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Revelation  13 : 1
And I stood upon the sand of the sea, and saw a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy.
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Omega Letter - Commentary Discussion

Oh, The Mass of Humanity
Posted By: Noreene
7/20/2010 11:20:51 AM


Original Commentary Link
7 Shout AMEN!Amen ~ 9 PrayingPraying

Member Comments:
What a mess.
Reply # 1 - ReplyTo ID: 6211

Posted By: DanDapper -
Date: 7/21/2010 12:44:28 PM
8 Shout AMEN!Amen ~ 8 PrayingPraying


The first group of clients that I lost at my business, that is they just stopped coming, was the mortgage brokers, the next were the realtors. That started about two years ago. I know some who lost their homes themselves.

  I thought how strange that when one of my friends lost his business and then his house the bank paid him a few grand to leave, just as you said is happening. I don’t see things getting any better for America.

  May you have safe travels for you and your family, Ed. I’m looking forward to what you find across the rest of our once great country.

Reply # 2 - ReplyTo ID: 6213

Posted By: WarrenBowdoin -
Date: 7/22/2010 7:03:23 PM
8 Shout AMEN!Amen ~ 8 PrayingPraying


Wow, just wow.

My wife and I purchased our house about 1 year before the prices started going crazy.  We purchased a home we could afford at about $50,000 less than the median rate.  We have a decent mortgage rate through the VA Loan program and are still doing ok. 

However, even though we were conservative in what we were willing to take on, in terms of mortgage payments, we are still looking at a home that is not worth what we owe on it.  The current median home price is only $10,000 more than what we paid for our house.  We've put about $25,000 into improvements but since we're only almost 6 years (in October) into the mortgage we've made little equity progress and while the house prices keep going down our escrow account keeps coming up short because the taxes keep going up, meaing our fixed rate mortgage is worthless because of the increase in payment size due to escrow increases...  It's not a mess yet but we've still got purse strings to tighten. 

We bought the house to live in though, so the paper loss isn't so worrying. What is sad is how many people that share our situation are looking at the paper loss and just leaving it all behind.  That's irresponsible and contributing to the overall mess.  With unemployment still on the rise, it can only get worse.

I don't know anyone that "lost" their homes but I do know some who walked away, some who are on the verge of doing so and there are a large number of empty homes in my neighborhood...  they somehow managed to pass a levy to build a new school though... how in the world did that happen?