Basis Math and Entitlement

I guess I am just an old broad who just doesn't get it.
I get how one can lose a home, I read the public notices
in the paper and think about how hard it must be,
for one to dream about owning a home and losing
it.

But what happen to common sense and basis math?
I have been involve in a purchase of 5 different houses
in my adult life time.

First one in 1971 in Roslyn, my husband Marv and I
bought a two bedroom house for $3,000. $400 down and
$50 a month payments.
We sold that house 5 years later, for $5,000 and took
that money and used it for a down payment on a cabin
and land in Ellensburg that we added on to. It cost $22,000. And
payments of $150.00 a month.
Then we moved to R.I. and bought a house there, for
$42,000 using our sale of the house in Ellensburg, for
$28,000. With payments of $280 a month.
Then moving back to this area, we bought property for
$13,000 and a $3,000 trailer, and all the cost that come
with electric coming on the property and telephone and
drilling for water. With payments of $345 a month.
And finally selling that.. at a lost..and later buying what
we have now.. for $72,000 and payments of $455.

What my point is... we always keep it small. Always
with the thought in mind that we should not be paying
more than what we would be paying for rent, or less.
So if we lost our jobs, we still could afford it..

So with the housing mortgage crashing around the
ankles of the banking companies, I have to ask..
what were you thinking? Why would anyone want
a floating interest. Prices NEVER EVER go down.
Why would you buy a place paying that much, if you
don't have cash for it.. or a heck of a down payment...
why, oh, why would you buy a place for $400,000 or
$600,000? Why? What were you thinking?

Should everyone be able to owe the American dream,
by owning a home? Yes, but common sense sure
does play a big thing. Is there a time when you
should be told, no you can't afford it by reasonable
bankers. Yes, we were told one time we could only
afford a place for $44,000. It was right to be told no.
We are not entitled just because we want it.


To find out that mortgage companies fudge some of
the financial reports to get a person into a $200,000
to $400,000 home, with little to no down payment..is crazy.

These people should be given a new loan of a fixed interest,
and keep the home... Yes, it might take them 40 years to pay
for it. But they shouldn't be let out of it... until they find some one
who will buy out their contract. Either take over the payment, or
out right sell it. What your house is only worth $400,000 now
instead of the $678,000?... too bad.. you bought it. You are respondible
for it. No bankruptcy, foreclosures... pay the monthly payment. With
a 5% interest rate you should be able to make the payments until
you can sell it. It is not the government fault that you over did
yourself. Buck it up, and be responsible for the consequences for
your actions. It is called adulthood.

People get to jump out of respondible like jumping out of
marriages, just because they don't like it anymore...