Knowing your financial limits is important.Fortunately I stuck to my guns and bought at 70% of payment they said I qualified for.
Yes, and no.This is a crisis that's reached epidemic and it's banks, realtors and over reaching buyers who all share the blame.
Sounds like this is what happened.Maybe that's why she committed suicide? Her husband didn't know, but she knew that he would definitely know when people come to the auction, and rather than confronting him, she offs herself?
Right MASS has no redemption period so she was toast regardless. The foreclosure time frame for MA is not 42 months, clearly the foreclosure proceedings were stopped and re-started over that time at least 3 times. Whether it was due to her entering into a repayment plan or filing BK it is hard to tell. The husband not knowing is total BS.There is something really, really shady about this whole thing.
This woman didn't pay her mortgage bill for 42 months, according to a full news article, and her husband didn't know? He didn't know that she didn't make payments for almost 4 years??
Also, he had filed for bankruptcy 3 times since like 2001 or something.
The house was scheduled for auction like that afternoon at 5 p.m. and people were on their way over to look at the house. If the bank was that far along in the foreclosure process, that family was not going to keep the house even if they had the money that day.
I'm sorry but we don't know the facts of this exact mortgage transaction. What we don't know is how they qualified. Subprime borrowers aren't just borrowers with bad credit, they can also carry higher risk. If their income isn't quite enough and their debt to income ratio needs to be slightly higher then they'll be put into a subprime loan. Additionally ALL lenders qualify people on their gross income, not net. This is something that makes life very hard for everyone, even prime borrowers.The bank that made them a loan they couldn't afford isn't without blame either. Nor could be a real estate agent who tries to push people into the absolute max they can get a loan for to bolster their commission.
I'm on my seventh house purchase and noticed since the first one bought in 1985 to the last one in 2003, the rules got very lax. Fortunately I stuck to my guns and bought at 70% of payment they said I qualified for.
This is a crisis that's reached epidemic and it's banks, realtors and over reaching buyers who all share the blame.
I've seen so many folks purchase more home than they can afford.I agree with you though, everyone is to blame, we're all in this together. For future reference to anyone buying a house if a lender says that your total debt is 50% of your income walk away because it is in fact not totally accurate. It is 50% of your gross income, now take away 20-35% (maybe more) for taxes because that comes out of your check and what are you left with?
There is something really, really shady about this whole thing...
Suicide or murder...
The bank that made them a loan they couldn't afford isn't without blame either. Nor could be a real estate agent who tries to push people into the absolute max they can get a loan for to bolster their commission.
I'm on my seventh house purchase and noticed since the first one bought in 1985 to the last one in 2003, the rules got very lax. Fortunately I stuck to my guns and bought at 70% of payment they said I qualified for.
This is a crisis that's reached epidemic and it's banks, realtors and over reaching buyers who all share the blame.
Why? All they did was enter into a business contract with somebody and keep their side of the agreement, as far as I can tell from the available information they don't seem to have done anything wrong.I think the bank is to blame...
Why? All they did was enter into a business contract with somebody and keep their side of the agreement, as far as I can tell from the available information they don't seem to have done anything wrong.
Yeah I read the whole post, he like you went on to say how the decesion was the borrowers, but somehow the lender was still to blame??Did you read that whole post?
Sure people need to read the fine print, but banks need to shape up too
Yeah I read the whole post, he like you went on to say how the decesion was the borrowers, but somehow the lender was still to blame??
The concept of your home being at risk if you take on a mortgage isn't exactly hidden in the fine print though is it?
Can you please show some respect here, somebody losing their life through suicide is not a joking matter in any way.No offense intended but this could be the starting line of a great movie.
Bank loans wife.
wife kill self
husband kills bank
husband discovers that wife is the bank
and wife is living in spain with 10 million dollars
She did not "lose" it, she threw it away.Can you please show some respect here, somebody losing their life through suicide is not a joking matter in any way.
Can you please show some respect here, somebody losing their life through suicide is not a joking matter in any way.
ErikCLDR said:Ok thats the end of my rant. I am just frustrated with our society's seemingly increasing shirking of self-responsibility.
As sad as this is, some of the blame should be on the woman and her husband. I don't know what their life is like but one this is for sure, they bought something they couldn't afford.
She did not "lose" it, she threw it away.
What if you used a block & tackle to drop a piano on yourself?...Suicide is not a black-and-white issue.
I take it then that you are not a person who has had somebody close to you that lost their life through suicide. So yes, technically she threw it away, but suicide is not (as the other user responded) a "black and white" issue. There are so many sides to what happens that you can never actually know what was going through their mind. As much as people might view as what I am about to say as a negative thing, I am truly trying to say it in a good manner: But at least this woman's family had some assurance of knowing what the true reason behind her actions were in her leaving a suicide note. When my friend killed himself, he left no note and was not the kind of kid that you would even suspect of contemplating suicide. It has been a little over a year and nobody (friends nor family) have a clue as to why he killed himself. There are often many sides to why somebody would take their life, and there usually is so much pressure that suicide seems to them as being the easiest and best way out.She did not "lose" it, she threw it away.
Once again, I know that I am probably in the minority here in means of showing respect, but when you have somebody who is dead (regardless of what means), it is not exactly the respectful thing to do to make jokes about their death, or even make comments like that user did. Her and her family seem to have had issues, and people don't need to be making jokes about them.And its not much of a matter for respect either...
I am not making a joke about it, just pointing out the difference. And yes, I have known people who have killed themselves. And no, I do not believe that is a choice which deserves respect, except in the case of euthanasia where the alternative is meaningless existence and excruciating pain.I take it then that you are not a person who has had somebody close to you that lost their life through suicide.
As sad as this is, some of the blame should be on the woman and her husband. I don't know what their life is like but one this is for sure, they bought something they couldn't afford.