I don't get these sob stories. how do you get foreclosed after 19 years of payments?

Quote from Bob111:

ask him -what about mortgage interest,taxes, cost to buy and sell the property,inflation,maintenance and opportunity cost? where he would be financially,if he put those money in S&P for example..
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hey Bob, It was really horrible. He bought some Con Ed and it went down, and after that all he ever did was pay off his mortgage and buy CD's.

and I think his mortgage was probably 3% for 30 years.

that is why I am working hard on inventing a time machine.

except I am very happy now, and don't think I want to go through all that again just to get here
 
Quote from oldtime:

it's like paradise man. Especially when you came from the woods where you needed 4wd just to buy cigarettes. I can walk to the C store and reply to you before my computer ever times out.
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Yea, I can walk to the convenience store too, but I might get shot before my computer times out... I would rather live in the woods!
 
Wow, good for you and your choice. I paid $642 initially, and then a bit more plus I added enough to pay off my loan as stated. In spite of declines in property values I am still up. I think at a discount and adding in what we have done to the house I could come out ahead at a minimum $40,000. That is after interest, and costs of a roof, flooring, and the basics of utilities How much are you going to get when you get out of your apartment? I didn't buy my house for a return on investment, as I was taught it was for raising a family, and hopefully you would break even in the long run, or a little better after costs. I didn't move to buy bigger and better during the times of hype and fantasy. I hesitate to cry for those that think they were owed a giant house and bought into the fantasy, and now blame the banks for being greedy. I think we maybe on the same page, but from different sides.
 
Quote from r-in:

Wow, good for you and your choice. I paid $642 initially, and then a bit more plus I added enough to pay off my loan as stated. In spite of declines in property values I am still up. I think at a discount and adding in what we have done to the house I could come out ahead at a minimum $40,000. That is after interest, and costs of a roof, flooring, and the basics of utilities How much are you going to get when you get out of your apartment? I didn't buy my house for a return on investment, as I was taught it was for raising a family, and hopefully you would break even in the long run, or a little better after costs. I didn't move to buy bigger and better during the times of hype and fantasy. I hesitate to cry for those that think they were owed a giant house and bought into the fantasy, and now blame the banks for being greedy. I think we maybe on the same page, but from different sides.
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oh, no doubt about it, I would come out a lot better if I died owning. But you know, I kind of already did that, and the joy ended. I just got old enough where I decided to reward myself by renting. I personally love it. But it's not for everybody. Especially if you have a shop out back and you like fixing things. To each his own. It's a lifestyle choice. I really enjoyed owning and knowing I was in control and no landlord could tell me what to do. Now I enjoy living alone and any problems are the landlords. Different strokes, at different times in your life, depending on what happens to those you are (or were) responsible for.

But as far as trading goes, I would have been much better trading when I was owning, and now much better owning when I am trading.

But getting back to opies point, people got screwed when they refinanced, and they took that equity and paid off debts like credit cards, and I agree, I don't have much sympathy.
 
Quote from Traveler:

Umm, you get foreclosed on when you default on the loan. Doesn't matter if it's the second month or the 300th.
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yes it does, because if you have faithfully paid 29 years without refinancing and fall on hard times, that is your home, and the value of that supersedes money and business.

If you refinanced, well then screw you, you made your bed now you have to lie in it.

None of these laws are written in stone by God. We can write them as we go. Like the man said, "The laws are written in your heart."
 
Quote from Opulence:

I don't get it either. If the mortgage is for 30 years, you should have put a real dent in the loan after 19 years, enough of a dent to give you some breathing room.

But you know what time it is. If modern day Americans could have their way, people would produce items only to give them away for free. We know how forbidden it is to create a product or offer a service in today's America and expect to make a profit.
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Actually no. Most of the equity buildup is in the last few years of a mortgage. After 19 years on a thirty year you will have relatively little equity unless real estate prices have risen significantly. If they held steady or went down you will have not much equity even after 19 years on a thirty.
 
Quote from noob_trad3r:

http://www.palmbeachpost.com/news/b...-tormented-by-foreclosure-that-wont-go/nStXn/

After paying your Mortgage for 19 years you should be on the homestretch with lots of equity on the property and close to living mortgage free.

What the heck do people do?, always some sob story about people living in a home for 19-25 years getting foreclosed on.
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Loss of job, business failure, took out any equity built up over time and bought a bass boat and a Winnebago. Unrealistic bank appraisals at the time you took that, home equity loan, and the number one cause of personal bankruptcy: medical bills not covered by insurance. Lots of reasons. It all goes back to folks trying to maintain a certain standard of living on credit, rather then belt tightening in time to make ends meet. Poor money management. Buying into the American dream is quite often just that, a dream. Especially for the undereducated, less financially sophisticated.
 
It is always best to start out with a first rate education paid for by mommy and daddy. Inherit a little nest egg. Get a good steady job that has excellent medical benefits, work hard, and live below your means, and don't pay above market for your home in the first place. Build up your savings and retirement kitty. Then only under relatively rare circumstances would you be foreclosed on.

So what's wrong with these $13/hr Walmart workers? Why don't they do the above. Then everything will be just fine. :D
 
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