Heard on the news

[debtisbad]

I heard on our news that there will be record numbers of Americans loosing their homes in the not so distant future. The reason, according to the media, is the abhorent borrowing that our federal government is utilizing to fight in Iraq. I do not know if this is true or not, but I heard that our money is not even printed here anymore. The feds have outsourced the printing of our money to a foreign country. They are upset that it costs so much to print. I believe it is .04 for every bill. I want to research this further. They now want to use a debit card and just keep spending without printing the bills. This, inevitably, will cause interest rates to surge higher. Many people bought their homes on those teaser rates (which should have been illegal). Many are first time homeowners that trusted their lender to guide them through the process (big mistake!!!!!). Anyway, their payments will increase by hundreds over the coming months. I believe Wenderful has it right. Rent, rent, rent, and when you get old buy a trailer so they cannot property tax you to death. Folks, we are loosing our America, and what can we do to get it back??????

[Minnymouth]

Yes its on the news more and more everyday, of homes foreclosing.......

Prices of gas, food, EVERYTHING is affecting the housing market..... People with already high mortgage payments are seeing them ZOOM UP THERE..... and they can't pay them. Mortgages that are not fixed mortgages are soaring thru the roof.... payments doubling and tripling.

The price of gas AFFECTS all of our everyday lives..... transportation, food, utilities, house payments, etc.... when it goes up.... the cost of all the other stuff rises also...... only our paychecks show no increases.

Its a crying shame when the average American is choking on gas prices, loosing their homes, etc YET a gas company can report profits of 29%.......

On last nights news, since last year these are the figures:

Food was up - 7%
Utitlities up - 27%

Gas up - 142% to consumers

YET GAS COMPANIES PROFITS WERE UP 29%!!!!

Yet, Congress wants to deny a minumm wage increase to $7.25 an hour???

Thats easy for a Congressman that makes thousands of dollars every year while we struggle from paycheck to paycheck. And his "gas bill" is paid by US!!!

IT'S TIME SOMETHING WAS DONE..............................

[13inOR]

That is terrible. I just read in our local paper that 92% of homes in our town
are out of reach for the median income here. Thats HUGE!!! Thats pretty much everything.
As far as buying a trailer when youre old, that doesnt even work here, they are selling off the property in several parks here that have been here for years, because the land is worth tons for new subdivisions. The sad part is a lot of the people have lived in old mobile homes in there that are paid for but there is no where they can be moved to, so they are just displaced, and have to walk away from their home, that is now worthless to them. They cant afford to rent an apartment,because it costs twice as much or more!
Its a real problem. About 4 parks have done that this past year and I imagine the rest will soon follow.
Its good for some of us that property values have raised so much, but also very bad for the rest.

[bkadv]

In our small town I see the foreclosure signs on the windows everyday anymore. I never knew what these small pieces of paper were until I saw an article about foreclosures. It was surprising to me the volumes of foreclosures impacting our small towns, and of course big cities.

I can see why after entering the bk arena ourselves. While in bk status your house payment can't be over 30 days late without the house entering foreclosure (according to our mortgage co.). We are now almost a year in bk status (due to tax refund being taken), and have had to tread very carefully.
Some months the house payment has been very close to 30 days late. Had we not been in bk we could have re-financed or something but......a little too late to cry over it now.....

[Fedler]

That's what happens when you buy a house poorly. Bad loan terms, no money down, borrow too much. You can fill in the blanks and so can the mortgage specialists here.

"The government" is a popular target for whatever ails you, but it doesn't make it true. This is the United States of America. YOU elect officials. YOU can speak out against the government, form protest groups, contact representatives and do a whole lot of great things.

The choice is yours.

[anonymuse]

A lot of people went for the adjustable rate mortgages with really low introductory rates and now that they're being adjusted, they can't afford the new payments. They had planned to sell them within the 3 years of low rates; however, the housing market is so bad in places, they can't sell.

I live in a county with one of the highest rate of foreclosures in the country (very heavy immigrant population too.) And it just looks like it's going to get worse and worse.

[Jman30]

That's what happens when you buy a house poorly. Bad loan terms, no money down, borrow too much. You can fill in the blanks and so can the mortgage specialists here.

"The government" is a popular target for whatever ails you, but it doesn't make it true. This is the United States of America. YOU elect officials. YOU can speak out against the government, form protest groups, contact representatives and do a whole lot of great things.

Or you can piss and moan. The choice is yours.

I am normally on the side of the consumer, but in this case, I have to agree with Fedler. People put more research into buying a digital camera than they do a house. A house is the biggest purchase you will ever make in your entire life. Why wouldn't you research everything first - find out the terms of your loan, know what your long term goals are (stay in the home, move in a couple of years)?

I agree that the Government should have DONE something to stop the predatory lending. But at the end of the day, it is personal resonsibility. If you bought a home without looking at the fine print, then you really have noone to blame but yourself.

[tradewiz50]

We do live in a great country. For all it's flaws and short comings it beats living in Socialist Society like North Korea. Just remember in their are two definate things you are guranteed. Death and taxes.

[BassBoy]

Just in the county I live in, there are over 6,000 foreclosures. I remember reading something that in the county, 1 in every 6 homes are in foreclosure. Holy smokes! That's astonishing!

[Jman30]

I heard on our news that there will be record numbers of Americans loosing their homes in the not so distant future. The reason, according to the media, is the abhorent borrowing that our federal government is utilizing to fight in Iraq.:

I totally agree that there are a record number of foreclosures. I just saw a story on our local news last night here in the Cincinnati area that our number of foreclosures in 2006 is expected to DOUBLE what it was in 2005. You can blame alot of things...predatory lending, gas prices, high interest on credit cards, medical bills.

But I don't see how the government prosecuting the war has anything to do with this. I've looked for this article you mention and while I've seen DOZENS of articles about the rising foreclosure rate, I've never seen anything correlating this to the war in Iraq. The media hates the war anyway....I am surprised they haven't tried pinning the war to be the cause of homelessness, hurricanes and the collapse of the Boston Red Sox.

[HRx]

Reports: Whitney Houston faces foreclosure

POSTED: 8:04 a.m. EST, November 16, 2006

NEWARK, New Jersey (AP) -- Whitney Houston's New Jersey mansion is slated to be sold at a sheriff's sale because she is more than $1 million behind on the mortgage and taxes have not been paid this year, according to reports published Wednesday.

The January 4 sale was scheduled Tuesday by the Morris County Sheriff's Office, the Daily Record of Parsippany reported. The service agent for Chevy Chase Bank, the mortgage holder, sued Houston in June.

Houston's estate comprises two lots, and the sale would be of the lot assessed at $889,300. The adjacent lot is valued at more than $5.6 million, the Daily Record reported. Houston, 43, bought the properties in 1987 for $2.7 million.

Through a secretary, Houston publicist Nancy Seltzer told the newspaper the property was not in foreclosure. A woman who answered the telephone at Seltzer's office on Wednesday said Seltzer was traveling and could not be reached for comment.

Phone messages left after business hours with the service agent, Mortgage Electronic Registration Systems Inc., and the sheriff's office were not returned Wednesday.

Mendham Township is owed about $83,000 in property taxes this year on the 10-acre estate, officials told The Star-Ledger of Newark. The township sent notices after each quarterly deadline was missed, the assessor's office said. The most recent payment was due November 1.

A sale could be averted if Houston reaches a settlement with the service agent, Sheriff's Sgt. Steve Ackerman told The Star-Ledger.

Houston in September filed for divorce from singer Bobby Brown after a 14-year marriage. She is collaborating on a project with her cousin, singer Dionne Warwick.

[lrprn]

Reports: Whitney Houston faces foreclosure.

Thanks for sharing this, HRx. Yep, foreclosure is forclosure - doesn't matter whether you're famous or not. Don't have enough to support your house and pay the bills related to it, you lose your house, even if you are Whitney Houston.

Would be interesting if Ms. Houston ever ended up in Ch 13...wonder how much she would be paying her trustee every month for 5 years?!!! Of course, with the high-priced legal representation she can afford, even with the millions she earns, Ch 7 could even be within her reach!

[CATCHMEIFYOUCAN]

saw this link on one of the threads, i was amazed to see how many homes were in foreclosure in my area !

https://www.foreclosure.com

catchmeifyoucan