Julio and his wife are friends of mine.

Jump to Last Post 1-10 of 10 discussions (23 posts)
  1. tobey100 profile image59
    tobey100posted 8 years ago

    They live about 8 miles away in one of the new subdivisions springing up around greater Nashville.  At least they did live there.  They lost their home due to foreclosure.  Julio has 4 children.  His wife doesn't work.  He works at our little local grocery store.  Not as a manager, he stocks shelves.  He's a great guy, great family man.  He managed to purchase a $310,000 home and hang onto it for almost 3 years.  I trully feel for Julio, but when he got a mortgage and moved in I couldn't help thinking, what's wrong with this picture?  Should we bail him out?  Didn't he realize he couldn't pay for the house when he got it?  Whose fault is it?

    1. AEvans profile image79
      AEvansposted 8 years agoin reply to this

      What is wrong with the picture is that the banks robbed Julio of his American dream they knew he would eventually lose it, they would destroy his credit and would be able to make more money from it once it was foreclosed by auctioning or re-selling it back to A. A first time buyer for far less or B. An investor which are the same people who assisted our Country with destroying it. Julio is better off renting for now, getting his finances together and purchasing a couple of years from now. smile

    2. rebekahELLE profile image85
      rebekahELLEposted 8 years agoin reply to this

      a home for that amount was clearly out of Julio's reach with what is shown here as his income. a greedy mortgage lender used him and many others to pad their bank accounts. they manipulate the figures and viola, Julio is a homeowner. very sad, as the loan probably was not explained to him clearly enough before he excitedly signed on the line. I'm sure at some point Julio had a 'nagging' feeling that he could not afford it but signed anyway. if it sounds too good to be true, it almost always is.
      home ownership is a huge commitment and responsibility, the biggest anyone will make financially. people need to do their homework.

  2. Haunty profile image81
    Hauntyposted 8 years ago

    When an average couple gets together here in Hungary, they both live with their parents. If they both work for about 3-5 years they can get a mortgage to buy a $42,000 flat, which they have to pay back over the next 15-25 years. That's the dream scenario.
    The reality is, none of them gets a job, they probably get to rent a room from the parents. When the parents die they inherit a home from them, their first one. That's when they're about 50-60 years old. But I know we are still better off than people in many other countries.
    I'm sorry about Julio's story though. neutral

    1. tobey100 profile image59
      tobey100posted 8 years agoin reply to this

      Great perspective from the outside.  Guess it proves it's just bad all over.

  3. Flightkeeper profile image70
    Flightkeeperposted 8 years ago

    Well Julio was able to live in his house for four years.  Now he can start fresh and start earning and saving towards a home he can really afford to keep.

  4. WriteAngled profile image80
    WriteAngledposted 8 years ago

    That sounds like a really expensive house. My impression was that property is cheaper in the US than in the UK. My house is worth half of Julio's. It's quite humble and in an area with some of the lowest property prices in the UK. However, it cost what I could afford. I could have raised a mortgage for more, but didn't see the point of mortgaging away my whole life and living in constant fear of losing my home.

    1. Haunty profile image81
      Hauntyposted 8 years agoin reply to this

      Yeah, but that's because you are smart.

      1. WriteAngled profile image80
        WriteAngledposted 8 years agoin reply to this

        Not smart,just poor big_smile

        1. Haunty profile image81
          Hauntyposted 8 years agoin reply to this

          Some people are poor and they don't know it. So those who know it, well... we can't say they are smart. In fact, what is smartness? You can't say somebody is smart without a point of reference. But hey, since I'm an average dude, I just call you smart. You have no chance to really object. smile

    2. tobey100 profile image59
      tobey100posted 8 years agoin reply to this

      Property's not necessarily cheaper though it is out here in the sticks where I live.  Julio would tell you himself he shouldn't have made the deal but the lender made it so easy he couldn't resist.  Who wouldn't want their own home for their family.  By the way, Julio's not an immigrant.  He was born and raised here as were his parents.

  5. Misha profile image70
    Mishaposted 8 years ago

    Not all people are meant to own a house. In fact most people are better off renting probably. smile

  6. WriteAngled profile image80
    WriteAngledposted 8 years ago

    Well, I have a roof over my head and will manage to pay off the mortgage over the next nine years. I am a child of Polish immigrants who ended up in the UK after WW2 and never managed to get a place of their own. My childhood was spent in insecurity; we were thrown out of one rented place when I was 12. At the very least, my daughters had a place of our own where they could shout, jump around and wreak havoc without a landlord complaining. They are now in charge of their own lives. I have my little place where my four cats can be safe without another landlord complaining. I can look out of the back door at the mountains sheltering my valley. That is all I need. Even if one day it becomes difficult to pay for heating etc, I have my own home and no one can tell me to move away. That is all that matters.

    1. Haunty profile image81
      Hauntyposted 8 years agoin reply to this

      That's all that matters. smile

  7. Colebabie profile image59
    Colebabieposted 8 years ago

    Well I know that I would like to own a house someday. Paying $1000/month rent forever just doesn't make any sense. I could get a mortgage at $700/month. Put down a good downpayment and just pay it off faster.

    1. Misha profile image70
      Mishaposted 8 years agoin reply to this

      I would hold off for a couple of years more, if I were you. We are likely to see a serious drop in prices in the coming year. smile

      1. profile image0
        A Texanposted 8 years agoin reply to this

        Good advice.

        1. Colebabie profile image59
          Colebabieposted 8 years agoin reply to this

          If I get into PA school I will likely be looking for a house later this year or next. If not, then then it will be a few more years. The home prices in Florida are quite low. There are foreclosures everywhere (they have their own problems I know). But I am playing wait and see right now.

          Thank you for the advice.

    2. Ron Montgomery profile image60
      Ron Montgomeryposted 8 years agoin reply to this

      There are many people, myself included, who think renting is actually the better option financially - especially now.

      It is a myth that rent is money thrown away with no return.  Rent usually includes services such as maintenance that have to be paid for out of pocket if you are buying.

      1. Colebabie profile image59
        Colebabieposted 8 years agoin reply to this

        Agreed that maintenance and amenities are a great issue. However, depending on where you live, rent can be ridiculous (i.e. South Florida smile )

  8. profile image0
    jerrylposted 8 years ago

    Figures don't lie, Liars figure!

    I would like to know just how a man like Julio, working at a local grocery store, receiving wages of a stocking clerk, was able to be approved for a $310,000.00 mortgage in the first place?  Someone had to use some fancy figuring to make that deal happen!

    Under our debt monetary system, this should not be possible!  Maybe I am missing something.  Did he have a mortgage?  Was he renting with option to buy?  Did he have a contract for deed arrangement?

    Something in this story just doesn't click!  Who would approve a mortgage like this, or even get into any other deal with a person, obviously not able to keep up with the expenses of owning a home in this price range?

    The facts are not all there.

    Jerryl

  9. tobey100 profile image59
    tobey100posted 8 years ago

    Thanks is exactly what I think.  He was used.

  10. prettydarkhorse profile image64
    prettydarkhorseposted 8 years ago

    I own two houses in the Philippines I am renting it out, but I am renting here in the Dallas area, need to buy a house of my own becuase I like gardening too, Julios case is a lesson.

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)