Jackson Jambalaya

If you cannot afford the house you bought or figure out a way to afford it, you lose it. Period. If you live beyond your means, I have no intention of paying your way.

Well Kapt'n, I would seem your intentions are irrelevant. If you pay taxes then you are already paying the way.

ARGGGHHH!
The foreclosure situation is extremely stupid. The empty properties are going to seed.
As it stands EVERYBODY loses.
The banks need to renegotiate the payments in SOME way and it little matters whether its extended payments or reduction of principle or interest.
Better to have payments for a longer period on a property than have an empty property that deteriorates.
Even reducing the principle doesn't hurt the banks as much as foreclosure because they can't get more than the current market value ANYWAY and AGAIN, a house that's empty for a long time loses value in ANY market. The principle was a FANTASY figure! It doesn't represent the actual market value of the asset and DIDN'T at the time of the loan as the BANKS were in a better position than the purchasers to recognize an inflated market price.
Those of you arguing that it's not FAIR to the people next door forget that 1)the people next door aren't benefitting from a foreclosed house next door to them 2) the people next door could position themselves to go into foreclosure and assume the accompanying impact to their credit and assume the hassles.

You are all pretending like those who " bought more than they could afford", did that deliberately rather than out of ignorance and ignore that those LENDING them the money were supposed to be SMART enough not to LEND money to someone who had no hope of paying back the loan!
And, those of you making these arguements need to get out a pen and pencil on YOUR home investment. You'll likely discover that what looked sound a couple of decades ago isn't worth what you've put into it! YOUR homes have lost value as well.
It's in EVERYONE'S interest to get the housing market FIXED .
NO lender was FORCED to make bad loans on bad properties or to bad risks. Indeed, a few banks DID NOT.
Not every F'ing thing is about political philosophy. This is about F'ing money and profit. Just because political strategists want you to think finance and religion and child rearing and the kitchen sink is related to a political point of view, doesn't make it so. You are just being played!

That made no sense. If you charge up a credit card you think you should be allowed to not pay it? Bullshit on having the intelligence to buy a house! Caveat emptor!

No response needed Kapt. 8:52 made no sense.

Some money/no money...deterioring asset/maintained asset... why is this hard ?

You'd rather get 0 money on a bad investment than 10 cents on the dollar? You'd rather get no money back than get all the money back over a longer period?


Why don't you understand that someone who loans money to someone they should know can't pay them back is as stupid as the one who promises to pay them back and can't?

Why do you think we HAVE 3 credit bureaus? It's so BUSINESSES can assess the risk of loaning money!!!! If they assess it WRONG, you think THEY have NO responsibility and the one who asked for the loan has ALL the responsibility?

Who has better access to actual building costs/market value vs selling price? The buyer or the lender?

ALL the mortgages companies had to do IS JUST SAY NO!!!!!!

Does this help you Shadowfax and 1:50?

If not, please , please let someone else handle your finances.