When young people these days get in trouble they call they're parents to bail them out! When they grow up they buy homes, expensive cars, and flat screen TV's get in trouble and file bankruptcy or ask for some kind of Government assistance.
There seems to be a sense of entitlement, if you live in America you ARE entitled to the American Dream (it's not free) it comes at a cost of hard work, responsibility, and some basic respect for what we are given (including loans we agree to pay back) this dream also comes with the inherent ability to achieve limitless possibilities.
There are No parades for people who do the right thing everyday, and all of the King's horses and all of the King's men don't cheer when promises are kept or negative equity is all paid back.
I worked for a developer who built a 5 story high-rise condominium complex, through the normal course of construction we began to market the property and had most of the units under non-binding reservations. The real estate market crashed in 1991 after only two contracts had closed, the remainder baled on their reservations (which was their right). The balance of the condominiums took an additional year to re-sell at 65 cents on the dollar, leaving the developer $1,000,000 short on his construction loan. Did he default, or file bankruptcy, no he paid back the money on a loosing project because he was responsible for the loan. The fact the deal didn't work out to be profitable was not the lenders fault. OK, I know there were some shady things that some lenders have done recently, But all trusted borrowers to pay them back, and deserve to work out a plan that can be mutually acceptable-This is not your parents or your Governments fault.
Write to me or rant to me, but don't make excuses to me!, or you'll have childern living in your basement till they are 35.
Steve Loynd. Ski resort area broker featuring general brokerage,custom homes land development services, in-house drafting & design services 25 yrs in real estate. 800-926-5653 steve@alpinelakes.com
Professional buyer's buy in slow markets, sharpen your 1031 pencil & score
1031 exchange , What is Like-Kind Property?
Innovative Septic Technology, the answer to tough sites!!
Loon mountain's Newest Slope side development, custom home progress
Hold your Ground on list price, and get the listing!
15th Annual Lupine Festival, Franconia NH June 6th-22nd.
Camping Story :close to home Saves more than Gas
Memorial day weekend, closed due to snow!
Hey buddy pick a lane will ya (fox in the road photos)
If You're not living on the edge you're taking up way too much room!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Since my children are all past 35 and I don't need to worry about them living in my basement I'll take a moment to rant! Granted there are many who feel this way, and probably the bulk of the bank-owned properties are from people who don't complete their responsibilities. But there are also legit reasons....a death of a spouse, a lose of income, medical issues, a job transfer - and many other reasons. The economy stinks right now (even if "Uncle George" says we are not in a recession). There are people who have legit reasons. These people need to not feel like they are worthless because of circumstances. They already feel lost in a maze of things spinning out of control for them.
Just my 2cents!
but don't make excuses to me!, or you'll have childern living in your basement till they are 35.
hahahahahh That was hilarious!
What you are saying is absolutely right, of course. We need to teach our children responsibility and the VALUE of what they get. We insist that our children do something to contribute to any large item they want to get. Want something that costs $50? Then come up with half. This makes them feel the sting of contributing and understand that you don't get ANYTHING for free - you have to work for whatever you want. Oh my! If we all decided to do the same with all of our children, what a different world we would live in, in just a few short years.
~Renae
I agree with both you and Mary on this. There seems to be a sense of entitlement out there that if things don't work out, someone is responsible for "helping me out"! Don't blame others for your spending habits and digging yourself into a hole you cannot climb out of. Yes the economy does really stink. Is it stressful, yes, Am I blaming others, no. People need to be accountable for their decisions and actions and yes there are special circumstances - such as illness, death, loss of income - but those who have a good history of work, credit and payments will usually be given a little room until they get back on their feet as most hard working people do eventually. But those who have a sense of entitlement always seem to have the same type of scattered work history, consistantly late on payments, and are always blaming someone else for their misfortune while not doing a darn thing to get back in the game. Be accountable, be respectful and take ownership of what is yours. Do blame others work with them to work it out. Big Brother doesn't owe you anything unless you work for it.
Mary
I do understand there are circumstances where peoples ability to pay is no longer there, My point is lets not make it so easy in our disposable society to walk away from responsibly.I hear stories of people who can't afford a car any more returning the keys to the dealership "oops sorry" I'm not taking back any keys to houses and it should take a lot more to hand them to a bank thats all I'm saying
David
I couldn't have said it any better, that was what my Blog was all about, sure I had to pick one side of the argument over the other to make my point, sure I do'nt think all people who default are bad people, but if you take out a loan pay it back ask for a better plan if you need too, but don't just walk away if prior generations walked away from the many responsibility's they had (not just loans I'm talking here) where would we be as a nation.
And the sad thing is that too many people don't try to work it out. They may not just walk into the car dealershp or bank and give the keys back but they do the equivalent - act like that debt doesn't exist anymore. Which is pretty much the same thing. It is really sad.
~Renae
Renae
Thanks, It was suppose to stir people up a little and be a little funny at the same time, I have son who wants new musical equipment seems like very week, when he pays for half it get treated better and I f he wants to be a rock star he will know it's not cheap (or Free) so he better work hard, good luck too you!
Obviously the builder of your condo unit was a very successful builder, either in the past or near future of his problem to be able to pay back that amount.
Thomas.
There were other project going on at the same time (being built on spec) and other custom home jobs that were customers responsibilities to pay on luckily the home owners like my developer didn't abandon there projects either and did the right thing (paid for the house they contracted to build), by the way the condos built in 1991 more than doubled by 2001, so it turns out buying in a down market has the upside we keep telling "buyer's" about.
Steve