Mortgage "Crisis"

[Perin]

http://news.yahoo.com/s/ap/20070831/ap_on_go_pr_wh/bush_housing_slump_5;_ylt=AgS3U0Xs4.qEw4auJPJNbOgE 1vAI


Bush to outline aid to mortgage holders
WASHINGTON - Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump.


Evidently, I am just an idiot. 5 years ago I bought a house with a mortgage that I could afford. Not an interest only or even an adjustable rate that would skyrocket in a couple of years. I got a simple 30 year fixed mortage that I knew I could pay for. I thought I was doing a smart thing. Now I see that I really should have gotten a house twice the size. When I couldn't make the payments I was supposed to go crying to the government about the mean brokers who allowed me to get more than I could afford. Then they would step in and bail me out. Whatever was I thinking? :roll:

[Capt. Stamina]

Not quite true.

http://www.politico.com/news/stories/0807/5581.html

<snip>
He plans to announce a variety of measures in the Rose Garden on Friday morning that are designed to help struggling homeowners with subprime mortgages avoid foreclosure and will declare that lending practices need to be tightened, according to administration aides.

Bush will make clear, as he has in the past, that he does not plan to support a bailout for struggling mortgage lenders. But a senior administration official said aides are studying the possibility of “a broader federal role” in regulating mortgage brokers and originators.
<snip>

[MaidenFaeSnow]

http://news.yahoo.com/s/ap/20070831/ap_on_go_pr_wh/bush_housing_slump_5;_ylt=AgS3U0Xs4.qEw4auJPJNbOgE 1vAI



Evidently, I am just an idiot. 5 years ago I bought a house with a mortgage that I could afford. Not an interest only or even an adjustable rate that would skyrocket in a couple of years. I got a simple 30 year fixed mortage that I knew I could pay for. I thought I was doing a smart thing. Now I see that I really should have gotten a house twice the size. When I couldn't make the payments I was supposed to go crying to the government about the mean brokers who allowed me to get more than I could afford. Then they would step in and bail me out. Whatever was I thinking? :roll:

**snip**

"The official said Bush will direct Treasury Secretary Henry Paulson and Housing Secretary Alphonso Jackson to work on an initiative to help troubled mortgage holders get services and products they need to keep them from defaulting on their loans."

**snip**

Didn't you know that this is the country where we put programs into place to pluck people out of the holes they dig for themselves (because we owe it to them to help), those that don't or won't do for themselves, make dumbass or greedy decisions and then blame everyone else for them. Hey, freedom at it's best...feel sorry for them...the government does. It wasn't like they signed forms that plainly explained what they were in for or anything :roll:.

[Lady Sarah]

I hate to tell you this, but lending practices have already been tightened up.

As far as a broader role in regulating... I don't know what they can regulate more than they already have. Of course, I'm speaking from an origination standpoint. I don't know how brokers operate.

[Capt. Stamina]

What? That would mean gasp personal responsibility. You can't have that!

[Lady Sarah]

It wasn't like they signed forms that plainly explained what they were in for or anything :roll:.

Oh, trust me, you'd be surprised at the sheer amount of people who do not or can not read the print in front of them. If I had a dime for every time I heard "Oh, I didn't see it there when I looked over the docs... and it's right there! If it was a snake it would have bit me! How could I miss that?!", I wouldn't be in fear of losing my job every two weeks.

Title companies are the worst - rarely have I encountered one that actually tells the borrower what is in the documents. Of course, by the same token, I've yet to encounter a borrower who will *let* the title company explain the docs. They can smell the refi money / keys to their new home and they get stupid. They find themselves in a position to actually own a home - and it's a grand home too!! Their LO promised them this and this and this and that and dancing showgirls at their closing and the.... *frustrated sigh* and then they get to the part of the docs where they see what their monthly payment is going to be and it's not the $5 that the LO said it would be...

Oi. Point of that ramble is that borrowers don't pay attention. Title companies and real estate agents really are supposed to pay attention and take care of their client. Of course, there are predatory mortgage companies out there who will take advantage of borrowers just to make their quota.

It makes the rest of us look bad.

[Lady Sarah]

What? That would mean gasp personal responsibility. You can't have that!

actually, sarcasm aside, people have been fired from our company for not having any personal responsibility. our corporate honchos are BIG on that.

[MaidenFaeSnow]

See that's what gets me. When we went through the mortgage process...we read every word of every document. You have to initial everyone for the crying out loud. If you CHOOSE not to read every word, it's on YOU dumbass. If you have a question, ask. Because of the way things are laid out, there's no going back, no saying, "Well, we didn't know that." or "We weren't told that." That's bullcrap. People with ARM's know their payments are going up. Everyone just thinks or hopes they will be able to handle it. Then they can't. Well...too bad kiddo. Should the industry really be responsible for that? Hell no! Even if they are preditors, you know what you're person situation is. Be responsible for yourself and know that realistically you cannot handle a payment 2-3 years down the line that is $800 a month more than it is now! If you don't have that much common sense why are you buying a house to begin with....geez...

[Perin]

Not quite true.
Bush will make clear, as he has in the past, that he does not plan to support a bailout for struggling mortgage lenders.

Right, but he is bailing out the people that took out mortgages they can't afford. That was my point.

[Perin]

Didn't you know that this is the country where we put programs into place to pluck people out of the holes they dig for themselves (because we owe it to them to help), those that don't or won't do for themselves, make dumbass or greedy decisions and then blame everyone else for them.

Like people that live on the ocean, below sea level, and without flood insurance?

I blame my parents for teaching me to be responsible for my own actions. Damn parents.....

[Peaches O Malley]

snip personal responsibility. snip

No longer exists IMHO. It's always someone elses fault....yeah...whatever.:unamused:

[Bean]

ARM and interest only loans should be outlawed. They are tricks lenders use to get people with less than stellar credit into a loan and tailor the payment to meet their budget. Now, these people have sketchy credit to begin with, so why in heck would you give them a mortgage??

I am 18 months out from a bankruptcy. I know I am not a good credit candidate. Do I go looking to buy a house? Hell no! I know I can't afford it in my area. I'll be lucky if I get a loan for a car next year that is under 10% interest.

Instead of sub-prime lending, people should be sent to credit counselling and taught how to budget. After successful completion of this, then they can look at mortgages.

[MaidenFaeSnow]

I have to disagree with you to a small degree. Because someone had a credit issue in the past doesn't automatically make them a poor candidate nor does it mean they need credit counseling. Life circumstances may have distrupted them finacially in a manner that was unavoidable, not because they don't know how to budget but because something happened that was catostrophic at the time and they have since recovered however it takes time for their credit rating to recover. Now they are in a great job making good money and have a great future and would like to purchase a home and keep moving on. This actually happened to me.

[Lady Sarah]

Instead of sub-prime lending, people should be sent to credit counselling and taught how to budget. After successful completion of this, then they can look at mortgages.

Sub-prime exists for the pure and simple fact that it's nearly impossible to get a Prime loan. Sub-prime takes in the borrowers who have Great Credit, but not stellar or Perfect credit and works with them - the average majority of the United State citizenry. The percentage of those borrowers that actually qualify for the Prime market loans is very, very small.

Please be careful in painting the entire sub-prime market with the same broad brush - not all of the SP lenders take advantage of the borrowers. I have had more loans taken back out of closing due to the fact that it's just not good business to do it or that it's not beneficial to the borrower to do the loan.

You don't hear about the borrowers who are doing well in their SP loan, that haven't defaulted. You're hearing about the ignorant people who let their wants get ahead of their capabilities and the companies who took advantage of that.

You're smart, you know your situation. You've a better start than most of the lower qualifying borrowers.

[RaevynCait]

ARM and interest only loans should be outlawed. They are tricks lenders use to get people with less than stellar credit into a loan and tailor the payment to meet their budget. Now, these people have sketchy credit to begin with, so why in heck would you give them a mortgage??

I am 18 months out from a bankruptcy. I know I am not a good credit candidate. Do I go looking to buy a house? Hell no! I know I can't afford it in my area. I'll be lucky if I get a loan for a car next year that is under 10% interest.

Instead of sub-prime lending, people should be sent to credit counselling and taught how to budget. After successful completion of this, then they can look at mortgages.

I have to agree that ARM & interest only loans are tricks geared to attrack sub-prime consumers, and in many cases they are being offered by predatory lenders, knowing full well that the consumer can't possibly meet their obligation, so they'll get to foreclose and re-sell the property, possibly to another sub-prime consumer and the cycle goes on and on. I think credit counseling is more important than ever, considering the about of unsecured debt that is available. When I was in 8th grade, we all were required to take a course that I don't even remember the name of, but we had to learn to balance a checkbook, create a workable budget based on real life figures for income, housing/food/etc. We had to pass the course to get out of 8th grade.

Bean, if your bankruptcy is fully discharged/completed, in many cases that makes you an excellent credit risk, simply because you cannot file again for however many years the code states now. (When I worked for TRW/now Experian I knew the numbers, but it's changed in the last 15 years).

There are a couple of programs in TX, I know that are for people who are, or recently have been, poor credit risks. One of my friends recently bought a house through one of them, and said it helped her and her DH learn to work together on the budget (she'd always been the one doing it, and he just went on his merry way much of the time, assuming that she would handle it), and better manage their money together.

[Capt. Stamina]

Instead of sub-prime lending, people should be sent to credit counselling and taught how to budget. After successful completion of this, then they can look at mortgages.

There isn't time to do that, besides there's more important things to teach kids; like equality, and respect of others, and that if you have a problem you need to look to the government to solve your problems for you.

[Lady Sarah]

There isn't time to do that, besides there's more important things to teach kids; like equality, and respect of others, and that if you have a problem you need to look to the government to solve your problems for you.

oh for god's sake, Captain!! Could you just ONCE have a decent, intelligent conversation without resorting to sarcasm every other sentence?? You're not helping nor are you contributing anything to this!

[MaidenFaeSnow]

Sub-prime exists for the pure and simple fact that it's nearly impossible to get a Prime loan. Sub-prime takes in the borrowers who have Great Credit, but not stellar or Perfect credit and works with them - the average majority of the United State citizenry. The percentage of those borrowers that actually qualify for the Prime market loans is very, very small.

Please be careful in painting the entire sub-prime market with the same broad brush - not all of the SP lenders take advantage of the borrowers. I have had more loans taken back out of closing due to the fact that it's just not good business to do it or that it's not beneficial to the borrower to do the loan.

You don't hear about the borrowers who are doing well in their SP loan, that haven't defaulted. You're hearing about the ignorant people who let their wants get ahead of their capabilities and the companies who took advantage of that.

You're smart, you know your situation. You've a better start than most of the lower qualifying borrowers.

And just as a side note to that...I have a bankruptcy in my past due to my ex getting into drugs and my having to try to pay all the bills and losing everything... I still got the prime rate a mere 5 years later.

[Capt. Stamina]

oh for god's sake, Captain!! Could you just ONCE have a decent, intelligent conversation without resorting to sarcasm every other sentence?? You're not helping nor are you contributing anything to this!

Well excuse me! If you don't like it don't read it! Why not just block me if you're so offended, that way you won't have to worry about reading my comments.

[MaidenFaeSnow]

oh for god's sake, Captain!! Could you just ONCE have a decent, intelligent conversation without resorting to sarcasm every other sentence?? You're not helping nor are you contributing anything to this!

I think he's actually going back to the original topic of the thread being that Bush is bailing people out of their responsibilities again. Sarcastic, yes, but in truth, the bailing out is rediculous in and of itself.

[Lady Sarah]

And just as a side note to that...I have a bankruptcy in my past due to my ex getting into drugs and my having to try to pay all the bills and losing everything... I still got the prime rate a mere 5 years later.

that'd be because, as I'm sure you know, that BK isn't the only thing thats looked at. I'm sure that with the BK you had to provide some sort of statement to the Lender about why you had to file for the BK. Was your credit up until the BK good? Probably was. I'm also pretty sure you had your ducks in a row after the BK, no late pays, etc. Most of the Underwriters will look at the global picture of the loan versus what's in black and white.

[Perin]

ARMs can be good if you know what you're getting into. If you're planning on moving in 4 years, a 3 or 5 year ARM might be very good for you. If you're thinking is that you can afford the ARM rate, but not the fixed, then its probably not for you.

I don't understand interest only loans at all....

[MaidenFaeSnow]

that'd be because, as I'm sure you know, that BK isn't the only thing thats looked at. I'm sure that with the BK you had to provide some sort of statement to the Lender about why you had to file for the BK. Was your credit up until the BK good? Probably was. I'm also pretty sure you had your ducks in a row after the BK, no late pays, etc. Most of the Underwriters will look at the global picture of the loan versus what's in black and white.

You're absolutely right, I had a lot of hard work to do. I just wanted to point out that having that 'mark' didn't make me a bad candidate. Something happened to me...but I still was able to qualify for prime even though the BK is still on my credit report. And the BK wasn't a result of my not having the knowledge to manage my budget.

[Lady Sarah]

ARMs can be good if you know what you're getting into. If you're planning on moving in 4 years, a 3 or 5 year ARM might be very good for you. If you're thinking is that you can afford the ARM rate, but not the fixed, then its probably not for you.

I don't understand interest only loans at all....

you don't understand the concept behind it or how they work? Bean's right about them being trick - you're not saving any money with them at all.

ARMs are explained on the TIL, if you look closely. Your payments are spelled out clearly for you. You have a certain number of payments at this amount, then the change hits and you have a certain number of payments at this amount.

The percentage of borrowers who actually stay in a home for more than 5-10 years is very, very small. Most borrowers have a change in circumstance within 5-6 years as you've pointed out. People who do happen to stay in their home for longer almost always refinance for lower rates/payments, take out equity, etc. The purchase loan you sign today won't be the same loan you have in 25-30 years. :lol:

[Ravin' Raven]

Okay since I'm about to lose a house I think I can weigh in here from the other point of view. Am I a responsible adult? - F@*& yes. I make a decent living and was very financially responsible for my entire adult life. Always pay on time and in cash when possible.

Then...wham...meet someone...trust that person...get into legal entanglements with that person....including a business and a home...have said person pack up and shaft you and leave you holding the bag after clearing you out...do I expect a bail out? No. Am I handling this the best way I can? Yes. Will I lose said house? Yes. As of this morning I looked at the mortgage payment and said "I can't do this anymore. My sanity and my health are not worth it..." Have I tried other methods - yes - it's been on the market to sell for almost a year, I've gone without other things to keep paying for it while trying to start over. I've tried those "we buy houses" groups (11 at last count). And the sad part is that while his name is on the title and he has a right to any profits if it does sell, he has no responsibility for the mortgage - all in my name because we would have been "subprime" if we would have added him. But I have actually called the mortgage company and let them know what is happening. They won't lose out - they'll get their money when they sell it.

Not everyone who is being hurt by the current housing/mortgage market is a stupid loser who can't read. Because of a bad personal choice in the last two years my FICO score has gone from a 780 to a 620. I've had to declare Chapter 7 and had my own parents tell me they are disaapointed in me. I've gone from over $250k in my checking account five years ago to maybe $250 on average and NO savings. I've been able to finagle a smaller affordable house/mortgage while still holding the other one so that I have something and I have a plan that starts in January '08 to rebuild my credit and my finances. But I also have to rebuild my ability to trust, my life, and a lot of other stuff.

Are there people who bought more than they should have? Absolutely - but remember folks in this as in everything - gross overgeneralizations don't paint the whole picture. Of the people I personally know in bad situations I know of two who just got greedy. Most of them did not overextend: but they also didn't anticipate: terminal cancer, a heart attack at age 45, the catastrophic injury of a child that is not being covered by insurance, etc. All of these folks would be fine if they could just sell their houses that have been sitting on the market for six months or more because of the other issues in the industry. Maybe we should all live our lives assuming the worst will happen but what kind of life would that be? I've had "the worst" happen and I won't live that way everday.

I take responsibility for where I am in life. But I dare anyone to question my intelligence or my integrity. People are human and they make mistakes sometimes. I will learn from mine and it won't happen again. I'm pretty sure that if it weren't for second chances most people would have lost on something even if it weren't financial - job choice maybe? relationships? I deserve a second chance and I won't need a third.

[Lady Sarah]

Well excuse me! If you don't like it don't read it! Why not just block me if you're so offended, that way you won't have to worry about reading my comments.

Nine times out of ten you have VERY valid points to add to a discussion - but the sarcasm is just too damned thick at times to make the points readable, at least IMO.

Once in a while it'd be nice to have a conversation instead of wading through layer after layer of crap.

[Perin]

you don't understand the concept behind it or how they work?

I understand how they work, I just don't understand why anyone would get one... Unless you're planning on putting down a lot of extra money on the principal each month and want the "interest only" part in case something horrible and unexpected happens. Otherwise, you're probably better off just renting a place if you're just paying the interest.

[LdyJhawk]

Who knows, maybe it's the government's way of "apologizing" for so long allowing various lending and credit based companies to prey on those that they knew well before hand would never be able to make it and have to take a fall?

[MaidenFaeSnow]

And this is exactly what I meant by my post about life circumstances.

Okay since I'm about to lose a house I think I can weigh in here from the other point of view. Am I a responsible adult? - F@*& yes. I make a decent living and was very financially responsible for my entire adult life. Always pay on time and in cash when possible.

Then...wham...meet someone...trust that person...get into legal entanglements with that person....including a business and a home...have said person pack up and shaft you and leave you holding the bag after clearing you out...do I expect a bail out? No. Am I handling this the best way I can? Yes. Will I lose said house? Yes. As of this morning I looked at the mortgage payment and said "I can't do this anymore. My sanity and my health are not worth it..." Have I tried other methods - yes - it's been on the market to sell for almost a year, I've gone without other things to keep paying for it while trying to start over. I've tried those "we buy houses" groups (11 at last count). And the sad part is that while his name is on the title and he has a right to any profits if it does sell, he has no responsibility for the mortgage - all in my name because we would have been "subprime" if we would have added him. But I have actually called the mortgage company and let them know what is happening. They won't lose out - they'll get their money when they sell it.

Not everyone who is being hurt by the current housing/mortgage market is a stupid loser who can't read. Because of a bad personal choice in the last two years my FICO score has gone from a 780 to a 620. I've had to declare Chapter 7 and had my own parents tell me they are disaapointed in me. I've gone from over $250k in my checking account five years ago to maybe $250 on average and NO savings. I've been able to finagle a smaller affordable house/mortgage while still holding the other one so that I have something and I have a plan that starts in January '08 to rebuild my credit and my finances. But I also have to rebuild my ability to trust, my life, and a lot of other stuff.

Are there people who bought more than they should have? Absolutely - but remember folks in this as in everything - gross overgeneralizations don't paint the whole picture. Of the people I personally know in bad situations I know of two who just got greedy. Most of them did not overextend: but they also didn't anticipate: terminal cancer, a heart attack at age 45, the catastrophic injury of a child that is not being covered by insurance, etc. All of these folks would be fine if they could just sell their houses that have been sitting on the market for six months or more because of the other issues in the industry. Maybe we should all live our lives assuming the worst will happen but what kind of life would that be? I've had "the worst" happen and I won't live that way everday.

I take responsibility for where I am in life. But I dare anyone to question my intelligence or my integrity. People are human and they make mistakes sometimes. I will learn from mine and it won't happen again. I'm pretty sure that if it weren't for second chances most people would have lost on something even if it weren't financial - job choice maybe? relationships? I deserve a second chance and I won't need a third.

[Ravin' Raven]

And this is exactly what I meant by my post about life circumstances.

Absolutely! I know you had your issues too... But I'm "lucky" like you - up until this I was an A risk so that's why I got the mortgage on my new "little" house four months after my Chapter 7. A little higher note but okay. I think it will help even after I have to let this other go all the way to the foreclosure. I'll go back to being a model financial citizen and that will help. That's why I've layed out a formal plan for the recovery. Of 25 plus years of credit history even this can be weighed against the whole picture.

(Besides I have a very supportive system now - even if it's still a little hard to trust certain things...)

[MaidenFaeSnow]

Absolutely! I know you had your issues too... But I'm "lucky" like you - up until this I was an A risk so that's why I got the mortgage on my new "little" house four months after my Chapter 7. A little higher note but okay. I think it will help even after I have to let this other go all the way to the foreclosure. I'll go back to being a model financial citizen and that will help. That's why I've layed out a formal plan for the recovery. Of 25 plus years of credit history even this can be weighed against the whole picture.

(Besides I have a very supportive system now - even if it's still a little hard to trust certain things...)

Yes, you most certainly do :wink:!

[Laurensa]

[
Title companies are the worst - rarely have I encountered one that actually tells the borrower what is in the documents. Of course, by the same token, I've yet to encounter a borrower who will *let* the title company explain the docs. They can smell the refi money / keys to their new home and they get stupid. They find themselves in a position to actually own a home - and it's a grand home too!! >>

And this would be why Greg and I are still renting---we are working on cleaning up our credit so we CAN get a 30 year fixed rate mortgage that will put us in a house we can afford. I don't want a McMansion with three full baths and six bedrooms, I want a decent size house with a bath and half (who needs more than that?) and a fenced yard for a dog. The one we are currently renting is about 1800 square feet, and it's almost perfect.

I want a house so bad I can taste it--but how much worse would it be to get one, and then lose it?

[Ravin' Raven]

Yes, you most certainly do :wink:!

Yeah, he made a copy of my Five Year Plan Excel spreadsheet and added himself and his contributions to it so that WE can build a new log cabin at the end of those five years....:-D

[ambar]

O.o Nice to know I'm not the only one with an excel map to their life for the next few years. I'm broke and staying that way until I clear out some of the debts. Then I can THINK about buying a home.

[Ravin' Raven]

O.o Nice to know I'm not the only one with an excel map to their life for the next few years. I'm broke and staying that way until I clear out some of the debts. Then I can THINK about buying a home.

Makes it much more tangible and it takes me back to the days when I was very careful before I let emotions cloud my better judgement. My late husband and I always had one going to show savings, expenses, plans, etc. It's what we used to move from our 900 SF house to our 3000 SF house...A very proud day for me. Now I'll use it to get to that nice log cabin in the woods...(happy thoughts!!!)

[MaidenFaeSnow]

*snip* I want a decent size house with a bath and half (who needs more than that?)

A family with 2 teenage girls! *rotfl*

[Laurensa]

A family with 2 teenage girls! *rotfl*


LOL..I grew up in a house that had a teeny kitchen, but the bathrooms were HUGE. The upstairs bath was narrow, but it was fifteen feet long, and one entire wall was mirror, with vanity and cupboards/drawers galore. We had five women getting ready for a wedding, all in the same room, at the same time.

Luckily I have boys and they don't require quite as much bathroom space.

[Bean]

My savings are more geared towards the new car next year, and vacations. There is no way possible that I can afford real estate in northern Virginia, and with my retail background I don't know where I'll be in 5 years so there is no sense in buying.

I keep thinking that if I am not married by the time I'm 45, I'm going to throw a dart at a world map and move to that country for a year just for kicks. I'll have to have a tidy nest egg built up for that..... but if I am very frugal I could easily save about 10K per year on top of my 401K and IRA I contribute to every month.

[RichardMacHugely]

While it is tempting to ridicule the plan to bail out struggling homeowners who took out sub-prime mortgages and are now at risk of defaulting on their loans and ultimately losing their homes, it is important to look at the larger picture.

The sudden foreclosure of many hundreds of thousands of homes could trigger a significant economic downturn, which could cause hundreds of thousands of other homeowners with perfectly sound credit to lose their jobs and homes. This isn't about giving a handout to some foolish borrowers, it's about avoiding a serious economic train wreck that could engulf the entire nation.

Normally I'm not a fan of Mr. Bush at all, but in this case I believe he is doing the right thing for all of us, and I think some people out there need to get some serious therapy for their anti-government paranoia. BTW, NO, I do not have a sub-prime mortgage.

[MaidenFaeSnow]

And while I see your point, I think it is worthwhile and valid to argue the reason why this is a problem to begin with. To fix a problem you must first start with the initial cause.

While it is tempting to ridicule the plan to bail out struggling homeowners who took out sub-prime mortgages and are now at risk of defaulting on their loans and ultimately losing their homes, it is important to look at the larger picture.

The sudden foreclosure of many hundreds of thousands of homes could trigger a significant economic downturn, which could cause hundreds of thousands of other homeowners with perfectly sound credit to lose their jobs and homes. This isn't about giving a handout to some foolish borrowers, it's about avoiding a serious economic train wreck that could engulf the entire nation.

Normally I'm not a fan of Mr. Bush at all, but in this case I believe he is doing the right thing for all of us, and I think some people out there need to get some serious therapy for their anti-government paranoia. BTW, NO, I do not have a sub-prime mortgage.

[Ysobelle]

Much like the other thread about the VA Tech shootings, I think we have to do both: deal with the situation as it stands, and try to figure out how to stop it from happening again.

And thanks, Richard-- you beat me to it. I was too lazy to look up the reasons you posted.

[grygrrl]

Dear Perin:

I am feeling your pain!!! I moved to FL about 5 months ago from MN, where taxes and homeowners dues were raised so often I was afraid I would not be able to afford to stay in my (town)home...Left a very high paying job to go someplace warm and sunny. Found a sweet house I adored and last week had some a/c work done and its infested with mold....still waiting to hear from lawyer to see if I have a case...three sinus infections later and heaven knows whatever other health risks! And in June 2009 my mortgage will skyrocket...and with pay in FL being notoriously low I may never get out of this hole...not sorry I left snow and ice behind but I would love to find a job and be able to be self supporting through my own contributions again...have been digging into my retirement and slowly dwindling. Not sure what I will do if/when next mortgage due again...keep thinking about Little Nell in the Dudly Do-Right cartoons...dog and I can alwyas live in my car--at least I own THAT free & clear!