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Old 02-09-2011, 10:20 PM
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The real beneficiaries are the banksters -- but that's old news at this late stage.
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Old 02-09-2011, 10:21 PM
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I'm impressed with the four percent down thing. And a fixed rate mortgage? Kinda jealous, actually.

I like where we are now, but my husband I put 20% down and have a variable rate mortgage.
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Old 02-09-2011, 10:43 PM
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She may well have ended up with a house payment that's less than the area rent. AND she'll be able to take a tax deduction on the interest. Add in her THREE kids and you can bet this person pays nothing in taxes at the end of the year. Welfare + food stamps + WIC + no taxes and government bailouts at every turn. Maybe I'm doing it wrong after all.
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Old 02-09-2011, 11:15 PM
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I'm sorry but really just because some idiot loan company/bank approves you for x amount doesn't mean you have to buy that much house. The person taking on a loan that high ought to know better. No one knows your finances better then yourself.

When we bought our second loan they kept trying to add things to bring the price of our home up and we turned them down each time. We felt we were the best judge of what we could afford and it sure worked out well for us.

These loans they are offering don't seem to account for surprises or need other then a house payment. Hard to make a house payment if your car breaks down and you can afford to fix it or replace it.

Personally we weren't looked at what we could afford for payments then saved 6 months were of our best guess all our bills total would come to before we stepped into our first home.

On the other hand these people approving the loans should know better then to give people loans that strap people that hard in the first place.
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Old 02-10-2011, 02:10 AM
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something else nobody has mentioned: why in all of God's green goodness does somebody who takes home $1500 have a $450 car payment!?

This woman is spending a full THIRD of her take home pay on a car payment and is taking other people's money in the form of food stamps. Disgusting.
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Old 02-10-2011, 02:11 AM
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I don't understand the obsession a lot of people have with a new car. A used car doesn't have to be decrepit to be a whole lot cheaper.
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Old 02-10-2011, 05:02 AM
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Originally Posted by WrathofWoman View Post
Wow. And I'm petrified to buy a $140k house on $25 an hr!

Oh, to be a sheeple....
Why? What do you spend your money on making your budget so tight? Im making 18 and i will be buying a 180k home. Payment will be 200 more than i pay in rent. Not a big deal. Even if i went down to 10 hour i could cover all my bills.
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Old 02-10-2011, 09:19 AM
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I don't understand the obsession a lot of people have with a new car. A used car doesn't have to be decrepit to be a whole lot cheaper.
It's a disease. The same concept applies to purses and cellphones. There will be people standing in lines out in the cold to get the new "I-phone 5". It's a status symbol. I bought a new car once and I will NEVER do that again.
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Old 02-10-2011, 09:43 AM
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You know what I find more frightening? The fact that someone was willing to pay $175K for a 900 square foot home. That is insane! In my area, $175k would buy you a nice 2600 square foot home in a good sub-division that is less than 10 years old with good schools. If you want more yard, go for a 30 year old home.

Stop the insanity!
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Old 02-11-2011, 11:34 AM
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I take pride in the fact that I bought my own new home with my own money, not nanny-state money. It is a small box, but it is warm, dry, and it is mine. I also take pride in the fact that, due to hard work and careful planning on my part, I was able to keep my house during the current depression.

There is one house on my street that has had 3 owners in 4 years. The depressing part is not that the people, in each instance, lost the house after 1 year, but that they couldn't do simple math to see that they were guarenteed to lose the house after one year when their (likely) adjustable interest rate went up.
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Old 02-12-2011, 01:10 AM
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The bank was forced to lend to her!!!....the bank was forced to lend to her!!!

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Old 02-12-2011, 02:51 AM
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When hubby and I bought this house we qualified easily even though Hubby was the only one working and only making about $7 and hour....we got 2 mortgages for the house cause the first one wouldn't pay the whole amount of the purchase price (we used the second as a down payment too...we didn't have to put one dime down) plus we used the 2nd mortgage to buy my Nissan pathfinder outright from the dealership cash....the payment was $440 (on a 15 year...fixed rate mortgage)....we paid it on hubbies salary while raising 2 kids....and still ended up paying it off early!!!

Yes we struggled a little bit but we paid it off....no outside help....plus in 04 hubby was hit head on and he was out of work for a while....we ended up having to file bankruptcy for the medical bills that insurance didn't pick up (sadly we filed chapter 7 for about $11,000 dollars-cost $400 to file and finish....no assets were liquidated....we kept everything)....but we still paid the house payment and even though it wouldn't be held against us if we just walked away (we even had to divert payments for 6 months....the bank worked with us....BOA rocks)....we paid off early and now enjoy our home free and clear while still in our early 30's.
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Old 02-12-2011, 03:46 AM
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Honestly, as far as $175k in houses, they're all more expensive in CA than in other parts of the country.

And she'd be paying rent, throwing the money away, otherwise.

I think the new car was effing stupid, but a house, even if its a big bite of your income, can be worth doing. In CA, I would do it, then sell in a couple years and buy a cheaper nicer house in another, cheaper state.

If she were honestly living on the 7 dollars an hour, and living on rice and beans and getting clothes at the thrift store, I would have absolutely zero problem with her doing this. Its a bit of a gamble, but what isn't? If it's what she would be paying in rent anyway, how is she worse off? If she makes a little money on it, walks off in a few years with 190k, and pays down a house free and clear for oh say 80k and banks the rest - isn't that better than dealing with never owning your own home?

Personally I like being able to skip dealing with a landlord. I'd scrimp on food and clothes and sweet rides for that.

For the record, we have a 177k condo on 16 dollars an hour. But we take NO assistance and we budget everything around the place. It's cheap for the area, and its the same per month as what we'd be spending on rent, we checked. 20% downpayment, and making early payments.
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Old 02-12-2011, 07:03 AM
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American people have been eased into thinking that 6 figure mortgages are o.k. I can't imagine having that strapped on my back for the best years of my life. Even a house loan for 75,000.00 would scare the ****ens out of me. I live in an old farm house, 3 bedrooms, attic, basement, and 2 large porches. We paid 30k for the house and 2 acres, buildings and 3 wells. And I had to think about it for a while!!!

People living in areas with high populations see what other homes sell for and accept it as normal, and have no clue what rural America lives like. That woman with those 3 kids could make exactly the same income out here. She might have to drive 30 minutes to work, but I'm guessing she drives at least that through a city to her job. It drives me crazy when people use the commute as an excuse for their choice in housing. She could be living in fresh air with her kids, giving them a good life of freedom in the country but instead she is raising another brood of Target junkies who will think it's acceptable to take a handout to live where they can't afford.
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Old 02-12-2011, 07:13 AM
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I just kind of threw up a bit reading that.

I just finished my 2010 income taxes and the results are obscene (to me, anyway). Now I know why (I've known).

I'm VERY proud of where I am in life:
House payment: $0
Car payment: $0
Credit card bills: $0

The wife and I and five kids. No assistance needed. When we bought our house we did qualify for an insane amount, but we logically decided to look and look until we found something we could AFFORD. We bought it, then proceeded to pay it off in no time flat.

Is it a mansion? Is it beautiful? No, No. But its MINE.

I hate to imagine what I COULD afford if I wasn't feeding this womans' kids.
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Old 02-12-2011, 09:05 AM
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Originally Posted by Gypsymoonfarm View Post
American people have been eased into thinking that 6 figure mortgages are o.k. I can't imagine having that strapped on my back for the best years of my life. Even a house loan for 75,000.00 would scare the ****ens out of me. I live in an old farm house, 3 bedrooms, attic, basement, and 2 large porches. We paid 30k for the house and 2 acres, buildings and 3 wells. And I had to think about it for a while!!!

People living in areas with high populations see what other homes sell for and accept it as normal, and have no clue what rural America lives like. That woman with those 3 kids could make exactly the same income out here. She might have to drive 30 minutes to work, but I'm guessing she drives at least that through a city to her job. It drives me crazy when people use the commute as an excuse for their choice in housing.
Not everyone can live in rural America. Just not enough jobs, nor availability of some professions.

Do I think THIS woman is a bit of a twit? Yes, but not even for living in the city, just above her means. In the city, on a budget, you have a wealth of thrift stores, public transit, and employment options.

I love the idea of living in the country but its not always feasible. How many people would be fighting for that 7 dollar an hour job in a place the houses are only 40k?
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Old 02-14-2011, 03:31 PM
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Originally Posted by wevie View Post
I just kind of threw up a bit reading that.

I just finished my 2010 income taxes and the results are obscene (to me, anyway). Now I know why (I've known).

I'm VERY proud of where I am in life:
House payment: $0
Car payment: $0
Credit card bills: $0

The wife and I and five kids. No assistance needed. When we bought our house we did qualify for an insane amount, but we logically decided to look and look until we found something we could AFFORD. We bought it, then proceeded to pay it off in no time flat.

Is it a mansion? Is it beautiful? No, No. But its MINE.

I hate to imagine what I COULD afford if I wasn't feeding this womans' kids.
My situation is very similar to yours. I live in an older house that I have fixed up myself. It has been very inexpensive to do this. When people have asked me why I would do this when I could easily get a loan for a new house, I tell them "I sleep great in that old inexpensive house". Most people still don't get it.
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Old 02-14-2011, 03:48 PM
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Originally Posted by Jeffrey View Post
It's okay, next year when she is short on the homeowners insurance and property tax, she will lose the house. The loan company knows this, and is just going to sell the house again, make the commision, and bank one year of payments. This is nothing new.
the cost of foreclosure FAR outweighs the "profit" from that business model. you're also assuming the enraged owner doesn't strip then trash the house decreasing the value by 35-40%. The last thing banks want is people defaulting, hence forebearance agreements.
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Old 02-14-2011, 03:49 PM
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Not everyone can live in rural America. Just not enough jobs, nor availability of some professions.

Do I think THIS woman is a bit of a twit? Yes, but not even for living in the city, just above her means. In the city, on a budget, you have a wealth of thrift stores, public transit, and employment options.

I love the idea of living in the country but its not always feasible. How many people would be fighting for that 7 dollar an hour job in a place the houses are only 40k?
In many areas around here, there are PLENTY of jobs for people that want to work. Take a look at our unemployment rate here in Iowa.

Almost anyone could get a job here and find an inexpensive home, it's not that hard. I purchased a 3 bed/1 bath home for under $11,000. Average, middle-vclass neighborhood in a small town. I put a few grand into it and a bit of sweat.

Can you imagine how much you would need to make to pay on a loan of LESS than 20k? It ain't much.
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Old 02-14-2011, 11:46 PM
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In many areas around here, there are PLENTY of jobs for people that want to work. Take a look at our unemployment rate here in Iowa.

Almost anyone could get a job here and find an inexpensive home, it's not that hard. I purchased a 3 bed/1 bath home for under $11,000. Average, middle-vclass neighborhood in a small town. I put a few grand into it and a bit of sweat.

Can you imagine how much you would need to make to pay on a loan of LESS than 20k? It ain't much.
II have thought about the fact that in three years we might end up selling this 177k condo for something much, much cheaper (the US is cheaper than Australia) with a big yard and a garage, two things we don't have.

But it would need to be near a university offering my husband a job.

To be fair, the US has a lot of university towns and towns-just-outside-university towns, so it might still be possible.
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