Mortgages eating up incomes

Mortgages eating up incomes

There are 32 comments on the WZZM Grand Rapids story from Sep 12, 2007, titled Mortgages eating up incomes. In it, WZZM Grand Rapids reports that:

When Chris Gowman's employer was sold in 2001, he was offered a $4,000-a-month pension.

Join the discussion below, or Read more at WZZM Grand Rapids.

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Neko

United States

#1 Sep 12, 2007
How many of the loosers voted GOP?

How many got laid off when George Bush send their job to his brother Marvin in China?

Plenty of $30,000 houses in the inner city...

Let the loosers trade their McMansions for one!

Just say NO to government bailouts of bank executives and people who lived beyond their means!

Including the tax and spend politicians...government shouldn't live beyond their means either!

Funny thing....when the stock market crashes you don't hear the bankers crying for a bailout of the brokers!

Let the free market work and homes will soon be affordable for everyone!(Too bad for the greedy who only see them as profit!)

Finally....get the Real Estate Agents out of the township and county governments.... nothing but corruption happens when a commercial property owner gets to decide which roads get paved and which ones go to potholes!
JMR

Allendale, MI

#2 Sep 12, 2007
2 homes??$4000/month pension? Retired at 58?? Wah wah wah! Tell it to some one who doesn't have even one home...or no pension after their company folds or leaves MI...and cannot even afford to retire at 65.
Lucy

Grandville, MI

#3 Sep 12, 2007
DUHHHHHHHHHH! God, what wonderful, investigative reporting. NOT.
Fred

Holland, MI

#4 Sep 12, 2007
The poor guy in the article has two homes...wow that must be tough.
A 4 thousand dollar a month severace...wow that must be tough.
48k for not working, that must be tough too.

“Lost my mind”

Since: Apr 07

be back later

#5 Sep 12, 2007
yeah, I'm heartbroken over his 4k a month severance package. That just must be horrible to live on!

Oh, and own 2 homes! funny, but why not rent the other one out and help with expenses? Oh wait! Then you wouldn't have that "vacation" home to go to in the summer time!

geesh... whatever to living within your means? You can't tell me he didn't know about the layoffs coming and tried to make changes to accomidate this.
Ron

Portage, MI

#6 Sep 12, 2007
I sorta looked at my finances differently. For many years of my life, I put money into savings and Had a nice chuck of IRA funds put away. But what I learned as I continued to discuss my financial growth over this period with my financial advisor, was that I would NEVER save my way to financial freedom. I ask him on average, how much had my savings earned me, with the ups and downs of the economy. What I learned was that annually I earned far less than what my monthly debt interest was. For example, annual interest earnings were $100 from savings, while my monthly interest from my line of credit and credit card debt cost me over $300 a MONTH in interest payments. Let alone the huge interest in my mortgage. Do the math on your own situation. I cashed in everything and paid off my home and all debt. Wow, the stress and axiety is gone... Live within your means... Make do with what you have, sell the toys, and find a means to be productive and not counter-productive in your life.
Mike Monje

Jenison, MI

#7 Sep 12, 2007
Good Talk of Percentages, how about the percentage that goes to Taxes, I lose more to taxes than I spend on my mortgage! AND the state still wants more!!! Article talks of cutting personal spending to get out of trouble, any state lawmakers (or Governor) reading this article!!!!
Bean Counter

Caledonia, MI

#8 Sep 12, 2007
That crazy spending and the resulting debt to income ratio was the driving force behind the "glory days" of the 1990's. Now its time to pay the fiddler.

I can do over 350 tax returns each year, and I see less than 10% of those people within interest income of more than $20 per/year.

For some reason, everybody thinks they have to live from paycheck to paycheck to have a life.

The really bad news is that its going to take longer to dig out of this hole than it took to get into it.

And to think the bank and credit card companies were pushing for tougher bankruptcy laws not so long ago. I wonder why?
Bobbie -Grand Rapids

Deerfield, IL

#9 Sep 12, 2007
Wow...this poor guy. I haven't worked since February, and I'm trying to make ends meet with 1 house. Why don't they do a story about people who are really in trouble...not someone who is whining about not making the payments on their "vacation" home.
miss carrie

Lansing, MI

#10 Sep 12, 2007
hey ron, i like you and your thinking. would you tell me who your financial advisor is?
mama

Grand Rapids, MI

#11 Sep 12, 2007
he has 2 mortgages on 2 homes? can't feel too sorry for him.
KAM

Ionia, MI

#12 Sep 12, 2007
I CAN NOT BELIEVE YOU ACTUALLY PRINTED THIS STORY TRYING TO GET THE PUBLIC TO FEEL FOR THIS GUY HE MOST LIKELY DRIVES AN OLDER CAR BECAUSE HE DOES NOT WANT TO GET HIS AUDI DIRTY!!! GIVE ME A BREAK YOU WOULD HAVE BEEN BETTER PRINTING THE STORY AND LEAVING HIM OUT OR BETTER YET INTERVIEW AN AVERAGE MICHIGAN WORKER WHO LIVES ON A THIRD OF WHAT THIS FOOL MAKES. KEEP IT REAL WILL YA!!!
Whale

Pardeeville, WI

#13 Sep 12, 2007
Sell ONE of the frickin' homes, live very comfortably after that. Idiot.

“Lost my mind”

Since: Apr 07

be back later

#14 Sep 12, 2007
Hiya all!

I so agree!!! If you are having problems, quit whining and do something about it! Live withini your means and make the changes you need to make!

How difficult is that? Quite frankly, I don't care where people live or what they drive. We rent and we're working on buying our rental. Our cars are paid for and neither my hubby or I have had a car loan in over 5 years.

If you want to drive a brand new car, live in a $300,000 home, please don't complain to me about how much it's costing you. You made these choices to buy to the point where you're living paycheck to paycheck.

Bobby -

I wasn't talking about you. You have one home and lost your job. This guy in the article took a severance pkg worth $4000 a month and can't figure out why he can't make it with 2 morgages. Yours is a different story and the one that should have been used. Not a guy whining about not being able to pay on a vacation home the same time he's paying on his residence. Instead of whining and holding his hand out, he should do what he needs to do to make it. Rent out the other home. I won't suggest selling it because in this market, it won't sell for what it's worth.

Mike - Taxes in some areas are out of control. And between the interest rates and taxes, it's been proven that you pay more in interest in the first 5-10 years of a home morgage than you actually pay on the principle. You are right, everyone is calling for more saving and less spending, yet our government is out of control! They want more of our hard earned money for more social programs when we can't even fix the ones that are broken. If our government can't live within its means, how can we?

I know my hubby and I would be able to make it on $4000 a month, and still put together a healthy emergency fund just incase something went wrong. That is more than enough for that. People don't NEED to have the latest gagets, the plasma tv's, the new cars, the ipods and iphones. It's a matter of WANT vs the matter of NEED.
Bobbie -Grand Rapids

Deerfield, IL

#15 Sep 12, 2007
Neecer...thanks for the support. I totally agree with you about needing to live within your means. My husband and I have had to cut back quite a bit on what we are spending and have had to make some tough choices. We do not own a new plasma t.v.(although hubby is jonesing for one badly) The cars are paid for, no ipods or iphones. Credit cards are considered evil and only used in emergencies (as in a recent sewer back-up at our home...yuck) I still feel blessed that I have a roof over my head, and can still feed my 2 dogs who are our "kids." My prayers go out to everyone who has lost a job and needs to find one to keep going.
Bernie from Grand Rapids

Englewood, CO

#16 Sep 12, 2007
You don't think a $48,000 a year pension at age 58 and owning two homes (one in Harbor Springs) isn't living the "high life"?? Just because someone drives a 1991 car doesn't mean they are living frugally. Mr. Gowman needs a reality check!
Cyndi Monique

United States

#17 Sep 12, 2007
I think that the job loss and the fact that the only option to work is through a temp service is the majority of the problem with people not being employed and being able to make their mortgage pmts. When you go from making $16.00 to $8 or maybe $10 an hour you can hardley afford to eat and put gas in your car for another week. I wish that Ms. Granholm would have to live like alot of the rest of us whose jobs are gone and cannot find reasonable employment to support our familys on.
Cyndi
Cyndi

United States

#18 Sep 12, 2007
I am about to lose my home and the only home my 3 kids have ever lived in do a story about my husband and i and my 3 kids one of which has severe asthma which requires trips to DeVos every 3 months!! Try to find even a temp service that understand that!
Tight WadGR

Denver, CO

#19 Sep 12, 2007
Of coarse they are, everything is going up but Wages! And then you have these DEMOCRATS in Michigan who want to RAISE our TAXES!They are a bunch of IDIOTS! Cuts and Reforms to balance the BUDGET! Stop taking the money from us! We are all stretching Dollars right now! And that is what the STATE should be doing!
Cyndi

United States

#20 Sep 12, 2007
Well do you think that ms.Granholm could make it on 1 income of 36,000 pay child supportfor 1 child and support and make a mortgage pmt??? She doesn't care about the little people its about her not losing any of her perks!

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