Another Side of the Foreclosure Crisis (unemployed, fast food, death, downturn)
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Another side to the foreclosure crisis. As much as we'd like to label all those who are facing foreclosure as irresponsible, not all fit into that neat little cubbyhole. An example of "There for the grace of God go I."
When the first wave hit, I shook my head at irresponsible Americans. Then I lost my income -- and my home is next
By Christy Corp-Minamiji
This is the story of a home with red doors. A home where a family has unpacked wedding crystal, changed new diapers, buried pets, watched far too many DVDs, fought over space on the bed/couch/floor, picked the weird green stuff out of the soup, listened to the moan of the reluctant cello, eaten popcorn, thrown popcorn, and unwrapped birthday presents. This is our home. Technically, I guess it isn't anymore; our home goes up for public auction next month. The house belongs to the lender – another statistic for the death lists.
The house always belongs to the lender until the loan has been paid off. People who purchase homes using a mortgage as a finance tool often forget this little detail. It is in the mortgage papers and title. More people should read what they sign.
Did the OP actually read the story? It is a story of irresponsible decisions!
The house always belongs to the lender until the loan has been paid off. People who purchase homes using a mortgage as a finance tool often forget this little detail. It is in the mortgage papers and title. More people should read what they sign.
You may want to read the article, the author is losing her house after a downturn in business. It's a first-person take on the foreclosure crisis.
You may want to read the article, the author is losing her house after a downturn in business. It's a first-person take on the foreclosure crisis.
Yes, I read it. Did you?
The writer admits taking on more than they could afford, living a lifestyle above their means, and adding 3 children to the equation in 12 years following purchasing a home/acreage that was beyond their means. Yes, I read it. Poor decisions and the assumption of a steady income in buying above their means rather than well below it lead to the foreclosure, not the downturn in business.
" "I was thinking" led us to purchase a century-old house marginally beyond our budget on two more acres of land than either of us (city brats, both) was prepared to handle in a town 30 miles from anywhere. "I was thinking" has resulted in extravagant birthday parties with days spent on hand-painted murals, themed food, cakes with marzipan palm trees, pyramids and pirate ships. "I was thinking" caused me to begin the first major attempt at renovation..."
^^^This person is writing that she lived a naive and unrealistically extravagant lifestyle and that the foreclosure is a result of their poor choices. What part of irresponsible is unclear?
During the housing boom people were assured by the lenders that nothing was beyond their reach. Too many believed the self serving advertizing. As far as I am concerned anyone that had paid the mortgage for at least half the time of the loan has paid so much interest they should have the rest of the mortgage forgiven. Let's have the lenders share some of the pain. Hell, let them suffer the most. They made the boom so let them experience the crash. Teach them a lesson.
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The writer admits taking on more than they could afford, living a lifestyle above their means, and adding 3 children to the equation in 12 years following purchasing a home/acreage that was beyond their means. Yes, I read it. Poor decisions and the assumption of a steady income in buying above their means rather than well below it lead to the foreclosure, not the downturn in business.
" "I was thinking" led us to purchase a century-old house marginally beyond our budget on two more acres of land than either of us (city brats, both) was prepared to handle in a town 30 miles from anywhere. "I was thinking" has resulted in extravagant birthday parties with days spent on hand-painted murals, themed food, cakes with marzipan palm trees, pyramids and pirate ships. "I was thinking" caused me to begin the first major attempt at renovation..."
^^^This person is writing that she lived a naive and unrealistically extravagant lifestyle and that the foreclosure is a result of their poor choices. What part of irresponsible is unclear?
Did you read past the first few paragraphs?
"It turns out that veterinarians -- large animal vets, at least -- are not recession-proof. As the real estate market collapsed and California began to slide into the ocean of red ink, my clients -- both the affluent and the perpetually struggling -- started cutting back. Horses with lamenesses were no longer treated to expensive diagnostics and therapies; they were "kicked out to pasture for a while."
-and-
"Envelopes arrived every other week revealing an income, based on a percentage of my gross revenues, sinking below that of a fast food employee."
The next big wave of foreclosures will be from the long-term unemployed.
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