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Old 12-21-2011, 06:27 AM  
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Have anyone heard of having your mortgage sold out from under you? Where your mortgage is sold by your mortgage company to another mortgage company? I have. Had it done to me and it was a VA mortgage. Know what happens in that situation? Your mortgage goes up. My point is that you can plan a budget but that doesn't mean you can meet that budget in 5 years, or 2 years, or 6 months when the bills go up but your income doesn't. And that's without acquiring new debt. It seems to me your statements do not take consideration an increase of debt on the same bills without acquiring new debt and no increase in income. That's reality.
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Old 12-21-2011, 08:31 AM  
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Originally Posted by Sideways View Post
Have anyone heard of having your mortgage sold out from under you? Where your mortgage is sold by your mortgage company to another mortgage company? I have. Had it done to me and it was a VA mortgage. Know what happens in that situation? Your mortgage goes up. My point is that you can plan a budget but that doesn't mean you can meet that budget in 5 years, or 2 years, or 6 months when the bills go up but your income doesn't. And that's without acquiring new debt. It seems to me your statements do not take consideration an increase of debt on the same bills without acquiring new debt and no increase in income. That's reality.
Yeah, my mortgage got sold almost right away after I bought my house. Due to the contract, nothing changed. Oh, and I refinanced into a lower rate about a year ago. went from a 30yr to a 15 yr without the payment changing. So yes, I have heard of your mortgage being sold. I believe it is fairly common. I could be mistaken, but if you have a fixed rate mortgage the rate shouldn't change. And if you get an adjustable rate, or balloon, or whatever other ones are out there YOU are choosing to take a chance. It is all about responsibility for your actions and choices. When I was looking for my first mortgage, I heard about the adjustable rate ones and knew I didn't want one of those. I am not a big fan of unpredictability when it comes to contracts.
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Old 12-21-2011, 08:53 AM  
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Originally Posted by YelloJeep View Post
Yeah, my mortgage got sold almost right away after I bought my house. Due to the contract, nothing changed. Oh, and I refinanced into a lower rate about a year ago. went from a 30yr to a 15 yr without the payment changing. So yes, I have heard of your mortgage being sold. I believe it is fairly common. I could be mistaken, but if you have a fixed rate mortgage the rate shouldn't change. And if you get an adjustable rate, or balloon, or whatever other ones are out there YOU are choosing to take a chance. It is all about responsibility for your actions and choices. When I was looking for my first mortgage, I heard about the adjustable rate ones and knew I didn't want one of those. I am not a big fan of unpredictability when it comes to contracts.
I understand what you're saying and I agree on the point of being responsible. At the time it happened with me even though I had a fixed rate VA mortgage, the only mortgage the VA will guarente, when it was sold my interset went up several percentage points. Seems that a fixed rate mortgage was only "fixed" for a specific period and only by that mortgage company. Once it was sold the interest could go up. Which is what happened with me. My point, I guess, is that a family of 3, 4, 5, whatever, at $45,000 a year is living on a fixed income and any adjustment to a budget may be a major blow. Don't forget things like medical deductibles and what happens is a family member has a major illness. Or a car accident, or planning a childs college. You're as much aware of the list just as much as I am. When the cost of living keeps going up and income remains fixed $45,000 is no longer middle class. It's working poor.
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Old 12-21-2011, 09:21 AM  
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All this about mortgages is true. I got sick & tired of the BS about 20-25 yrs back. dumped the 4 bdrm hse with pool, went out and found a cheap undeveloped piece of dirt desert owner carry, paid it off in 5, paid cash for a single wide two bdrm mobile, built my own crap when I had money around it. Everything is mine. I WANT electricity, I NEED water, I NEED a cooling system of some sort, (temps soar to 120 sometimes, two neighbors are dead from heat stroke), my truck is 2wd (dang) and the strip down model 2011 PAID for, I did get two options AC & AT. The strip down gutless wonder gets their and back reliably, I HAVE TO ROLL UP MY WINDOWS WITH A CRANK! that's plenty good enough.
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Old 12-21-2011, 09:31 AM  
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Originally Posted by Sideways View Post
I understand what you're saying and I agree on the point of being responsible. At the time it happened with me even though I had a fixed rate VA mortgage, the only mortgage the VA will guarente, when it was sold my interset went up several percentage points. Seems that a fixed rate mortgage was only "fixed" for a specific period and only by that mortgage company. Once it was sold the interest could go up. Which is what happened with me. My point, I guess, is that a family of 3, 4, 5, whatever, at $45,000 a year is living on a fixed income and any adjustment to a budget may be a major blow. Don't forget things like medical deductibles and what happens is a family member has a major illness. Or a car accident, or planning a childs college. You're as much aware of the list just as much as I am. When the cost of living keeps going up and income remains fixed $45,000 is no longer middle class. It's working poor.
I understand what you are saying and agree. But the circumstances you are describing are the ones being presented as if it is everyone (but I don't think that is the ACTUAL type of circumstance most folks fall under). I believe that by far MOST cases are cases of people living far beyond their means or so close to it that ANY little hiccup in ixpenses will throw them under. Seems that the ones complaining don't want to talk about the choices THEY made. I have ALOT of stuff I could sell. Guns, atv's Jeep, tools...... In a crunch, and if the emergency fund ran out, I would sell stuff. Downsize to a trailer if I had to. I'm not gonna whine.
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Old 12-21-2011, 09:48 AM  
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I love how the answer to our economic woes - where money in the national and local economies isn't being exchanged for products and services - is to drastically cut consumer spending.

Brilliant.
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Old 12-21-2011, 10:07 AM  
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I love how the answer to our economic woes - where money in the national and local economies isn't being exchanged for products and services - is to drastically cut consumer spending.

Brilliant.
Even more brilliant is thinking that you can spend your way out of debt! It seems that collectively we spend more than we have coming in and one can look at it as "we don't have enough money coming in" or "Maybe we spend too much". Just depends on how you look at it. Seems to me that the more responsible response would be that "maybe we spend too much".

When our gov't tries to spend money to "produce" jobs they are essentially borrowing all of it. Reducing the value of the dollar. When that happens, prices APPEAR to go up. It shifts the blame to the "evil corporations raising prices".... When really, it is just that a dollar no longer is worth what it was. It is a very clever way for the government to essentially tax our spending power and letting most people think that "prices are going up" thus misappropriating much of the blame.

That'll be please.
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Old 12-21-2011, 01:22 PM  
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OK here's the plan, spend 1.69 times our income paying only the interest just like the government model. But for it to work we need new banking laws that permit pushing our debt to our descendents.
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Old 12-21-2011, 06:59 PM  
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Originally Posted by YelloJeep View Post
Even more brilliant is thinking that you can spend your way out of debt! It seems that collectively we spend more than we have coming in and one can look at it as "we don't have enough money coming in" or "Maybe we spend too much". Just depends on how you look at it. Seems to me that the more responsible response would be that "maybe we spend too much".

When our gov't tries to spend money to "produce" jobs they are essentially borrowing all of it. Reducing the value of the dollar. When that happens, prices APPEAR to go up. It shifts the blame to the "evil corporations raising prices".... When really, it is just that a dollar no longer is worth what it was. It is a very clever way for the government to essentially tax our spending power and letting most people think that "prices are going up" thus misappropriating much of the blame.

That'll be please.
I'm not talking about the government, thus the phrase "consumer spending" but even if I was talking about the government, with the interest rates the government pays barely exceeding inflation in the long run, it makes more sense to take on the debt in times of a weak economy with tax revenue at its lowest - where the government can get a discount on the products and services it purchases - and pay it off when the economy is strong.

Doing the reverse - as you are suggesting - just deepens, lengthens, and otherwise exacerbates the problem.
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Old 12-21-2011, 07:33 PM  
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Our debt as it stands at present is somewhere around 14 trillion. When you factor in all the unfunded long term debt, social security, welfare, medi-care, medi-caid, military retirements, all the entitlement programs the unfunded long term debt exceeds 211 TRILLION dollars. I can't even type that many zeros. We can never begin to wrap our arms around this insanity. This isn't reckless, this is criminal. Source? CBO.
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