Posted by John_NorCal on 4/12/07 12:10am
Msg #184764

On Sub Prime Bottom Feeders Msg 184429

Hugh's recent post on predatory lenders attracted many responses. My 2 cent addition is this: I did a tax return tonight for a couple that just retired (mid to late 50's people) on a modest pension. While double checking their deductions, I got onto the county property tax site to get the actual property tax paid. Come to find out that they are behind on their prop taxes for 2 installments. That can be understandable, but I wonder, did they really need to buy the 35ft 5th wheel trailer with truck so they can see the country? Guess they might be planning their next domicile.

I guess there will always be people who get their priorities skewed whether its a super duper all frills attached SUV or an RV vs. a home. No wonder there predatory lenders, there's a sucker born every minute!

Reply by OR on 4/12/07 12:31am
Msg #184766

Re: On Sub Prime Bottom Feeders WOW how sad n/m

Reply by Susan Fischer on 4/12/07 1:21am
Msg #184769

"...Priorities skewed..." and who are you to judge?

Not to mention that frequently, tax payments don't get posted online immediately.

Retirees have earned their retirement. 'See the USA, in your Chevrolet,' they used to sing - what's wrong with them living their dream?

Cheers,
Susie

Reply by John_NorCal on 4/12/07 8:16am
Msg #184782

Re: "...Priorities skewed..." and who are you to judge?

Susan,

Unless you know the particulars, please don't you judge. These are not "old age" retirees, these are relatively young people. I was confirming what they had told me in my initial interview with them, they had not paid their taxes for 1 1/2 yrs. Priorities skewed, yes, but that is my opinion.

Reply by BrendaTx on 4/12/07 9:39am
Msg #184796

Re: "...Priorities skewed..." and who are you to judge?

John...no judgmental attitude tere...I don't believe there's a kinder heart on this board. There might be some which are just as considerate, but hardly any which could "out do" the love and understanding of yours.

Reply by Susan Fischer on 4/12/07 11:27am
Msg #184814

Re: "...Priorities skewed..." and who are you to judge?

John, I didn't mean to sound mean. It's just that from out here in cyberspace, I guess I make assumptions that don't square with the facts. I said "you" when I should have said "I," because over the course of my life, I have made many errors in judgment when I could and should have been much more aware of the consequences.

I too see foolish borrowers, and in some cases, downright scarry borrowers - the writing on the wall is so clear - about the financial disasters just arouind the corner.

Please accept my apology for being an ass.

Susie

Reply by Sher_AZ on 4/12/07 2:13am
Msg #184771

I agree with you John. I think everyone who's been a SA for awhile knows that majority of the Refi's we've seen past couple of years has been result of two scenario's. Either living beyond their means (and income) or really, really, really bad luck. I've seen both and feel bad for the ones with bad luck (generally caused from catastrophic medical bills & no insurance). I almost had a stroke over the interest rate I saw on a Refi I had couple of weeks back. The borrower's didn't even blink. It's ok with them because it just gives them more $$$ to spend. (and yes I kept my mouth shut)
Yep, they live in a high dollar home, nice cars, furniture,etc., low end credit because they keep "refinancing" to buy more on that cloud of dreams and Oops, didn't make their existing mortgage or loan payments on time (or property taxes) but it's okay because it's an easy "quick fix" to consolidate their credit cards and loan payments and the "thought of losing their home" just isn't there.

Reply by SueW/Tn on 4/12/07 8:30am
Msg #184785

I also agree with John

He gave a perfect example of how clouded in thought this society has become. The instant gratification, I want it now and I'll "catch" the necessities later...I've got time. If you don't pay your taxes they auction your home. When do you figure this out? At the auction where you're wailing about predatory lenders? While this most certainly does not pertain to every person that has a mortgage in my experience I've found that those with impending emergencies (medical or job elimination) are few and far between. The vast majority take equity out to fix uncontrolled spending because "there's always tomorrow". How many ARM's are easily accepted as a quick fix to an urgent problem? Putting a band aide on a hemorrage! I work for one lender that REQUIRES their clients to go through a money management course before they allow them to sign the papers!

Reply by hcampersFL on 4/12/07 9:31am
Msg #184793

Go John!! You are the tax professional. I've read enough of

your post to know that you weren't "judgeing" anyone. Really the point is, so what if you were? You know the particulars of these peoples situation. NOBODY else does.

Why would anyone reading your post feel they have more information about this than you?? To sit in "Judgement" of someone elses post? Susan sounds more like you calling the kettle black than anyone else.

Reply by LkArrowhd/CA on 4/12/07 10:30am
Msg #184802

Hey John, I hope this finds you well and brother also doing well.

I was thinking as I read your post "retired 50's hummm that's young" and yes we do live in a world of "have to have now." I know, I see a lot of this to the extreme, the refi for toys. I was listening to a show last night and the host suggested "save save save and that 401 yes indeedy until you are dead and can't enjoy it!? His take on saving and spending....

I guess we all have different takes on life and know full well our life can be altered in a split second but you know it is so much less stressful in my mind to live within my means. I think this may be key to treating yourself well, due to less stress and perhaps just dream about the toys but to each his or her own I guess. I know my kids were raised with very conservative spending and that saving was important, one is a toy addict and one rarely spends-go figure.