Infomercial gets me disgusted

@Debs_place (10528)
United States
February 12, 2008 12:09pm CST
During the night I woke up and saw a few minutes of an infomercial where people are selling a product to tell you how to buy repossessed house for next to nothing and become rich selling them. Ok, here is the part that get me upset - people whose houses get repo'ed are having financial difficulties, this process will leave them homeless. They have lost their only asset. Now some schmuck can come and buy it for pennies on the dollar. If this can be done for the schmuck, why can't something be done so that these poor people can stay in their houses? How do you feel about this? Think we can come up with a better idea when people can't afford their houses due to illness or job loss, something beyond their control.
8 responses
@avonrep1 (1863)
• United States
12 Feb 08
I think its funny that people pay that guy and others like him, to tell you where to go to find these types of properties. When all anyone that wants to get into this has to do, is contact the loacal sherrif to find out when the next propery sale is and contact the banks in your area, to find out which ones are in preforclosure, or forclosure. While in preforclose, alot of times, you can help that person stay in there home, you just become their mortgage lender in a way. I do feel for the the people this is happening to. But alot of it is their own faults, people buy houses without doing their research, they buy homes they can not afford. When my husband and I was doing our research, we knew we couldn't afford payment higher than $500 a month. We looked at 100's of homes, before we found the one, but we found one we could afford in a decent neighborhood. Our house payment is less than $500. a month. We can afford, that even if we have to start working part time in a fast food restraunt. I remember, the mortgage lender said we could buy a home for up to $120,000. and we knew only if we didn't want to eat. we found a home listed at $69,900. It was gonna needed a new roof within 5 years, bathroom floor, but other than that is real sound. We negotiated with the seller and bought it for $54,000. We put a new floor in the bathroom and updated the sink and heater, refinished the top and put in a new shower surround. Total cost $250. We put a new roof on $3,500. Currently our house is valued at $89,000. We are selling this summer. The area we live in is about the only area in town really selling houses, every house on my road that comes up for sale, has been selling in under 40 days. We have worked out a great deal with an investor who happens to be related, for a bigger house, worth more money, but we are getting it for what we paid for the house we are in now. Funny, that house was recently appraised at the $120,000 the mortgage people were trying to lend us.
@Debs_place (10528)
• United States
14 Feb 08
I could make my house payment if my property taxes were not approaching the same amount as my mortgage. In my area, the median price of a house as of January thie year is $330K, I have been living in my house 2 months shy of 19 years, I was in my job for over 22 years when I lost the house, when I bought the house I had an income that covered the mortgage and taxes and more without a problem - the past 18 years has seen the taxes grow phenomenally. My husband, lost his job, same company after almost 20 years, his job, though it pays better then mine, is a job that keeps you from. We are struggling, but hoping to move in the next few years.
• Canada
12 Feb 08
I like the idea in theory, but I don't think ti will happen. Not to mention, how many people do you think will end up abusing a system like this if they find out that if they just get their house repossessed, they can buy it back at a fraction of the cost.
@Debs_place (10528)
• United States
12 Feb 08
Well, they would have to meet criteria, for example I am one of the people living on the edge, I have no debt..other then my mortgage, my car is 10 years old. I don't go on vacations very often and I spent my retirement fund to keep me in my house this year. I am not talking about the people with 6 figures income, several houses, new cars, jet skis, boats, regular vacations. I know people would abuse the system, but there has to be a better way.
1 person likes this
• Canada
12 Feb 08
Your right, there has to be a better answer. But I don't think that this kind of program is the solution. How about having normal interest rates again, or resources to help people get good jobs? How about paying people a living wage?
1 person likes this
• United States
13 Feb 08
Just to mention something: The only people who get their houses repossessed are the ones who have ROUTINELY failed to make their house payments on time or at all. The people with the 6 figure income wouldn't have their houses repossessed in all likelyhood. And the only people who get their houses repossessed (in most cases) are the poor who would qualify for your "help." We can't afford to give everybody free money because they failed to make it own their own. We are already over 3 trillion dollars in debt, would it really make sense to lose money because people got, in essence, a free house?
1 person likes this
• United States
12 Feb 08
It is their problem. The government sells the house cheap to quickly make up the debt, so what? The people with financial difficulties screwed up their own life, they don't deserve to just get a free pass to get their house back. The reason it is sold cheap is because the people with financial difficulties couldn't afford to pay low monthly payments to make up the price it was sold for, and the government usually repo's when they have some financial trouble. But anyway, if they lose their house, it is their fault. The person who is buying is making the best of a business opportunity, which is what America was founded on. Just a side note: You are a democrat, aren't you?
1 person likes this
@Debs_place (10528)
• United States
12 Feb 08
No, I am not a democrat...but a few years ago, I had a nice job that paid decently. Then my company sent the job overseas. Due to my age, I have been limited in getting a new job with a comparable salary...now I make about 40% of what I did. So tell me, how did I screw up my life...by getting the master's degree or by getting old. Are you one of the world's living heart donor?
• United States
12 Feb 08
Milskidasith, I think you are being harsh here. Deb raises a very good question. It is not aways the home owners fault, we can not always control the circumstances of events in our life. I guess you have not been watching very much news and the state of foreclosure in this country. Its gained epidemic proportions and most of it is do to shoddy lending practices. What in heavens name has being a democrat to do with this issue?
2 people like this
@slickcut (8141)
• United States
12 Feb 08
ok if thats how you feel Milskidsith, but if you ever have a financial problem,or get sick and cannot pay your bills and lose something,don't come crying to us..We will just have to tell you to"Suck it Up"
1 person likes this
@Rozie37 (15503)
• Turkmenistan
13 Feb 08
I totally agree with you. It is the same way with people's cars. America can be a very cold country toward it's own. But, then they want to come across as being so giving toward other countries. It really is sickening.
1 person likes this
@Debs_place (10528)
• United States
14 Feb 08
Yes, they give to other countries but people here need help. BTW..what do you mean about cars.
1 person likes this
@Rozie37 (15503)
• Turkmenistan
14 Feb 08
They reposess people's cars and resale them for dirt cheap also.
• United States
13 Feb 08
I think they should follow what the infomercial says, if it works then they can buy a house the same way those other people do on the infomercial. I am not being funny this is just an idea.
1 person likes this
@Debs_place (10528)
• United States
14 Feb 08
That is probably true, but do you think these people can afford the kits - I have no idea how much they are, but somehow, I would think if I lost my house, I would be in tears every time I saw a commercial for this.
@polachicago (19077)
• United States
12 Feb 08
I totally agree with you. This is so said. I think TV station should be able to screen some adds as with low moral standards and not to air those at all. Said to say, this is total b-s. Those people who sell such products are criminals in my mind. We all know that with slow market this program can only create bunch of bankrupts...and homeless people...
1 person likes this
@Debs_place (10528)
• United States
14 Feb 08
We keep hearing that the government is planning on giving people with mortgage problems relief, but talk is cheap and in the meantime, people are losing their homes.
@slickcut (8141)
• United States
12 Feb 08
Thats sad to me...I don't think i could buy a home right out from under someone,thats so tacky...Those commercials lie too..They are probably not even telling the truth..Its like that makeup they sell, they send you a sample for a full amount "Free" just for shipping,well the thing is they will continue sending it even if you don't want it,and use your credit card number that they retrieved during your first purchase, without your permission....And that "Free" credit card report is the biggest lie,when you ask for it they want money...
@Debs_place (10528)
• United States
14 Feb 08
I have looked at repo's but they were ones that were empty for months and months and unfortunately, I learned that the previous owners were still making payments on a house they could not live in, keeping them further in debt.
@vicki2876 (5640)
• Canada
12 Feb 08
It is sometimes difficult for people to see the other side of the fence on things especially when you think of money. I am a freebie hunter but when I come across something I really don't need or see that it is coming from a small business who is trying to get their product out there to actual buyers I avoid them. I would feel bad that I am just looking for a freebie in the mail and not really that interested in making a purchase. So yes I can see what you are saying that you have this guy getting all excited about gaining over someones serious loss. People work really hard to keep their homes and if it got to the point they couldn't do it anymore it is a sad thing that people want to profit off of it and be excited doing it. There should be a better way.
1 person likes this
@Debs_place (10528)
• United States
12 Feb 08
Thanks, that is how I feel. We must be able to do something - lower the guys interest rates, subsidize his somehow. Losing a home in a bad economy is not right.