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these stories keep appearing?
My reaction to this article was perhaps a bit harsh. Here is the comment I sent the author:
"The Canfields bought their home from a relative in 1996 for $155,000. For the next five years, they made regular payments on a conventional
mortgage loan. Then, between 2001 and 2004, they refinanced three times, ultimately borrowing $330,000. They used much of the money to repay thousands of dollars in credit card debts."
Thousands of dollars of credit card debt. And who incurred that credit card debt?
Where did the other hundred thousand dollars go? In 2001 they had a mortgage somewhere around $145,000-$150,000. In 2004 they had a
mortgage of $330,000. They spent $180,000 more than they earned in three years!
Was one of them out of work and battling cancer for those three years? If not that or something similar was it a coke or gambling habit? How
did they burn through twice their after tax income for three years straight?
Your article doesn't inspire my sympathy, it inspires my ire. From the limited picture you paint, they deserve to lose their house as a penalty for their greed and gluttony.
Because of the lack of explanation of where the money went, the only impression I get is that these people were glaringly stupid. Am I a bad person for feeling anger and not sympathy for this scenario?
Yes, these people were probably manipulated by predatory lenders, but spending twice your income is gross negligence. People shouldn't be excused from irresponsible behavior, they should be held responsible.
"The Canfields bought their home from a relative in 1996 for $155,000. For the next five years, they made regular payments on a conventional
mortgage loan. Then, between 2001 and 2004, they refinanced three times, ultimately borrowing $330,000. They used much of the money to repay thousands of dollars in credit card debts."
Thousands of dollars of credit card debt. And who incurred that credit card debt?
Where did the other hundred thousand dollars go? In 2001 they had a mortgage somewhere around $145,000-$150,000. In 2004 they had a
mortgage of $330,000. They spent $180,000 more than they earned in three years!
Was one of them out of work and battling cancer for those three years? If not that or something similar was it a coke or gambling habit? How
did they burn through twice their after tax income for three years straight?
Your article doesn't inspire my sympathy, it inspires my ire. From the limited picture you paint, they deserve to lose their house as a penalty for their greed and gluttony.
Because of the lack of explanation of where the money went, the only impression I get is that these people were glaringly stupid. Am I a bad person for feeling anger and not sympathy for this scenario?
Yes, these people were probably manipulated by predatory lenders, but spending twice your income is gross negligence. People shouldn't be excused from irresponsible behavior, they should be held responsible.