Home Sick

In what world does making $160k per year mean you can afford a $370k house? I make 6 figures and refused to buy into the idea that I should buy that much house. I spent $130k on my house just so there would be room to recover if something went wrong.

Perhaps if all high school junior or seniors were required to attend a semester of consumer/debt economics our population would be better educated to how credit works. I've seen some loan situations that I can not believe anyone would agree to. There will always be greedy loan sharks out there... the best defense is a good education.

I disagree, stlreguy. I think that they were given too much of a rope. We have to carefully consider that we cannot all be celebrities or the rich and famous--nor would we really want to be.

Its difficult to be very sympathetic for a young couple that suckled the real estate teat, vacationed in the Bahamas and then “hit bottom” ending up living in a trailer at Mom & Pop’s place making $40k… sounds like they managed a pretty soft landing to me.

THIS IS SO SAD. MY PRAYERS WITH EACH OF THESE FAMILIES. THANKS, JOE

As a member of one of the families talked about in this article (the Adams) I think it covered what is going on with foreclosures very well. People need to realize that this affects inocent families who were taken advantage of by lenders who were supposed to be experts in their field, but still saw nothing wrong with pushing them into a loan that they could not afford. Just my opinion. =)