10-22-2011, 12:07 AM
(This post was last modified: 10-22-2011, 01:51 AM by Concillian.)
(10-21-2011, 07:02 AM)Jester Wrote:(10-21-2011, 06:24 AM)kandrathe Wrote: Yeah, it's kind of crazy that the system is rigged right now to favor debtors, and punish savers.
Howso?
-Jester
My next door neighbor a couple years ago bought another house for $3 t 4xx,xxx, handed the keys of his 'bought near the peak' $6xx,xxx house to the mortgage company and is doing fine.
My in-laws had refinanced their originally $200k house near the peak. They took out 80k, and had a mortgage that didn't require principal and interest to be paid each month for the first 3 years. When they reached the point where the payments increased by like $1k per month and they could no longer afford the payments, they owed about $320k on their house. They had blown $120k in three years and had nothing left. They foreclosed, and are renting now, but other than not owning a house they never really had much equity in to begin with, they are none the worse for wear.
Want more examples?
Non-savers are absolutely catered to in the US. They end up in the same situation they started (without savings) but able to blow hundreds of thousands of dollars in the meantime. Not just the homeowners, I have examples of people who do it with credit cards and bankruptcy too. These aren't things I've heard from the news either, these are people I have actually known.
Conc / Concillian -- Vintage player of many games. Deadly leader of the All Pally Team (or was it Death leader?)
Terenas WoW player... while we waited for Diablo III.
And it came... and it went... and I played Hearthstone longer than Diablo III.
Terenas WoW player... while we waited for Diablo III.
And it came... and it went... and I played Hearthstone longer than Diablo III.