February 22, 2009

Doing it right - buying a house

From This Goes to 11 comes this story of the correct way to buy a house:
The upside of the foreclosure "crisis"
A quick anecdotal observation:

I am in the mortgage business. Yesterday, I met with a 42-year old single mother. She is raising 2 teenagers in a crappy studio apartment in a crappy neighborhood.

She makes just over $25,000 a year. According to the government, she is officially in "poverty".

She does not have an X-box, plasma screen TV, or microwave oven.

She DOES have (and pays for) health insurance for her and her children.

She is a LEGAL immigrant from Mexico who entered our country legally, assimalated, learned English, and became a US citizen.

She drives a 1996 Toyota Corolla.

She has paid every bill on time and has perfect credit.

Somehow, she saved $8,000...$25 here, $50 there...

This weekend she bought a cute little foreclosed home for herself and her two children. Purchase price? $145,000.

The home was purchased by the previous owners for $409,000.
How come we never ever hear these stories in the MSM? This woman is a true American and I bet the kids are well-behaved and doing well in school... Posted by DaveH at February 22, 2009 1:08 PM | TrackBack