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Do Big Screen TV's Cause Short Sales?

Hi All,

Everyone knows that Short Sales and Foreclosures are on the rise. This is not news. And everyone has heard about how predatory lending practices and option A.R.M.s are to blame. While I am sure that these have indeed all been involved in this mess, that is not the whole story. But, fear not... I think I have found the real culprit...the true power behind this particular throne... The Big Screen TV. Oh, you doubt me do you? Well, allow me to demonstrate how I arrived at this hypothosis.

I have noticed that almost every home I have entered which is in this situation seems to have a shiny new 40 inch or larger screen in residence. It is usually prominently featured somewhere near the top-of-the-line computer system, within eyeline of the fifth wheel, that is next to the boat or just to the left of the ATV. Coincidence? I think not. I am firmly convinced that these seemingly benign pieces of electronic wizardry are actually pawns in a sinister plot to divest hardworking folks, through no fault of their own, of their greatest asset.

Perhaps if there was something that prevented them from being seduced by the allure of the great glowing screen. Some internal monitor... some small voice... some common... sense, if you will, to protect them from this plasma filled predator, this entire "thing" could have been avoided.

Sure, there are some folks out there who have been placed in their prediciment by Fates Fickle Fancy, and I have met a few, but most of the ones that I have encountered rushed headlong into the fray clutching their deed in one hand and the remote in the other.

Their desire to see Billy Mays in Cinemascope overcame their need to live indoors. It's not that they treated their home like a giant ATM which spewed forth cash like Old Faithful sends forth water, or that their grasp of the difference between "can" and "should" was sketchy, oh no... its those dadgum TV's!

So, what to do? How can we start to solve this problem? And what steps can we take keep ourselves safe from the media menace? Well I'll tell ya... First we shoot all the Lawyers... Oops, sorry that was Mark Twain's advice on how to improve the country... First we offer guidance on how to tell the difference between money "spent" and "lost". "Spent" happens when they give you nice shiny toys for your sheckles and lost is when you get bupkis for your cash.

Next we work on the definition of "hardship". Hardship is what occurs when someone is downsized, divorced or dies. It is not when Howard's was having a sale and you just couldn't resist. And lastly, perhaps a little time spent reviewing some basic math principles might be worthwhile as well, for instance 1 + 1 = 2 and no matter how hard you try you can't subtract five from it and not end up negative.

Sure, there may be a few other factors weighing into the equation, but I am firmly convinced that none are quite the terror, half the threat or a quarter of the cause as Big Screen TV's. So, while it may be too late for some, I shall sound the alarm loud and long to try to help others...

Shun that Sony Siren song, hold fast that HD Hydra, resist that RCA Raptor, reclaim your rabbit ears foil flags and all, and maybe, just maybe if you dodge that Big Screen bullet while you won't be able to see a speck on the back of a fly in "This Old House", perhaps you will be able to stay living in yours a little while longer.

Take care all, help lots of people and have a wonderful day!

Tisza

Posted by Tisza Major-Posner, DRE#01784679 on 07/19/2008 10:25 PM

Comments (67)

claremont real estate, short sale, short sales, foreclosure, humor, big screen tvs, option arm, realtor, california realtor

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67 Comments on Do Big Screen TV's Cause Short Sales?

JUL

2008

Big screen tvs AND tanning beds in the home appear to cause short sale syndrome, IMHO. :) Glad to see you again!

All because of buyer overspending and not being able to handle their money - sometimes 'stuff' is more important.

I would add cars to the list but maybe it is just the cost of gasoline. I see everyone complaining but the roads are still filled with autos.

Very insightful post. I have found this also to be true. People who can barely afford to live always seem to have the big screen TVs, satellite dishes with 500 channels, and plenty of gadgets. It is a strange mentality, at least to me. If I had my way I wouldn't even have cable. But my wife needs her TV fix now and then. Zappa said it quite well. I am the slime oozing out of your video screen. Maybe if these people would get off their couches and get creative, they could make plenty of money to keep their homes.

Tisza, interesting observation - I have noticed that lots of people wthout any savings to put into a down payment seem to have 52" screens in their living rooms!

Ahhhh....he who dies with the most toys wins...unless he loses his house first (because he bought too many toys). I can see clearly now the rain has gone...(surely your remember the song)

Hi Tisza - So much is said about the role of lenders and agents in this mess, yet very few people stop to think about the effects of consumer debt. The mortgage payment is just a part of the equation. How people manage their day-to-day finances can have an even bigger impact on the overall situation.

I see it all the time. Kids have everything laptops, xbox 360...

Hi All,

Thank you to the AR God's for the featured status, suddenly I feel like Sally Field "You like me..."

Michelle: Glad to be back. I haven't run into many tanning beds here (sunny SoCal you know) but maybe I haven't been looking in the right places :-)

Mary: It's like my mom always said "You can have dessert first but you still have to eat all your dinner so you better make sure you're that hungry", and some folks just weren't.

Robert: I think sometimes it depends on the car...

Karl: I wonder about that too sometimes, and truly don't begrudge anyone their pleasures, or their gadgets as my own home will attest, but when you are choosing toys over your family's health, happiness and security then you might have a problem and its really not fair to expect someone else to pick up the pieces or pay for your mistake.

Take care all, help lots of people and have a wonderful day!

Tisza

Actually you may have a point. I know a loan officer who was refinancing a mortgage for a guy having financial troubles a few years ago. He went to the client's house to pick up some paperwork and the guy sold him an almost new 52in tv for $500. I'm guessing he bought it on credit and then realized he couldn't afford it when it came time to pay the bill.

Good Post....There are so many Temptations these days it is hard to resist. I am sure all the toys in the garage drive way and hanging on the wall are a contributing factor to the demise of some people.

Hi All,

Brian: Hmm, curious phenomenon, and it seems to be getting worse all the time.

Gregory: Well, they may not die right away but they sure will get awfully cold :-) I can see all obstacles in my way... Yup, I sure do know the song...

John: You are so right, it really shouldn't come as any surprise that someone who has mismanaged their financial life in the past would continue to mismanage it in the future. Some folks live and learn and some just live...

Laura: Makes you wonder how the kids will fare when they are all grown up. In my Mom's and Grandmother's day if you couldn't afford to buy something outright you did without until you could pay in full. Today it seems to be get the newest, latest and greatest no matter the cost or consequences. Again, I reiterate that some people seem to have a very loose grasp on the difference between "can" and "should"

Thank you all for stopping by,

Take care,

Tisza

Hi All,

I was inspired to write this by a family I did a consultation for that was railing and storming about the $100,000 they had "lost" and I looked around the 2-year old home at all the new everything, and said "you didn't lose it, you spent it" and that is what got me to thinking...

Above All: Hmm, maybe there is an untapped business proposition there... A $500 52in... hello ebay :-)

Alan: Thanks, and I agree that temptation can be hard to resist. Maybe it is just a lack of enough fiber in the diet, the moral kind :-)

Take care all,

Tisza

I'm going to be contrarian on this one....Although I think a 52" screen TV is a waste of space - and to me a waste of money - I just woulldn't bother....I don't think that this is causing the downfall of the homeowner. Electronics are fairly inexpensive. In fact, one could argue that digital gadgets are probably the best buy for the money right now as technology has allowed these prices to FALL...In fact its the only sector of our economy where prices have gone DOWN not UP.

It's the nondiscretionary items that have soared out of control, not the discretionary. So I think in this case, its a little too "easy" to blame the victim and not address the underlying issues...stagnant wages and surging inflation for nondiscretionary items.

JUL

2008

All the foreclosures in my area seem to be run down, dilapitated, long neglected dumps, usually with mold on the walls and weeds growin gin the basement and gutters.

At least if there were a big screen tv inside, it would be WORTH something. Maybe the owners took the TVs when they ditched the joint.

Hi! Kim tuned me in to the fact that you wrote a post! Will you be at Inman this year?

Hi All,

Ruthmarie: Thanks for stopping by... In this case I am not actually blaming the "victim", rather, I am pointing to yet another component in a very complex puzzle, in what I hope to be a somewhat humorous manner.

Yes, for the money electronics can be one of the best buys out there, but if you are borrowing from your home's equity as many of these folks have, did and do, in order to not just keep up with the Jones' but instead to lead them to heights hitherto unexplored then you have ceased being a victim and instead joined the rank of volunteer. I agree that the rising cost of living is truly a factor, but I'm not really talking about the people who have had "life" happen, I'm talking about the folks who made a choice, albeit a bad one, which contributed to their current predicament.

Luke: Here in my neck of the woods those places tend to be the exception not the rule. In fact, if you look in the right communities you will find that the bulk of the properties that are in distress are less than five years old, some less than two and usually the only things wrong with the home are things people did to it maliciously not things that have happened over time or neglect.

Take care all, help lots of people and have a wonderful day!

Tisza

Hi Ardell,

Yes indeededo! Courtesy of the good folks at Inman and Zillow I will be there for the whole shebang! I am looking forward to seeing everyone again and to getting re-energized, reinvigorated and re-involved with the community. I am staying at the Hilton just a few blocks from the host hotel and driving up early on Tuesday and driving home Friday. Oh, and I have kept your daughter in my thoughts, I hope all is well.

Great to hear from you and I am glad to be back in the swing.

Take care & have a super day!

Tisza

The bigger the screen, the harder to resist the message to buy more stuff.

I remember thinking the same thing about a tenants inability to pay the rent. I was in the living room listening to how he didn't have the rent because he just paid to get his motorcycle out of the shop. (he also had a car) and I thought wow that 60" tv (which always seems to be on even when nobody is watching it) and the $125/mo cable bill could pay the rent for over 3 months. And I'm still watching 3 channels on my 27".

The good ol' American Way...

Buying things we don't need,with money we don't have, to impress people we don't know!

Let's not forget about all of the dining out that we can only see aroundour oversized American waistlines! Oh, and the coffee habits...A Super Grande Latte Whatever $4per cup X 2cups a day X 364 days per year (assuming XMas at Home) = $2912. per year (could pay property taxes in some areas)

Let's all save our gas money, make our coffee in our affodable home, make dinner with the famiy and eat at the table together, then watch our 32" TV while taking turns on the one laptop. I can assure you that The Jones' are not peeking in the windows...they are at the mall.

By the way...I have been guilty of these things. Over the past year or so I have been reevaluating, cutting back, spending more wisely. I don't think the Jones have paid any attention.:)

It's a Good Life!

Kathleen Manganello

REMAX of Ocean City, NJ

I visited a home a few days ago to get pictures for an interior BPO; the home is listed as a short sale. It's a relatively modest home, one of the smaller models in the neighborhood and is listed at least $100K below most homes in that area. There were 3 cars in the driveway (and 2 people at home) - a BMW, a Jaguar (XK8, not the cheap one), and a brand new Toyota Highlander. Maybe they should be selling the cars instead of the house?

Toys bought on credit have sure caused a problem. I can tell you that our house doesn't have a big screen tv although I can tell you that my husband would sure like it......we've just resisted.

Loooooose credit makes it all tooooo easy...GET IT NOW...no payments until....0% interest...much like adjustble rates...folks think that day will never come when indeed the "until" is now....the 3,4, 5 years are up...oooops the market went down...But sometimes life really does get in the way....we have a short sale...just retired, newly divorced, health issues and a part time business made to supplement retirement cost him more than he made....

LOL Tizsa...

My thoughts exactly. Of course that second "home improvement" loan bought that plasma filled predator. What? Did you really not know that the plasma filled predator "improves" the home? :)

TLW...ROARING...Now about those lawyers :)

Hi Tisza,

This is true in so many ways. There are many that just kept spending that equity, motorcycles, boats and big screen tvs! Then when something unexpected happens they are done. :)

Tisza, Well it is about time.......I don't care what you write, It always makes me smile.

Have missed that. Ardell and I will see you at Inman.

Tisza,

With 3 daughters...there's always one in distress :) Daughter #3 is doing well, daughter #2 is just getting out of 3 months of all day morning sickness. Can't wait to see you!

I could not make this up. Been working on a short sale for 5 months. We finally got offers from the bank. My seller is in San Diego (to play, they are owner occupied in their house here.) I asked him if he talked to a lawyer (something I recommended that they do 50 times over the last 5 months) because we have one of the scenarios that I mentioned early on in the listing. Oh and ticked off that he may have to actually PAY the lawyer.

He calls me back, frantic, "I need to send them my hardship letter and don't have it on me. We have plans to go to legoland today and I can't get to it."

Sends me a flowery email when he gets back, "zoo was great, legoland was great, SD is beautiful, Sea World a bit of a rip off."

This house has a trustee sale date less than a month away. I am NOT thrilled. Where are the priorities?

My kids would LOVE to go to Legoland - they would also love to go to Disneyworld in Orlando. My hubby and I would LOVE a giant flat screen TV.

Yet with each closed transaction, we pay our bills, we pay for gas and food, and we go camping at the state park and swim in the lake, drive an hour and a half to a local amusement park that does not charge admission and only charges for the rides (that way I don't have to pay a dime except for a funnell cake and Coke, as merely thinking about most rides makes me ill...)

Our old TV works just fine and we can live without the super crisp images of HD. Our home is paid off, we have a small equity loan taken out to put on a new porch and upstairs addition for more living space...got my son a used Gameboy for $50 with a one year warranty and he's happy though he really wanted a brand new DS whatever it is....and a wII...whatever that is...and we actually are happy without all the super-toys.

So many people are searching for happiness in material things and the thing is, even if they were millionaires with all the money in the world to spend they would still be unhappy.

Tisza,great article and what a way with words. The only thing I would add to all that is the insurmountable costs involved in receiving hundreds of channels that these folks pay each month. Just how many channels does one need???? Who has that much time???????

can't think of a better reason for it than yours here. what comes first, the boob tube or the boob? it is a chicken and egg kinda thing.

fun stuff

cheers

Here it is the TV's larger than will fit into the entertainment niches and pools with waterfalls and lights and all the toys. They get the high end pools and then run out of money to take care of them. Sad. But think you are onto something about these TVs.

California is number one in forecelosures according to something I heard on TV this AM... so where do they go with those huge TV's when they are unsuccessful in the short sale and the bank forecloses... and puts them on the street.

Definitely the "toys" seem to play a part with the homeowners who have been in their home for a few years. There are some who could get second, third jobs temporarily to keep everything afloat.

Tisza----you are so right-on. To top it off they back the Hummer up to the garage and load in the appliances as they leave.

With of of the bad programming on Television these days, I don't understand why people would buy a 30 inch t.v. let alone a 40 inch. Personally I would much rather be out finding clients than inside watching Celebrity Fat Farm. What ever happened to the good shows...???

I'm sure there are more than just Big Screen TV's that fall into this group. I have seen many contributors

I've talked to some people, and they say they have the house they have, because they don't buy all of that "stuff."

Hillarious posting! And it has a merit of truth! I'm reminded of a house not far from my own! The folks bought and moved in about 6 years ago. The next year, I saw a nice new luxury SUV in the driveway. The following year, a trailer hitch was added to it, and a beautiful boat was parked next to it! While out walking my dog one morning, I saw the delivery truck arrive with the new big screen TV mentioned in your posting. Everything looked so well!

Alas - late last year, there was the U-Haul van parked in the drive-way, quickly followed by the "Bank Owned" rider on a real estate sign. They didn't even bother to try for a short-sale and went straight to foreclosure instead!

Hi All,

I HATE COMPUTERS! I had crafted deep, soulful, touching and insightful responses for all the wonderful comments I have received when Poof! Gone! And I have no idea where they went, all I know is one minute I was typing away and the next I was looking at my desktop like it had never happened.

When I cool off I promise I will address you all personally :-) Thank you for your interest, comments and support. I am going to now drown my sorrows in a tall glass of lemonade and maybe even eat a cookie, so there.

Take care all, help lots of people and have a wonderful day!

Tisza

People may be losing their home but they're not going to lose that big screen and HBO.

Typically a Blockbuster or NetFlix account along with it.

Sorry I didn't catch your post sooner...I was busy watching the 3rd and then the Final round of the British Open on my 52" lovely. I haven't made a house payment since September of '07 and am expecting a "notice of sale" from my lender. Unless of course I receive word that my short-sale offer(the one I received three weeks ago while enjoying our time-share on Kauai) was approved. Gotta run, taking my new "smart" car for a spin...what fun!!

Suburbans and Bass boats... that is what is causing short sales. I had a guy call me that was in a bind... and boy did he get upset when I told him he needed to include those in the sale because they were the part of the house that was missing...

JUL

2008

I know exactly what you mean. I have entered any number of homes, some of them falling down, that had the latest electronics. Perhaps it is merely a case of priorities. Shelter ain't one of them.

Shannon...

That was flippin' hilarious :)

TLW...ROAR!

Since I work some short sale investors, I get to see more than my share of these homes, and I too, really think that what you say about bigs screens has a ring of truth. Adding to the list though, is CABLE $100 month, premium movie channels, piles of store bought dvd's. Added together, this is probably about 1/2 of their mortgage payment. Go figure.

Tisza, so glad I kept you on my subscribers list. Good to see you here. I look forward to meeting you in a few days.

You have a real talent for writing! I would persue if I were you...

Regarding the blog... I have said to myself over and over when showing property (usually high end)--- how can they afford this???? I see their financials, etc... I don't have (blank)... or (blank).... and then just let it go... now I am seeing how my thoughts were on the right track.

Are you serious...

Can't be - must the sarcasm rolling = blame 2000$ tv for foreclosures

Tisza: Great Blog! What a gas to read! Thanks for the Monday laugh!

When my wife and I bought our home in TX in 2002, we applied for a mortgage around $150,000 - we were over joyed to find that they would have approved $385,000, but we wanted to be able to eat, pay taxes, clothe the children, you know, those pesky little things.

On the same note: one of my associate's daughter obtained a degree in Social Work - she really, truly, wanted help people. Her first job out of school was for a hospital, visiting families who had come in for care, usually through the E/R, always with out insurance, and never able to pay their hospital bills. Her job was to reach out, make sure they did the proper follow up care, see if there were programs they could qualify for, you know, the basic, "where can we help" type of interviews. After six months of visiting run down homes with Lincoln Navigators in the driveway and 50" Plasma TVs, she abandoned social work and is now a REALTOR.

Different people have different priorities... Thanks for sharing!

I think you need to be specific, its the PLAMSA (or LCD) TVs that are the cause. I hate to say it but I have seen many buyers get frustrated about a 3% FHA down payment because it gets in the way of their "media center" purchase for the new home. Talk about priorities...

Yes too many people spent thinking their "home-ATM" would never run dry. They lived off of tomorrow's equity and the lenders were more than happy to oblige, playing hot potato with the loans until one of them got stuck with it at the time it was going to default.

We had enough borrowers that were lied to, manipulated or coerced into loans they should not have gotten.... but there are plenty of cases where simple greed and lack of responsiblity are the true criminals.

What a clever way to state something that should be obvious.....the House should be more important than the toys!! I liked the way you wrote this....funny and serious at the same time.

Oh...did someone mention greed :) I believe many people just are way into the "I want it, and I deserve it, without thought to can I afford it."

Into each day a little humor should arrive...can you imagine what would happen if all those folks with those big T.V's got up off the couch and actually spent time - wait I think I have it...yes thats it - working!!!!

I have two properties where the owner is walking away rather than taking a job to pay a mortgage that she probably could pay as she would rather not work. I think we are just seeing the tip of the iceberg and what scares me about this is what message are we sending to the next generation?

Can't wait to see you at Inman

I have to agree! I took clients out to several "short sales" over the last week. All of the houses had flat screen tvs, laptops, desktops, Wii, etc. Sssshhh don't tell but I do not own a flat screen yet! Can I afford it? Sure I can, I just like a BARGAIN!!! When I see a true bargain I will buy one!

One of the houses I recently previewed not only had all of the goodies I mentioned above, but also had a wet bar and a huge wine refrigerator, and a brand new car in the driveway. I feel sorry for all of the people dealing with Short sales and foreclosures! I wonder if their desire to "have it all" without knowing what they can afford can only result in a short sale!

I think I need to start teaching a class on the difference between a "NEED" and a "WANT". Have a good day!

I grew up in my Dad's pawn shop and he always said that the poorest of people had the best stuff. I saw top of the line equipment come in everyday from people that were living check to check. I usually bought it after they couldn't come get it out of pawn. Thus I never did ever pay retail for TV's, stereos, cameras, and jewelry. I couldn't even afford to go pay retail price for it!

What an excellent commentary. I have to say I am right there with you in your thinking. We do quite a bit of business on the foreclosure side and we see the exact situation you are talking about, all to often.

The part that really surprises me, is that on occasion (not often), even with every opportunity to retrieve their belongings, the folks leave behind some of that "stuff" that may have been a culprit in the overall situation.

Grant

Cars! Cars! Cars and more cars! I personally know/met 3 different people who literally lost their homes because they bought a car with what little equity they had to begin with and woops, next thing they knew they were $30k upside down. (I'm obviously guessing there are more out there.) One woman said the car "was all she had." She was literally willing to lose her own home in order to keep her tiny sports car.

While I of course feel bad they have to experience this stress I'm also driving an $8,000 used car. Would I like a better one? Sure, but only if it pretty much fell out of the sky. I can't begin to fathom losing my home over a vehicle.

I know of one situation where a couple managed to build up a healthy equity during the boom years. Then in 2005 they refinanced the house to start a restaurant. It became almost a triple whammy. The house became worth considerably less than what was owed on it. Oil prices began creeping up, and people stopped eat out as much, so the restaurant got into trouble. You know the rest of the story! They not only lost the house, they lost the restaurant too!

Great post and unfortunately, so true in many cases. Did anyone mention the hardship cases where you can't reach them when you have an offer because they're out of the country on vacation?

JUL

2008

Hi All,

I think I have sufficiently cooled down (and cut my fingernails enough) to be able to launch myself headlong into responding to all your comments so here goes...

- Blank - As I am sure you know bigger isn't always better and not everything improves in cinemascope. Personally, I really don't want to be able to see, stunning technicolor clarity the pores on the forehead or sweat on the lip of my favorite stars. I have wondered about folks priorities as well.

Kathleen - You make some excellent points and offer some great suggestions as well. I shudder to think that I am actually spending about $80/month at Starbucks alone.

Glenda - Yes, I have noted that same phenomenon. Makes you wonder what they were thinking...

Diane - I remember when I was a kid, if I wanted something that my allowance wouldn't cover I had two choices - I could look for odd jobs to make money (I sold a whole lot of lemonade and avocados, I was probably the only door to door avocado salesgirl most folks ever encountered :-), or I could save until I had enough to fund my purchase. I had no idea credit existed and my mom would have rather died than resort to using it.

Sally & David - The pull is strong that is why the will has to be stronger. I too have had client's that life truly happened too, but they seem to be far fewer and farther between than the folks who rushed headlong into disaster under their own steam.

TLW - I guess that would depend upon your definition of "improvement" :-)

Suzanne - Yup, they sure did and it seems that most of them never hear that "What goes up, must come down" and are quite shocked when it does.

Kim - It's good to be back and great to hear that I brought a smile. I'm looking forward to seeing you both tomorrow.

ARDELL - Glad to hear things are going well for all concerned and congrats on the upcoming arrival. Until tomorrow, take care.

Renee - I think they left them in the lockers at Legoland :-) I am always amazed by how quickly parents forget that actions speak louder than words. Does make you want to throttle them sometimes.

Karen (Not Luke - I am so sorry, all I can say is that it was late :-) - Yes, it would be nice to be able to have all of our heart's desires regardless of cost as soon as we want them, but I think it is far better to learn to cherish what is truly the most valuable thing of all - the time we have to spend with our loved ones and your family seems to have a pretty good grasp on that.

Gena - Now you leave my channels alone... My DVR can record 5000 hours and one of these days I am going to grab a CostCo sized bag of popcorn, a 55 gallon drum of diet Redbull and a box of toothpicks to prop my eyelids up with and watch every single one of them in one sitting :-)

Gary - Hmm, boob tube... I think I just figured out why some guys want to watch the biggest ones they can get :-)

Bob & Carolin - Glad to see you again, It is especially sad that someone else will be enjoying their beautifully crafted oasis and all they will have is a bitter memory and even sadder to realize that for a lot of these folks there won't even be a lesson learned.

Maureen - Good question... The rental market here will be booming soon, Yoo Hoo Investors, are you listening...

Carolyn - Yes, they could but then, when it comes right down to it, they could have gotten the extra job to pay for the toys beforehand and perhaps spared themselves and our economy some of this mess.

Charles - And don't forget the fixtures, the counter tops and the copper piping...

Thomas - Celebrity Fat Farm IS a good show, who wasn't worried that poor Tina Yother's wasn't going to lose her baby weight LOL. I think they went the way of good books, good music and good movies.

Roland - Yes, the TV's aren't alone but they sure do seem to factor in at a somewhat higher than average percentage.

Amy - Yes, I have had the same experience. We had some good family friends when I was a kid and Uncle Ronnie always used to say "Love people not things". I visited them recently and they still have all the same everything they had 20 years ago when I saw them last, same carpet, same furniture... well, not everything was the same, their bank account is much larger and all their homes are paid off.

Myrl - Thank you. I saw the same thing in my neighborhood. What really chapped my hide was that the homeowner's in my case stripped the house of every cent of equity they could and then cut and ran and they did it intentionally. I'm telling you, if I could find out where they moved too I would happily forward that info to their lender.

Jim - Well, if you've got the TV you've got to have something to watch, right? I mean, what else is there to do with one's time? Heaven forbid that they should go to a library, walk through a park or just talk to each other.

Shannon - Only 52"? Slumming? :-)

Lane - That would be an interesting thing, what if folks had to sell what they bought or turn it over to the lender along with the house when they are looking at defaulting...

Steven - I think you have that right.

TLW - I agree

H.I.S. (Kevin) - Only half? I wonder where you shop :-)

Missy - I am glad you did too and grateful that you had faith in my return. I look forward to seeing you as well.

Patricia - Thank you, I would like to... I think now we realize that they can't afford it and in some cases never could. This is the opposite of what I used to see growing up near Palos Verdes, there would be folks that would buy a home in the hills scraping together every penny they could and then they would only furnish the one room that showed from the front window. But, back then they paid their mortgage.

OMG - Sarcasm? What sarcasm? :-)

Michael - Thank you for stopping by and for the compliment, I am glad I could provide a smile. The sad thing is that the folks that abuse the systems make things harder for the ones who really are in need.

VanDyk - Yup, I agree, the lending world may have loaded the gun but a whole lot of folks decided to shoot themselves.

Kathy - Thank you. I think it is a symptom of the new mecentric universe, as long as it makes me happy for now it's all good...

Tracy - I shudder to think of this as well and what is really frightening is that these are the folks who will ultimately decide our fate - hold me I'm frightened!

Ann - I would be willing to bet you that if you talked to most of these folks and asked them what contributed to their current situation not one of them would cite their toys :-) Let me know when you schedule that class, I know a few folks that probably should attend.

Lizette - Is that pawn shop still around? I bet your dad could make a killing in the next few years :-)

Grant & Lisa - Yes, I have seen that too and it always makes me wonder what the thought process there was.

Beth - I hear ya! Up until I married my husband I was the old elephant burial ground where cars are concerned. I have always had a car so that I could keep my home, not the other way around!

Myrl - Yes, that has happened to some and that is truly unfortunate. But I'll wager that for every one of them there are five of the other kind.

Elizabeth - Not yet...

Whew, that was quite a task.

Thank you all for your comments and for your support. I deeply appreciate them both.

Take care all, help lots of people and have a wonderful day!

Tisza

I have people calling to ask me to sell their stuff on ebay to raise quick cash, but lately even that isn't going as well as it once did. It will never bring enough money to fix being really far behind on a mortgage...I think an overly-developed optimism gland is responsible for most of the foreclosures - closely followed by the cancer of greed. I'm sure some people would say it was an under-developed sense of all that is decent...ehh, naw, just the general sheepish population doing what sounded good at the time, figuring someone else has a plan. Go plasma!

Tisza! How've ya been ol' buddy? GREAT, GREAT, Great, piece. Very witty, and of course humorous!

There is a great site about this very predicament and I think you'd enjoy watching it. It's called The Story of Stuff and it's about consumerism and 'the American way'.

My neighbors house is in foreclosure. (long story) He still lives there, under a pile of uncut grass and weeds, but I tell ya, I wouldn't be dog gone if that didn't have a plasma t.v. hanging on his wall and a shiney silver BMW in the drive. I think more blame does need to fall on the shoulders of these homeowners. Good for you for putting it out there.

Oh, I know there's more to it, but I'd say that the homeowners are at least a large component to the problem.

Very interesting! We seem to WANT EVERYTHING, but forget that we have to PAY FOR IT!

JUL

2008

The very thought of people having to give up the stuff they bought with their money (you know, the money they got out of their house that they aren't giving back to the bank...) they get really mad.

JUL

2008

You are proably right, However predatory lending doesn't help the matter credit ccards etc.

OCT

2008

I hate to split hairs, but it was Shakespeare who wrote "The first thing we do, let's kill all the lawyers."

Not that Mark Twain was any big fan of the legal profession.

JUL

Tisza-I recently joined this group, and really enjoy reading your blogs...I definitely give you 'two thumbs up' (at least) for all of the ones I've read so far. Thank you for the educated, educational, insightful, realistic, humorous, down-to-earth reading. Have a wonderful day, too!

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