More foreclosures on the way


By tovarichpeter   Follow   Sat, 1 Dec 2012, 5:21pm   1,229 views   11 comments
In South San Francisco CA 94080   Watch (1)   Share   Quote   Permalink   Like   Dislike (1)  

http://www.nytimes.com/2012/12/02/business/widows-pushed-into-foreclosure-by-mortgage-fine-print.html?ref=business

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  1. ChrisKolmar


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    San Francisco, CA

    1   6:22pm Sat 1 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike  

    What's the problem here? People didn't think far enough into the future and are facing the consequences.

    You aren't entitled to your house just because you live in it, even if you're old.

  2. MsBennet


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    2   10:11pm Sat 1 Dec 2012   Share   Quote   Permalink   Like (4)   Dislike  

    Yes, why do 70 year old people have so little of their mortgage paid off? Something bad was bound to happen. I would hate to be paying a mortgage when I'm on SS.

  3. BobMSN


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    3   4:40am Sun 2 Dec 2012   Share   Quote   Permalink   Like   Dislike  

    Why does the poor 70 years old lady need a 4 bedroom house she could not afford? There are so many hard working young couple cannot afford a 4 bedroom house. She would have to pay cleaning, air condition and heating? Living in a small apartment after foreclosure would make more sense.

  4. scott777


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    Laguna Beach, CA

    4   7:42am Sun 2 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Why should we care about these people? If they lived in an apartment they would squat for a few months then get thrown out or simply move to a cheaper place. But if you are a loan owner or in these cases their husbands were loan owners then they should get discounts? Why not move into a one bedroom apartment?

    Until you reach a certain level of equity you should be treated no different then a renter. You shouldn't be able to make big alterations to the property and should be swiftly kicked out if you can't pay. You should be required to properly maintain the property as well. Maybe the future of home ownership will be that you achieve more control as you reach certain levels of equity. This along with removing the mortgage deduction would change the game.

    Why should loan owners who are over extended get special privliges while those who rent with no mortgage deduction get nothing?

    Have you ever known someone who bought an expensive car with nice leather seats with all the bells and whistles when really all they could afford was basic transportation?

    This is the same type a person who is later hitting up everyone for cash when they can no longer pay the payments. Same thing applies to housing .

    We NEED Shelter everything beyond the very basics is a want. The focus should be to help our fellow humans have shelter from the elements. Access to a toilet, a shower, a bed. What about the homeless people who sleep on the streets?

    We care more about the old lady who has to leave a home she has no equity in then the schitzophrenic guy sleeping in sub zero weather on the street. Move her into a one bedroom or studio.

  5. fedwatcher


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    Valencia, CA

    5   9:00pm Wed 19 Dec 2012   Share   Quote   Permalink   Like   Dislike  

    One basic problem with home loans is that the underwriters expect that a 30-year loan will mature on average in seven years. The underwriters do not look at every 30-year loan as actually running for 30 years. But if you lend to a 60 year old there is a higher probability of that loan going into default eventually. Many things besides the death of the borrower can cause default.

    I believe that Florida is a community property state, so they need to pass a law that automatically places the widow's name on the loan if she is living in the house. As a community property state half the payment came from her.

  6. Goran_K


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    Laguna Beach, CA

    6   9:09pm Wed 19 Dec 2012   Share   Quote   Permalink   Like   Dislike  

    MsBennet says

    Yes, why do 70 year old people have so little of their mortgage paid off? Something bad was bound to happen.

    Good question. HELOC money must be addicting. I don't get the attraction myself. It's just more debt.

  7. michele3d


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    Sunnyvale, CA

    7   8:06am Thu 20 Dec 2012   Share   Quote   Permalink   Like (3)   Dislike  

    I can't believe how heartless you all are. People love their homes and get settled in. Old people are much more vulnerable and have difficulty adapting. They are weaker, more prone to illness and cannot do much work.They deserve special consideration not just from the banks, but from everybody.

  8. michele3d


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    Sunnyvale, CA

    8   9:47pm Thu 20 Dec 2012   Share   Quote   Permalink   Like (2)   Dislike  

    Because I am stronger and less vulnerable and am capable of adapting, then I should pay the price for the old, the weak, and the poor?

    Yes. That's what makes us a civilized society. We care for each other, old or young, sick or poor, family or no family. This is the meaning of compassion.

    If you are stuck in resentment because life doesn't seem fair, take a good look around you. Every road that you drive on was part of a public works project. Same with utilities. People pulled together to build this country, and if they don't maintain it, like a house, it will fall apart. The fact that you can post your complaint on the internet means, among other things, that you probably had a good education and most likely went to public schools. Along the way, you benefited from public health programs, and tax-supported hospitals.

    You now have the privilege to go to work and contribute to the welfare of others. When you are old, or if you get too sick, you won't be able to contribute to society any more, and you will probably miss it. But other people will take care of you, even perfect strangers that you have never met. The opportunity to serve others, and to be served in turn, is also compassion.

    If you find the Bay Area to expensive to live in, you can move away. There are better cost of living ratios elsewhere, and you can do many jobs over the internet. You can also move abroad where the cost of living is lower and the dollar is stronger. This would be a pragmatic solution, as well as practical.

    Be glad you have options. When you are old and sick you may have none, and you might even get thrown out of your house. If that should happen, I hope no one says, Forget about him, where is the compassion for me?

  9. Facebooksux


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    Mountain View, CA

    9   9:51am Fri 21 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike  

    michele3d says

    You now have the privilege to go to work and contribute to the welfare of others. When you are old, or if you get too sick, you won't be able to contribute to society any more, and you will probably miss it. But other people will take care of you, even perfect strangers that you have never met. The opportunity to serve others, and to be served in turn, is also compassion.
    If you find the Bay Area to expensive to live in, you can move away. There are better cost of living ratios elsewhere, and you can do many jobs over the internet. You can also move abroad where the cost of living is lower and the dollar is stronger. This would be a pragmatic solution, as well as practical.
    Be glad you have options. When you are old and sick you may have none, and you might even get thrown out of your house. If that should happen, I hope no one says, Forget about him, where is the compassion for me?

    I don't particularly enjoy ad hominem attacks, but you've totally set yourself up, so here we go. Try not to take this personally.

    This is one of the most idiotic fucking statements I've read on this forum. You dipshit. Are you Don Robetro's gf?

    Where do you get off equating public education, infrastructure and healthcare (all of which I believe in and am happy to pay for) to a shitty McMansion in Sunnyvale??? The latter is a completely private purchase which has no bearing on society as a whole. How the fuck do you think keeping assholes who got in way over their heads buying something they weren't confident they could keep--with taxpayer funds--contributes to the betterment of society?

    You think I want to pay an effective tax rate of over 55% for those idiots? How about all those people pack up and move the fuck away?

  10. HousingBoom


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    10   10:44am Fri 21 Dec 2012   Share   Quote   Permalink   Like   Dislike  

    2005:

    Home buyer: I just bought an expensive house with zero down and I can barely afford the payments. I'm going to be rich!!!

    Friend: Home prices are in a bubble, I think you should sell now.

    Home buyer: hahaha!! Housing is not in a bubble, you are just jealous!

    2007:

    Home buyer: OMG!! Make it stop!!!

    Friend: Told you so

    2012:

    Home buyer: Housing has finally bottomed. I am thinking of buying more properties!

    Friend: Housing has not bottomed. When banks release their shadow inventory and rates skyrocket in the coming years, you will end up killing yourself because you are too stupid to be alive.

    Home Buyer: hahaha! you are crazy! there is no shadow inventory. You are a conspiracy nut!

  11. Mark D


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    Simi Valley, CA

    11   2:03pm Fri 21 Dec 2012   Share   Quote   Permalink   Like   Dislike  

    michele3d says

    I can't believe how heartless you all are.

    not buying this!

    unemployed, unable to work and living in a 4-bedroom house without making a single payment unless they get a bailout? forget about it!!

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