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Have you heard about the JONES?

Have you heard? The Jones' just bought a new car. Did you here that they bought a new boat? Oh My, look how big that house is that they are building on the lake. I heard they just bought a log cabin in the mountains. When does it end. Who gives a rip what the Jones' have bought or done. So many people are trying to keep up with the Jones' buying things that they can't afford. News flash, The Jones' just got their notice from foreclosure. Just kidding. I think it is amazing that people couldn't afford to buy homes through traditional financing But, to keep up with the Jones', they took a chance on adjustable products. When these loans adjusted,people started accusing the Lender of ripping them off .

Ok Enough is enough.

You signed the discloures. You wanted to keep up with the Jones'. Now you are in forclosure like the Jones'.

For the record- I don't recommend adjustable rate loans to customers. The difference between an adjustable vs. a fixed doesn't make sense.

Posted by SHAUN WREN on 05/13/2008 02:18 PM

Comments (9)

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9 Comments on Have you heard about the JONES?

MAY

2008

Ouch - keeping up with the Jones's can be rough.

I used to be somewhat envious of people that had all those "things." As I get older, and wiser, I realize I don't need things, and they are in debt up to their eyeballs.

Jim- All I hear is how people had the wool pulled over their eyes. Crazy.

Christine- Keeping up with the Jones' isn't worth it.

Hi Shaun,

It's not such a good idea to keep up with the Jones'... Have a great week. Michael A. Caruso

Michael- No doubt

This is harsh.

What about those who lost their homes because of the economic downturn? You know - the massive layoffs and business closings?

a little too general. not everybody treated their homes like piggy banks. inflation, illnesses, job losses, divorce or death....let's stop generalizing and start helping.

Kris- yes there are some people that were affected by layoffs and lost income due to no fault of their own. But I am referring to people that are crying Balk on adjustable rate loans. Mortgage peope are still getting beat up over decisions that consumers agreed to. Consumers have to take at least 75% of the blame. There are disclosures that told these people that the rate could go up ,it even says how high they could go up ,and how much they can go up each year. This diclosure had to be signed before the loan closed.

If someone told you that your payment could go up each year would you still take the loan?

I see over and over where the lenders are blamed for the current foreclosure situation. There are two sides to every story. What about the loan officer that didn't get the deals because his payment looked higher. Could it be that it was higher because it was a fixed loan? Things happen that are beyond our control. But the things that are in our control should come with some accountabity. You can't just keep blaming everyone else.

Ron-Great idea. Where do we start?

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