Sunday, March 8, 2009

You are a homedebtor, not a homeowner!

Stop arguing! If you live in a $750,000 home and you owe $750,000 or less in a mortgage loan for that same home, then you don't own that home, ok?

You are homedebtor, not a homeowner.

If you live in a $750,000 home and you owe nothing (i.e. it's bought and paid for through either blood, sweat and years, a massive inheritance or through ill-gotten gains), then you are a homeowner.

See the difference?

Don't let these SUV-driving, cell-phone toting, reserve trademarked Realtors in the area tell you any differently.

You owe. You do NOT own.

We need to change the conversation in this country about real estate on so many levels, because people who purchase homes in this country using leverage do not technically own the home until the mortgage is paid off.

The same is true when I buy a car via an auto loan. Sure, I'll drive the car off the lot and all around the town. I'll fill it up with gas, and spill some Diet Coke on the floor. I might even unknowingly drive right into a demolition derby contest at the Orange County Fair and obtain a few "minor scratches" in the process. But unless I paid for that vehicle in full from the start, it's not freaking mine! I may even possess the title for the car in a neat little folder in a desk drawer where I live, but the car is not paid for. It's not my car!!!!

So can the American public, the American media, and our elected officials in Washington pretty please with freaking sugar on it, STOP CALLING PEOPLE "HOMEOWNERS", UNLESS THE OWN THE HOME OUTRIGHT AND HAVE NO DEBT AGAINST IT?!!!

In otherwords, let's be a litte more specific going forward before we bailout the patheticly stupid, greedy and illiterate, shall we? I mean, that's not asking too much, is it?

People who are upside down on their freaking mortgages right now, in the state of California, are NOT HOMEOWNERS!!!! They are mistaken HOMEDEBTORS that, under normal lending standards and rational financial principles and without Realtor malfeasance, would otherwise be, and actually SHOULD BE RENTING a home, or condo, or apartment to live in.

But no.

The American media would prefer for us to all stop what were doing and hold a candlelight vigil to save the precious so-called "underwater" and irresponsible debt-freaks and use the term "Homeowner" to best describe their emotional plight!

I don't doubt that these people are in anguish over their circumstances. I don't doubt that families with young kids are under stress as a result of this. But America, and California in particular is, today chock full of imbecilic, overgrown children who have the attention span of a gnat, and cannot read a freaking mortgage contract, let alone hire an attorney to have it read to them. The responsibility is theirs to carry. They need to foreclose. They need to move to an apartment or condo, pay off their outstanding debts or get them forgiven and start over.

Since when are we obligated to pay for the misfortunes of others?

I get all that Judeo-Christian B.S. about the "Good Samaritan". I understand the "come on, help a brother out" speak.

My parents just lost half of their savings in their 401k.

They are over the retirement age. They both worked and saved since they were 18.

Who is going to bail them out?


My point is, you can't force people to be "good samaritans". My parents started saving late and put money in risky investments in their 401K plan. They've paid the price.

What we are doing, what President Barrack Obama is doing, what House Speaker Nancy Pelosi is doing, is perpetuating the problem of irresponsibility, financial illiteracy and not allowing individuals to pay or benefit from the consequences of their actions.

We are praising a nation of spoiled, overgrown, childish debtfiles, while their children are watching.

You are homedebtors, not homeowners!

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