When it was to the bank’s advantage, the bank gave the couple a long chain of credit. When the Financial Oversight Agencies tighten the bank’s leash – the bank choked the couple into financial ruin.
They bought a house they could not afford with credit they did not have. If you can’t afford to put 20% down on a house, you are paying too much. Also, your monthly house payment should be no more than 1/3rd of you monthly net take home pay.
House rich, cash poor. The plight of the middle class. About the time I sell my house and move into the old folks home, I’ll be cash rich just long enough to pay the bills for my care and what is politely called, my final expenses. Then, if there’s anything left, the kids get it. Hmm. Maybe sell the house and take cruise ship trips till there’s nothing left.
B UTTONS almost 5 years ago
When it was to the bank’s advantage, the bank gave the couple a long chain of credit. When the Financial Oversight Agencies tighten the bank’s leash – the bank choked the couple into financial ruin.
Zykoic almost 5 years ago
Yeah, fixed income. Sort of being “fixed” in a dog’s way. Then shooed out of your house by real estate taxes.
The Brooklyn Accent almost 5 years ago
For 30 years now I’ve been a home moaner.
kathleenhicks62 almost 5 years ago
Terrible truth-losing the American “Dream”.
Gary Fabian almost 5 years ago
They bought a house they could not afford with credit they did not have. If you can’t afford to put 20% down on a house, you are paying too much. Also, your monthly house payment should be no more than 1/3rd of you monthly net take home pay.
InTraining almost 5 years ago
So… is that house “going to the dogs”…?
Herb L 1954 almost 5 years ago
This one stings.Lost house in 2011,by foreclosure.Last 20 years have not been kind ;(
Charlie Fogwhistle almost 5 years ago
House rich, cash poor. The plight of the middle class. About the time I sell my house and move into the old folks home, I’ll be cash rich just long enough to pay the bills for my care and what is politely called, my final expenses. Then, if there’s anything left, the kids get it. Hmm. Maybe sell the house and take cruise ship trips till there’s nothing left.