Responsibility

Here is a link about a woman who is chaining herself to her home of 19 years to try to avoid foreclosure.  She took out a loan on an adjustable rate mortgage that, well, adjusted.  She now cannot pay her mortgage so, according the contract she signed, the bank now will take possession of her home. 

Now, while I feel for this family, what lesson will she possibly learn if the bank just says “Ok, that’s fine.  Don’t pay us anymore.  Just live there free.”  Or, what condition will the bank be in if they do that to everyone?  It’s high time people start stepping up and taking personal accountability for their actions however we live in a world where more and more it becomes “It’s not my fault” mentality.  Some kid takes a bottle and smashes it over their friends head and their parents blame TV or a woman is arrested for DUI and she blames the bartender.  It’s all the same.  No responsibility.

Now, on another note, the fact she is blaming the bank for doing their job, for enforcing the contract she signed, really burns me up.  It’s the same with those wacky HOA’s around the country.  Yeah, I think they cross the line many times but in 99.9% of the cases, the homeowner knew the kind of HOA they were moving into when they bought the house.  In the same way, the bank is only protecting it’s asset and enforcing the contract. 

People just don’t seem to grasp this concept of a business doing it’s job.  Take the rock star John Cougar.  Back in the 80’s he had a popular song called “Rain on the Scarecrow” about farm foreclosures.  I like the song one verse goes:

The crops we grew last summer weren’t enough to pay the loans
Couldn’t buy the seed to plant this spring and the
Farmers Bank foreclosed
Called my old friend Schepman up to auction off the land
He said John it’s just my job and I hope you understand
Hey calling it your job ol’ hoss sure don’t make it right
But if you want me to I’ll say a prayer for your soul tonight

So, if I am reading that right, he is ripping on this man from the bank for doing his job.  The part about saying a prayer for your soul is what gets me.  So, this guy doesn’t foreclosure and then he loses HIS job.  When the song came out I remember asking my Dad about it and he said usually, with these farms, the bank has given them every chance in the world and finally, they have to foreclosure.  After getting into the mortgage business, I found that true (in most cases).  Fact is, the bank loses money when they foreclosure so they would rather NOT go to plan B if they don’t have to.

Anyway, I have asked for it before but can we get more personal responsibility and accountability in this country?

Oh, by the way, if you watch the video of that woman you will find the reporter at the end stating that this woman took out $300,000 from her last loan for a failed business.  Nice.

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