The Simpson’s Lose House To Foreclosure

The other night I sat down on my couch, tuned on my T.V. and took in a newish episode of the Simpsons. Now, I don’t do this very often because what used to be my favorite show jumped the cartoon shark many seasons ago, but I’m really glad I did.

It started off with the Simpson’s throwing an elaborate Mardi Gras party and Homer being asked how he paid for it. He responded that he used his equity line, saying that he got to use the money, and the house got stuck with the bill. Oh, Homer, you clueless sap! It cuts to the next scene as Homer and Marge are sitting down with their mortgage officer (at Countryfine – the Mortgage and Lemonade Company.) He’s calculating interest at astronomical rates (37%? compounded every minute) and there’s a “not understanding the contract” fee.

This part is meant to be funny, but for a number of Michigan families this is reality! Many people who took out adjustable rate mortgages and equity loans (or balloon notes, as is the case with the Simpson family) didn’t have someone to explain to them what they were really getting into. Next thing you know the Simpson’s house is getting foreclosed on, and the Simpson family watches as Ned Flanders buys their house at the auction for $101,000 (quite a steal for Springfield properties, even in this market).

It really made me think about how the housing crisis is getting so bad that even the Simpsons are losing their house! If only we worked in the greater Springfield area (who knows, maybe they live in Springfield, Michigan?) we could have negotiated a short sale for them. Instead, Ned Flanders ended up renting the house back to them and hilarity ensued, but of course this is as unrealistic as the episode where Homer is chosen to be an astronaut. Anyone else craving a squishee? 

742 Evergreen Terrace – 4 bedroom, 2 bathrooms, tree house in back, sold as is
742 Evergreen Terrace – 4 bedroom, 2 bathrooms, tree house in back, sold as is

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