Bleed It Out-take It Deeper

[mom23]

My patience is wearing thin...I am hoping against hope that all of us end with a positive outcome.
My neighborhood is barren it is so sad - Both homes on either side of me - empty and abandoned...They were my neighbors our dear friends - our children played together built tents together rode bikes together - Here in the Wine Country so much to offer and not one neighborhood unaffected...Foreclosure signs posted everywhere in a once sought after area with hot air balloons rising in the early sunrise and gorgeous mountain views - means nothing as people pack up and walk away from everything they hoped for - their childrens lives being turned upside down - new schools slowly gutted of enrollment- beginning to show signs of distress effectively cutting into the educational dividends as the government pays per pupil for attendence....It is an all around epicdemic and the solution? Those who aren't late qualify under gov. program and anyone else please let all your bills go pay nothing for your credit cards, utilities are late and car paymnt in possible arrears but dont worry we'll get to you in 6-8 weeks when the bleeding has spilled over into every aspect of your financial life.....did I say that? oops sorry had to vent.

[ProfessorShays]

Mom23, I sense the frustration but let's focus for a moment on the positive side of what is happening. Here in California (your reference to the 'wine country' causes me to believe we are residents of the Sunshine State, even though it is raining today in my area), home values reached unaffordable levels. So what this market did was to simply foreclose the opportunity for our children to enjoy homeownership.

I view this decline in market prices as an opportunity to bring prices down to a level where our children will again be able to afford to purchase a home. Is there pain associated with this decline? You bet. But it is necessary pain, given what I'll characterize as unjustified and inappropriate price increases that were catapulted as a direct result of the lack of prudent lending practices.

In 2003 I developed a class here at the College titled "Real Estate Foreclosures: Debtors' Rights, Creditors' Remedies." When I sought curriculum committee approval, a requirement to obtain academic credit for the course, my colleagues thought I was nuts. After all, real estate only goes up in value.... Well, I've got enough gray hair, having worked through the '79-'84 and '90-'94 downturns, to know that statement is not accurate.

While I'm sorry that your neighbors lost their homes, I'm not sorry that we are being taught the hard lessons associated with living beyond our means. Next time, if memories don't fade, the decline won't be as harsh as we are going to experience over the next few years. Perhaps too, we will learn that the measure of wealth isn't how large a HELOC you can arrange to purchase those things you don't need. The true measure of wealth is better defined as your ability to have income that exceeds outgo (thereby defining outcome).

Take care,

Daniel

[mom23]

I wish I could see the bright side - I see you point in some aspects but truly, Daiel, to imply living beyond our means is a blanket statement. In fact, when we purchased our home and refied our home we were well witn our means - I have a total TOTAL debt in credit of $3000.00 - I have a paid car and had a mortgage I COULD afford upon signing and thru a few adjustments. We were financially "fine"
My husband was working for a Realtor as his Proj Manager- a sleaze bag who promised him his months salary the next month in the midst of building a MAJOR structure in a historic location in South OC. Th Developer has YET to pay us even though US Dept of Labor found in favour of our case- Because he lied and promised so long all the subs contractors and everyone went down with the ship - so I know there are ebbs and flow in the system this is how it works per say but please don't assume everyone HELOCed and went crazy with equity - we live in a modestly sized home for CA with no flashy upgrades until we did it ourselves -at our expense with our own hands we do NOT live beyond our means and god forbid you loose your job and someone say to you - well lifes not fair -
Tell me your not a realtor or lender.....

[Maurice Bedard]

Next on the forum, we will have a punching bag and complimentary boxing gloves for all new members...lol

Let it vent Mom23. We all need to and this is a form of therapy for us all. This is truly a sad American story that is being played out by millions of people. Thanks for venting and speaking the truth.

[Mary Salzer]

The saying "Bad Things happen to Good People" may be trite and banal, however it is inherently true, "Bad Things" happen. It has been my fairly biased opinion that for those of us who have those "Bad Things" in our lives we are all so easily led into the psychological tunnel of self recrimination. Regardless of facts, what if's and all of the incumbent possibilities that surround the circumstances whether it be personal choices, business choices or just what we deal with in this forum - "Bad Things" happen through no intended fault of the people they happen to.

No where is it written that we need to further the recrimination and make that tunnel more pronounced to the party experiencing those "Bad Things". I can not endeavor to minimize the need to be sensitive to the the human factor that is reflected in these posts and recounting of stories, we do not in any way know what really lies behind them. Each and every person on this forum has different, vastly different backgrounds, stories, and life events that shape their "take" on their present circumstances and motivate their decisions surrounding their present circumstances.

Facts therefore may not take precedence over the desires of the people in this forum to hold onto what they "believe" in, which is the abiding belief that they have rights and dignity with respect to retaining their home.

[mom23]

Moe: Punching Bag donated by Mom23

Poppy-

Thank you so much for your time and sincere integrity...I wish you were my underwriter

I am still waiting for CHASE but amazingly they have now stated items were recvd. (very interesting - a RESPA letter copy was in last fax I sent)

Hoping and Praying for the Best-

[Mary Salzer]

Hummmm, care to tell my prior employers and the nasty Brokers that I have dealt with over the last 6 to 7 years that.....they sure as heck did not appreciate my abilities.

Maybe it is because I held them accountable.