Exactly...a 'reasonable' investment. But people who bought houses with interest only loans so they could afford the $450,000 home on $30,000 a year is not what I would call reasonable.
On Fri, Feb 20, 2009 at 8:35 AM, G Money <[email protected]> wrote: > > These are the people that the government should be helping....people who > made reasonable investments in their houses, and are now in trouble because > of the toxic economic environment caused by OTHER people who were not as > reasonable. > > I feel bad for your friends....they are in the situation that I fear the > most...it's why I'm always saving as much money as I can. > > On Thu, Feb 19, 2009 at 11:25 PM, Maureen <[email protected]> wrote: > > > > > This is not necessarily the case. I have a friend who bought a house > > with his son. They were both employed and making great money. Within > > months of buying the house, they both lost their jobs. In spite of > > this, they have never missed a payment. In fact, my friend has a > > credit score over 800 points. But finally, with the job market being > > what it is, their reserves ran out. They went to their bank to > > discuss loan modification and were informed that they had to be 60 > > days in arrears before the bank would discuss modifying the loan. So > > they deliberately missed the December payment, and were stunned to > > receive a foreclosure warning before the payment was even a month past > > due. > > > > These banks are sinking, and they are using whatever tactics they can > > to survive, even if they take good customers down with them. If the > > government does not step in and enforce fair credit practices and > > support the consumers, a whole lot of people are going to lose homes > > who did nothing wrong. > > > > On Thu, Feb 19, 2009 at 8:44 PM, Scott Stroz <[email protected]> wrote: > > > > > > I am sorry, but it feels to me like those in need of help from the > > > president's plan are getting rewarded for their own stupidity for > buying > > > more of a house than they could afford. > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:289285 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
