Comments on: Foreclosures – Taking a Hard Look at Both Sides of the Issue

By: Fannie, Freddie and the Housing Bill | Redfin Orange County Sweet Digs

Fannie, Freddie and the Housing Bill | Redfin Orange County Sweet Digs — Sat, 02 Aug 2008 06:31:31 +0000

[...] land. Some are happy about this; some are not so happy about this. Many have mixed feelings (see Brian’s post for some of these opinions.) But whatever you feel about this bill, it is going to be referred to [...]

By: Max D.

Max D. — Sat, 02 Aug 2008 01:37:36 +0000

Late to the party as usual, but here’s two cents:

A house is something you live in. “Home” is a concept. I’m tired of hearing all the hand-wringing and sob stories about all these poor people “losing their homes.” If they didn’t make a down payment, and only paid a few months’ worth of the mortgage before it adjusted, then what are they losing? They’re only invested *emotionally.*

I am thankful every day that I didn’t buy a house near the peak in 2005. God knows I tried. After all, everyone kept saying prices would never come down and it was the best time to buy and we had to buy now or be priced out forever. And we placed our trust in a real estate agent and signed papers and had no idea what would have happened had this reality come to pass. So I have a little sympathy, but not much. It’s your money; it’s your responsibility to do your due diligence.

Unless it’s NOT your money, I guess, and then it’s up to the taxpayers to bail you out.

By: P

Thu, 31 Jul 2008 18:56:53 +0000

And, AH, you are dead on with what you said as well. It’s not about bigger and badder. it’s just about what you have, and managing that, and being a good steward over that.

By: P

Thu, 31 Jul 2008 18:55:54 +0000

Tom:

And, I, too, agree with you, in that most people think that people are inherently good. And that’s what predators do. They lure you in. They don’t seem predatory. That’s the tragedy in it all.

Most people have a dream. what ever that may be. To marry, have a family, have a home, a blockbuster career, or any combination thereof. And, in all of those instances, you can meet a charleton, a gigolo, a boss that’s a snake in the grass, and yes, a predatory lender that targets one of your core needs, in Maslow’s heirarchy of needs. And that’s where the tragedy lies. Everyome wants the same things. However, everyone is now shrewd (I didn’t say DUMB) enough to realize that many, many people live and breathe dog eat dog world mentality.

Thanks for the lively discussion.

By: B

Thu, 31 Jul 2008 14:03:03 +0000

Brian Murphy sure – You said that “there are quite a few people out there that believe that these individuals in foreclosure should not be saved.” and that “is something that is really scary.” So, I took it as that you feel that people that think this way is scary in your mind. I guess I misunderstood? Why is taking this position of not saving people from foreclosure scary? Miscommunication someplace, I look forward to your clarification.

By: Rachael

Rachael — Thu, 31 Jul 2008 07:26:32 +0000

I agree with all the comments…be smart, know what you are signing what you are buying. I think people just got wrapped up in what everyone was doing around them…so everyone else was doing it so it must be okay to sign…without reading…without a lawyer. I am one of those people.

I am educating myself now…reading everything I can just in case something were to happen. A great resource lately was this book called “Defeat Foreclosure” by William Dorich (Real Estate Expert) and Merle Horwitz (Trial Lawyer.) They did a fantastic job explaining foreclosure and all the options out there. (here is the website if anyone is interested http://DefeatForeclosure.org

Thanks for the post. Interesting comments/discussion.

By: Brian

Brian — Thu, 31 Jul 2008 05:34:23 +0000

Hello to all. Thanks so much for all your comments and your readership. It is very much appreciated. I tried my dandiest to tread on both sides of the fence…I guess B Felt differently – more on that later. I figured this blog would elicit a lot of comments and passionate responses. Part two is on the way my friends. As far as P’s point, yes if you have money allotted for a house you should have one allotted for a lawyer to look over the paperwork. I love your point about them being interpreters – so true.

I was a little confused by your statement B, “so I guess you know where I stand. In all honesty I am closer to siding with Leykis and Beck. My goal in this blog was to remain as neutral as possible and simply be a messenger. Of course I have an opinion, but I leave that up to you all fine people to share. “My way of thinking is scary,” hmmm…please clarify B. Again thanks for reading.

By: HB

HB — Thu, 31 Jul 2008 03:38:23 +0000

Tom,
Were those mortgage professionals that took out loans they couldn’t handle smart..or just greedy? Perhaps looking to flip it because they were sipping some of that same Kool-aid and started believing their own mantra that real estate will always go up.
B,

I agree with you wholeheartedly. I don’t have any sympathy and will finally look forward to buying a house for my family.

By: B

Thu, 31 Jul 2008 02:10:35 +0000

Brian Murphy, you said “But here is something that is really scary, there are quite a few people out there that believe that these individuals in foreclosure should not be saved.” So, we know where you stand on this issue. I’m on the side of Beck and Leykis and I feel your way of thinking is scary. If there was fraud involved, the buyer can sue the lender/realtor. I need home prices to come down to buy a house for my family. People will loose homes – most of these were irresponsible. They will be mostly replaced by responsible people. What’s wrong with that?

By: Tom

Tom — Thu, 31 Jul 2008 00:07:10 +0000

And I apologize for the various misspellings there.