To those pilots who own a house

[Smarta$$]

Redistribution of money, that's all. Like Spock said, ''The needs of the many...blah blah blah...''

And by the way, the definition of a liberal is either A. one who has never earned a dime or B. someone who has earned or inherited so much, they don't give a crap what the IRS takes!!

Idiot.

 

[jetracer5]

Why did you buy a home/property that was nearly $2000 a month to begin with when you clearly could not afford it should you have to go back to a minimum guarantee paycheck? Now, the rest of the US taxpayers take the brunt of this - along with medicaid, welfare, and every other easy out program that is out there.

Because I used to make a lot more money

 

[BoilerUP]

If $930/mo is 31% your income, you make $3000/mo. $1785/mo would equate to $5758/mo @ 31% of income. In post #12 you said you were making $4000/mo, which would have put your house payment at 44.6% your monthly income.

While I don't fault you for taking advantage of a program you're eligible for...you got a gift, at the rest of our expense, because you made a bad financial decision and bought WAY too much house.

This should serve as a prime example to show people the importance of living within their means, and budgeting expenses on GUARANTEED income alone.

 

[n757st]

If $930/mo is 31% your income, you make $3000/mo. $1785/mo would equate to $5758/mo @ 31% of income. In post #12 you said you were making $4000/mo, which would have put your house payment at 44.6% your monthly income.

While I don't fault you for taking advantage of a program you're eligible for...you got a gift, at the rest of our expense, because you made a bad financial decision and bought WAY too much house.

This should serve as a prime example to show people the importance of living within their means, and budgeting expenses on GUARANTEED income alone.

What about people at an airline like comair that were captains for 5+ years and downgraded to FO at guarantee wages? Should they have planned for 30% of their airline to vaporize and for themselves after 5+ years as a regional captain to be forced to FO pay? I was a bottom captain at the same airline that you used to work for and I knew not to go beyond my means, and as such when I was downgraded the pain was not as extreme, but had I been a captain for multiple years I would not have thought twice about basing my income on guarantee captain pay. BTW, normal captain pay (read 90 hours) to guarantee FO pay at your formal airline is a 3000 dollar a month AFTER TAXES hit.

 

[Beaver79]

If your like me and own a house and are starting to see your pay checks get even smaller this winter or you are on the street or just got downgraded call the bank you have your loan through and tell them you want Obama to pay for your house through the "Making home affordable plan" You just have to prove you are taking a loss of income. Say going from 90+hrs month to 75hrs or less works. They will force your lender to make your total monthly payment including escrow's no more then 31% of your income. My payment went from 1,785 to $930! This payment is locked in for 5 years. Just thought I would pass this along to help out other pilots trying to maximize there income! Sorry for posting usefull infomation! haha

http://makinghomeaffordable.gov/

Great, I"m paying your mortgage too! I thought I only purchased my house, but instead I'm paying for thousands of other homes.

 

[BoilerUP]

A downgrade is a vastly different situation than the one the OP told us about. If one's mortgage is inline with generally-accepted lending ratios (less than 31-33% of monthly income) and through no fault of their own suddenly is making 60% less via a downgrade, that to me is a tangible hardship because your pay *was* cut via a loss of position.

On the other hand, I can't feel any sympathy for somebody who based their monthly budget on "normal" credits and starts crying broke when that credit gets reduced to min guarantee (assuming they didn't lose their position).

The OP has offered us figures that show his mortgage was already nearly 45% of his income before his pay was "cut" due to a loss in credit hours...which any financial adviser or website will tell you means you are "house poor". By any metric he was already in a bad way financially before his pay was "cut"...losing credits just exacerbated the situation.

Call me conservative, but when I was at ARW I always based my monthly budget on my guaranteed income only, and I considered any extra pay above guarantee to be a bonus, putting it into savings, paying off student loan debt, or making "special" expenditures. Now my wife and I get paid every 2 weeks (opposing weeks), meaning we base our budget for budget for 2 checks each per month...even though we'll each get an extra check two months in the year. Those "extra" paychecks are still considered a bonus, used for savings/debt payments/special purchases.

Like I said, I don't fault anybody for taking advantage of a program they're entitled to...but basing one's budget off any amount higher than you're guaranteed to earn, to me, is a prime example of poor fiscal judgement.

Financial responsibility isn't hard...it just requires a LOT of discipline.

 

[MJ42]

Because I used to make a lot more money

That's a dumb statement. Everyone should know that what you make now may not be what you make a year from now. This business is so cyclical, how can you justify the biggest purchase of your life knowing this industry can change in an instant? You are never really safe, why do people see that extra money(from an upgrade, etc...) and immediately think they can afford a new lifestyle? The more money that comes in means the more you can spend, right? Live within your means, not within what you can afford at the moment!

I never anticipated getting furloughed in Sept 01, yet afterwards I never missed a payment on anything and still have perfect credit now. Why??? Because I lived(and currently live)within my means.

 

[Quimby]

That's a dumb statement. Everyone should know that what you make now may not be what you make a year from now. This business is so cyclical, how can you justify the biggest purchase of your life knowing this industry can change in an instant? You are never really safe, why do people see that extra money(from an upgrade, etc...) and immediately think they can afford a new lifestyle? The more money that comes in means the more you can spend, right? Live within your means, not within what you can afford at the moment!

I never anticipated getting furloughed in Sept 01, yet afterwards I never missed a payment on anything and still have perfect credit now. Why??? Because I lived(and currently live)within my means.

But that's not the American way!

carry on.

 

[ultrarunner]

Redistribution of money, that's all. Like Spock said, ''The needs of the many...blah blah blah...''

And by the way, the definition of a liberal is either A. one who has never earned a dime or B. someone who has earned or inherited so much, they don't give a crap what the IRS takes!!

'Aint that the friggin truth!

Redistribute this:

FU

We're in this big mess because of people that actually BELIEVE they can afford to spend 30 percent of their GROSS on a mortage...Banks making idiots believe that, and a number of other factors, like Ohhhh...I GOTTA have my "captains house". I actually know someone that said he might not ever be able to afford one of those after he took a hit because his airline was in BK. And yes, he actually referred to the house by that name...can you friggin believe that!? Anyway....

Another buddy told me that when he joined his airline as a new-hire, that airlines credit union would loan new hires money based on their FUTURE pay scales a couple years down the road....can you say stuuuupid!

Ok..rant over!

If anything, a frigging redistribution of common-fukkingggg-sense is in order....

But you can't fix stupid, as they say.

 

[JumpersAway]

If a pilot were to live within their means, they shouldn't ever buy a house- the industry is just too shaky, and too unstable.............everyone's neck is on the chopping block at some point in time.

Here's a thought for the tools that think they are paying for someone other pilot's mortgage- maybe they are collecting what they've paid in, through taxes, themselves. I've paid enough tax that when it's time to dip into the pot, I'm gonna do it. I paid for it, so I'm gettin' my money's worth- especially since I've worked for it to collect it, where as some clown is getting it from laying on her back makin' babies..........

 

[jmreii]

But that's not the American way!

carry on.

Keeping telling yourself thats the American way as you go over the cliff, I guarantee the rocks will not hurt below, check that, maybe the first rock.

 

[PeanuckleCRJ]

Obama isn't the one paying you and why the crap would you buy something that costs 1700 dollars a month which requires you to fly 90 hours a month?

You absolutely deserve whatever comes when making financial decisions like that...

 

[MJ42]

If a pilot were to live within their means, they shouldn't ever buy a house- the industry is just too shaky, and too unstable.............everyone's neck is on the chopping block at some point in time.Way to go off the deep end. You can't alway get the house you want. Just because some bank says you can afford it, doesn't mean you can. However, keeping expectations reasonable in case you find yourself back in the right seat(or worse) is the responsible thing to do.

Here's a thought for the tools that think they are paying for someone other pilot's mortgage- maybe they are collecting what they've paid in, through taxes, themselves. I've paid enough tax that when it's time to dip into the pot, I'm gonna do it. I paid for it, so I'm gettin' my money's worth- especially since I've worked for it to collect it, where as some clown is getting it from laying on her back makin' babies..........

By the number of "I"'s in your post it's clear, you just don't get it. How much of your tax money, over the years, are you claiming you deserve back? I want a refund because there's a pot hole in my street, after all I paid for a nice street, right? If you find yourself in this situation, will your tax entitlement take the place of your unemployment check?

 

[JumpersAway]

By the number of "I"'s in your post it's clear, you just don't get it. How much of your tax money, over the years, are you claiming you deserve back? I want a refund because there's a pot hole in my street, after all I paid for a nice street, right? If you find yourself in this situation, will your tax entitlement take the place of your unemployment check?

Enough to get back on my feet, and become productive again. Do you honestly think you are going to go through your airline career without any sort of setbacks? I'd suggest prepping for the worst, but continuing to hope for the best. In regard to affording a house as a first officer- what sort of house are you going to set yourself up with while making 27k per year? I'd be willing to bet it isn't going to be one your wife will continue to live in with you...........

Hey, it's a government program that is out there. Either you take advantage of it, or someone that doesn't deserve it will, that's all that I am saying.......

 

[Quimby]

Keeping telling yourself thats the American way as you go over the cliff, I guarantee the rocks will not hurt below, check that, maybe the first rock.

Was the sarcasm not thick enough?

 

[MJ42]

Enough to get back on my feet, and become productive again. Do you honestly think you are going to go through your airline career without any sort of setbacks? I'd suggest prepping for the worst, but continuing to hope for the best. In regard to affording a house as a first officer- what sort of house are you going to set yourself up with while making 27k per year? I'd be willing to bet it isn't going to be one your wife will continue to live in with you...........

Hey, it's a government program that is out there. Either you take advantage of it, or someone that doesn't deserve it will, that's all that I am saying.......Someone who doesn't deserve it will STILL be taking advantage of it. Great way to put a financial burden on the program, especially when the gov't decides to cut it. Then what?

You did read my original post about being furloughed after 9/11, right? Even so, I NEVER missed a mortgage payment or any other payment. When I went to a Legacy, I took a 30k per year pay cut, yet I had no problems paying my debts. Now, I'm making more than ever, yet still live well within my means. SAVING MONEY is how I prepare for the worst.

A house on 27k/year? Yep, I did it. If your wife doesn't like it then tell her to get a job. Hopefully couples can make at least 40 to 50k, enough to buy a modest starter home(they're called starter homes for a reason). BTW, with the crappy housing market a little research can find you a very nice house that's affordable, if you're willing to do some work to find it(and maybe fix it too). There is no reason to buy an unaffordable house!

My problem is with the original post. This guy will be saving $855/month for 60 months. That's $51,300! Do you think if his income is restored he'll call the bank and say, "I want to pay my full monthly payment now"? I doubt it, although I bet he'll SAY otherwise. Does the bank require any type of periodic income verification and credit check to show you still need a reduced payment?

I'm all for helping someone when they're down, until the system is abused.

 

[xjgearbtch]

In the time you spent ranting your self righteous BS you could of written to you local state representative. To the guy who posted this thank you. Thank you for trying to help your fellow pilots. This is a legal got approved method to help families in need. Yes there will always be people who abuse the system. That does not justify screwing people who truly need help. You people make me sick.
PS I'm a capt but my house is budgeted of 75 hours of FO pay.

 

[JumpersAway]

You did read my original post about being furloughed after 9/11, right? Even so, I NEVER missed a mortgage payment or any other payment. When I went to a Legacy, I took a 30k per year pay cut, yet I had no problems paying my debts. Now, I'm making more than ever, yet still live well within my means. SAVING MONEY is how I prepare for the worst.

A house on 27k/year? Yep, I did it. If your wife doesn't like it then tell her to get a job. Hopefully couples can make at least 40 to 50k, enough to buy a modest starter home(they're called starter homes for a reason). BTW, with the crappy housing market a little research can find you a very nice house that's affordable, if you're willing to do some work to find it(and maybe fix it too). There is no reason to buy an unaffordable house!

My problem is with the original post. This guy will be saving $855/month for 60 months. That's $51,300! Do you think if his income is restored he'll call the bank and say, "I want to pay my full monthly payment now"? I doubt it, although I bet he'll SAY otherwise. Does the bank require any type of periodic income verification and credit check to show you still need a reduced payment?

I'm all for helping someone when they're down, until the system is abused.

All about helping someone when they're down- who you kiddin'???? Typical "Me,me,me,me"........Your way is always the right way, correct? Also, you're so quick to jump the gun it's rediculous- automatically ASSuming I'm in the "bought more than I can afford" catergory. If you tell me you didn't receive any help after your furlough in the form of COBRA payments by alpa, or unemployment, I call your bluff. As for the tax argument- you ever cheat on your taxes or stretch the truth about it???? Uh, huh............ How bout letting those that are affected by economic situations beyond their control that genuinely need help utilize the information at hand, and keep your finger out of their face with a moral lecture on something you know nothing about- somone else's personal financial life/burden/situation.

 

[MJ42]

All about helping someone when they're down- who you kiddin'???? Typical "Me,me,me,me"........Your way is always the right way, correct? Also, you're so quick to jump the gun it's rediculous- automatically ASSuming I'm in the "bought more than I can afford" catergory. If you tell me you didn't receive any help after your furlough in the form of COBRA payments by alpa, or unemployment, I call your bluff. As for the tax argument- you ever cheat on your taxes or stretch the truth about it???? Uh, huh............ How bout letting those that are affected by economic situations beyond their control that genuinely need help utilize the information at hand, and keep your finger out of their face with a moral lecture on something you know nothing about- somone else's personal financial life/burden/situation.

That's funny, Where did I ASSume you were in this situation...As I recall I said "if you find yourself in this situation" which is a direct quote from my post.

Show me how this was "typical me,me,me" just because because I live within my means and don't think responsible people should pay for those who live above theirs?

As for unemployment while furloughed...you bet, all $850(gross) for the 4 months I needed it. Not nearly enough to pay my mortgage and utilities. As you claim, something in order to get over the hump while I looked for a job.

As to your other suggestion about tax cheating...never do my own taxes. I pay a professional to know the laws and follow them, however it is my responsibility to check his work before I sign the return.

About your claim of people who actually need help because of situations beyond their control...I guess you misread my last several posts, because that's what I think these programs are for. They are NOT for people who bought a house they could never afford based off earnings that could easily change.

I'm sorry, but your last sentence is about as righteous as they come. According to HIS post, the original poster is NOT in this situation. He got in over his head and now wants the bank to get him out. Worse yet, he is suggesting others follow his lead. I don't claim to know about his(or others) personal situation except for what they post. I'm not wagging my finger in their face, just posting MY OPINION about the info THEY divulged. I have every right to do that, since this type of accepted behavior seems to be the normal attitude these days. The people that are hurt are those who PAY their own bills, don't look for a handout due to irresponsibility(you seem to confuse irresponsibility with unfortunate life circumstances) and speak up about abusing the system.

 

[MJ42]

In the time you spent ranting your self righteous BS you could of written to you local state representative. To the guy who posted this thank you. Thank you for trying to help your fellow pilots. This is a legal got approved method to help families in need. Yes there will always be people who abuse the system. That does not justify screwing people who truly need help. You people make me sick.
PS I'm a capt but my house is budgeted of 75 hours of FO pay.

Self righteous BS? If that's what you think about OTHERS being responsible, then so be it. Again...The bold above is exactly what I want. Help people who TRUELY NEED HELP, not those who got in over their head and now look for a handout. As for writing Congressmen...I absolutely did write them about mortgages bailouts. This original post is exactly the same situation. I live in a part of the country that has one of the highest forclosure rates in the U.S., DAMN right I wrote to our fearless leaders about it!