[quote author="sugarspunZ" date=1240357530][quote author="IrvineCitizen" date=1240347716][quote author="sugarspunZ" date=1240314123]i really dont see what is so shameful about a foreclosure. i know many reputable realtors and loan officers who were making a ton of money back in the day and who purchased homes with down payments, and who did not work the system, but unfortunately most are not making the money they were and are unfortunately facing foreclosure.</blockquote>
Oh I do. When you purchase three homes in three years for a total of $2.4M and then default on all three of them, don't pay any of your property taxes and skip your HOA payments for a year even though you enjoyed the high life for five years, I have a big problem with it.
I doubt many of the foreclosures are hitting reputable realtors - people that put 20% down and who actually believe that a mortgage actually DECREASES over time.
Even those people you are admiring may have dropped $50K from a HELOC into a new granite kitchen and another $50K into their backyard.
Losing your job is painful. In this economy it is downright frightening. For the few that did everything right and face foreclosure my deepest sympathy. To the rest - what comes around goes around.</blockquote>
i see your point and i do agree to an extent. i guess there are just to many variables to know in order to judge. the people and friends i am speaking of put 10 to 20% down, did not cash out to live like kings, and did not purchase ridiculous houses. they did what most would consider "right".</blockquote>
I see your point as well. I guess it all depends on what your personal perspective is. I haven't seen a single case such as you described above, yet you have seen several. Every single foreclosure I have personally witnessed was due to over-spending. Cruises, vacations, boats, second houses, massive kitchen makeovers, house additions, etc. There isn't a single one of them where the family doesn't own (owe?) two luxury vehicles less than four years old. Hence, my feelings but I obviously need to think about the other side of this mess and appreciate your input.