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Tell the truth and shame the...

January 25th, 2008 at 01:49 am

It's been a while. Coming back and catching up on how other folks are living life has been comforting and pleasant. I recently read "Lost in Debts" blog and was touched by her honesty. Even through the veil of anonymity, I'm still reluctant to admit to the world my financial sins. As you can tell by my blog name, I recently bought a house. While we did put a small but signifant down payment on it, we did get ourselves into the now-dreaded and much to be chastised over ARM Loan. I'm not here to defend my actions or to even validate them. Only to state, even if it's just to myself that I don't regret our decision, that i've never been late on any payments, i've paid my taxes, car note and credit cards on time. Refinancing will happen when the time is right (hopefully very fucking soon). In other words, the future looks rosey.

What really bothers me is the perception that people like me are viewed as irresponsible no-accounts who got free rides from the government. I'm not sure what exactly was supposed to happen after Mr. Bush's speech about the busting housing market, but as great as his speech was for cash strapped homeowners, nothing is guaranteed and there is no "sign-up here for easy mortgage relief" line anywhere that I know of.

I took a huge gamble that I was going to be able to take care of business when the time came for my loan to reset. I know a lot of you are upset about the Feds dropping rates, but don't pass on the blame to individuals who gambled with their own lives, they certainly didn't get into buying homes with the hopes of relying on government intervention to help with their mortgages. They hoped for the best and made a go of it. Some could not hang on and paid the price, some (who did not expect, did not ask) got a break.

Stop sipping on the Haterade. It's bitter.

3 Responses to “Tell the truth and shame the...”

  1. lost in debt Says:

    You may want to contact your lender and see if they have a streamline program to put you into a fixed rate. Many of these programs do not require an appraisal, do not require you to requalify with your income, but you have had to make the last 12 payments on time. I'm figuring rates will be prime by Mid February - next week we have another Fed rate cut. I think rates will stay down through this year so after even six months, you could ask to refinance, or 12 months maybe streamline.

    I have the dreaded ARM with interest only payments thinking I will sell in the next two years. I currently have a five year ARM and I have used one year, got four left to sell.

    Thanks for your comments about my blog. It's a day at a time here.

  2. monkeymama Says:

    I am sorry.

    I see what you mean. I think the tip of the iceberg is asking if we are wrong to be financially responsible. Like would you rather choose financially secure or completely not secure and hoping for a government handout. come on. It struck me as unnecessary bitterness. Seems to be going around. Reminds me of people jealous of welfare. Would I rather have my nice middle class lifestyle or be on welfare and liv on minimum wage? Pffffft. (The unfortunate side is a lot of my family has been eligible for welfare, or on welfare, and I See nothing to be jealous of there). It just strikes me as to getting to the ridiculous side when people who have so much start getting jealous of people with nothing. It does strike me as very bitter, and I am not sure why. What there is to be bitter about.

    To be fair though, I know a lot of stupid people who live upper class lifestyles on lower class incomes with the help of their ARMs. I also have a lot of family and close friends who took them as a gamble to get into the high priced California market. I always admitted they may come out far ahead of us in the long run. We're just not gamblers. Reducing the gamble to "stupidity" is naive. But I think too many people are drawing on their own experiences and assuming everyone with an ARM falls in the stupid variety. It's a stereotype.

    I am sorry for that. Hang in there!

  3. monkeymama Says:

    I am sorry.

    I see what you mean. I think the tip of the iceberg is asking if we are wrong to be financially responsible. Like would you rather choose financially secure or completely not secure and hoping for a government handout. come on. It struck me as unnecessary bitterness. Seems to be going around. Reminds me of people jealous of welfare. Would I rather have my nice middle class lifestyle or be on welfare and liv on minimum wage? Pffffft. (The unfortunate side is a lot of my family has been eligible for welfare, or on welfare, and I See nothing to be jealous of there). It just strikes me as to getting to the ridiculous side when people who have so much start getting jealous of people with nothing. It does strike me as very bitter, and I am not sure why. What there is to be bitter about.

    To be fair though, I know a lot of stupid people who live upper class lifestyles on lower class incomes with the help of their ARMs. I also have a lot of family and close friends who took them as a gamble to get into the high priced California market. I always admitted they may come out far ahead of us in the long run. We're just not gamblers. Reducing the gamble to "stupidity" is naive. But I think too many people are drawing on their own experiences and assuming everyone with an ARM falls in the stupid variety. It's a stereotype. Most the country does not understand what it is like here in the first place.

    I am sorry for that. Hang in there!

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