Comments for A Pilgrim's Digression

Comment on Paying the Price by Heather

Heather — Wed, 19 Nov 2008 06:18:25 +0000

One thing about your neighbors, though: They could just not take “no” for an answer. I’ve been told that you can machete your way through the bureaucracy and get to someone who has the power to be talked to like they have sense, and to modify the loan. But you’ve got to be persistent and firm.

That’s just what I’ve been told. I haven’t tried it.

Comment on Paying the Price by Heather

Heather — Wed, 19 Nov 2008 06:15:28 +0000

Yeah, I understand banks are very reluctant to help unless you’re in default or on the brink of foreclosure. And even if you do get their help, they’ll drag their feet for months before unloading your house in a fire sale and demolishing the property values in the neighborhood.

It’s part of their mentality of wringing every last cent out of someone before lifting a finger to help. It makes sense. There’s no reason to renegotiate the loan terms of a homeowner who has proven he/she can afford their current payments. After all, banks in the business of making money. Scads of it.

I don’t know how responsible we were. It does suck that you can work hard your entire life, low debt, the whole nine, and one bad decision can drag you under into financial ruin. And in the meantime, the CEOs get their piece of the bailout… But alas, I suppose it’s just how it goes, I suppose.

Comment on Paying the Price by Matthew

Matthew — Mon, 17 Nov 2008 20:59:53 +0000

I know what you mean about the responsible people bailing out the irresponsible people. One of our neighbors was 30 days behind on their mortgage; they called the mortgage company for help and were told that they weren’t delinquent enough yet! So they let it go two months and are now in the process of getting a deferment of some kind. It’s ridiculous. Why not help people before they get in serious trouble? It only makes sense.

Comment on Paying the Price by Mel B

Mel B — Mon, 17 Nov 2008 19:45:00 +0000

I’m one of those people who wish that the government would bail me out. But I didn’t spend thousands and thousands on my credit card. My balance is low enough I could pay it off tomorrow, if I needed to. My car is paid off, my college loans are paid off.
My mortgage is even paid on time.

Unfortunately, due to speculation far outside of my control, the whole housing market imploded, and my house is worth at least $60k less than what we paid for it two years ago.

I am not in immediate danger of foreclosure; we’re still paying the bills. But I feel trapped by my situation.
I need to move, leave town, and get a town elsewhere. But I will still be tied down to this house.

I can’t say that it was a poor investment decision, but maybe just the timing was off. We didn’t buy anything we couldn’t afford, at the time. We didn’t get a risky loan of any kind. I’m just an average person, with little debt load other than a house that is essentially unsellable. And that just makes me sick to my stomach.

People can get help forestalling their foreclosures, but nobody is going to help me. And maybe I don’t deserve the help, as long as I keep my head above water.

But I could be less responsible, and stop paying and then I could get help, for what that’s worth. I could also go to the bank to ask for a short sale, which would break my heart and my credit score.

I just feel like everyone is getting a bailout and there are people who have been responsible, who are now being asked to carry the load for the irresponsible.

Comment on Later than I thought by Todd

Todd — Fri, 07 Nov 2008 20:25:47 +0000

I’d like to see the obituary, but I would guess that this is the most fitting obituary that she could have.

Your blog reminds me of how little of a relationship I have have had with my extended family. I felt not a bit of emotion when my granpa died a few years ago. I doubt I will feel much more when my granma passes on though I certainly do have more positive memories of her. Geography and distance is such a curse for families.