Angry Renters

[Dre L]

FYI,



Petition for people mad at the government bailing out banks and irresponsible homeowners.

 

[Tom Schindler]

Anyone that has come into financial hardtimes is automatically irresponsible homeowners?



Isn't that like saying anyone that gets sick lives an unhealthy lifestyle?





Tom

 

[Dingo]

No. What it's implying is that people that aren't prepared for hard times are irresponsible.

 

[Tom Schindler]

That is easy to say.



Any single one of us could have our life savings gone in a split second. All you need to do it get seriously ill.



Imagine having to face $150,000 in medical bills. A friend of ours went through this. They saved for the future. They had a 401(k), pension plan, savings, CD's, Savings bonds, etc. They lost it all.



Years later, they still have not recovered from it. They never will.





Tom

 

[Dingo]

I'm not disagreeing. It's unreasonable to think that 2% of the population (6,079,763) people have suffered such a catastrophic loss at no fault of their own. There's an exception to every rule.

 

[Dre L]

I don't think that's what they're saying. I believe their position is that if you go into several subprime mortgages to flip houses, abuse the equity on your home to live a life you really can't afford, or go into a subprime mortgage to finance a house outside your means, or if you're playing the stock market or a major brokerage, or a subprime lender, you played with fire and knew the risk. Why should the government bail these people out at a cost to all taxpayers?



Meanwhile, renting is hard, costly, and certainly unstable with very little reform or protection for renters. A lot of the unfortunate homeowners who have lost their homes are now faced with trying to find a place which may cost them more per month while trying to overcome whatever they were just faced with. Imagine being ill, displaced, and having to scrounge up 1.5 months deposit + first month's rent, while struggling to find a place, and possibly pay a broker. Granted it is not this hard everywhere or for everyone.



Lately it just seems as if this country creates its own problems.



edit: i forgot to mention brokers are at least 1mos. rent, and some landlords will only go through them. Pet rent can be $100 per pet per month + additional deposit at lease signing. There are credit check fees per lessee, and the landlord reserves the right to give you 30 days notice to vacate. Moving costs... parking may be extra... amenities fee annually.

 

[EddieS'04]

What I have watched in my area. Is the very young with good jobs jumped into one of these big homes. It barley fit thier budget. They had to have what they wanted now. They were always in multiple cc debt. The smart move would have been an older smaller starter home. Now the hard times have hit. I dont like the Idea of bail out for the iresponsible ones, that had to have to show off.

How do you seperate those, from the ones that did not understand what, they were getting into? Should we bail out stupid people also? I have mixed emotion. I guess each case needs private review.:wacko:

 

[Nelson Atwell]

In some way, I agree with them. I own a home in the US, but if I had problems paying, I wouldn't expect uncle Sam to bail me out. This is almost like the folks in New Orleans crying, because the lived in a place below sea-level, didn't have any insurance and then they complained when Uncle Sam didn't give them a handout.



I bought a small, affordable house, and got a fixed rate loan (5.8%) three years ago. My payment is only $658/mo which includes the mortgage and escrow for taxes, insurance and PMI. My mortgage is only $8 more than my rent was before I bought it. I could have bought a much bigger house and gone with a non-fixed rate loan, but then today I would be crying, because my gamble would have blown up in my face.

 

[Tom Schindler]

I believe their position is that if you go into several subprime mortgages to flip houses, abuse the equity on your home to live a life you really can't afford, or go into a subprime mortgage to finance a house outside your means, or if you're playing the stock market or a major brokerage, or a subprime lender, you played with fire and knew the risk. Why should the government bail these people out at a cost to all taxpayers?

I can not argue against that.



Those "angry renters" should take advantage of the mistakes the homeowners made. My cases, buying is cheaper that renting. The average poerson that can afford rent can afford a house.



Don't cry about it, take advantage of it.





Tom

 

[user 62394]

I agree with this petition -- I don't care what caused it, if I was in financial trouble and couldn't pay my mortgage, I wouldn't look to the government to bail me out. Sorry, but I have my own mortgage to pay.



Rocks

 

[Jacob Dryer]

The average poerson that can afford rent can afford a house.

That greatly depends on the area in which you live. We could not afford to buy here in SoCal and still live within a reasonable distance from my wifes work, or live in a respectable neighborhood. I'm sure this is similar for other large citys around the country not just in Cali.



The flipside to that though is in VA (where we do own a house) my mortgage is only slightly higher than was I was paying in rent. Which makes it a perfect rental property now as it isn't priced out of the range of a lot of apartments in the area.

 

[Dre L]

Those "angry renters" should take advantage of the mistakes the homeowners made. My cases, buying is cheaper that renting. The average poerson that can afford rent can afford a house.



Don't cry about it, take advantage of it.

Some may be able to take advantage now, but have you ever thought how hard it is to accumulate 20% down on a 350K house while paying $1500/month?



The housing market is supposed to be coming down, but a lot of people don't see it. There are plenty of vacant 'CEO' and luxury homes, who can afford those?



Even at $350K (about the cheapest you can find in NJ) it's painful to come up with everything on the spot. Plenty of sellers don't want anything less than what their home was ONCE worth... especially the bank that lent out 350K, for a house now in foreclosure. For the potential buyers who are renters, timing of lease termination, and trying to stay afloat in the same difficult market everyone else is in, complicates the ability to just up and say "I'm buying a house today!" Many renters spend quite a few years preparing for that goal.

 

[TomT]

I signed it. I've always believed people need to be more responsible for their own actions. It's sending the wrong message when our government tries to make up for people's mistakes.

 

[B M]

I will definitely sign this. We live in Miami, these people here are the PERFECT example of irresponsibility. They wanted a 400,000 dollars house so they got it. They want a BMW, Mercedes, or Lexus, so they got it. They wanted a 40 foot fishing boat, so they got it. I want, I want, I want. It's my right as an American. Blah Blah Blah. B.S. You may WANT a lot of things, but it doesn't mean you can have it. You can earn it.... THAT you can do, however these people don't want to waste their precious time waiting they want it now so they will lease everything, they will run their credit through the roof, they will buy a home that is WAY over market value then whine and cry, because they didn't do their research before hand. Then they will allow a bank to talk them into taking a second mortgage to pay credit cards, and something disposable, like a car....Then what do they do??? Run the cards back up and trade the car in for a newer bigger one, because hey their car is paid off right?? No not really because, you shifted the loan to something more secure like your house, so instead of getting your car repo'ed you get foreclosed on. Dumb, they deserve it.. I say the let it continue. Owning a home is the American dream, not the American RIGHT... Don't get me wrong as I believe Caymen mentioned Medical debt is unforeseeable.. No one asks for that. Those situations can ruin good, hard-working honest people, but the way our system in the US is set up, it won't help them. It is set to help people that want to take advantage.. Meanwhile these Honest folk, are left out in the cold to die.. I would suggest 100% in buying these foreclosed homes. Unless the losers that had it before, trashed it because they were pissed that the bank is taking it back.. Then still a good deal if you wanna fix it up. We have purchased Two town homes in the past few months at the price we paid for our 4th and 5th, townhouse 7 years ago !! Super values. We've accumulated 8 town homes in the past 12 years. All have been rented out nonstop. We bought at prices that if we hit a speed bump that requires a serious amount of cash, we could easily sell at CURRENT market values, and still be double what we have put into them. It doesn't take a lot of brains, I will be the first to admit I'm not the sharpest tool in the shed, but it takes some common sense, and combine a lack of common sense with an irresponsible person it is a recipe for disaster. You can find yourself in hot water, or I guess a person like that could be the President.................In a nutshell, bailout Bad, very bad. .Ok bedtime...Buhbye babbling complete!!!!

 

[Johnny O]

I could be wrong, but I think the banks brought some of it on themselves. Somebody is late with a payment or two, the bank jacks the interest and monthly payment on the ARM's, homeowner can no longer afford it, and the bank is stuck with yet another repo'd house in a crappy market.



Of course in the Rust Belt where me and Caymen live there was no housing bubble because the market never ran up in the first place. When you live in a place where there are less people every year, not more, it has a way of keeping housing prices low and stable.

 

[Benjamin Feinstein]

The flipside to that though is in VA (where we do own a house) my mortgage is only slightly higher than was I was paying in rent. Which makes it a perfect rental property now as it isn't priced out of the range of a lot of apartments in the area.

Again it depends where in VA. I bought a condo and it is costing me more then what I was paying in rent. That said my condo is worth twice what I bought it for now. Even with my condo being worth more if I sold it now I would not be able to aford to buy a new place. The DC metro area is still a very expensive place to live.

 

[Tom Schindler]

Some may be able to take advantage now, but have you ever thought how hard it is to accumulate 20% down on a 350K house while paying $1500/month?

I am sure the local economy must be able to support those prices. If it couldn't, nobody could afford to buy a home.



Why a $350,000 home? Why not a $200,000 home, or gasp..a $100,000 home?



Banks are just as guilty as those that took the loan.





Tom

 

[Dre L]

You are being sarcastic right? About the local economy?

 

[Dallas Starr]

Thank god I live in Alberta, Canada.... I can get sick and I get treatment for FREE... hahaha



and our economy is as strong as a rock right now... the rest of Canada could be in shit and we still stand proud and strong.... Yay us! hahaha

 

[Tom Schindler]

You are being sarcastic right? About the local economy?

So, that average house that sells for $350K is paid for by people working for McDonalds makiong $5.00/hr?





Tom