Welcome to the APBWeb.
Results 1 to 10 of 10
  1. #1
    Caveman's Avatar
    Caveman is offline Something Smells Kinda Funny
    Verified LEO
    Join Date
    07-05-06
    Location
    Left Coast
    Posts
    680
    Rep Power
    281135

    Caveman economics. (No Joke)

    I don't have a personal rant page and Ive had some strong coffee, been listening to political radio and have some time on my hands so bare with me..


    Now myself, as well as a lot of you, own my home. Now when I say “own” I mean the bank owns about 60% of it. So yes, I have a loan, a loan to own my home.

    Before I purchased my home I first looked at my family’s income. What can I comfortably afford? I also looked at current debt I have.. I.e. Cars, student loans..
    I also looked at future debt such as teenage kid’s college and stuff.
    Now it doesn’t take a genius to figure this all out, maybe just a little common sense and responsibility.
    What I’m left with is a home that I can afford, pay other bills and also put money aside. (A lot of people theses days have no idea that you can actually put money in a bank rather than running out and spending it on crap you don’t need.)

    Now I could have easily bought a bigger home but I know that with that bigger home comes a bigger loan, also the bank would have graciously given me that bigger loan.

    With the economy the way its going lately, banks, mortgages and such, here is Caveman's solution to a large part of the problem… And keep in mind I do realize legitimate hardships do exist.

    Anyway here it is
    .
    .
    .
    .
    .
    .
    .
    .
    .
    .
    .
    .
    .


    Stop borrowing more money than you can afford and recklessly spending, and banks stop recklessly loaning money to deadbeats and irresponsible people!!!

    And why should the government be bailing them out? In the end we "The Tax payers" are the ones flipping the bills.
    As a "responsible" person I rather my tax dollars pay for a so called unpopular war on terror in Iraq than pay to bail you’re stupid out.



    See, even a “Caveman” can figure this out.

    That is all.

    "A great civilization is not conquered from without until it has destroyed itself from within."

    Will Durant.

    ------------------------------------------------------------------------------------------

    ....Member


    Since Jan. 2009

  2. #2
    BigDawg's Avatar
    BigDawg is offline K-9 Officer
    Verified LEO
    Site Moderator
    Join Date
    06-15-06
    Location
    So. Florida
    Posts
    5,312
    Rep Power
    1659729
    You are sooooooo right. The people with the help of these very banks put themselves in this prediciment. Unfortunatly we the people are screwed one way or the other. Either we foot the bill to bail them out, or we foot the bill for the recession and to care for them when they go on welfare.

    By the way..............notice how we didnt get into this prediciment until the Democrats took over Congress??? Just saying.
    "An Unarmed man can only flee from evil, and evil is not overcome by fleeing from it." Jeff Cooper


    Some people are meant to be the police......Some people are meant to call the police!!!

    "Socialism only works in two places: Heaven where they don't need it and hell where they already have it."
    -Ronald Reagan


    " I believe that forgiving them (Terrorist) is God's function. OUR job is to arrange the meeting."
    General Norman Schwartzkopf

    Not all Muslims are Terrorists, but all Terrorists are Muslim.
    (author unknown)


    The statements posted by BigDawg DO NOT reflect the opinions, views, policies, or procedures of the author's employing agency. These statements are the personal opinions of BigDawg only, thereby releasing my agency of any liability, or involvement in anything posted under the user name of BigDawg. The opinions expressed by BigDawg are protected by the 1st Amendment of the U.S. Constitution. BigDawg’s messages are intended to invoke thought and discussion among the "Officer Resources" forum community and may not necessarily reflect the opinion of the author. BigDawg’s posts and any attachments are intended for an adult audience (18+) and may contain strong language, sexual content, nudity, violence, and may be graphic in nature. Some material may be considered offensive; reader discretion is advised. Please note that many of BigDawg’s posts are intended for entertainment value only. BigDawg’s posts are not intended to be used where prohibited by law. Furthermore, BigDawg's posts, and any attachments, may contain information covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521, and is confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner.

  3. #3
    mavriktu's Avatar
    mavriktu is offline Patrol Sgt.
    Verified LEO
    Join Date
    05-21-06
    Location
    Louisiana
    Posts
    2,847
    Rep Power
    5559847
    Caveman,I am gonna play "devils advocate" here BUT,just a little.I dont feel you can put the entire blame on the individual,as an example I will relate a short (hopefully) and 100% true story.

    My first wife and I could not afford a real home(stick built) so we opted for a mobile home(house trailer),that we placed on her parents acerage.We lived in this home for over 20 years,and raised our daughter there.A fantastic opprotunity arose where a neighbor on the same road we lived on ,through divorce proceedings,put her house(stick built) and 3 acres up for sale at about 1/2 the fair market price.We applied for a mortage and were approved (to our suprise ,as our credit wasn't that great),we knew absolutely NOTHING,about mortgages,escrows,etc. as a mobile home is sold like a vehicle ( X dollars times X months and it is yours),.Our payments were $212.00 a month,within 6 months do to this reason and that,they went to $298.00,long story short,within 2 years the notes were around $400.00 a month,welcome to the sub prime loan.

    After about 2 years it became hard to keep the notes up,but we managed.She passed away suddenly.I used the insurance to pay the house off,BUT at the rate it was going,were we still paying notes they would be upwards of $1000.00 a month by now.

    My point is,the problem in a lot of cases is pure ignorance of finance,and pure euphoria of owning your own homeYou CAN afford the initial note ,BUT than all hell breaks lose.

    Should we bail the motgage companies ?? Absolutely not,!! should we put the freakin thieves in jail for taking advantage of folks who simply want a place to call home ??Ab-so-freakin-lutely!

  4. #4
    Willowdared's Avatar
    Willowdared is offline Bendy not Breaky
    Join Date
    04-26-06
    Location
    San Diego
    Posts
    6,177
    Rep Power
    1401351
    Here's my question.

    Would we be in as big of a mess if the lenders had worked with those homeowners, and instead of foreclosing, they lowered the percentage rates?

    I think the situation is much more complex then just a lot of bad loans, and the damage will be much more far reaching then just a huge bill for us taxpayers. Banks do absolutely nothing to maintain those foreclosed homes...I know, because there are two on my street, and probably 15 to 20 in my neighborhood. Their abandoned pools become a health hazard (we've had a couple deaths due to West Nile Virus) their overgrown yards are a fire hazard, and their abandoned status draws vandalism.

    Reckless lending has wrecked neighborhoods, and any bailout should come with serious strings attached.
    Molly Weasley makes Chuck Norris eat his vegetables.

    Do not puff, shade, skew, tailor, firm up, stretch, massage,
    or otherwise distort statements of fact.
    FBI Special Agent Coleen Rowley

  5. #5
    n30's Avatar
    n30
    n30 is offline A woman in man's job; but always a lady ;-)
    Verified LEO
    Join Date
    09-01-08
    Location
    way out sw fl by the everglades. im over it
    Posts
    133
    Rep Power
    19824
    i am going to vent a bit here, bcuz i am in a similiar situation ref a mortgage.
    first, i was brought up as a responsible human being & i have had excellent credit since i was 19 yrs old. second, the mortgage co are to blame for not only being greedy for inventing these mortgages, but then accepting alot of them w/o verification of income. so you have a guy who works @ walmart.. he qualifies for a $500,000 mortage? please tell me how, unless he won $ in the lottery. which ive been praying i do, just enough to keep my house. i dont need millions, i have no problem working my tushy off for the things i need and want; just enough to keep my house.
    i am an honest person, i do not believe in playing the system, just becuase u may get away w/it, but after what ive been thru.. screw the mortgage companies to kingdom come. im surprised no one has gone "postal" on anybody employees at a mortgage co after the shit they put people thru...

    i dated a guy (a firefighter no less) for 3 yrs. the 3 year, when we had wilma come thru, we practically lived
    at eachothers house 7 days a week. we decided to move in together. neither of our houses was big enough for what we wanted. (both had tons of furniture, i had my own office in my house, he wanted his own as well, etc...) sort of readers digest version of the story: as soon as we moved in he changed into somebody i had no idea who he was, but it was too late to go back as both names on mortgage on this bigger house. (being div ; i wasnt in a hurry to get marreid again. living together was fine w/ me) took one day at a time... some days better than others. took a loan out to redo kitchen. I now have my dream kitchen. as you guys know by now, i love to cook & entertain , having people over...
    kitchen wasnt finished (he did alot of the work himself) and when im out of town w/ my aunt in ireland (he didnt wanna go) he tells me when im across the atlantic he moved out 95% of his stuff. (oct 06) so, he refuses to go to counselling to fix "this problem" as he will not tell me specifically what is "wrong" , or what i did so terrible.. jan 1 '07 he moves out the other 5%. i refi to get his name off of the house, having to incorporate the loan (for the kitchen) and the mortgage... strapping me beyond belief. as soon as refi over & complete, I hired somebody to finish the kitchen & i put house on the market. market takes a tremendous dive, its really really bad in so. florida.... i was working 7 days a week (no lie) grabbing any detail (thank goodness we have alot anyway) and ot... to make mortgage until house sold. houses expensive in fl.. mortgage was 3800 a mo w/o taxes & insur... i had no spare time. i lasted over a yr til march of 08: couldnt do it anymore. my savings completely gone (had quite a bit) and physically, emotionally, mentally exhausted. even sgt said he knew & understood what was going on, said i was too cranky @ work. lol
    during that entire yr plus, i'd call mortgage co to ask to work w/ me until house sold. thier standard answer was: "we cant do anything until youre in foreclosure because your making payments." well, i wanted to keep my credit rating, so i was making the pymt, until march. since march: ive had 2 short sale offers (the value of the house has gone signifigantly downhill) & mortgage co has refused to accept them unless i kick in an exhorbant amount of $$. like im goign to pay on somethign i dont own?
    i get foreclosure papers in beginning of aug... now theyll entertain the idea of a deed in lieu of foreclosure.. basically a voluntary repo. which i had asked them several times, & i told you thier standard answer.
    now, as of 3 weeks ago, they wont accept the deed in lieu, unless i kick in 100G. i said if i had that kind of $ id be making the mortgage pymt, i wouldnt be having this conversation w/ you! hello????
    so, all in all, my experience is theyre greedy bloodsuckers & deserve what they get. unfortunately, ill suffer (my credits already to hell & back) for the mistake i made of believing in & loving someone who turned into dr jekyl, and here i am trying desperately to get out of this sitaution. Unless by some miracle I get a short sale they'll accept; the next step is to foreclose & then file bankruptcy; which sickens me to death. God will get the bastard Im sure, i have to believe that, but i didnt deserve this.
    bottom line, i tried to do the right thing & you still get screwed by the mortgage companies.
    i guess it wasnt so short of a story after all, huh??? sorry! lol
    V

  6. #6
    n30's Avatar
    n30
    n30 is offline A woman in man's job; but always a lady ;-)
    Verified LEO
    Join Date
    09-01-08
    Location
    way out sw fl by the everglades. im over it
    Posts
    133
    Rep Power
    19824
    PS: can u blame homeowners for gutting thier house then? i tell u, if i end up in 4closure... im selling (even give to family, it dont matter) my accoradain shutters, they werent on the hosue when we bought it, the wood shelving in the garage, cherry wood blinds, etc.. im not leaving ANYTHING HERE. let eh mort co pay to replace all the stuff to sell it. not my problem at that point. yeah, im pissed over this whole damn situation
    V

  7. #7
    Caveman's Avatar
    Caveman is offline Something Smells Kinda Funny
    Verified LEO
    Join Date
    07-05-06
    Location
    Left Coast
    Posts
    680
    Rep Power
    281135
    mavriktu and n30 don't get me wrong. I do understand the hardships.

    Years ago my first wife and I bought our first house then divorced 5 months later. I was left with a single income, a 3 year old kid, a car payment and a $1100.00 a month mortgage. After all my bills were paid I was left with -$200 per month. Luckily I would soon acquire a good raise and I got rid of my car I owed money on and paid cash for a cheep car to drive.
    The loan we got when we bought the house was appropriate with our joint income. But when shit happens, your right, the mortgage companies wont work with you.

    Now just a few weeks ago.... My brother in law and his wife have 3 kids all under the age of 5.
    They want their own house, one thing is she doesn't work and he makes $12.50 an hour.
    Do the math on their income.... The bank approved them for a $120,000 home loan... WTF.
    His credit also SUCKs.... My point.. The bank is reckless for approving that loan and he is reckleesly borrowing more money than he can afford to pay back..

    I talked them out of it BTW.. They are staying in their rental for now..

    "A great civilization is not conquered from without until it has destroyed itself from within."

    Will Durant.

    ------------------------------------------------------------------------------------------

    ....Member


    Since Jan. 2009

  8. #8
    Rhino's Avatar
    Rhino is offline Meat-eater & Fire-breather
    Verified LEO
    Join Date
    02-08-07
    Location
    Georgia
    Posts
    2,524
    Rep Power
    1750835
    I agree. It's not the government's job- ergo mine (the taxpayer)- to bail you out trouble if you fail to plan. Why is it people say "ignorance is no excuse" when it comes to breaking the law, but in financial situations it supposed to be perfectly acceptable?

    Fail to plan, plan to fail.
    "If everyone is thinking alike, then someone isn't thinking." -Gen. George S. Patton

  9. #9
    Willowdared's Avatar
    Willowdared is offline Bendy not Breaky
    Join Date
    04-26-06
    Location
    San Diego
    Posts
    6,177
    Rep Power
    1401351
    Did anyone else see the news bit they did about folks on the brink of foreclosure who still managed to get a second home loan?

    They buy another house, and walk away from the first one, using bogus information to get the loan.

    **wishes there was a thumbs down emoticon**

    The other big problem happening here with foreclosures, is the folks being forced out are vandalizing the property....like pouring concrete into the plumbing....and new buyers are finding all sorts of "undisclosed" problems.
    Molly Weasley makes Chuck Norris eat his vegetables.

    Do not puff, shade, skew, tailor, firm up, stretch, massage,
    or otherwise distort statements of fact.
    FBI Special Agent Coleen Rowley

  10. #10
    MacLean's Avatar
    MacLean is offline O/R Gun mod
    Verified LEO
    Super Moderator
    Join Date
    09-05-07
    Location
    Washington State
    Posts
    11,803
    Rep Power
    4604044
    Holy shit people, I thought I had just about reached my limit on mortgage shit - I just signed one.

    I ain't coming back in here soon!
    I'm your huckleberry...

    Quemadmoeum gladis nemeinum occidit, occidentus telum est!

    You can be the weapon, and the gun in your hand is a tool - or the gun is a weapon and you are the tool.


    I was looking for a saint who was a devil of a lover,
    but every girl I found was either one way or the other...



 

 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •