Re: No Empathy Eh?

December 04, 2007 08:44PM
Quote
happyorb
Quick question, are you a home owner? Have you been through the foul fucking wasteland that is the mortgage industry? I know when I bought my place, I got screwed over pretty good even though I thought I did lots of research. When I got to my closing, basically they changed around most of what we had agreed upon or forgot to mention some things. Which at the time seemed like small things, and the threat was that if I walked out on the new shady deal I was getting everything fell through. I was out the place I wanted, I was out about 5k in fees, and I was out the hundreds of hours I had put into getting this deal put together. I was told all sorts of things by people who were supposed to be looking out for me(My Mortgage Broker and Lawyer). Now I'm paying 550 more a month then I bargained on, luckily I have a good job and I can make my payments every month, but to a lot of other people it's a deal breaker and they get foreclosed on. So before you get on your high horse and start chanting fuck the poor slobs who got conned by the incredibly corrupt Mortgage industry, maybe you should take off your black and white glasses.

P.S. I also don't believe that shit about people being delinquent on the first payment quote. It's people being conned into getting an ARM and then when their 2-5 years up having their Mortgage double on them that's doing the most damage.

None. While I'm not saying the mortgage industry is blame free here (see item #1 about loaning money to people who can't repay you), don't borrow money if you don't understand the terms. I make substantially more than median income and I don't own a house. And if you want to know why, I'll say it simply - I can't afford one. By that I mean, I'd be significantly altering my lifestyle to afford a house right now. More importantly, it'd significantly impair my annual returns by locking up my money in a more or less an investment that simply moves with inflation. And there are better ways to do it than going out, putting less than 20% down and getting an adjustable mortgage. I look at a house valued at $500,000 and I say "Wow, I don't have that much money." And so you know what? I haven't bought one.

What does that tell you? I should feel sorry for people who are living above the means I sanction for myself and cannot afford to do so? Maybe I should feel bad for people who drive BMW's and can't make their payments? Or I should feel sorry for people who have maxed out their credit cards on trips to Hawaii when I haven't taken a vacation in like 5 years?

Furthermore, getting anything other than a fixed mortgage is not very bright. You're banking on your home value going up, year after year after year. It just doesn't happen. I don't trade on a margin either, because I'm well aware that the deck is stacked. The acid test is pretty simple. If you had zero income for 4 months, would you be late on your mortgage payment? If the answer to that question is yes, you can't afford it. If interest rates doubled, would you default? If the answer to that question is yes, you have the wrong loan. These are things I know not because I'm a professional realtor or because I've bought and sold houses my entire life or because I have a masters in finance. Its just common sense. And if I was going to take out a 30 year loan that'd compromise 3 or 4 times my net worth, you bet your ass I'd do the homework first.
Subject Author Posted

Why Handholding is Bad

Death_Claw December 04, 2007 11:42AM

Update.

Death_Claw December 05, 2007 10:45AM

No Empathy Eh?

happyorb December 04, 2007 08:07PM

This is a pretty discrete fix. Are you a subprime mortgagee?

Balrahd(VIP) December 05, 2007 01:25PM

Clinton is pushing it to, only even in a more socialist and insane way.

Death_Claw December 05, 2007 02:46PM

I hear you.

bajula December 05, 2007 08:02AM

A little addition...

bajula December 05, 2007 08:25AM

Re: A little addition...

Death_Claw December 05, 2007 08:38AM

Re: A little addition...

happyorb December 05, 2007 08:59AM

aww orb used to be happy

Stevers April 27, 2010 05:03PM

I'm sorry but you're off base arguing with DC here

Lokain December 05, 2007 12:55PM

Re: I'm sorry but you're off base arguing with DC here

happyorb December 05, 2007 03:30PM

I have to object to one point.

Death_Claw December 05, 2007 05:07PM

If you can't be bothered to read the contract don't sign it. n/t

Death_Claw December 05, 2007 09:18AM

That's what I hired my moron Lawyer to do. He failed, and I was screwed. ~

happyorb December 05, 2007 03:31PM

I would be shocked if 5% homebuyers read the final Kts.

Balrahd(VIP) December 05, 2007 01:33PM

I'm not disagreeing with that, its hardly an excuse however.

Death_Claw December 05, 2007 02:23PM

More importantly, if you're mortgaging 3-4x your income, pay a lawyer to read it for you nt

Rade December 05, 2007 09:46AM

RIF, I hired a Lawyer to read it, he sucked. ~

happyorb December 05, 2007 04:00PM

Re: No Empathy Eh?

Death_Claw December 04, 2007 08:44PM

All theory no practical experience...

happyorb December 05, 2007 08:48AM

I would rather rent.

cointreau December 05, 2007 11:27AM

Re: All theory no practical experience...

Death_Claw December 05, 2007 09:18AM

Re: All theory no practical experience...

happyorb December 05, 2007 03:59PM

Re: All theory no practical experience...

Death_Claw December 05, 2007 04:58PM

Weren't you the one who previously argued that homeownership is the end all/ beat all of human happiness? n/t

jegec December 05, 2007 02:36PM

I argued its not affordable for your typical person (and it should be).

Death_Claw December 05, 2007 02:47PM

Here's what I was thinking of

jegec December 05, 2007 03:24PM

What's your point?

Death_Claw December 05, 2007 04:50PM

Maybe I misread

jegec December 05, 2007 05:03PM

There are qualitative benefits to owning a home.

Death_Claw December 05, 2007 05:15PM

I was going to make an elaborate post about opportunity cost but i see you beat me to it

Rade December 05, 2007 09:51AM

Buy vs. Rent has a ton of variables.

ExPaladin(VIP) December 05, 2007 09:05AM

Some good points, for me it was a much better deal to buy. ~

happyorb December 05, 2007 03:33PM

Condo's also have hidden risks

ExPaladin(VIP) December 05, 2007 09:09AM

A lot of this also goes into the differences between...

Death_Claw December 04, 2007 08:59PM

*clap* *clap* Hurray for financial responsibility! nt

infi December 05, 2007 01:26AM

Ron paul plug. nt

The Forsaken(VIP) December 04, 2007 12:52PM

The US Mortgage crisis.

DurNominator(VIP) December 04, 2007 11:51AM



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