Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Home to Lose Your Home....
Old 10-10-2007, 01:37 PM   #1
Full time employment: Posting here.
Calgary_Girl's Avatar
 
Join Date: Jun 2004
Location: Calgary
Posts: 775
Home to Lose Your Home....

How to Lose Your Home in a Few Easy Steps:

How to lose your home in a few easy steps - Mortgage Mess - MSNBC.com

This is the part that kills me:

"Toothman ended up buying a $415,000 condo in June 2004. The mortgage was entirely under her name, since her sister could not qualify. But the two agreed to split the monthly payments of $2,400. For a year, Toothman struggled with her half of the payment. Her monthly take-home pay was $2,000."

Uh, doesn't common sense tell you that you probably can't afford a $1,200 mortgage payment if you're only taking home $2,000? Sheesh. But, but, my mortgage-broker told me I could afford it....if he also told you to jump off a bridge, would you? duh.......
__________________

__________________
I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
Calgary_Girl is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-10-2007, 02:08 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,193
Good grief...mortgaged to the absolute hilt...with a variable rate mortgage.

And she was the one who qualified? Entirely in her name to be responsible for a $2400 payment with 2000 take home pay?

And she says "We just wanted a piece of land"--and bought a condo!
__________________

__________________
RunningBum is offline   Reply With Quote
Old 10-10-2007, 02:12 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by RunningBum View Post
And she was the one who qualified? Entirely in her name to be responsible for a $2400 payment with 2000 take home pay?
Probably got a stated income/"liar's loan."

"Just tell us your income: we won't actually check."
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 10-10-2007, 02:21 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
“People stopped being interested in buying homes and more in having an investment”.

Sometimes investments lose money... Someone forgot to tell this lady that little tidbit of wisdom.
__________________
justin is offline   Reply With Quote
Old 10-10-2007, 02:26 PM   #5
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,936
And then the rate, as they agreed to, jumped to $3600. And they had a second loan from Wells Fargo.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 10-10-2007, 02:54 PM   #6
Recycles dryer sheets
 
Join Date: Sep 2007
Posts: 87
Quote:
Originally Posted by article
More people filing bankruptcy these days have perfect credit, zero consumer debt and no missed house payments, said Don Bokovoy, supervising attorney of Pacific Law Center. They are filing bankruptcy because they cannot afford impending higher payments on adjustable mortgages.
There is no way this is right. It sounds like spin from a bankruptcy lawyer trying to get more clients.
__________________
ChemEng is offline   Reply With Quote
Old 10-10-2007, 04:06 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by ChemEng View Post
There is no way this is right. It sounds like spin from a bankruptcy lawyer trying to get more clients.
I agree, that's a total crock...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 10-10-2007, 07:59 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,951
"She wonders who will date a woman with $82,000 in debt. "

...........Noone on this forum!
__________________
jazz4cash is offline   Reply With Quote
Old 10-11-2007, 02:13 AM   #9
Thinks s/he gets paid by the post
packrat44's Avatar
 
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
IMO she saw that 30% rise in prices the year prior to her purchase and she had big $ signs rolling through her head. People should not get greedy and gamble with money they don't have and can't afford to loose. As the saying goes - "Pigs get fat, hogs get slaughtered".
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
packrat44 is offline   Reply With Quote
Old 10-11-2007, 09:00 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by jazz4cash View Post
"She wonders who will date a woman with $82,000 in debt. "
I'm sure John Galt would...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 10-11-2007, 12:33 PM   #11
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 329
Quote:
Originally Posted by jazz4cash View Post
"She wonders who will date a woman with $82,000 in debt. "

...........Noone on this forum!
Depends entirely on the woman. 82k is a bargain price for some
__________________
NinjaPigeon is offline   Reply With Quote
Old 10-11-2007, 06:11 PM   #12
Full time employment: Posting here.
Darryl's Avatar
 
Join Date: Mar 2007
Posts: 577
I'm pretty sure my wife would object but assuming I got clearance and could get past the $82,000 debt I definitely couldn't get past a 30 year old former Navy Officer who says "If they had counseled me correctly I wouldn't have these problems" AAAAaaaarrrrrrgggghhhhhhhhh.
__________________
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
Darryl is offline   Reply With Quote
Old 10-12-2007, 11:27 PM   #13
Full time employment: Posting here.
citrine's Avatar
 
Join Date: Mar 2007
Posts: 944
Wow....what a nitwit...I cannot believe that she is concerned about dating when her whole financial/credit history is down the tubes!
I am just amazed at how so many people just got so wrapped up in the whole housing thing that they neglected to do simple math.....
__________________
citrine is offline   Reply With Quote
Old 10-15-2007, 01:44 PM   #14
Recycles dryer sheets
 
Join Date: Sep 2007
Posts: 87
Quote:
Originally Posted by citrine View Post
Wow....what a nitwit...I cannot believe that she is concerned about dating when her whole financial/credit history is down the tubes!
I am just amazed at how so many people just got so wrapped up in the whole housing thing that they neglected to do simple math.....
Actually simple math with dating can save her:
(her -$82k) + (his $164k)/2 = $0

All it takes is a marriage and quick divorce to fix her problem. Simple math indeed!
__________________
ChemEng is offline   Reply With Quote
Old 10-15-2007, 02:50 PM   #15
Dryer sheet aficionado
Raygun99's Avatar
 
Join Date: Oct 2007
Location: Rockwall,
Posts: 41
"a former Navy officer and bioscience technician "----- I don't get it.. Looks like she had the brains to know she was over her head. This sounds like posturing that a lot of people caught in the trap are starting to echo in hopes of some class action law suit against those bad lenders. Yes they are bad lenders but your IQ should have told you its a bad deal.. No tears from me. and NO bail out from my tax money. GOV can waste it on a lot of other things but let the lenders and borrowers choke.
__________________
Raygun99 is offline   Reply With Quote
Old 10-16-2007, 02:14 PM   #16
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,078
Quote:
Originally Posted by Darryl View Post
a 30 year old former Navy Officer who says "If they had counseled me correctly I wouldn't have these problems" AAAAaaaarrrrrrgggghhhhhhhhh.
Yeah, that's pretty lame.

Isn't it typical how the article portrays Countrywide and (especially) Wells Fargo as the 'bad guys' in this sorry tale. It's certainly not clear to me why the lenders should have voluntarily agreed to take less than 100 cents on the dollar, allowing the borrower to skip out on the balance of her debt. Certainly there's no indication in the article that Toothman negotiated her mortgages on a non-recourse basis ... and Wells Fargo is not responsible for the decline in the condo's value since the 2004 purchase.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is offline   Reply With Quote
Old 10-16-2007, 02:57 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Raygun99 View Post
"a former Navy officer and bioscience technician "----- I don't get it.. Looks like she had the brains to know she was over her head. This sounds like posturing that a lot of people caught in the trap are starting to echo in hopes of some class action law suit against those bad lenders. Yes they are bad lenders but your IQ should have told you its a bad deal.. No tears from me. and NO bail out from my tax money. GOV can waste it on a lot of other things but let the lenders and borrowers choke.
I'll bet Nords is right now looking to write the Naval Academy and ask how this happened........
__________________

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Home Again REWahoo Hi, I am... 5 12-25-2012 09:26 AM
Second Home treypar Life after FIRE 56 02-27-2007 05:52 PM
Your Home Value - Still Going Up? Danny Other topics 17 07-01-2006 02:05 PM
AZ second home ? renferme Life after FIRE 7 10-31-2005 08:23 AM
A House, not a Home Martha Other topics 41 04-12-2005 05:34 AM

 

 
All times are GMT -6. The time now is 10:29 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.