foreclosures

[Rene]

So it's the bank's fault that people who make $10 an hour can't afford the payments on a half million dollar home? Seriously? The "clouded title" part is so way out in left field that it borders on insanity. The whole purpose of title insurance is to provide "clear title". The problem with Youtube is that any idiot can post a clever little video on there and all of a sudden it's the gospel truth, hello! Reality check. Stop getting your "news" from Youtube and you will be much better informed. YouTube is great for watching kids fall on their asses while skateboarding but not for living your life through. Not a single person had a gun put their head to sign the two inch thick stack of papers it takes to purchase a home. What happened was a number of people on both sides saw an opportunity to make money. It was just that, an " opportunity", not a guarentee to make money. People were thinking " how can I lose?", well you make $10 an hour so you have never really won anything in your life. Nothing in this world is "free" and this whole notion that " they won't foreclose because they don't know who owns the note" is pure insanity. It sounds exactly like the same nonsense that went around when people were saying you didn't have to pay the IRS. Since people are so fond of Youtube, here's an idea, watch the short video on "how money is made". I'm not talking about printing money but how loans are created to make "money". The thing you'll hear most often is "the banks have to start lending again", this action creates "money". Now if you lost your engineering job or you were a doctor or a chemist? I would feel for you. The people making nothing for a salary struggling to make ends meet, living paycheck to pay check are the real problem. The banks didn't create the problem because a "fair exchange is not a robbery". I'm tired of hearing " poor me.. Boo hoo hoo". Here's an idea?, put your "Big kid" pants on and pay your bills? Amazing how simple it is, if you pay your bills? They don't take your house. Credit is a helluva thing but people need a reality check too. Let me break it down, $15 an hour and under? You most likely can't swing a house more than 200k. Sorry about that but it's true. Now my kids are going to school learning all this " new math" and stuff but I have some " old math" for you. You should have %20 of the purchase price as a down payment and the monthly note should not be more than two thirds of your monthly income. So if your pulling in $10 an hour before taxes? Your house note should be about $1000 . There's no way in any financial spin with creative financing that you can swing the payments on a 500k house with $1000 a month. I'm one of the people shopping the foreclsure market now too. I know what I can afford and right now is the perfect time to buy. There will be more wealthy people created now than in any other time in history. There is a backlog of foreclosures that will hit in early 2012 and the prices will get even lower. Please people, do more research , besides on YouTube, or what "Harry from the hardware store" tells you. There is a huge amount of money to be made in this market, you just have to know how to do it. The phrase " a fool and his gold are soon parted" and " those with the gold, make the rules".