As America has maxed out their credit cards, and refinanced their house to the hilt. When will ‘they’ come for your home? ‘They’ have taken America’s money. The country is broke, the states are broke, many cities are broke… America as well as Americans; have been stripped of their cash. When will ‘they’ come for your home. We are one housing market downturn away, from the obvious, ‘they’ will come for your home. The dots connect in a disturbing pattern. Strengthened by a New Bankruptcy Bill, When will ‘they’ come for your home? Are you prepared?
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Fear for inflation and higher interest rates.
It’s just like Climate Change, you know it’s coming and can only be inverted by the right policy of government.
Our children and grandchildren will be paying the price.
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The Dow is nowhere as low as it should be, the news of the last month alone, should have sent it plummeting. Smoke and mirror, tools of the powers-that-be… Look for one of the Powers-that-be to release positive news(cooked as it may be), to stabilize the market. GE, Walmart, bullets are us, or Hali-Born-Again to release this news; soon. One need only to google the company(knight in shining armour), to find the ties to the bush gang. Disturbing pattern, that should hold true in the day(s) ahead. They want to hold the market up, till they fix social security, then look out. One ‘their’ money is withdrawn, let the player beware. Wealth transfer, so shall we say.
That would be us. And this was a very interesting diary to see upon returning from meeting the bankruptcy lawyer and dropping off the final paperwork he needs to complete the filing. If we DID own a home, we would easily be able to keep ALL of the equity in it under Texas laws (some of the most lenient in the nation)….unfortunately, we have to go with the federal laws under our bankruptcy because I have STUDENT LOAN $$ that counts as cash in hand (what the fuck, right?) Get this:
Under Texas law, you can have up to $60,000 of “household goods”, 1 vehicle for every licsened driver in the house (no matter the value). Under federal law though, you can only have up to $9850 worth of household goods, about $7500 in other categories (tools of trade and such) and no more than 2950 worth og value in any one vehicle — but you get a ‘wild card” of $10,000…still, does this sound at all equitable to you?? As my husband said in the initial meeting with him in August — “yeesh, Texas law makes me wish we HAD stuff!!” Which we don’t.
I’ll be writing a diary on this later, but was just prompted to share by yours!
They won’t be taking my house though, so I guess that’s a good thing?
Brinnainne,
Thanks for the input…. Interesting to say the least… Will be interesting to see if the new bankrupcy bill, trumps any of Texas Law…..
Watching the National Government take over Colorado DUI levels, and our Drivers licenses, time will tell. This is one brutal gang, and looking at the little info to the draft board clause, in the NO Child Left Behind Act, if they have’t done it, they probably will trump state laws.
Sad to hear what is happening to you, glad that you beat the deadline. Keep up the passionate fight, you are one of the women that I admire here at boo.
Thanks for the support, EtJ, and the admiration flows both ways!! Don’t be sad — we’re fine, a little more stressed out than usual, maybe, maybe not, but really, we have our health, the kids are doing fine and we’ll be ok. There are a lot of people MUCH worse off than we are!
According to the lawyer, after 10/17, people will NOT be able to choose the state law where it provides more lienency than the federal law — that was one of the little discussed portions of the bill. Oh, yeah, these guys are all for state rights, unless of course, they aren’t. It is total bullshit.
He said he spent 4 days last month in a workshop for bankruptcy lawyers to get them familiar with the new law and that he has pretty much decided he won’t be doing chapter 7s anymore because of all the fucked-up-ed-ness that will ensue (not his exact words, but you know…). Basically, the laws are already written to screw the individual, and the new law just tightens them….meanwhile, United and Enron can go on their merry way….it’s fucking sick.
In regards to: “According to the lawyer, after 10/17, people will NOT be able to choose the state law where it provides more lienency than the federal law” I am shocked, I tell you, I am shocked(sarcasm).. I had a customer(from Germany) ask me last night, are Americans really THAT stupid… Sadly I had to agree, yes they are. As United and Enron go their merry way, one wonders what will it take to awaken America. As bushs’ bullies push America around, one wonders, when will America awake? Me thinks the draft, or people losing their homes will be enough to do it… I am starting to wonder ?!?!?!?! What a pathetic batch of sheep. I am starting to wonder if we are insulting the sheep. Thanks for the kind words. EtJ
Yep, not surprising anymore, is it? And I think we may be insulting the sheep at this point! I know for a fact that your German customer is not the only one asking if Americans really are that stupid. I have informed everyone who insists on giving me X-mas presents (even though I do not celebrate it) that all I want this year is enough money to get passports for my family…my husband and I both have expired ones, but for the kidlets, it’ll be their first!
I am losing hope that Americans (en masse, anyway) wille ver wake up, it’s too easy not to look, not to see, not to care. And by the time it [fill in blank here with, bankruptcy, lack of health insurance, losing job, death by incompetance, avian flu, losing house, losing loved one to any one of these imperialist adventures, and on and on] happens to them, personally, it’ll be too late to do anything about it because they’ll be fighting for their lives!
Holy SHITH !! is one of many famous lines from the movie Animal House. Belushi was at his best in this movie… I loved his speech about the Germans(??Guess you would have had to see it) bombing Pearl Harbour.. I fondly remember him saying something like: ‘Hello NO, It ain’t over till we say it is over.’ Times may change, I was one that thought I may head to Canada, if bush was re-selected. Well this man will probably go down with the ship.. Something keeps me here. I hope for one man, or one woman to stand up and say, HELLO NO, IT AIN’T OVER, TILL WE SAY IT IS OVER !!! Cindy Sheehan is the closest thing we have to one brave-ass patriotic woman. I send here as much positive energy as I can muster. It ain’t over, but the fat lady has been warming up… Good luck in getting your passports…. You are more wiser than I.
heheheh — Animal House!
The passports are for the quickly executed backup plan X for getting the hell out…we’re not going anywhere just yet.
And you are right, it ain’t over ’til it’s over!
In defense of most of our fellow citizens, pray tell where would they have found out about the bankruptcy bill? Certainly their “good Congresspersons” would not have trumpted their sell-out to the banks and credit card companies. And they would not be reading about it in the main stream media. No, they would still be getting offers for interest free home loans, “free” credit cards, etc. All designed to rope them in to difficult payments that will up the interest tremendously.
Yes, Americans have way too much debt. But we have been advertised to death about that, so it is hardly a surprise. More than two-thirds of my class of freshman have gotten their own credit cards since beginning college. Wow, does that make me fearful for them!
Yes, of course, you’re right, and I can’t speak for EtJ, but I was talking more in gereral “stupid” — the bankruptcy bill and it’s attending hikes in minimum payments is going to be a distaster for many people — they aren’t going to know what hit them and if they DO find out the details about the series of events that led them there, they are going to be right pissed off, and with very good reason. I consider myself lucky to be informed enough to get out from under while the getting is “good”.
Why do you assume that everyone who owns a home is in debt?
Or are you talking about jacking up property taxes?
I would venture to say that the majority of Americans that own homes are in debt. When the market turns down, America is in trouble. The rich gets richer, much of the middle class disappears, the poor gets poorer. Seems to be the plan of our government… Numerous Americans are in jeopardy of losing their homes. THAT is my point.
Many people our parents’ age do own their own homes, because they bought back when the prices were low and have been able to pay them off. That’s especially the case here in Silly Con Valley — in fact, they’re referred to as “equity prisoners”, because they might want to sell their house and move somewhere smaller in the area, but there’s no guarantee they can find something smaller that they can afford, even after selling, so they often have to leave the area, all their friends, etc.
Here in California, I’d say things started going crazy about the late 1980’s to early 90’s, about the time of the ‘Net Boom. My sisters were able to buy their first houses before then; they’ve since moved to larger facilities as their family needs grew. Both sisters used their share of the money from my mother’s estate (house sale) to pay off the mortgages on their homes; my oldest sister and her husband are considering selling their home and moving to a smaller place closer to their oldest daughter (and two of their grandkids).
The ones caught in the squeeze are the late-baby boomers like myself and my brother, especially blue collar workers who make enough to be comfortable, but not enough to consider purchasing a home without going acres in debt or facing a multi-hour commute; many of the spouse’s colleagues have bought homes in Central Valley towns like Stockton or Tracy, or way down south like Hollister or Los Banos.
Timing is key, yet timing too, can be screwed up… I kid a friend of mine; about being a millionaire. Sounds cool, till she admits they are over a million in debt. She admits to having a rough time sleeping, imagine that. They built their house years back, on property they bought further years back. With a lot of sweat equity, and the help of friends, their house cost them less than $100,000. Today they owe over $500,000 on the same house; amazing. They rolled the dice on some cabins. They are looking at re-financing their house, yet again. Have to support the style of life they choose. If they had to sell, they would be lucky to break even. Down-turn of the market, and they are in deep kimshee. The banks have them by the pubes, they always think tomorrow will be their day. Yup, you got it, they voted for bush, masters of disaster. There may be a market for you to buy in, yet.
I am thinking that it is about people who have bought the ‘ownership society’ myth,when reality based people know it’s not you who owns, it’s the bank that owns you.
“when reality based people know it’s not you who owns, it’s the bank that owns you.” Seems like this is a World-wide problem… Silly human-beings. :>(
Kinda reminds one of slavery, who would have thunk?!?!?!?
Er, ’cause most people cannot afford to purchase homes with cash? Sure, there are people who own their houses outright, but I have to agree with the diarist here — most are in SOME kind of debt.
Do I remember correctly that you are in real estate, or am I thinking of someone else?
Brinnainne,
No realtor here…. Merely one who sells hockey memorabilia for a living. Thanks to the hockey strike, I bartend on the side. Love gardening as a hobby. Flowers make much more sense than many humans. Animals and children do as well.
I pondered once, why does a millionaire need another million, why would a billionaire need another billion.. Further pondering; to buy things 10 cents on the dollar. To many similarities to the crash before the great depression.
Watching people get loans they did not deserve(in a sane World), watching credit card companies give out money like money trees truly existed. I wondered… Then to see the bankrupcy bill, protect these companies. I fear the worst. Deja Vue all over again. Eeeek, comes to mind.
Ah, I was asking NYCO about the realtor thing….
Animals and children keep me sane, flowers would too if i didn’t have a dark brown thumb! lol Doesn’t keep me from trying to grow ’em though!
I don’t know where I would be without the stopgap of credit spending on the insane credit limits made availble to me in my flush times — my son and I may have been living with my mother (speaking of eeek! I love her, but no…), in a shelter somewhere, on the street? I may never have met my husband, had my second son…right now, we are both feeling like this is the thing to do if we don’t want to pass the cycle of debt to a second generation — hell, we still have $75,000 in school loans to pay off, so it’s not like we’re getting off scott free — but those are fixed interest and same monthly payment each month, so they are workable — even if we don’t get them paid off before we’re 70! lol!!
Brinnainne,
I have a close friend who had to declare bankruptcy right at the end of grad school in Austin, and it took them (2 kids, spouse) 7 years to dig out, but now they are in good shape – well, the spouse departed, but that wasn’t related to money. It was hard. I admire your courage, like hers, in dealing with the mess that grad school brings. I was only slightly luckier, having had surgery in my last year that left me with a huge medical bill and no real insurance. We thought we would never get grad school et al. paid for but we did (I finished in ’88).
You have a lot of grit and moxie, as my grandmother would say, as your words and actions have amply demonstrated. I just wanted to tell you that. I hope you all will be through the rest of schooling to, if you aren’t already there. Life can get so much better, even if our country does not. These are great folks here we would not know about or spend time with if we had actually gotten a decent government in our capital!
Thanks for the support, Kidspeak, and the kinds words, it’s funny to hear how I come across online, epsecially when right now I am feeling so inept and ineffective in so many areas of my life….so much going on behind the words that reflect and refract me onscreen.
I know it sounds weird, but the bankruptcy (now that all the paperwork is in) is really down ont he bottom of the list of stressors — the biggest one is finishing this damned dissertation which I cannot seem to find motivation for ANYwhere! argh.
Thanks, though, for the words “grit and moxie”, I’ll hold them close!
OK: The truth. I wrote what I did, largely because I was worried about you finishing that diss! All I said is true. But I want you to finish! I don’t know what your field is, but I do now how hard it is to finish, especially when life intrudes as it always does. I don’t know you at all, really, but if I were living there, I would see that it is done for you what one of my friends did.
Periodically I would find the word finish appearing in the middle of things. . . here and there, on the counter, on my car windshield, several odd places. Finish. . along with some other word, e.g. “finish one more sentence, . . .that awful word in ch. 3, . . a large margarita, once you’ve written another page.. And so on.
And I never found out who did that. And no one confessed.
Brinnainne,
Flowers are kinda like kids, there are times they MUST be fed or watered…. Observation of your area is also a good tip…. Look around in public gardens, neighbors gardens etc. See what grows easily in your area.. Spent most of the day putting in an Iris bed… Can’t wait till next summer to see what I have created. Sprinkled the bed with seeds from other plants.. By next year, I will forget what I put in the bed. Always surprises in the garden. Now it is time to go bowling, leagues tonight. Happy to send you some seeds, and/or tips…. My guess is that our areas that we live are quite different. I am 8,400 feet high in the Colorado High Country…. Had snow last night.
the spouse and I can even think about a house at the insane Silly Con Valley prices, even with the $200K sitting in the credit union earning interest thanks to Mom staying in her house for 50+ years. We also have a couple of other situations to consider right now. One, the spouse is considering retiring in 9 years, when we’ll both be over 55 and thus eligible for lifetime medical coverage under the union/transit district contract (and the union has fought for the retirees left and right in every contract), so we’re really not in a spot where we want to get involved in any sort of long-term loan. Second, the spouse’s parents are still alive and own their home, so it’s possible we may be moving there after they pass, to help their younger son (who’s physically and psychologically disabled) take care of the home, bills, etc.; it depends on what’s in the various trusts that they’ve set up, especially the special needs trust for the spouse’s brother. An added bonus to moving into the old homestead is that we would inherit the in-laws’ Prop. 13 exemption, making our property taxes fairly low. (I know that the spouse is executor/trustee, but after seeing everything my sister went through with Mom’s living trust, I know I’m going to handle most of the shitwork; in fact, I mentioned to my dad-in-law that he might want to add me as an authorized person on things like accessing the safe deposit box, etc.)
In the meantime, we’re happy renting, and we don’t have to worry about trying to be Mr. & Ms. Fix-It; we’ve got a light fixture that gave up the ghost, and as soon as we get this place cleaned up we’re going to get it replaced, thanks to maintenance…
This is so sad: “There’s no way in Hades”.. Our kids deserve better than what we are currently leaving them. Easy to blame our government, but without the people’s careless actions, things would be better if America only paid attention. Sadly too many people are on the hamster wheel of life. Living beyond their means, while losing touch with what they are really after; security for themselves and their children.. The banks own the hamster wheel, and delight in our running at top speed, trying to catch-up. When the incoming money slows to the banks, the banks will delight in grabbing the homes. Sadly the banks set the rules, and our government supports their method of operation, to the point of enhancing the enforcement of the rules.
We own our house –but that is due completely to frugality and some very frugal older relatives.We have no children- anybody wanna be adopted?
Bring back BJs to the White House is in the lead. To be fair to the ladies, muff-diving should return as well. Show me a satisfied woman, and the satisfied man, is bound to follow. :>)
Well, I must say that I’ve always felt at my most powerful when giving a man a blow job — because I am responsible for his pleasure, and can stop at a moment’s whim, leaving him frustrated.
But that’s just me… đŸ˜‰
Cali, you crack me UP!!
Cali,
You naughty little tease. :>) EtJ
TUT TUT!! LMAO.