It seems that you cannot turn around these days without reading or hearing something about the current "mortgage crisis". Part of me feels bad for people who might lose their homes but another part of me wants to yell at people for being irresponsible. Just today I was reading an article about a family in danger of losing their home. They had refinanced to a interest only loan with a high interest rate cause they had some "blemishes" on their credit record. The reason they refinanced - to have more money to pay for their SUV and other vehicle. At what point does someone decide to do something like this - just keep on spending and digging themselves in deeper and then act surprised when the walls of the hole they dug finally start collapsing on them. Along this same vein, I just found out recently that a close friend is having her house foreclosed on and it is going up for sheriffs sale. They have three kids and I feel really bad that they might lose their home, but on the other hand, I cannot help feeling angry at them. I only found out because they had a notice posted on their house by the sheriffs department. I don't feel mad cause I think they had any obligation to tell me. I feel mad cause they are continuing to live in denial. The same week the notice was posted they went out to dinner (just because, and they do this several times a month). And just yesterday my friend called to ask my opinion about where she should have her daughter's birthday party. I felt like screaming - How about at home - bake a cake, plan some games and put the money you save toward your mortgage. I did not say that cause she has not mentioned the foreclosure at all. I was going to mention it and ask if there was anything I could do to help cause I am pretty good and budgeting and figuring out essentials from non-essentials but now I am just frustrated with them. I checked the sherrifs dept website and saw that this case has been on-going for at least 6 months and this is the 3rd time in 3 years that they have been served by their mortgage company. During this time, they have eaten many meals out, she worked with a personal trainer several times a week for months and all their kids had birthdays parties at movies, bowling, etc. I don't think there is anything wrong with any of these choices when you have the money but if you are constantly threatened with foreclosure, I think it is fair to guess that you should not be spending money on these non-essentials. The whole situation just makes me want to scream at them! I just want to ask them "What the **** are you thinking???"
Friend in Foreclosure
August 28th, 2007 at 04:42 am