I do feel sorry for them but sheesh... They knew it was coming

| No Comments

The deferred rent/mortgage/bill payment has ended and people are going "How could this happen to me"

From The Washington Post/MSN:

A tsunami of deferred debt is about to hit homeowners no longer protected by a foreclosure moratorium
Only one week after New Orleans enacted a citywide stay-at-home order in March 2020, Laura Landry was hospitalized with covid-19, putting her out of work. Before she could recover, she was furloughed from her jobs as a nail technician and hotel employee.

When she found out she could enroll in forbearance — a provision that allowed those with federally backed mortgages facing covid-related hardships to defer their monthly payments — she took the opportunity. But now she owes over $20,000 on her home, and her forbearance ends next month, since the federal ban on foreclosures expired Saturday.

Landry is one of about 1.8 million homeowners still in forbearance as the safety net is removed. About a fifth of them will not be able to extend their forbearance past September. And 1.5 million more are at least three months behind on their mortgage without the protection of a forbearance plan.

More at the site.  Most forebearance plans were for 12 months, some up to 18 months. I understand that COVID hit the economy but the end of these programs did not take anyone by surprise.  If I was in that position?  Tighten my belts, sock as much money away in savings for when the program ended. Contact my mortgage holder to work out some kind of plan for repayment while resuming current payments.

There is zero need for a "Woe Is Me" attitude. In the example they gave, Ms. Landry worked as a nail technician and hotel employee. She is $20K in the hole. Assume a 12-month forbearance, that would be $1,600 monthly mortgage payment. A bit much for that level of income. Half her income?  What was she doing to further herself - was she taking classes at a local community college for welding or HVAC? Wages in these fields start at $60K and go up fast - big demand. Did she seek to refi her house?

So many options and from the article, it sounds like she spent the "extra" $1.6K and there is nothing left. Again, I feel sorry for her but there is only one real source for the majority of the blame.

I am reminded of the sober history lesson from Robert Anson Heinlein:

“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.

This is known as "bad luck.”

So true - the socialists and mask-ninnies (but I repeat myself) want to drag us into the dark ages.
The better to manage our lives. To "nudge" us into proper behaviour.
They know so much more than we do about how to run our own lives - we should be grateful for their concern.

Believe that and I have a bridge for sale - you might be interested in it.

Leave a comment

August 2021

Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31        

Environment and Climate
Cliff Mass Weather Blog
Climate Depot
Ice Age Now
Jennifer Marohasy
Solar Cycle 24
Space Weather
Watts Up With That?

Science and Medicine
Junk Science
Life in the Fast Lane
Luboš Motl
Next Big Future

Geek Stuff
Ars Technica
Boing Boing
Don Lancaster's Guru's Lair
Evil Mad Scientist Laboratories
Hack a Day
Kevin Kelly - Cool Tools
Slashdot: News for nerds
The Register
The Daily WTF

The Argyle Sweater
Chip Bok
Broadside Cartoons
Day by Day
Medium Large
Michael Ramirez
Prickly City
User Friendly
What The Duck

Awkward Family Photos
Cake Wrecks
Not Always Right
Sober in a Nightclub
You Drive What?

Business and Economics
The Austrian Economists
Carpe Diem
Coyote Blog

Photography and Art
Digital Photography Review
James Gurney
Joe McNally's Blog
The Online Photographer

A Western Heart
American Digest
The AnarchAngel
Anti-Idiotarian Rottweiler
Babalu Blog
Belmont Club
Bayou Renaissance Man
Classical Values
Cold Fury
David Limbaugh
Defense Technology
Doug Ross @ Journal
Grouchy Old Cripple
Irons in the Fire
James Lileks
Lowering the Bar
Maggie's Farm
Marginal Revolution
Michael J. Totten
Mostly Cajun
Power Line
Questions and Observations
Rachel Lucas
Roger L. Simon
Sense of Events
Sound Politics
The Strata-Sphere
The Smallest Minority
The Volokh Conspiracy
Tim Blair
Weasel Zippers

Gone but not Forgotten...
A Coyote at the Dog Show
Bad Eagle
Steven DenBeste
democrats give conservatives indigestion
Cox and Forkum
The Diplomad
Priorities & Frivolities
Gut Rumbles
Mean Mr. Mustard 2.0
Neptunus Lex
Other Side of Kim
Ramblings' Journal
Sgt. Stryker
shining full plate and a good broadsword
A Physicist's Perspective
The Daily Demarche
Wayne's Online Newsletter

About this Entry

This page contains a single entry by DaveH published on August 1, 2021 3:46 PM.

And out for the day was the previous entry in this blog.

Finally - arrival is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Monthly Archives


OpenID accepted here Learn more about OpenID
Powered by Movable Type 5.2.9