Are You Still Living in Your Home?

Question

On almost every block, there are a few vacant homes, left behind by people caught in the Mortgage Meltdown. Every month, an average of $8,437 homes are left vacant by desperate homeowners who can't meet the burden of ballooning payments.

Congress has finally passed a bill to relieve anguished homeowners, but it may be too little, too late. The bill was delayed by Republican legislators, who follow the "Party Line" of saying, "I don't feel sorry for them. They were greedy"

Many of these homeowners lost jobs they have held for years and could have easily met their payments before their jobs ended up in India or China. Other people relied on the assurances of brokers who failed to explain the terms. All of these loans were approved by various banks, who then sold bits and pieces of the mortgages to several entities, until ownership is vague. My question is, should we blame the homeowners or those who so deviously and illegally sold these homes, enjoying the profits from the sales?

Answer 1

My husband and I talk about this just about every day.  We too have struggled deeply to "make ends meet" not near the way many others in the country have; but to our own decree we have..

I really think it is the fault of the homeowner who took on the loan.  For obvious reasons, if they were "lied to" by lenders, but in most of all cases you are given your loan to read and 3 days to sign and rescind your loan if it is not the terms to which you agreed to.  It is the homeowners responsibility to take it to a lawyer if there were parts inwhich they did not understand, or to ask questions.  I bugged the c**p out of our escrow agent and duley so, I fully understood every term in the contract.  

Understanding that some companies have moved to India and other countries, but that is not a new practice in the last 5 years, that has been occuring for decades, if your job moves then you have to either move with your job or get a new job ASAP to pay the bills.  In some cases (such as ours) my husband has a 2nd job to offset the difference.  Will it be forever, No, can we still enjoy a dinner out, a vacation, yes, because we bust our butts and don't live beyond our means.  Many of these homeowners thought a new car was needed to compliment the home, many of them thought they needed all new furniture, tile floors and granite tops. They remodled, shopped and drove off the lots.  It is not just the mortgage they are failing on, it is a multitude of living beyonf their means.  We might drive older cars, we might eat chicken and rice, but we will continue to own our home, go on vacation and put clothes on the kids backs, without the government's help.

It eats me up that others will get assistance after Congress's decision.  Hey, maybe I should too go max out my Home Depot card, and say I can't afford my loan and get cry for help.

This is the same situation when the Food Stamp idea came upon, everyone who needed it got it, but everyone else who jumped on the bandwaggon, and said hey I won't work too, can we have some, got it as well, now our social services dept is depleted of funds for our kids future.

Answer 2

tough question.  of course i think the lenders unscrupulous.  that said "where's my check?"  i wasn't smug enough to think i'm wealthy when i'm not, but i'm affected by the downturn in the economy, as is everyone in this country.  and now i'm being asked to bail out those that insist on living beyond their means?  that's simply outrageous.

Answer 3

I fully agree with Landlord....... .... it's because they bought a home they couldn't afford.  Even the people whom lost their jobs- they bought way over their heads and need their full two incomes to afford the house.  Anyone who does that is just insane!  My husband and I can afford our home on 1 salary- if one of us were to lose our jobs.  No one is effected in our area but it's blue collar and our house are affordable.  It's only happening in the new Mc Mansion that were build and sold for 1/2 million by us.

Angeleye- you are soo right, I told my husband the same thing!  I would kill for new furniture or to remodel my home and I feel NO pity for the people down the street losing their house- my husband even comment they both drive 80,000 cars... why don't they sell them?  And yeah, mortgage people lie but if you go in prada, or a car dealership or anywhere- sales people will tell you- that you can afford things.  People have to learn to count their own pennies and make their own choices.  Why should they get help for overspending and living high on the hog for the past 5 years.....

Answer 4

Yes, I blame the homeowners.    The vast majority did not loose their jobs, they bought homes they could not afford, knowing full well they could not.   It really is nothing but greed and a sense of entitlement on their part, they felt entitled to live in areas above their means.

I also blame the lending industry, they knew full well their clients would end up in foreclosure and signed them up anyway, just to make the commission.    Most of them are seriously lacking in morals.