in thier 30's. Somewhere along the line big business/gov't decided to sell our middle class to 3rd world countries, because let's face it, sustaining our middle class was just getting to expensive. So no more raises for mr. Smith, no decent paying jobs for Mrs. Smith, so poof there goes the 500k home. In walks Mr. and Mrs. Jones who think they can afford the smiths old house, and the cycle repeats.....

Crap!! I had a nice big rant, but now rather then finishing that thought I have to go chase the almighty dollar and get my ass to work...

Moral of the story, we fucked ourselves by being so caught up in "the american dream" no one was paying attention whne it got sold out from under us.
Yeah man, keepin up with those damn Joneses is killing my generation right now (30 somethings). I've got way too many friends that are underwater on their nice houses and drive pretty sick cars, but are gonna get screwed by that house and are buried under credit card debt and car payments.
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post #13 of 22 (permalink) Old 06-09-2011, 07:34 AM
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^^^^^^^ Agreed.

Or him.


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post #14 of 22 (permalink) Old 06-09-2011, 06:25 PM
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Then it got to the point where young couples started out with huge 500k houses and lived paycheck to paycheck to get to point of where they should have hit in thier 30's. Somewhere along the line big business/gov't decided to sell our middle class to 3rd world countries, because let's face it, sustaining our middle class was just getting to expensive. So no more raises for mr. Smith, no decent paying jobs for Mrs. Smith, so poof there goes the 500k home. In walks Mr. and Mrs. Jones who think they can afford the smiths old house, and the cycle repeats.....
A house inspector I know just did a 450k house for a cop. After the inspection he told the dude he's only looking at $2000 tops to get everything perfect. Cop said he cant do it, $2000 was out of his budget.....

What. The. Fuck....

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post #15 of 22 (permalink) Old 06-12-2011, 05:49 PM
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^^^ That guy is definitely in over his head then if he can't afford 2k to put into it.

That's a great story, nice to hear a bank being held accountable for it's BS. I have sympathy for some situations, but most people were just plain stupid and bought way to much house than they could afford. Regardless of what they banks did on their side, it's your own fault if you can't afford to make the payments on your house, you should be factoring in job loss and property values staying the same or declining slightly over a 5-10 year period as is the usual housing cycle. Maybe it's just me because I hate owing money, but I couldn't see myself ever getting that far in over my head. Hell I even heard stories of people that bought so much house that they could barely afford insurance on it. Yeah smart choice, don't insure what is likely the biggest purchase you'll make in your entire life.

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