Lawsuit to block foreclosures in Minnesota dismissed

[Incredible70]

Arnie wrote:

<quoted text>
Why would a bank make a loan to someone who had no prayer to pay it back is what I'm trying to figure out. Other than just plain greed.

Thanks for asking.

Largely in part because the government told them they wanted more home ownership, and made them relax their lending terms.

[it happens]

croatian1 wrote:

<quoted text>
You are joking, right? Through no fault of their own------now that is funny!! They knew they did not qualify for these loans but signed on the dotted line anyway...I have a 30 year mortgage that I have never been late on, I have never refinanced, because I have been at 6% since hubby and I took out this loan. We have 9 years to go and it will be ours free and clear. We were 26 years old when we bought a house, and young, but we sought counsel of family before we went into it, so we knew exactly what we were signing.
Now, why should we help the poor who could not afford these homes to begin with, when honest people like myself get no breaks what so ever?? Oh, that's right Obama was going to let them all stay in their homes for free. Give me a break.......If you do not understand what you are signing, then that means you should not be buying a home to begin with.

I sincerely hope you and your husband keep your job, and since you are young I am sure you have enough time to replenish your 401K s. I know an awful lot of people just like us that have lost thier good paying jobs along with much of thier principle from thier retirement income. Tell me, who is going to hire a 63 year old man that had 32 years in with his old job and is now laid off? We are lucky to own our home mortgage free but now we are struggling to pay the property taxes... and even Walmart has a waiting list for the greeter jobs ! So get off your high horse and quit comparing your situation to everyone else's there but by the grace of God...it could happen to you next !

[croatian1]

Arnie wrote:

<quoted text>
I agree. Arguing with idiots is a waste of time. They are so preoccupied about punishing people and throwing them out of their homes. As if that will help anyone.

Actually it does help people like my niece get sweet deals on houses. She just bought here 1st home with a lot of money down. She had been saving her money for 3 years now for a down payment on a house. Get that? Saving money, not spending it on big screen tv's, suv's and such. The housing market had gotten out of hand on the property values for years now, and she is able to reap the rewards of saving her money and buying a nice house for half of what she would have paid 4 years ago. And yes, she has very affordable payments, and a conventional loan.

Also how many were saving money for the last couple years, or only spending, spending, spending as if the well would never run dry?

As for hubby and myself, we are looking at lake property right now for our future retirement....some lakeside cabins can be had for a song right now, why should we not take advantage of other people's overspending themselves into the poorhouse???

[IrishMN]

Incredible70 wrote:

<quoted text>
Let me rephrase part of your post...see if I got it right:

Please do not judge others until you have walked a mile in their shoes.

[croatian1]

it happens wrote:

<quoted text>
I sincerely hope you and your husband keep your job, and since you are young I am sure you have enough time to replenish your 401K s. I know an awful lot of people just like us that have lost thier good paying jobs along with much of thier principle from thier retirement income. Tell me, who is going to hire a 63 year old man that had 32 years in with his old job and is now laid off? We are lucky to own our home mortgage free but now we are struggling to pay the property taxes... and even Walmart has a waiting list for the greeter jobs ! So get off your high horse and quit comparing your situation to everyone else's there but by the grace of God...it could happen to you next !

I am not on any high horse, but I have lived thru mining shut downs in northern MN in the 70's and 80's. There but for the grace of God, my father was a business manager with the schools, so mining shutdowns did not affect us, but I watched many friend's parents struggle. Many left the area because it meant finding work somewhere else. I do have sympathy. BUT difference is they dug themselves out, they did not ask for hand outs from the government. Many, many homes were foreclosed on and not one person whined about it. They knew if you don't or can't make payments you will lose your home. And again there but for the grace of God, my husband works for a City down here. He has 21 years in, and is ranked 3rd out of 1500 employee's, so he is rare in job security. Unless the City completely shutdown he will be there until retirement in 9 years. We also have a retirement plan that is not a 401K, and we have added more than the employer contribution over the years so we are not worried on that end. I feel for those who were forced into retirement and pensions who went south. I have neighbors in your exact predictament. We help where we can, and fully appreciate all we have been blessed with. Don't call anyone names until you have walked in their shoes either!

[Winterbound]

We need to lose the idea that a house is more than an investment for anyone. You can talk about pride of ownership, safety, the American dream - a person could go on for days with all the wishy washy crap - but a house is still no more than a commodity. If you can't afford to own one you can rent one. If someone buys stock in a corporation with their rent money and the stock goes down, do we bail them out? Of course not.
Buying more house than you could afford is just another form of greed and no one forced anyone into doing it.
Yes, there is a very small percentage that have arrived at forclosure through no real fault of their own, however people have been losing jobs and getting sick since the beginning of time but only recently do we hear that the nanny state should protect their investments.

[croatian1]

Winterbound wrote:

We need to lose the idea that a house is more than an investment for anyone. You can talk about pride of ownership, safety, the American dream - a person could go on for days with all the wishy washy crap - but a house is still no more than a commodity. If you can't afford to own one you can rent one. If someone buys stock in a corporation with their rent money and the stock goes down, do we bail them out? Of course not.
Buying more house than you could afford is just another form of greed and no one forced anyone into doing it.
Yes, there is a very small percentage that have arrived at forclosure through no real fault of their own, however people have been losing jobs and getting sick since the beginning of time but only recently do we hear that the nanny state should protect their investments.

BRAVO Winterbound! You said, what I have been trying to say all along! I would have just judged your comment, but there was not one that said, BRAVO!!!!!!!!

[Incredible70]

IrishMN wrote:

<quoted text>
Please do not judge others until you have walked a mile in their shoes.

I'm a little shocked, as your post was almost coherent...give me a second to gather my thoughts...

OK, now...how am I judging anyone? I think the poster was spot on in her decisions in life...I just disagree with her belief that it is her (and my) job to pay for the financial mistakes of others.

[Dee Kline]

Winterbound wrote:

We need to lose the idea that a house is more than an investment for anyone. You can talk about pride of ownership, safety, the American dream - a person could go on for days with all the wishy washy crap - but a house is still no more than a commodity. If you can't afford to own one you can rent one. If someone buys stock in a corporation with their rent money and the stock goes down, do we bail them out? Of course not.
Buying more house than you could afford is just another form of greed and no one forced anyone into doing it.
Yes, there is a very small percentage that have arrived at forclosure through no real fault of their own, however people have been losing jobs and getting sick since the beginning of time but only recently do we hear that the nanny state should protect their investments.

There is more to it than that. Neighborhoods with homeowners are more stable to raise a family in, there is less crime, and people take care of things like the yard, repairs,etc. But with rentals you can get Section 8 poverty, drunken college kids playing loud music upsstairs at 1 am, slumlords who don't repair things in time and don't screen their tenants, and a general feeling of not caring about things. It isn't all about investments but about having a better environment to be in for your family.

[Porkulus]

We could eliminate homelessness over night by just jailing those who don’t buy one of Barney Frank’s affordable home loans- just like the Obamacare plan!

[it happens]

We are walking in thier shoes, if your husband worked in the REAL world you wouldn't have a pension...it would be a 401k that the tax payers do not have to fund if it runs out of money, nor would he be guaranteed a job whether or not he is even needed at his civil service job..you lady ARE on a high horse with your 'see how hard we worked to get where we are, we put lots down on our house and are paying for it' etc etc ...but the bottom line is you are simply lucky that the economy hasn't affected you but UNDERSTAND THIS the taxpayers ARE footing your living expenses and more than likely by keeping on another nonessential person on the taxpayers payroll....yeah yeah I know he works hard blah blah blah we hear it all the time, it's just that we never see the proof of it

croatian1 wrote:

<quoted text>
I am not on any high horse, but I have lived thru mining shut downs in northern MN in the 70's and 80's. There but for the grace of God, my father was a business manager with the schools, so mining shutdowns did not affect us, but I watched many friend's parents struggle. Many left the area because it meant finding work somewhere else. I do have sympathy. BUT difference is they dug themselves out, they did not ask for hand outs from the government. Many, many homes were foreclosed on and not one person whined about it. They knew if you don't or can't make payments you will lose your home. And again there but for the grace of God, my husband works for a City down here. He has 21 years in, and is ranked 3rd out of 1500 employee's, so he is rare in job security. Unless the City completely shutdown he will be there until retirement in 9 years. We also have a retirement plan that is not a 401K, and we have added more than the employer contribution over the years so we are not worried on that end. I feel for those who were forced into retirement and pensions who went south. I have neighbors in your exact predictament. We help where we can, and fully appreciate all we have been blessed with. Don't call anyone names until you have walked in their shoes either!

[Incredible70]

it happens wrote:

We are walking in thier shoes, if your husband worked in the REAL world you wouldn't have a pension...it would be a 401k that the tax payers do not have to fund if it runs out of money, nor would he be guaranteed a job whether or not he is even needed at his civil service job..you lady ARE on a high horse with your 'see how hard we worked to get where we are, we put lots down on our house and are paying for it' etc etc ...but the bottom line is you are simply lucky that the economy hasn't affected you but UNDERSTAND THIS the taxpayers ARE footing your living expenses and more than likely by keeping on another nonessential person on the taxpayers payroll....yeah yeah I know he works hard blah blah blah we hear it all the time, it's just that we never see the proof of it
<quoted text>

I don't know either of you, but it is clear to me why you would be losing your house and she wouldn't be if you both were in the same situation.

Stop blaming others for your inability to purchase a home you can afford, and for saving in case of a rainy day.

[wbigs]

IrishMN wrote:

<quoted text>
Please do not judge others until you have walked a mile in their shoes.

Maybe you should practice what you preach there Demo-thug.

[it happens]

Incredible70 wrote:

<quoted text>
I don't know either of you, but it is clear to me why you would be losing your house and she wouldn't be if you both were in the same situation.
Stop blaming others for your inability to purchase a home you can afford, and for saving in case of a rainy day.

My home is paid for, has been for 6 years...if you could read a little better you would see that paying taxes is my problem...again another person passing judgement without the benefit of actually reading what is posted... slow or lazy??