Reply to moving into our new home, purchased as a foreclosure. feeling weird.

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[quote=Anonymous][quote=Anonymous]"For those of you feel sorry that the previous owner of your house lost their house due to bad luck, bad financial decision, or they are not white, etc, why did you buy a foreclosed or short sale ? There are plenty of other houses on the market for you to purchase. You are greedy and heartless when you decided to look the houses and knowing other families were hurt badly."

Maybe that is why I feel guilty ;) and maybe your memory doesn't run as long as mine.  We bought a foreclosure because in the neighborhood we wanted, almost all the sales were foreclosures.  It was 2008- we signed days before Lehman Brothers collapsed and foreclosures were EVERYWHERE.  As it was, we were constantly putting in contracts against 5-6 investors and this one we happened to get. Either you bought a bad flip or a foreclosure at that time. The fact is that we are "poor" by DC standards, but because we are white, we had access to college and understood how credit works and we were taught how to use and save money. We could rush into the market while everyone was jumping out. [b]The hispanic people who owned our house before us did not have those tools.  They also took out a huge loan to add on to the house and that is what tanked it for them.  They may have been okay if they stuck with their original loan. [/b] I feel sad for the family (We still get their mail btw) because I had the ability to take advantage of the system and they did not.  However, this is the system that we all have to work within.  I would think the "heartless and greedy" you refer to would be the investors who did the same thing, but only to make a profit.

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PP, you could be writing about my brother-in-law and sister-in-law who have a Hispanic last name. I really wouldn’t feel guilty. In our family’s case, the couple were strongly advised by my husband and me not to take out the additional loan, but they did it anyway. Possibly in many of these cases of bad financial decisions leading to the loss of a home, people received advice that they wouldn’t listen to. Even with job losses, there may have been advice, given over many years or a lifetime, that was ignored. But at the same time, people who insist on ignoring advice and making mistakes may have a low level of anxiety. They might not feel the same level of stress as others who can feel instinctively that a situation is heading in a dangerous direction. Or the possible loss of a home may not seem like the end of the world to them. After the foreclosure, our relatives ended up renting a place very far out, with long commutes, to their new and lower-paying jobs. Eventually they bought a new place even farther out. But they are happy. The couple is happily married and has good relationships with their now-grown kids. Everything has worked out for them.

Now, when the loss has been not financial but of a family member, especially of a child, that is truly heartbreaking.[/quote]

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