Yeah, it certainly is. Lost mine about 3 yrs ago, so I know first-hand how the game is played. I don't blame anyone else for the predicament *I* put myself in.
Whoa, stop. I will not have you talk about her like she's some gnob gobbling machine. We have a history, she and I.
I wasnt gambling with anyones money! I wanted to buy a house so I bought one. Well if thats the case then I'll pull my money off the table and walk way. Honestly I dont NEED the house, I like it and would like to stay and Im willing to pay what I said I would. But what happens in 3 years when the full payment is due? Am I suppose to come up with 300K cash? The bank can have the house back. I find it funny the banks were so quick to hand out loans, now theres simply no help.
Yep Im not putting my money down on a house because I used it to start a business. If I did I would have just lost all that money too.
That sucks, I've been broke (zero cash and owed a lot more than I had) in the late 80's but slogged my way through it. It taught me some stuff and the experience while far from plesant taught me how to negotiate with creditors and how to deliver bad news to those I was obligated to. Oh ya.... it was becase I tried t make quick bank with OPM and involved real estate.. go figure! Lucky for me I learned early.
You didn't reach into your wallet and pull out a huge wad of crisp hundo's to hand to the previous owner...you reached into the mortgage market and BORROWED a huge wad of crisp hundo's and are now threatening to renege on YOUR obligation to repay that huge wad of crisp hundo's. But hey, as long as you got what you wanted, fuck the ones who are going to be left holding the bag when you skate on YOUR obligation, right? Was it the mortgage banker, the closing agent or the seller that held that gun to your head until you signed all those papers?
Yeah, like you did, I'm rebuilding from the ruins of my own bad decisions. I rent, drive a truck with almost 300k on the clock, and hustle my ass every day to keep my business afloat (today's a slow day, waiting on a call from one of my contractors to meet up, guzzle coffee and figure out a way to get rich). My current business has debts of $5,000 for a materials loan and my newer van (and when I sell the older one that I no longer need, I'll pay that loan down). I pay for all my materials up front and sometimes wait months to get paid on my invoices. Frustrating, but it's the way I intend to do business. I've got creditors still waiting to get paid from my past failures, and every last one of them, secured and unsecured, will get theirs. No hiding behind bankruptcy for me.
I bought my house with an 80/20 before the market went stupid here. I did refinance 2 years before the 20 ballooned, cashed out $10K and went upside down after the market tanked for about 6 months. I am now sitting with a nice chunk of equity now that the market is recovering. It's obviously the goverment and/ or the bank's fault that I didn't buy a house that cost $100 ~ $200K more, I used my head and I'm looking at another refinance to drop my mortgage sub 5%.
I think the blame falls on both sides. You can always say, "you should know what you are signing" in the end, but we all know that's far from reality. I did as much research as possible and even had a market crash to learn from others mistakes, but if it had not been for my really good agent, I would have made some mistakes along the way. Everyone does. No matter how much our buddies talked about it when we were young, I bet we all had no idea what the hell we were doing when we lost our virginity, right? Same thing here. Not everyone understands money and what I like to call real implications. That's fine. IMO, the problem lies deeper here. It's about society in general. It's all about money. I am only 26, just bought my first home last year with my wife and son. As aforementioned, I had a housing crash to learn from. Talk about good timing. We wanted a house that we could easily afford. We wanted a house that suited our needs, not what we "could" afford. We could have bought twice the house with what we make. However, we don't need 5 bedrooms and 4 baths and 4 levels. We just plain don't need it. The average person moves once every 7 years. We didn't want that. We wanted a place to call home, not just a house. Potential equity in the future was pretty low on our list of important items. Our house is not an ATM machine. The loan we have is someone else's money. You must never forget that. I treat it like I owe it to my mother. It will be paid back asap.
I guess with the circumvention of the PMI integrity was omitted as well. I thought you might have been a victim. I was wrong.
I can afford my house what I cant afford is in 3 years when the loan matures and I CAN'T GET ANOTHER LOAN.
Then pay the money lent to you at the terms you agreed to and quit bitching. Holy fuck, that was simple.
