Home Mortgages And Bankruptcy

American Home Mortgage Investment filed for bankruptcy today. Can't say that I feel sorry for them either. The specialized in people who fall just short of good credit scores. While that sounds like they are trying to "help" people, what they are really doing is charging higher interest rates to those people hoping to screw them out of even more money.

When you do that and do it on such a grand scale, you really deserve to go out of business. You're taking advantage of people at their weakest, buying a new home. You're in control over their dreams of having something of their own and screwing them out of as much money as possible. When something catastrophic happens, then you have no one to blame but yourselves.

Home buyers: Stop buying houses you can't afford. You're just as much to blame for this as anyone else. You shouldn't have bought that 4 bedroom house in suburbia and bought a 3 bedroom house on the outskirts of town. You should have taken into consideration job loss, medical emergencies, and new children before you bought your home. Because you didn't, now you're struggling to pay off the mortgage that you shouldn't have gotten in the first place. Lenders should have told you "no". They didn't, and now they are in this mess. You should have said "we'll look at other places" and when you didn't, now you find yourself getting second and third notices in the mail because you didn't look at other houses.

What does that mean? Prices are going to go to the floor. People like me who didn't buy the bigger home, more luxurious car, or latest trendy item, will now be able to buy your home at a pretty steep discount. When the market readjusts itself in a few years, we'll be able to sell your home for a tidy profit. I'm talking with a real estate agent and a lender this afternoon to see how the market looks in my area for a deal.

Fiscal responsibility allows you the freedom to do things that you never thought possible. Heed my warning. I don't want any of you to fail, I want you to learn from this. If you take my advice, you're almost guaranteed not to have any more mortgage troubles.

Travis
travis@rightwinglunatic.com