I don't want to be perfect, just better...

Tuesday, October 7, 2008

The smartest purchase I never made.

I love to hear/read strange off-beat stories but what in the world is this?

(CNN) -- Fannie Mae said it will set aside the loan of a woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home.

Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.

Addie Polk, 90, of Akron, Ohio, became a symbol of the nation's home mortgage crisis when she was hospitalized after shooting herself at least twice in the upper body Wednesday afternoon.

When she took out the mortgage in 2004, she was 86! Who let an 86 year old woman take out a 30 year mortgage? Regardless of the monetary issues if she lived long enough to pay it off she would have been 116! What type of employment did this woman have at age 86 to qualify for this loan? And if she and her husband took out the initial mortgage in 1970 what happened?

I am all for home ownership, I understand the value, the safety, the security a home can provide. However, I believe that maybe you should work towards the goal of owning a home. You know the traditional route, establish your credit, save for a down payment, etc, etc, etc. When I was working as a casino games dealer a lot of my workers, other dealers where gung-ho about the terms they could get on the new homes being built near the casino. They encouraged me to join them, "Spendthrift, girl you need to go get one of these houses - four bedrooms, three and a half bathes, pool, jacuzzi bathtubs, marble counter, hardwood floors, amenities, amenities, amenities. Why would I need a house that had more bathrooms than there were people in my family at the time it was just my son and I.

I say it was one on the smartest purchases I never made. Why because soon after I went and toured the model home I went out on maternity leave. After I returned to the casino working eight at night to four in the morning with a new born and a five year old I had a realization, I hated working in the casino. If I had purchased one of the McMasions I would have had to stay at the casino to afford the mortgage, there are not many jobs in that area that could have afford me the same home with no degree. I would have never (maybe not never but I would have put it off a lot longer than I did) gone back to school much less to the university I attended which was over three hundred miles from my hometown if I had that mortgage looming over me. The terms of the loan where easy - $5,000 down, $1200 a month for 48 months, then $2,100 a month after that or something close. Working at the casino I could have easily afforded to do it, and if I returned I could still make that but I hate working nights, I hate the people who frequent casinos and its not all high rollers (whales) the people you see most often are everyday people (guppies, minnows, and trouts) the ones who you get to know real well, cause they only go home to change clothes after work. They eat most of their meals comped after they lose a quarter of their paychecks. The ones who have real gambling problems but can't afford to gamble enough to have a gambling debt.

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