Comments on: Couple Living in Camper After Foreclosure – Is it the Lender’s Fault? You Decide

By: Marie

Marie — Mon, 07 Dec 2009 18:10:38 +0000

I’m pretty much in a similar boat, except my home was only $45,000. I was married to a drug addict that made $10,000/mo. when he left, I was left with it all and 2 kids and no financial help. was forced to get a job making $7.00/hr. 4 months later got a better paying job that lasted only 4 months and now am unemployed, they are selling my home and me and my kids are living in a camper. Honestly I don’t blame anyone for any of it. God has found a roof over our heads and foodstamps and clothing. I’m more at peace and have no financial stress but the basic utilities. I would do it all over again if that’s what God wanted

By: JP

JP — Thu, 03 Dec 2009 10:08:26 +0000

My husband lost his job right after I quit mine to care for my 90 year old mother who could no longer care for herself. We have been managing to make our mortgage payments for the house we have owned and loved for almost 10 years now as well as the debts we owe other financial obligations with the unemployment benefits my husband receives together with what savings we have. My husband has been drawing unemployment which will be totally depleted in just a few months. Of course, we are now looking at losing our home because of the loss of income and/or the lack thereof. For one year now we have been hopeful that my husband would find another lucrative job that would allow us, including my very ill mother, to remain in our home. He has been able to secure part time work but nothing steady even at that. We are just now beginning to come to terms with the fact that this may not be possible. And all across America this has sadly become the norm rather than the exception for homeowners. However, knowing this does not reduce the pain we all suffer when we are on the brink of such devastating loss. One thing I did find so funny is that after reading all the stories in the above commentaries, not one of the entries submitted mentioned that it was the high cost of Health Care as the main reason for the loss of their home, but rather IT WAS THE LOSS OF A JOB that caused the loss of their home to subsequently occur! The government fat cats along with the greedy financial institutions live by the rule of denial disguised within the book of deceit. Otherwise they would not be trying to get us to believe that if we had only been covered with adequate, affordable health care insurance, we would not have lost our homes!!?? I wonder if the couple now living in the mobile home had health insurance that caused their dream of home ownership to allude them? Currently, at least in our case, health insurance could not be farther from our minds.

By: Lou

Lou — Thu, 26 Mar 2009 21:04:11 +0000

It doesn’t matter if the house would have been worth $400,000 or $40.00 when your government provides tax incentives for your job to be outsourced, your not able to afford a house. The root cause is job loss caused by unfair trade policy, unchecked trade deficits. Until this is addressed no amount of bailout money, recovery stimulus money will have an effect on the economy. Imports can’t continue to outpace exports, this strategy is not viable or sustainable.

By: jared

jared — Tue, 17 Feb 2009 19:33:59 +0000

The real problem here is that it forces everyone into a more strapped situation. When the interest rate for houses sank to all time lows in the early 2000s, people were promised the ycould get more house for their money. And they did while at the same time the sellers started asking more. And it forced all buyers to be ready to spend more- whether or not they could afford it. There is a certain aspect of “keeping up with the Jones’” that has to be done. If 80% of the population is willing to make these really bad financial deals it drives the market out of control (which I said years ago before the current meltdown).

By: Foreclosure: It Takes Two to Tango | All Around KTown

Foreclosure: It Takes Two to Tango | All Around KTown — Sat, 06 Dec 2008 02:15:36 +0000

[...] a great post today over at Generation X Finance about a story that ran on CNN yesterday. The story was about a couple who lost their home to [...]

By: Cossbtia@gmail.com

Cossbtia@gmail.com — Mon, 04 Aug 2008 03:08:37 +0000

As a realtor for many years, I have to admit that I do understand the majority of you comments. Understand, not necessarily agree primarily because we have all been duped! We blame the homeowners for trusting the lender for making a person’s dream of homeownership a reality. When I first heard of this no money down program, it sounded great! This is an opportunity for people who can make payments but can not afford the large amounts of cash sometimes it takes to purchase a home, to be able now to purchase one! Given the fact that we must all live some place even if it’s on the streets, I don’t have a problem with a family believing that a professional in the money lending business will not lie to you about your ability to purchase a home. There are classes or seminars given regularly informing renters what they are unaware of, you too can own a home. Our society frown on people who are not homeowners…in fact you can read the arrogance or prideful arrogance in your own emails, bragging of how well you are doing and how if they can not afford it…they should not dream! Well the ability to dream can not be regulated. God granted that! If all of us would care enough to make certain that everyone had a roof over their heads and food in their refrigerator and in general that all of the basic needs of each others were met, we would be better off! We would be better looking for the good to share rather than always looking down on others as we refuse to pick them up! I pray for us all to come together, stop letting money divide you, care about your fellow man, woman, child! No matter how you live right now, we all have the breath of life in common! When thats gone we won’t care if they qualified or not? Does it really matter, shouldn’t they be able to live without shame?

By: FinancialGuruOnline.com » A Very Belated Easter Edition Roundup - Backdated!

Tue, 15 Jul 2008 05:18:11 +0000

[...] Couple Living Camper After Foreclosure – Jeremy examines a foreclosure story that is sadly becoming more and more common place. He breaks down a few of the more pertinent facts and wonders who’s to blame? [...]

By: LMJ

LMJ — Sat, 24 May 2008 18:20:41 +0000

I was a subprime mortgage processor, until I was laid off in September. I’m also a homeowner. Loan documents ARE confusing, and the main reason they make sense to me is I had to explain them to so many lenders. Something their loan officers did NOT do. I can’t tell you how many times I had to correct the information they were given. Borrowers are asking questions, they’re not always getting honest answers. Loan officers aren’t always passing on all necessary information to the lenders, either. Not all states regulate loan officers, although after the sudden increase in foreclosures in 2005 and 2006, Colorado finally did.
Yes, borrowers are responsible for knowing what they’re getting into. Lenders are responsible for issuing loans people can afford. And the sellers, loan officers, are responsible for accurately representing the loans they’re selling. All are to blame, but having worked closely with all three groups, and admittedly biased, I do place more with the loan officers.

By: RMP

RMP — Mon, 14 Apr 2008 22:24:30 +0000

Carrie,

What is the solution? The the lenders give the borrowers no other option. So tell me how should we fix it?

By: MHL

MHL — Sat, 12 Apr 2008 13:24:21 +0000

If lenders haven’t made these loans, this couple would end up with smaller home and affordable mortgage obligation. Of course, this doesn’t free them from responsibility for not so shiny present condition. Their greed is the main blame bearer. But, greed is part of the human nature. Both the regulators and the lenders must count on it when acting. They are professionals in this, borrowers aren’t. They’re just humans.

http://www.mortgagehomeloans-ic.com/subprime-mortgage-crisis-causes.shtml