Those Aren’t Sleigh Bells!

I'd like to think that there's nothing I could read or hear on stations like CNBC or print media anymore that would shock me. Of course, today was an exception.

I read an article from MSN (also known as TSIF – The Sky Is Falling) regarding homeowners who'd had enough of their payments, dealing with the bank, and fear of foreclosure so they left the keys on the kitchen counter or in the front door and walked away from the property.

Apparently the mortgage industry calls this "Jingle Mail" (the keys arrive in an envelope via mail most of the time).

There were three homeowners spotlighted in this article, but there's one gem that really blew me away.

Here's the facts first:

30+ mother of 3

$50,000/yr income

Married

Living in California

Purchase price on her home: $585,000

Down payment: $16,000

Lesson learned: Priceless

The article chose to focus on the fact that within 8 months of buying the house, the woman in question's marriage fell apart.

No one wanted to talk about the fact that she made FIFTY THOUSAND DOLLARS A YEAR AND PURCHASED A HOME WORTH OVER HALF A MILLION!!!

My favorite??? Her mortgage payment was $4,500 a month…Adjustable Rate…No taxes or insurance included.

…because we all know someone with an extra five grand laying around to burn each month with a 5-figure income!

It absolutely sickens me that the media has chosen to focus on the poor, pitiful homeowner in trouble rather than the joker who was sitting at the closing table, signing the paperwork, fully disclosed (in most instances) that their payments would adjust, the rates would go up, and that eventually…eventually…the great housing boom would come to an end.

And yet, in the microwave society we live in today, too many are focused more on getting what they want right now rather than waiting for the right time.

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