Thursday, May 03, 2007

This didn't post earlier. Was it a plot...

April 27, 2007

I hate Wyoming!

I drove from Chicago back to Portland in three days and the second day driving thru Wyoming was a bitch! I had rain, hail, snow, rain, wind, rain, really strong wind, pouring rain, and a bit of sunshine mixed in. By the time I hit Salt Lake to see friends I was wiped out. I know it is beautiful, but I hate driving thru it! Isn't that where they kill gay people and where Cheney says he is from... You can keep Wyoming!

I am home and trying to recover. I am still not sure what time zone my brain is in. Ah, the joys of touring.

I will right more about the tour in another entry. When I am more recovered...

On another note, and another sign that we are all in trouble... I am predicting a huge amount of home foreclosures in the next 2 years! I don't want to be a doom sayer, and I really think I am not. I am pissed off at Mortgage Brokers, Realtors, and banks in general! I don't like them and find most of them to be sleazy! (A generalization, sure. But I am also writing based on my own experience.)

You all know that I sold my house to pay off IRS debts, and credit cards and all that. I was left with hardly anything! Part of the problem was that as we were getting pay outs from my various creditors a company here in Portland run by mortgage brokers, had done a loan for me a few years earlier. When it came time for pay out I owed them $40,000 more than I had borrowed! I had been making payments for 5 years, and yes I was behind and missed a few payments, but I was trying. Anyway, apparently I hadn't read the contract real well and it wasn't really explained to me, (probably on purpose...)! My lawyer looked at it and said it was all legal! I had to pay these bastards an extra $40,000! That totally wiped me out as far as any profit on my home of 20 years! Too bad for me! I learned my lesson...

Now a lot more people are going to learn lessons as well! All of these slimy folks have been selling consumers on montages that are adjustable, or that you pay only interest for the first couple years. They tell people that when it comes time for you to start paying on the principal you can just refinance. The same when your Adjustable Rate goes up! Some people will be able to, many will not! Some will have to pay fees to refinance. Some will have to pay very large ones...

The Real Estate market is on the fast track to Hell, and don't be surprised if these greedy bastards, (Mortgage bankers, realtors, and the big companies that buy the debt), ask the government to help them out! And knowing our government they will help them out. But they won't help out the home owners who are losing everything.

A friend of mine just told me that rents here in Portland are predicted to rise because so many people are going to be losing their homes and needing to rent. So the apartment owners are preparing to gouge all of us.

As Kurt Vonnegut used to say... And so it goes.


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