Comments on: The Sounds of Foreclosure – “Jingle Mail”. http://www.mytwodollars.com/2008/05/01/getting-help-with-mortgage-foreclosures/ A place to discuss money...for the rest of us. Thu, 24 May 2012 01:22:07 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Four Pillarshttp://www.mytwodollars.com/2008/05/01/getting-help-with-mortgage-foreclosures/#comment-26239 Four Pillars Thu, 01 May 2008 22:45:45 +0000 http://www.mytwodollars.com/?p=1464#comment-26239 I agree that people shouldn't buy things they can't afford but I also have to blame the mortgage companies / banks for having such a poor business model. They are the ones who allowed these deadbeats to buy houses they couldn't afford and signed contracts which allow the house owner to walk away without recourse. If the house value stays the same or goes up then the bank gets its money back - if the house value drops then the bank gets the house back. Not good business. Mike I agree that people shouldn’t buy things they can’t afford but I also have to blame the mortgage companies / banks for having such a poor business model. They are the ones who allowed these deadbeats to buy houses they couldn’t afford and signed contracts which allow the house owner to walk away without recourse. If the house value stays the same or goes up then the bank gets its money back – if the house value drops then the bank gets the house back. Not good business.

Mike

]]> By: Willhttp://www.mytwodollars.com/2008/05/01/getting-help-with-mortgage-foreclosures/#comment-26237 Will Thu, 01 May 2008 19:51:58 +0000 http://www.mytwodollars.com/?p=1464#comment-26237 Great post! First we have the "I want it now" mentality, then we figure it's ok for us not to pay our debts, and as the icing on the cake, lenders have been careless (and somewhat downright deceptive) in their lending practices. Talk about a perfect storm! After the housing mess, it's very likely that we're gonna be hit with the credit card mess. And it will keep going that way until people realize they can't live above their means and start doing something about it! Great post!

First we have the “I want it now” mentality, then we figure it’s ok for us not to pay our debts, and as the icing on the cake, lenders have been careless (and somewhat downright deceptive) in their lending practices. Talk about a perfect storm!

After the housing mess, it’s very likely that we’re gonna be hit with the credit card mess. And it will keep going that way until people realize they can’t live above their means and start doing something about it!

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