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“Not Everybody Can Own a Home”

Posted on | March 10, 2009 | 7 Comments

apartment-for-rent“It is ridiculous to think that everybody in this country can own a home.  Many of you are not mature enough, not smart enough, you don’t earn enough, you are not responsible enough.  Most of you are, some of you are not.  It does not mean you are bad people.  I have somebody in my family; not an owner.  Tried it; ehhhhh.  Somebody else ends up paying the bill.  YOU pay the bill for that person in my family.  But they are good people and they mean well.  They just want a roof over their heads.  Its called renting!  Move across town.  People need candor!”  This was a quote from a radio host today and it is the entire truth.  This is the reason we are in the subprime mortgage crisis.

The American public needs to gain perspective on owning a home.  Many are not capable of this responsibility.  It does not mean that you are unsuccessful.  At certain points in everyone’s life, they should not own a home.  For some reason, every single American feels like it is their “right” to own a home as soon as they get a job and sometimes before they get a job.  To compound this problem, most Americans are told that they can own a home.  Be honest with yourself and everyone else; encourage your friends and family in bad financial situations to rent.  Those that demand that it is their “right” to own a home and cannot pay it are being bailed out by all of you who have made the correct financial decisions.

Ultimately, it is the psychology of most Americans that they can and will own a home.  Please step back, be honest with yourself, look at your financial situation and have some perspective.  If you cannot own a home at this time, accept it now, it will make your life MUCH easier in the future.

Category: Subprime

Comments

7 Responses to ““Not Everybody Can Own a Home””

  1. Diana
    March 11th, 2009 @ 6:34 am

    I agree, I pay my mortgage and do NOT want to pay for those who cannot afford a home. Save your money, remain stable in a job and then buy a home that you can afford.

  2. Daddy
    March 11th, 2009 @ 7:20 am

    Wow, if everything about this mess was this simple. I agree that the problems of our economy have to with people feeling as if they are “entitled” to things because they work “hard”. These problems stem from our society’s obsession with material things. It is not the subprime lending that caused this, it is only a small portion of the problem. Those people who got subprime loans made the best decisions they could with the information they had, it is not their fault that the rules changed on them without notice. Especially in the sunbelt states, east, and west coast states where inflation was just ridiculous. Most people would have done the same thing. Get an interest only option arm loan that does not balloon or go up for 3, 5, or 7 years and then sell your house for a a stupid profit. Problem was that the housing market crashed and these people could now not sell their homes. Now they have payments that did go up that they were not prepared for and they can’t sell their houses because the owe way more than the house is worth. I live in the midwest where we don’t have much appreciation and home prices are very low and did not have to participate in this process, but I probably would have if history showed m that it was a pretty safe bet and I could make more in 3 years by owning a house and selling than I could at my full time job.

    This problem has to do with personal accountability and no one can make decisions for their neighbors. However, this problem does not get any better by people like the author above passing judgement and thinking they are better or smarter than their neighbor. Grow up and realize you are not better than anyone else. If you want to make decision for people than go live in a country where that type of government is in place. Have you read the book Fahrenheit 451?

  3. LC
    March 11th, 2009 @ 8:40 am

    I certainly don’t think all Americans believe it’s their “right” to own a home(false logic is sort of a pet peeve of mine). And not every American who is faced with foreclosure has been irresponsible. Many Americans, who were fiscally responsible and prepared when they bought their home have lost the steady jobs they’d had for years and are finding it difficult to find another job. Savings can only go so far to keep one afloat.

    Look at all the people who’ve rented, only to find themselves screwed by the homeowner or apartment building owner, when they face foreclosure. Also consider someone who rents and loses their stable income. Are they magically allowed to say in their rental property? Renting doesn’t mean you aren’t going to find yourself in the same mess as someone who is facing foreclosure.

    There are no easy, flippant answers for what’s going on right now. Not to mention, no easy remedy.

  4. Max
    March 11th, 2009 @ 10:14 am

    My wife and I bought our first home (1976) shortly after my service in the U.S. Marines. Never missed a payment nor late. We sold the 3 bed/1.5 bath home (on 3.49 acres) in 1992. We then bought a 3 bed/2 bath manufactured home cash-out. Paid our property taxes in full and on time until 2005 when we sold the house to our son for $1000.00 as a “wedding gift”. In 12/2005 we purchased a 2bed/1 bath home thru our WaMu bank (subprime ARM loan). In Jan. 2009 we had to leave our home and now live in a rental because my wife was forced to retire early
    from State employment due to her disabilities becoming so severe she can no longer work. I lost my job (layoff) as a commercial truck driver
    and have been on unemployment for 5.5 months
    with no job prospects in sight, and I look EVERY
    day. I am unable to find work in other fields I have experience in (logging, sales/marketing, welding, health care and computer management).
    I have 3 years of college w/a 3.5 GPA. Nothing.
    We made several attempts at refinancing and loan modifacation thru numerous banks and mortgage companies (WaMu-Chase, GMAC, Benificial, CountryWide, TopDot, Lending Tree, etc.) to no avail. So, They can have it back.
    We are responsible and attempted to do the right thing, again, without success. The banking industry, mortgage industry and federal government are the real cause of this problem. They’re unwilling to accept honest efforts by home owners (bad OR good record) to do what is
    practical and affordable by the homeowners to remain in their homes and make payments. The government aggravates the situation by giving our hard earned tax money to the “crooks” that
    created this whole mess, without any control or
    requirements attached. I want that kind of loan!
    Anyway, things are not what “they” appear to be. Want to be angry or upset at someone? Focus
    on the real enemies… politicians feeding their
    friends/associates/cohorts in the banking and
    finance and insurance industries. Not at those who have made an honest effort to do the right thing and HAD been doing the right thing.

  5. Dan
    March 11th, 2009 @ 2:15 pm

    So True, So True!!

  6. MATTHEW
    March 11th, 2009 @ 4:02 pm

    I NEED TO CLARIFY THE STATEMENT:”The government aggravates the situation by giving our hard earned tax money to the “crooks” that
    created this whole mess, without any control or
    requirements attached.” THERE WERE RULES, THE GOVERNMENT WROTE AND ENFORCED THE RULES (MORTGAGE GUARANTEES NDCOMMERCIAL CREDIT RATES) THAT CREATED THE MESS. AND NOW THEY HVE INCREASED TAXES NOT ONLY ON THE RICH, BUT ON GASOLINE, CIGARETTES, AIRLINE TICKETS, TO NAME BUT JUST A FEW. IT IS NOT GOING TO GET ANY BETTER WITH THE CURRENT POLITICIANS WE HAVE IN OFFICE – ONLY WORSE. THE CROOKS THAT YOU ARE REALLY MAD ABOUT HAVE A WEAKNESS, IT COMES EVER 4-6 YEARS ON NOV 4. EXPLOIT THEIR WEAKNESS.

  7. Eric
    September 5th, 2009 @ 9:02 pm

    If you can get the bank/govt to pay for your home, why not? The problem isn’t being bailed out, it’s bailing other people out. Social responsibility is a ruse — most people contribute nothing to society, even those who “earn” a ton and can easily afford a home.

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