Buy a smaller house, Ray. One you can afford next time.
So get another job or live in more affordable housing.
McDonald’s is “eating out?”
Well, if you want something bad enough, you make cuts where needed. Sounds like he needs to either find a higher paying job, sell his house and move into an apartment or quit bitchin. Owning a house is not a right contrary to growing popular beliefs...
Go work for UPS or FedEx during the morning or the evening, whatever hours they have for you. One person I know put himself through law school that way.
Don't worry pal, we'll be gettin' that bill for ya, soon as congress meets again...
Getting a loan during the boom was easy, Hanna knows. Too easy.
Oh boohoo. They have five houses they cannot afford.
Hmmm. My housing costs are only 12% of my income.
I must be doing something wrong.
Me and the missus bought a neat bungalow with hardwood floors on a double lot in a small town. We could probably afford something bigger and better, but we love our little place, it’s gone up in value, and when all the kids are out we will have lots of room.
Hanna makes it sound like the bankers held a gun to her head and made her take out the loan. Of course, she admits that she lied to the bankers. You reap what you sow.
Who knows, maybe Charlie Rangel can forget his legal problems long enough to actually do some tax code changes that would give people in Ray's situation a break (not sure he can sell Queen Nancy on it, however). Oh wait...Ray's probably classified as “Upper Class”, no help there. Sorry Ray, Charlie and Nancy say you're screwed.
We have a house 3 doors down that a guy bought and took a huge mortgage on so he could renovate and flip it. Houses here are $75-80,000 average. He has it on the market ( almost a year now)for $139.999 and is crying that he can’t lower it because he won’t make a profit. I almost laughed in his face, I have no sympathy for greedy people.
"And yet, the deal will not help Dolly Hanna, 51, and her husband, who bought five homes in the San Francisco area over the past 20 years, and were enjoying life during the housing boom by renting them out.
But her husband's overtime at his mechanic's job was cut, and the Hannas now find themselves overextended at a loss of $15,000 per month and trying two sell two of the homes. With four children, Hanna had been a stay-at-home mom, but Monday she started a job in real estate. They are seeking a renter for two upstairs bedrooms in their primary residence for $1,200.
Getting a loan during the boom was easy, Hanna knows. Too easy.
"All you had to was massage the information enough to fit it into their round hole, and they gave us a mortgage," Hanna said.
So they buy FIVE homes, base their income on overtime, and "massaged" their info. And now WE have to bail them out????
So Dolly and her husband, a single income blue collar family, bought 5 houses in one of the priciest housing markets in the country...
How'd they do that? On a mechanic's wage? Who financed that? Should we consider them and the bank to be co-conspirators in a ponzy scheme?
I'd bet a week's pay they're registered Democrats.
Everybody spends half of their wages on the government.
Federal, state and local taxes devour over 50 percent of all gross income.
And that total does not include "hidden" items such as social security promises, unfunded pension liabilities to government employees, etc.
Also not included are the costs of various regulations (e.g. clean air), restrictions (e.g. no drilling), compliance (e.g. filling in tax returns), and vast amounts of time wasted with government BS.
Hats off to the MSM idiots for missing the obvious ... again!
Don’t eat at McDonald’s...
There was a time in this country when you would not be able to get a mortgage if the payments were more than 25% of your income. The banks simply would not loan the money to you as because the likelihood of defaulting was too high.
I wonder how many late night infomercials we are going to see in the future showing us how to become millionaires by buying property with no money down?
Sounds like it didn’t work out so well for a lot of these would be millionaires.
"And in Las Vegas, the Nevada Fair Housing Center is helping Rita Harvey renegotiate her mortgage from $2,700 to around $1,800 per month.
Harvey, 64, lives on about $3,300 a month in social security and disability payments for herself and her four disabled grandchildren. She nearly lost her home this summer after her adjustable rate mortgage payment jumped.
"I did not understand that in two years, this would adjust out of control," she said. "Nobody deserves what I've had to go through."
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How stupid must one be to not understand that an ARM is going to adjust upward at some point? Or to ask the question: "How much will my payments be then?"
Sorry Harvey, but you do not have my sympathy.