Re: UGH!!!!! The tax bill !!
I agree people have to buy only what they can afford but there are circumstances. If someone buys a house that's $150k (good luck finding something nice for that) and they make more than enough to afford that cheap house, but then lose their job....what has to be said then? You should have bought something you could afford by working at mcdonalds if you lose your job? I'm not saying to live in a mansion or monster house and I'm not saying live poorly either. I have seen some of your homes here on jemsite and they are nice...nice family homes...like what most people have. Homes that couldn't be afforded if you lost your job. Things happen.
In my friend's case, his wife lost her job and it takes 2 to make the mortgage unless you make a lot...most of us don't. She has been unemployed for a year. Minimum wage isn't cutting it at her part time job. They sold their 2nd car and she now drives him to the train every morning so she can have the car for the 2 kids. They got rid of some other stuff as well and have been talking with the bank, refi's, etc. Nothing works. They are one of the ones being severly affected by the economy and such. I almost lost my house a handful of months ago. Not because I bought a monster house but because I had no job and I'm the main bread winner. I would have stocked shelves at the grocery store if I had to but that wouldn't even cover the cheapest of mortgages. For me, I did my research but no one knew how much the taxes would be 2 years ago. Even the county said, this is the worst we have ever seen it...how can that be predicted? In short (too late) I agree with Glen but there are circumstances we cannot control. Monster house or not, if you have no money coming in, you're done.
When I knew I had only 2 months left money-wise in the bank while unemployed, I called the bank and said look, I need help. I want to keep the house, you don't want another loss on your hands, I have a family... Can I make partial payment in good faith, 50%, 60%, just to extend my time while I pound the pavement? What can we do. They didn't care. I called back a handful of times trying to get the right rep but I was told each time...we can't...it's all or nothing, sorry...we need to get paid...we don't accept partial payments. I couldn't believe it.