Tale of a lost soul
The following story is true, only the names have been changed to protect the innocent
Today I was speaking with a freind of mine from work, he mentioned that he had a court date for a foreclosure hearing coming up. Basically he was looking for my sympathy, and wanted my rally cry against the banks.
This seemed odd to me since we earn roughly the same amount, and even though our hours were cut last year with a little belt tightening I was able to manage. As it stands now were back up to 40 hrs/wk and since theres a backlog of orders that means O.T
Heres the Q&A
Q: Dude why, what kind of mortgage did you get
A: 30yr fixed at %6
Q: Okay... so whats your monthly pament.
A: (not going to disclose that here but it was about %70 of his monthly income)
Q: why so high, what was your down payment
A: I got an FHA loan at %3 down
Q: Dude what are you nuts, If I recall you had money after you bought, actually you probably put $15 grand in renovations into the place. Why did you not just pour your entire life savings into the down payment. Then you could probably recoup it all in 6 mnths while paying less then rent.
A: Well the banks were offering me and even bigger loan and I thought I might be able to flip that house and get an even bigger one.
Q: So what was the caliber.
Q: The caliber of gun they held to your head while you signed the papers.
A: (Expletive deleted)
Q: So what are your plans now, and do you have any credit card debt and at what rate.
A: I owe 3 grand at %19 on my credit card (upon seeing my look of horror he quickly said) but thats down from the 10 grand I owed. Not paying a mortgage I was really able to put a dent in that credit card bill. But going foward I plan on living in the house that I no longer pay for and drag it through the court system for as long as possible. Then take everything that is not nailed down and pawn it. Phase III of my masterplan, move my family of five into a small apartment (obviously I'm paraphrasing)
Q: So because you have the financial intelligence of a one-handed retarded monkey, your willing to shirk your responsibilities- knowing full well that you are a detriment to society and contributing to your childrens misery. ( it's always fun when you can quote UltraLong in real life :)
A: well this is where the conversation turned ugly, what was said after is not suitable for reprint on Caps
My heart goes out to all the people who lost their homes due to layoffs or illness, but I have no sympathty for those who feel that the system owes them, while having a complete lack of financial skills.