Those who take offense to my post, please understand I HAVE BEEN THERE. I lost 40% of my income over 7 years ago after 17 years with the company I worked for. My bills were based on what we made. I'm still paying the price, but I can pay my bills. I just don't think the government should come and bail me out on the backs of others or future generations - my kids and grandkids.
We just keep slowing down the inevitable in this country - which has been going on since the Carter administration. We need to just let the chips fall where they may and let the free market adjust. It will be hell on earth for a while, but it's coming anyway. We can't keep borrowing from Peter to pay Paul!
If you all think things are bad now, just wait until the inflation hits from all this debt we are taking on. If you thought the late 70's and early 80's were bad (I know some of you don't remember), you haven't seen anything yet. We will have to up the interest we pay to foreign countries in order to get them to buy our bonds. And God help us if foreign countries stop buying our bonds all together!
I understand some like to blame the banks, realtors, etc. Where is the responsibility of people reading their contracts before they sign them. If they don't understand, hire an attorney to explain it to you! They are spending thousands of dollars over 30 years - good grief! They just had a single mother as an example on CBS this morning. She purchased a house for $560,000! Come on, how did she ever think she could afford that! I live in a small ranch house. If anything ever happend to my husband I have always said I would live in an apartment. I would not try to stay in my home! I know I can't handle it on my own.
I agree it's greed, but greed on many in this country. When is enough enough. I watch HGTV like Property Virgins and these people say things like, the appliances are old, they aren't SS, etc. I agree people today want what their parents have as soon as they are out of the house - even more then their parents have actually! Luckily I have had examples in my own family for my children to see mistakes they have made. We have tried to tell them to spend within their means. Hopefully they will listen to us.
My husband and I also could have been a statistic and lost our house several times. First time would have been the first year we moved in. He had been with his company for 2 years and always worked over time. When we went to get our mortgage we could have based the loan on his two-years pay average, but we didn't. We based it on 40 hours a week - we figured he would at least work that. The week after we closed on our house he was cut back to 32 hours a week! This lasted for 2 1/2 years! Luckily we didn't listen to the bank. We had a cushion built in and we survived. Oh, and I forgot to mention I was also pregnant for our first child when we moved in as well! We found out a week later! There have been other bumps, like me losing my job.
We purchased a small ranch home, would have loved to move into something bigger after having 3 kids, but we didn't. We would have loved to have at least a basement on the house, but we couldn't afford the extra money on the mortgage! We have lived within our means.
I know there are many who have been in their house for a lot of years. They probably are the ones who need help, unfortunately they probably will not qualify. It's only those who purchased way above their means that will get help.
We just keep slowing down the inevitable in this country - which has been going on since the Carter administration. We need to just let the chips fall where they may and let the free market adjust. It will be hell on earth for a while, but it's coming anyway. We can't keep borrowing from Peter to pay Paul!
If you all think things are bad now, just wait until the inflation hits from all this debt we are taking on. If you thought the late 70's and early 80's were bad (I know some of you don't remember), you haven't seen anything yet. We will have to up the interest we pay to foreign countries in order to get them to buy our bonds. And God help us if foreign countries stop buying our bonds all together!
I understand some like to blame the banks, realtors, etc. Where is the responsibility of people reading their contracts before they sign them. If they don't understand, hire an attorney to explain it to you! They are spending thousands of dollars over 30 years - good grief! They just had a single mother as an example on CBS this morning. She purchased a house for $560,000! Come on, how did she ever think she could afford that! I live in a small ranch house. If anything ever happend to my husband I have always said I would live in an apartment. I would not try to stay in my home! I know I can't handle it on my own.
I agree it's greed, but greed on many in this country. When is enough enough. I watch HGTV like Property Virgins and these people say things like, the appliances are old, they aren't SS, etc. I agree people today want what their parents have as soon as they are out of the house - even more then their parents have actually! Luckily I have had examples in my own family for my children to see mistakes they have made. We have tried to tell them to spend within their means. Hopefully they will listen to us.
My husband and I also could have been a statistic and lost our house several times. First time would have been the first year we moved in. He had been with his company for 2 years and always worked over time. When we went to get our mortgage we could have based the loan on his two-years pay average, but we didn't. We based it on 40 hours a week - we figured he would at least work that. The week after we closed on our house he was cut back to 32 hours a week! This lasted for 2 1/2 years! Luckily we didn't listen to the bank. We had a cushion built in and we survived. Oh, and I forgot to mention I was also pregnant for our first child when we moved in as well! We found out a week later! There have been other bumps, like me losing my job.
We purchased a small ranch home, would have loved to move into something bigger after having 3 kids, but we didn't. We would have loved to have at least a basement on the house, but we couldn't afford the extra money on the mortgage! We have lived within our means.
I know there are many who have been in their house for a lot of years. They probably are the ones who need help, unfortunately they probably will not qualify. It's only those who purchased way above their means that will get help.
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