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Post by jgaffney on Mar 2, 2009 23:24:49 GMT -5
Michael Coit had a touching story in this morning's PeeDee, "Despite federal efforts, home default notices rising." In the article, Michael uses the sad tale of two local men who are facing foreclosure as a springboard for an article about how the President's plan to rescue homeowners facing default won't really work. However, when I started looking into it deeper, some things in Mr. Somerton’s story didn’t quite ring true. I wonder if the reporter considered these issues when he was researching his story: - If Mr. Somerton’s father built the house, why is the outstanding balance on the mortgage now $220,000?
- If Mr. Somerton’s father built the house, why does Mr. Somerton now have a mortgage with Countrywide Financial, a relatively new player on the scene?
- If Mr. Somerton has been refinancing the house to take cash out of it, what did he do with that cash?
Just like many other sad tales that are brought up when people talk about a homeowner rescue plan, this one doesn’t seem to stand closer scrutiny. Many people were reckless in their mortgages and got caught short when the market soured. Does that create an obligation on my part to help these people out? |
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Post by subdjoe on Mar 2, 2009 23:37:23 GMT -5
Almost a year and a half ago my wife got laid off. She went into a downward spiral, and is likely clinically depressed, but we can't afford the to get her treated. Because we no longer had her income, we couldn't keep up the payments and waited too long to try to do anything about it. So, late last summer we lost that house. Prices were such that what we owed was about what the house would bring on the market. It would have been nice to keep it. It would be nice to get some "free" money from the government to let us buy something else. But I don't expect it.
We are doing what we can to get started over. The trips that I take with the cannon someone else pays for the fuel, powder, and, if I have to miss some work, a little towards that too. Although work has been a bit slow for me recently. It isn't easy, but we are doing what we can.
These people who are wringing their hands and saying "Oh! Woe is me!" make me sick.
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Post by The New Guy on Mar 2, 2009 23:58:08 GMT -5
an honest man's pillow is his peace of mind, joe. rest easy, brother.
Yep. God doesn't give us anything we can't handle if we trust Him. But, sometimes it ain't easy to do.
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Post by JustMyOpinion on Mar 3, 2009 9:37:21 GMT -5
subdjoe, so sorry to hear about your wife, and troubles. Does Lake CO have 211 yet? And, is your wife old enough to be starting peri-menopause? Maybe part of her inability to cope is hormone related? It happens.
I agree with TNG, there have been times in my life when I really didn't think I could handle the stress of one more day and yet, here I am and believe it or not, much wiser for it.
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Post by subdjoe on Mar 3, 2009 11:24:27 GMT -5
subdjoe, so sorry to hear about your wife, and troubles. Does Lake CO have 211 yet? And, is your wife old enough to be starting peri-menopause? Maybe part of her inability to cope is hormone related? It happens. I agree with TNG, there have been times in my life when I really didn't think I could handle the stress of one more day and yet, here I am and believe it or not, much wiser for it. She is perimenopausal. And in 07 she was having such heavy flow because of fibroids that she almost bled to death (like about a pint and a half in one night, after 4 days of heavy flow). Took her to ER, they pumped 4 units into her and did a parital hysterectomy. No, Lake doesn't have it yet. We did just get her qualified for assistance, but it has been a very slow process. Thanks for your concern. |
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Post by moondog on Mar 3, 2009 11:49:32 GMT -5
I wish there were more that I could do for others. I have a friend who is also in some difficulty, due to the drop in the housing market. It is easy to own more then your house is worth. This is what happens when the federal government gets involved in driving the housing prices up with bad loan criteria. I gave him some cash to help, all I could afford. Not a loan, but an appreciation for being there for me over the 30 some odd year friendship we have had.
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Post by JustMyOpinion on Mar 3, 2009 13:52:15 GMT -5
subdjoe, so sorry to hear that. She might have a hormone imbalance, and it can really mess with a woman's emotional/mental stability! I'm sure losing your house on top of it amplified her sadness.
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Post by JustMyOpinion on Mar 3, 2009 13:58:26 GMT -5
moondog, I know what you mean I have a friend/former business acquaintance that just lost a very successful business that she spent YEARS building. She expanded just as the housing market tanked and lost not only her business, but investment properties, savings and is doing all she can to keep her home. The other unfortunate thing is she was just about ready to retire, and that will not happen now for many years (she will be working at an old age). Sadly, she had to file bankruptcy, and we did loan her money last year to help her try and salvage her business, now I just hope she can rebuild and pay us back.  |
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Post by subdjoe on Mar 3, 2009 14:06:41 GMT -5
OK, look what we have here - ordinary citizens helping each other out when and where they can. This is how it is supposed to work, not the State bailing people out with all sorts of strings attached.
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Post by JustMyOpinion on Mar 3, 2009 14:37:47 GMT -5
And then there are some of us who have relatives (in my case my son), who won't help themselves.
Regarding my son, it takes EVERYTHING I have to throw him a bone (not literally, sort of). I am really tired of him repeating the same old sh-- over, and over all the while not accepting full responsibility for his actions, or acknowledging he has Bipolar disorder. He needs to take medication, but thinks he doesn't need it. You know, I would think after spending several months in, ready, wait for it, here it comes... SAN QUENTIN, he would get a f-ing clue! Nope, he was a "victim" of circumstance,, "unfairly convicted" yeah, yeah, yeah, heard it ALL before! I am so DONE! He will be 29 years old this month and it is time to cut the apron strings.
Just thought I'd share. I feel better now! ;D
To add: Before I get called on it, yes, thread drift. Sorry!
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Post by subdjoe on Mar 3, 2009 14:56:18 GMT -5
Not really drift. Part of the same thing - how some people are never at fault for what they do. And - Good For You! on making the hard decision to let him sink or swim on his own.
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Post by moondog on Mar 3, 2009 15:26:11 GMT -5
moondog, I know what you mean I have a friend/former business acquaintance that just lost a very successful business that she spent YEARS building. She expanded just as the housing market tanked and lost not only her business, but investment properties, savings and is doing all she can to keep her home. The other unfortunate thing is she was just about ready to retire, and that will not happen now for many years (she will be working at an old age). Sadly, she had to file bankruptcy, and we did loan her money last year to help her try and salvage her business, now I just hope she can rebuild and pay us back. Sadly, this is the result of too much rewarding the failures and punishing the successful. Failure is just as valuable, in fact more valuable, then success. We learn from our failures, not our successes. |
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