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  #101  
Old 02-04-2012, 12:08 PM
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Rex E. Rex E. is offline
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Location: Willamette Valley
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Quote:
Originally Posted by merrylander View Post
Well whoopee shit. We did not go to the banks, they came to us with their crazy ideas, I guess because like you our credit number is over 800.

Picture a young couple who have been saving to buy their first house. But watching real estate rising faster than their saving rate. Prime targets for the brokers and bankers.

It is good being smart enough to avoid these traps, but there is being smart and being a smartass.

I sometimes wonder about the truthfullness of Standard & Poor's housing index. All I see around here is farmland disappearing under McMansions everywhere I look.
My wife and I were such a couple about ten or so years ago. in our mid to late 20's and sick of renting. Still knew how much money we made and what we had to spend. This was when housing was going up and fast.

We could have taken much more money than the $70K we took ($100K home with 30% down) but again, I knew exactly what we brought in each month, or other bills and what the house payment would be just like any other person or couple going to buy a house. The lender makes you spell it all out for them so there is no claim of ignorance that is viable here.

Simply put, it's folks knowing exactly where they are at financially (you have to just to apply for the loan) then deciding to gamble their lives on that extra couple of sq ft or that extra $10K to go on a vacation or buy a car or........
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  #102  
Old 02-04-2012, 02:13 PM
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merrylander merrylander is offline
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Quote:
Originally Posted by Rex E. View Post
My wife and I were such a couple about ten or so years ago. in our mid to late 20's and sick of renting. Still knew how much money we made and what we had to spend. This was when housing was going up and fast.

We could have taken much more money than the $70K we took ($100K home with 30% down) but again, I knew exactly what we brought in each month, or other bills and what the house payment would be just like any other person or couple going to buy a house. The lender makes you spell it all out for them so there is no claim of ignorance that is viable here.

Simply put, it's folks knowing exactly where they are at financially (you have to just to apply for the loan) then deciding to gamble their lives on that extra couple of sq ft or that extra $10K to go on a vacation or buy a car or........
Then this is the part that you have missed, it was the brokers and the lenders that falsified the borrowers financial capabilities. I forget the exact terminology, but it was a case of no verify or no data. That is why I excoriate the brokers and lenders. Sure the honest ones go over your income with a fine tooth comb, these jokers did not.
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  #103  
Old 02-04-2012, 05:59 PM
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Wasillaguy Wasillaguy is offline
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Originally Posted by Bigerik View Post
Yup. Even some free samples are given away. Add a bunch of peer pressure and the need to be cool, and an addict is made.
You have to add a few more things, like low self esteem and lack of discipline, before you get an addict. I'd bet many of us here got as far as you describe, yet didn't fall down the rabbit hole.
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  #104  
Old 02-06-2012, 02:08 PM
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piece-itpete piece-itpete is offline
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Quote:
Originally Posted by BlueStreak View Post

When that dumbass G.W. Bush gave his little speech about the "Ownership Society" wherein he pledged to make it much easier for each and every family to own their own little piece of America.................

Remember that?

Dave
Yes, a libbie's wet dream

Quote:
Originally Posted by Rex E. View Post
My wife and I were such a couple about ten or so years ago. in our mid to late 20's and sick of renting. Still knew how much money we made and what we had to spend. This was when housing was going up and fast.

We could have taken much more money than the $70K we took ($100K home with 30% down) but again, I knew exactly what we brought in each month, or other bills and what the house payment would be just like any other person or couple going to buy a house. The lender makes you spell it all out for them so there is no claim of ignorance that is viable here.

Simply put, it's folks knowing exactly where they are at financially (you have to just to apply for the loan) then deciding to gamble their lives on that extra couple of sq ft or that extra $10K to go on a vacation or buy a car or........
X2. I was in the same position, and did not take the bait. I knew how much I made a month, a broker can't fudge that.

Pete
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  #105  
Old 02-06-2012, 02:34 PM
Charles Charles is offline
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I just don't like paying interest.

Chas
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  #106  
Old 02-06-2012, 06:56 PM
djv8ga djv8ga is offline
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Quote:
Originally Posted by Charles View Post
I just don't like paying interest.

Chas
+1. I like to charge it though.
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