wmupaprmkr

I guess that's why I drive a 92 C4 with 112K miles on her...

NoOne

There were a total of 3,500 people working in my one office 2 years ago, and 12,000 working in my other office.

Today that number is nearly 1/2.

I suppose its all their fault they bought a house and car?

Banks loan money on risk. The bank took the risk with the situation put in front of them, simple as that.

Without risk this country economy would go no where and part of the reasons we have the laws we have.

No business is a sure thing is it? Then using your logic no bank would ever make a business loan and no one should ever take one out because the second they do they are already beyond their means.

Every business that is opened with a business loan is immediately in debt and "beyond their means" as you put it. 50 percent of businesses fail in this country, should we stop opening businesses?

The logic and concept is no different.

DebRedZR1

When you live beyond your means just to be like your friends then drop the ball when it comes time to pay the bills. AM!

Our company is less than half of what it was 5 years ago. AGAIN I did not buy more car then I can afford or jump on the opportunity to buy a bigger house. Obviously you dont GET IT! AM AM AM
And continue to contradict what you post so buh bye.

NoOne

And exactly how much can you afford when your no longer working?

If you plan on losing your job always then you'll never do anything with your life.

Your lack of common sense and understanding of this is staggering.

You sure do like to make a lot of assumptions about someone you know nothing about. We dont' live beyond our means, and a lot of our friends who lost their jobs were not either. You know where most of them screwed up? They lost their jobs, found offers in other area's and states and waited to try to sell their house. Burning through their nest egg, 401, and everything else to pay on their house.

The smarter decision would have been to walk...take the hit and pay off the balance. Its that simple, thats the smart choice. Get back to work and get back to doing something with your life.

I prefer to deal in the reality of life, not a set of pictures I found on the internet to convey my thoughts because I cannot understand the idea's put in front of me in a rational and logical manner

BTW, our lavish lifestyle involves a 2000 C5 with 90K miles on it worth a whopping 15K...less considering I track the car, it has a cage, etc and a 2000 Grand Cherokee with 167k miles on it worth about 3K.

Thank you for playing I don't know what I'm talking about.

Have a nice day.

DebRedZR1

Take your own advice as you obviously do not and will not get it. If I dont have a job I have an emergency fund because I didnt spend it all on things I cant afford and in the mean time find something to cover the basics instead of WALKING on my obligations.
AM!

86_RedRider

again, my point has nothing to do with people losing jobs, about to lose jobs, etc. i totally agree, if you lose your job or are about to, you have to do what is best for your family. especially in this day and age, because there are far and few between employers that reward their employees for loyality and have the same exact attitude as described in this post about it's "dog eat dog world."

but, if you have a secure job, making good money, are living below your means, but purposely foreclose on your house because you want to move out of your brand new built house...come on.

they can get away with it, because they bought the place in his wife's name and will buy the next place in his name.

wouldn't that **** you off if you did the same exact thing, but actually had the "integrity" to payoff your finacial responsibilty (even though you had no control over the situation/economy whatsoever)?


btw, i thought this was an interesting side note (have no facts to back it up): but when we moved, i asked the movers if they were seeing a huge difference in people moving out of state, his response was that it's pretty even with people moving into the state as there are out. interesting...

DebRedZR1

Thats sums it up PERFECTLY! I see it again and again and most of them are people good jobs.

NoOne

It is utterly impossible for someone to have an argument with someone who reacts with emotional and blanket statement over reality.

You have an emergency fund. How far is it going to take you? You have a decent paying job, can you find another? How long will it take? Is it going to pay as well, are your benefits going to be as good? Are you getting insurance from day 1? What if you expend your emergency fund and are going to lose your condo and still cant' find a job here in Michigan but are offered one out of state.

I love people who can run everyones lives for them without knowing anything about it.

Nearly 30K people have been layed off in the auto industry here in Michigan. I'm not talking blue collar who gets union pay, I'm talking white collar. The ones let go first were the lucky ones they were able to find new reemployment but what about now? All the spots are filled.

Do you think I'm talking about people who have good jobs, no chance of losing them and just walk away? Is that what you think?

That doesn't make sense financially.

Now if they negotiate an out with the bank, ie deed instead of foreclosure or the bank allows them to carry over why is that a bad thing? The bank accepted the terms.

You have to look at like the bank does. This is a business transaction. If the person cannot pay for whatever reason the bank will take the cheapest and easiest route out which nowadays works in favor of the borrower.

I'm talking about people who run into a financial hardship. It could be job lose, income reduction, medical expenses, you name it.

See your lack of understanding here is showing. If you have a good income, good job, etc and you walk away from your house they are coming after you. You can't file BK anymore just because. So all your doing is putting off the debt until a later date. If you have a good enoguh income and everything else then you have the means to either sell your house or afford the carry over. A lot of banks now are allowing people to carry over debt into a new house, there are a ton of options out there.

I'll still stand if you lose your job here in Michigan and have a nest egg to keep you going for 6 months, at 2 months if things don't look up, cut your losses and leave. Thats just being smart.

DebRedZR1

Get a grip! We all know the economy. We all know people who have lost their jobs or have lost them ourselves. We all "should" be adult enough know what we can and can not not afford when we sign on the dotted loan line. I dont buy beyond my means and I dont expect someone else to pay because I wanted to play where I didnt have the $$$.
Now I have to go see the Realtor about that nice luxury Condo I have been eying and of course a new vehicle or 2 to impress my neighbors and rack up the credit cards with all the new stuff i think I should have. I guess Ill quit paying my current debts so I will have more $$$ for the new stuff before they catch on.

AM AM AM!

86_RedRider

trust me, i hope it bites them in the azz, but like i stated above, the wife bought the house and is claiming BK and the husband is buying the next. they hired a lawyer who is telling them to do this. basically, it will take about 8 months from them missing the first payment to getting kicked out. in the mean time they pocket everything in his bank account for the next down payment. they can't touch him, they can only go after her.

btw, i probably agree with more of your statements then disagree, but i still think this scenario is just plain sleazy.

mdb917

80sRule

khitb.

My parents really worked hard to pay off the house. My brother and his wife paid off theirs in less than 5 years. They didn't have any gifts or leg up either. They did have opportunities for overtime and worked really long and hard.

I am about to pay off the only car loan I am ever going to have. This payment stuff is garbage. I'm going back to straight cash purchases. I know I am going to hate a mortgage and on my first house I plan to pay it off ASAP.