Housing Bailout???

Annu, you really need to know what you're signing man. By the way, I have a great deal for you. Just send me $50,000 and I will turn it into $1 million in 2 days! What do you say? There's an agreement you will need to sign but don't worry, you're money is safe with me. I swear.
 
ChrisAZ said:
Annu, you really need to know what you're signing man. By the way, I have a great deal for you. Just send me $50,000 and I will turn it into $1 million in 2 days! What do you say? There's an agreement you will need to sign but don't worry, you're money is safe with me. I swear.

Chris I made a Mistake plain and simple. But you know what Money comes to me because I have a positive mind. This time I will be very conservative and save all of my money. Plus I have some Other real Estate Overseas:D
 
Wifey said:
So the alternative would be what? Walk away from the house and get judgments instead???:dontknow: Ruining any chance of ever having credit again? :dontknow:

I'm sure most of you are aware that part of gettin a job these days, in addition to background and drug testing is a credit check :D

Also, to rent a house you normally need a credit check and in some places you also need a credit check to obtain a homeowner's insurance policy ...... just something to think about.

OCBob has hit the scenario right on the head. It is as if he is walking in my shoes.... BINGO, not bad for a biker scum. ;) ;)

We can finish selling off the rest of EVERYTHING we own (including the dishes we eat off of) and STILL not bring in enough money at the salary most any job pays even a "burger flipping" job as some have made reference to pay the basic mortgage payment - not accounting for the rest of the living expenses Bob mentioned.

Even if we (or others in our situation) sell the house, the rent elsewhere would be most likely be comparable to the mortgage payment and we/they would not have the opportunity to use any equity when the market does come back.

The expense involved in relocating to another state and the ramifications of being a stranger in a new town have to be astronomical. Being older doesn't help things either. Trust me, we are not above hard work of any kind to make this work for our family, just trying to figure something out to be able to keep the investment that took so many years to acquire and ride out the storm until the market comes back ...... It also makes it harder when you are limited to one family member who is physically able to hold a job :(

It is looking more and more like the answer is a day job and a night job. That is if you can get one that will work you over 20 hours per week. Most employers are also cutting their costs by hiring part time help and even outsourcing services via the internet and the telephone. :( Has anyone called Dell lately ;) ;) ;) :p

Off my soap box, I'm sure there are many answers, it is just finding the one that is the most suiting. Anyone want to donate for a well - we can move to our 10 acres (it is similar to the property SRTBrad has) - very rural - but not quite as far out as his.... only about 5 miles from pavement and does have water rights, but the water has to get from the ground to the tap somehow ) ;) :D


You guys ever thought about Mississippi? It is cheaper to live here, most everyone here is friendly, and of course it IS the HOSPITALITY STATE!
 
I can't even spell it OK :D :p :p :p ;)

I will keep that in mind if we make a move though - by the way, what is your minimum wage is MISSISSIPPPPPPIIIII :dontknow:
 
mopower1958 said:
You guys ever thought about Mississippi? It is cheaper to live here, most everyone here is friendly, and of course it IS the HOSPITALITY STATE!
You know, I wouldn't mind moving to the deep south at all. What's the job market like?
 
5 dolla thirty cent an hour, and all the pork rinds ya'all can eat :dontknow: :dontknow: :D ;) :p Free catfish on fridays :confused:


Just kidding David!! :rock: :D :rock: :rock: :elefant:
 
Annu Kumar said:
Chris I made a Mistake plain and simple. But you know what Money comes to me because I have a positive mind. This time I will be very conservative and save all of my money. Plus I have some Other real Estate Overseas:D

Not yet, you don't..... :D :nurse: :bebored:
 
sealalot said:
My grandfather, God rest his soul, used to always say "this country needs another depression". I'm not even a novice economist, so I can't say if that's an intelligent thing to say or not. He used to say a lot of things that didn't make much sense to me. "I shit about a peck" is another quote of his that comes to mind.

What I do know is, most of those people who lived through the great depression seem(ed) to be pretty good with budgeting their money. They all seemed to live very comfortably within their means. Maybe the memory of the hardships of the depression had something to do with it. It seems like so many people today are living "extreme" in all aspects of life, including spending and debt. I'm not one to talk either..I'm guilty of it too. Although I'm not nearly as bad as some people. I'm also running a business that's rather young and poised for a good future.

But some of these people making 30 grand/yr driving an H3 and living in a 300k home..come on. That's retarded. They're getting themselves into debt with no end in sight. And these interest-only mortgages are the biggest scams I've ever heard of. Only a mongoloid would think that's a good idea.

This seems to be the problem,most of these people have never seen hard times and have no real idea about "live within your means".

I see it all the time here where I live.Husband and wife are working,both make decent money.They are buying new cars and trucks every two years and have huge houses.Then the wife has a baby and quits work.The husband loses his job.Bye-bye house and toys.Why ? Stretched to the limit they have no safety net.
 
HOT RAM said:
This seems to be the problem,most of these people have never seen hard times and have no real idea about "live within your means".

I see it all the time here where I live.Husband and wife are working,both make decent money.They are buying new cars and trucks every two years and have huge houses.Then the wife has a baby and quits work.The husband loses his job.Bye-bye house and toys.Why ? Stretched to the limit they have no safety net.

That's no shit, Nelson.... Everyone seems to wanna retire and/or live large before it's time.

D
 
I am very sorry for all who have been devastated by this housing problem.....I did a fixed rate and I am still in the same house I bought in 1986.....although I have re-modeled her several times.....I am fortunate to have a good job that allowed me to pay off the MTG several years ago.....and we have all the auto's paid for......Vickie and I could have up-graded several times and could have qualified for a much bigger home.....we resisted the temptation and now I can truly say I am glad for that.............I feel for all those caught up in this problem......a lesson to be learned is don't buy more than you can pay for....so make sure you can afford an ARM if it were to go much higher once in the home.

Walt
 
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K-80-123 said:
I am very sorry for all who have been devastated by this housing problem.....I did a fixed rate and I am still in the same house I bought in 1986.....although I have re-modeled her several times.....I am fortunate to have a good job that allowed me to pay off the MTG several years ago.....and we have all the auto's paid for......Vickie and I could have up-graded several times and could have qualified for a much bigger home.....we resisted the temptation and now I can truly say I am glad for that.............I feel for all those caught up in this problem......a lesson to be learned is don't buy more than you can pay for....so make sure you can afford an ARM if it were to go much higher once in the home.

Walt

Very good advise Walt. I commend you for your long term focus.

Will
 
HOT RAM said:
This seems to be the problem,most of these people have never seen hard times and have no real idea about "live within your means".

I see it all the time here where I live.Husband and wife are working,both make decent money.They are buying new cars and trucks every two years and have huge houses.Then the wife has a baby and quits work.The husband loses his job.Bye-bye house and toys.Why ? Stretched to the limit they have no safety net.

I hate to say this but probably the end of their marriage too...
 
I'm sorry to see good people who are caught in this situation. However, many of my friends who thought I was being too conservative financially are now in trouble. Some of them recently bought real estate in California and now are upside down on their loans. But for the grace of God go I.

Sorry if this link is a repost but it has some of the facts about this bailout proposal: http://www.heraldextra.com/content/view/246670/
 
In an attempt to lighten the mood:

noservice.jpg


It gave me a little smile.
 
sealalot said:
My grandfather, God rest his soul, used to always say "this country needs another depression". I'm not even a novice economist, so I can't say if that's an intelligent thing to say or not. He used to say a lot of things that didn't make much sense to me. "I shit about a peck" is another quote of his that comes to mind.

.

I agree that another depression is needed. The reason I beleive this is due to the inflation factor our country is facing. The depreciation of the American dollar is only the beginning. Most people think an iphone, heated seats in their car, and a jacuzzi tub are necessities of life! Eventually things become to expensive due to a loss of buying power, the the opposite happens and it starts a downward spiral. Eventually people say well now I can get $5k off a new escalade with 0% financing, I might as well buy it. then they lose there job, are upside down in a car they can't afford that they bought to impress the guy across the street who bought the ML500.

Annu...if you got all that flow I would think about slowly buying some gold!
 
joemags54 said:
As painful as a depression would be, there are three good lessons the American people would learn:
1. The real value of a dollar
2. What hard work really is
3. Humility
And if you want to throw in a 4th:
maybe saving a little, next time, for a rainy day.
Depression bump
 
Yea, that is exactly what I want my family to go through is a depression. F**k that! The housing market is a huge deal that is affecting everything else. Let the cycle take it natural course to help things. The real estate market crash and the current war at the same time is causing big problems. A depression is not the answer to everything. And to those of you that support it will wish you had not if it happens.
 

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