View Single Post
  #10  
Old 02-18-2011, 12:51 PM
MOturkey's Avatar
MOturkey MOturkey is offline
LawnSite Silver Member
 
Join Date: Feb 2004
Location: Bolivar, MO
Posts: 2,631
Saw a segment on the local news just a few weeks ago. Guy, probably about my age, owned several rental houses, most for several years. Never missed a payment to the bank, and some of the properties were almost paid for. He said they were actually generating a positive cash flow.

Well, time for the balloon payment came, and the bank refused to renew his loans. He went to every bank in town, and got the same answer. Bank foreclosed on all his properties, causing many of his renters to lose their home, even though they were current on their rent. With one swipe of a pen, this guy's business and retirement were wiped out, and he did absolutely nothing wrong.

I turn on the national news, and all I see is reporting on Egypt and now, Yemen. It's a big deal. I understand, but our forefathers went through the same struggles 200+ years ago, so we would have personal freedoms, which are now quickly eroding.

The same time our government is sending countless billions overseas in foreign aid, our banking system is foreclosing on thousands of properties owned by people who are struggling right here at home. What really gets me is that with the housing market like it now is, the banks will have to sit on most of those properties for an extended period, and sell them at a loss when they do manage to liquidate them. Makes absolutely no sense to me. I, really, am surprised more people don't go "postal".
__________________
Neill Prater
Dependable Mowing Service
Reply With Quote
 
Page generated in 0.03214 seconds with 7 queries