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Mortgagee in Sydney
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Interesting that a Sydney based newspaper would try the "rising fuel cost" line to substantiate why a home in Inner Sydney (where car ownership is far below that of outer suburbs) would go under a mortgagee sale...
Out of the couple of mortgagee sales that I know personally of, each one increased their personal debt some time after borrowing for the home via store cards, trading in and up on newer model vehicles, installing in ground swimming pools with additional borrowings and family relationship break down....
I have just stopped my subscription to the SMH on the grounds that their reporting continues to be very one sided on numerous issues.
This article (to my mind) lacks research and generalises/speculates as to why the owners may have had to default.
Far be it for the SMH to let the truth get in the way of a good story line...S.
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Out of the couple of mortgagee sales that I know personally of, each one increased their personal debt some time after borrowing for the home via store cards, trading in and up on newer model vehicles, installing in ground swimming pools with additional borrowings and family relationship break down....
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What a lot of old tot!!!
From the paper
SYDNEYSIDERS are losing their homes at a record rate, forced out by crippling mortgage payments, exorbitant petrol prices and high personal debt
If petrol prices cuase a single mortgagee sale then I'll eat my own earwax .....crippling mortgages, yes ...hi personal debt, yes ....petrol prices, I don't think so matey.
There was no pattern to those defaulting on their loans, he said. They were families, singles, investors and retirees.
It could be that these two reporters are the stupidest people alive on the planet ....Duh!!!...the pattern is that the people who default owe too much money and can't afford the payments.
Was that a bit cranky?? ...It's Monday morning my time.
Cheers
Spaceman
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Aww too much sharing…no more ear wax stories.
I heard a report on the whole idea of suburbs…
Basically it said that Suburbs were a lame idea in the first place.
Invented at a time when petrol was as cheap as Britney Spears,
and traffic jams and car pollution were not even thought of.
And the basic play off was the time it took to travel and the cost of a car (all factors added) Vs the higher cost of city land.
Pointing out that : Petrol is a cost bourn unevenly across the population….
(And you know how much I love these “relative” wealth shift scenarios).
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Petrol costs would depend where you live. A close friend had to sell her house in the country last year because her mortgage and doubled petrol costs ended up being about the same.
Had to move back to town, not mortgagee sale but pretty much a forced sale because of the rise in petrol.Find The Trend Whose Premise Is False - Then Bet Against It
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But doesn't that come down to the vehicle one chooses to drive as well?
Our fuel bill for running up and down the southern motorway from our country seat is minimal in a Honda Civic, however if I were to drive the same route in a 6 or 8 cyl petrol vehicle the fuel cost alone would be substantial in comparison...S.
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