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When will people quit trying to have that which they cannot afford. I guess they'll be bailed out with the rest of the deadbeats......

Like many U.S. borrowers who got adjustable mortgages, the VerSteeghs planned to refinance into a better loan before their initial rate of 6.45 percent, fixed for two years, reset in December 2006. U.S. home values began to decline about six months before their first adjustment.

The so-called margin, a fixed charge added to the loan's index to determine interest rate resets, is 5.25 percent, about double the typical margin for an adjustable mortgage. Their loan is indexed to Libor, the London Interbank Offer Rate.

``We refinanced so we could get new windows and do some work on the house,'' she said. ``We assumed we'd have no problem getting another loan, but then it blew up in our faces.''

http://www.bloomberg.com/apps/news?pid= ... refer=home

Yep. Just another group of potato peelers livin' off the government teet.

AZGrizFan wrote:Yep. Just another group of potato peelers livin' off the government teet.

TD's got a point though. Don't we tend to see people going into foreclosure as irresponsible deadbeats? or does serving in the military absolve those families from that moniker and from making wise choices with their finances? I mean, he!!, they get VA loans, yet, apprantly decided they would rather have sub-prime so they could qualify for more house....

Appaholic wrote:

AZGrizFan wrote:Yep. Just another group of potato peelers livin' off the government teet.

TD's got a point though. Don't we tend to see people going into foreclosure as irresponsible deadbeats? or does serving in the military absolve those families from that moniker and from making wise choices with their finances? I mean, he!!, they get VA loans, yet, apprantly decided they would rather have sub-prime so they could qualify for more house....

Perhaps you missed this nugget:

Kathleen missed work because of breast cancer and they struggled to keep up the house payment, falling behind on other bills.

AZGrizFan wrote:

Appaholic wrote:
TD's got a point though. Don't we tend to see people going into foreclosure as irresponsible deadbeats? or does serving in the military absolve those families from that moniker and from making wise choices with their finances? I mean, he!!, they get VA loans, yet, apprantly decided they would rather have sub-prime so they could qualify for more house....

Perhaps you missed this nugget:

Kathleen missed work because of breast cancer and they struggled to keep up the house payment, falling behind on other bills.

OK...so that family accounts for the 294% increase in defaults? And their subprime accounts for the 67% drop in VA loans?

Appaholic wrote:

AZGrizFan wrote:

Perhaps you missed this nugget:

OK...so that family accounts for the 294% increase in defaults? And their subprime accounts for the 67% drop in VA loans?

To answer your question: There are a LOT of deadbeats serving in the military. Most of them come from North Carolina.

Talk about coming up with a conclusion, then trying to make "facts" prove the conclusion...

1. The inclusion of Woodbridge VA and Triangle VA in the facts at the bottom of the piece proves this reporter did little to no fact checking...

While it is a fact that both towns are near military installations, they also have in common the fact that they are in Prince William County...where the county government just went through a massive crack-down on illegal immigrants...drove them almost completely out of the county...the great majority of foreclosures in Prince William County are due to the crack-down, and not in any way tied to military families...

2. The example that started out the story is of an Air National Guard TSgt from the Iowa Air National Guard...if he is on his third deployment, it's because he volunteered...members of the National Guard (Army and Air) can only be forced to go if the unit is issued a Presidential mobilization...and no Air National Guard units have been mobilized...he signed up for a sub-prime loan that he never could afford the balloon on...and now finds himself in financial hard times...just like other people (military and non-military) who never should have gotten the loans they were given...Also, each military member in a mandatory pre-deployment briefing, is told of programs to assist them financially, including the interest rate relief program...it's obvious he didn't pay attention...

AZGrizFan wrote:

Appaholic wrote:
OK...so that family accounts for the 294% increase in defaults? And their subprime accounts for the 67% drop in VA loans?

To answer your question: There are a LOT of deadbeats serving in the military. Most of them come through North Carolina.

fify

Col Hogan wrote:Talk about coming up with a conclusion, then trying to make "facts" prove the conclusion...

1. The inclusion of Woodbridge VA and Triangle VA in the facts at the bottom of the piece proves this reporter did little to no fact checking...

While it is a fact that both towns are near military installations, they also have in common the fact that they are in Prince William County...where the county government just went through a massive crack-down on illegal immigrants...drove them almost completely out of the county...the great majority of foreclosures in Prince William County are due to the crack-down, and not in any way tied to military families...

2. The example that started out the story is of an Air National Guard TSgt from the Iowa Air National Guard...if he is on his third deployment, it's because he volunteered...members of the National Guard (Army and Air) can only be forced to go if the unit is issued a Presidential mobilization...and no Air National Guard units have been mobilized...he signed up for a sub-prime loan that he never could afford the balloon on...and now finds himself in financial hard times...just like other people (military and non-military) who never should have gotten the loans they were given...Also, each military member in a mandatory pre-deployment briefing, is told of programs to assist them financially, including the interest rate relief program...it's obvious he didn't pay attention...

From the article....

Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy's largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices.

The biggest surge was in Columbia, South Carolina, home to Fort Jackson, where the Army trains recruits for combat in Afghanistan and Iraq. Properties in some stage of foreclosure rose 492 percent from a year earlier, RealtyTrac said. The second-biggest increase was 414 percent in Woodbridge, Virginia, next to the Marine Corps Base Quantico.

Foreclosure filings tripled in the cities surrounding Norfolk Naval Base and the Camp Pendleton Marine Corps Base near Oceanside, California, RealtyTrac said. Havelock, North Carolina, site of Marine Corps Air Station Cherry Point, saw foreclosures more than double.

Appaholic wrote:

Col Hogan wrote:Talk about coming up with a conclusion, then trying to make "facts" prove the conclusion...

1. The inclusion of Woodbridge VA and Triangle VA in the facts at the bottom of the piece proves this reporter did little to no fact checking...

While it is a fact that both towns are near military installations, they also have in common the fact that they are in Prince William County...where the county government just went through a massive crack-down on illegal immigrants...drove them almost completely out of the county...the great majority of foreclosures in Prince William County are due to the crack-down, and not in any way tied to military families...

2. The example that started out the story is of an Air National Guard TSgt from the Iowa Air National Guard...if he is on his third deployment, it's because he volunteered...members of the National Guard (Army and Air) can only be forced to go if the unit is issued a Presidential mobilization...and no Air National Guard units have been mobilized...he signed up for a sub-prime loan that he never could afford the balloon on...and now finds himself in financial hard times...just like other people (military and non-military) who never should have gotten the loans they were given...Also, each military member in a mandatory pre-deployment briefing, is told of programs to assist them financially, including the interest rate relief program...it's obvious he didn't pay attention...

From the article....

Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy's largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices.

The biggest surge was in Columbia, South Carolina, home to Fort Jackson, where the Army trains recruits for combat in Afghanistan and Iraq. Properties in some stage of foreclosure rose 492 percent from a year earlier, RealtyTrac said. The second-biggest increase was 414 percent in Woodbridge, Virginia, next to the Marine Corps Base Quantico.

Foreclosure filings tripled in the cities surrounding Norfolk Naval Base and the Camp Pendleton Marine Corps Base near Oceanside, California, RealtyTrac said. Havelock, North Carolina, site of Marine Corps Air Station Cherry Point, saw foreclosures more than double.

Most of those places are where young recruits are trained. They don't live off-base.

Appaholic wrote:

Col Hogan wrote:Talk about coming up with a conclusion, then trying to make "facts" prove the conclusion...

1. The inclusion of Woodbridge VA and Triangle VA in the facts at the bottom of the piece proves this reporter did little to no fact checking...

While it is a fact that both towns are near military installations, they also have in common the fact that they are in Prince William County...where the county government just went through a massive crack-down on illegal immigrants...drove them almost completely out of the county...the great majority of foreclosures in Prince William County are due to the crack-down, and not in any way tied to military families...

2. The example that started out the story is of an Air National Guard TSgt from the Iowa Air National Guard...if he is on his third deployment, it's because he volunteered...members of the National Guard (Army and Air) can only be forced to go if the unit is issued a Presidential mobilization...and no Air National Guard units have been mobilized...he signed up for a sub-prime loan that he never could afford the balloon on...and now finds himself in financial hard times...just like other people (military and non-military) who never should have gotten the loans they were given...Also, each military member in a mandatory pre-deployment briefing, is told of programs to assist them financially, including the interest rate relief program...it's obvious he didn't pay attention...

From the article....

Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy's largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices.

The biggest surge was in Columbia, South Carolina, home to Fort Jackson, where the Army trains recruits for combat in Afghanistan and Iraq. Properties in some stage of foreclosure rose 492 percent from a year earlier, RealtyTrac said. The second-biggest increase was 414 percent in Woodbridge, Virginia, next to the Marine Corps Base Quantico.

Foreclosure filings tripled in the cities surrounding Norfolk Naval Base and the Camp Pendleton Marine Corps Base near Oceanside, California, RealtyTrac said. Havelock, North Carolina, site of Marine Corps Air Station Cherry Point, saw foreclosures more than double.

I read it...and I call BS on the numbers for Woodbridge and Triangle VA...I live there...I know exactly why there are so many forclosures, and it is not due to the military but due to a crack-down on illegal immigrants....Prince William County was where a great number of the illegals working in the DC are settled in a bought homes because the costs are lower than Fairfax County and D.C....but still close enough to live comfortably...

I'm not challenging the other numbers because I don't know their situation...

AZGrizFan wrote:

Appaholic wrote:
From the article....

Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Virginia, home of the Navy's largest base, rose by an average 217 percent from January through April from a year earlier. Nationally, the rate was 59 percent in the same period, according to RealtyTrac, which tallies bank seizures, auctions and default notices.

The biggest surge was in Columbia, South Carolina, home to Fort Jackson, where the Army trains recruits for combat in Afghanistan and Iraq. Properties in some stage of foreclosure rose 492 percent from a year earlier, RealtyTrac said. The second-biggest increase was 414 percent in Woodbridge, Virginia, next to the Marine Corps Base Quantico.

Foreclosure filings tripled in the cities surrounding Norfolk Naval Base and the Camp Pendleton Marine Corps Base near Oceanside, California, RealtyTrac said. Havelock, North Carolina, site of Marine Corps Air Station Cherry Point, saw foreclosures more than double.

Most of those places are where young recruits are trained. They don't live off-base.

So it must be the strippers, pawn brokers, "massage therapists" and bail bondsmen?

Appaholic wrote:

AZGrizFan wrote:
Most of those places are where young recruits are trained. They don't live off-base.

So it must be the strippers, pawn brokers, "massage therapists" and bail bondsmen?

Exactly. The "hangers-on".

Appaholic wrote:

AZGrizFan wrote:Yep. Just another group of potato peelers livin' off the government teet.

TD's got a point though. Don't we tend to see people going into foreclosure as irresponsible deadbeats? or does serving in the military absolve those families from that moniker and from making wise choices with their finances? I mean, he!!, they get VA loans, yet, apprantly decided they would rather have sub-prime so they could qualify for more house....

While I can empathize with this family on the medical issues, I cannot help but pat myself on the back.

When I moved up here to Seattle from Phoenix, homes were around twice as expensive than Phoenix. As a result, I had to get one of those goofy 80% ARM + 20% HELOC to get into my house. Yes, I did get more house than I wanted, but that is because we needed a place where my mother could live with us as she had no money and still relies on us for everything.

I kept reading how the housing market was headed for a bust and got out of my loans and into a traditional 30 year fixed as soon as possible. I was able to handle my wifes cancer bills because we are tightazzes and don't live paycheck to paycheck, coupled with a fixed mortgage payment.

Not trying to build myself up, but my point is the writing was on the wall for all to see. If I saw it coming, others easily could have as well.

SeattleGriz wrote:

Appaholic wrote:
TD's got a point though. Don't we tend to see people going into foreclosure as irresponsible deadbeats? or does serving in the military absolve those families from that moniker and from making wise choices with their finances? I mean, he!!, they get VA loans, yet, apprantly decided they would rather have sub-prime so they could qualify for more house....

While I can empathize with this family on the medical issues, I cannot help but pat myself on the back.

When I moved up here to Seattle from Phoenix, homes were around twice as expensive than Phoenix. As a result, I had to get one of those goofy 80% ARM + 20% HELOC to get into my house. Yes, I did get more house than I wanted, but that is because we needed a place where my mother could live with us as she had no money and still relies on us for everything.

I kept reading how the housing market was headed for a bust and got out of my loans and into a traditional 30 year fixed as soon as possible. I was able to handle my wives cancer bills because we are tightazzes and don't live paycheck to paycheck, coupled with a fixed mortgage payment.

Not trying to build myself up, but my point is the writing was on the wall for all to see. If I saw it coming, others easily could have as well.

Bingo!....now go yourself a 56" plasma