Law School Discussion

Home Ownership and Wealth Building

Re: Home Ownership and Wealth Building
« Reply #400 on: March 21, 2006, 01:56:03 PM »
what assistance?

Freak

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Re: Home Ownership and Wealth Building
« Reply #401 on: March 21, 2006, 02:23:51 PM »
I read the forclosure article again and one tiny hint...IF YOU CAN'T MAKE THE PAYMENTS SELL! Look ahead a little and do some math. For instance, if you live on a fixed income then don't get an adjustable rate mortgage. Furthermore, if you live on a fixed income then move to a smaller town where houses cost less. But if something unexpected does arise then SELL. It's better to take a substantial loss than lose the property in a forclosure.

| J |

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Re: Home Ownership and Wealth Building
« Reply #402 on: March 21, 2006, 04:54:24 PM »
I read the forclosure article again and one tiny hint...IF YOU CAN'T MAKE THE PAYMENTS SELL! Look ahead a little and do some math. For instance, if you live on a fixed income then don't get an adjustable rate mortgage. Furthermore, if you live on a fixed income then move to a smaller town where houses cost less. But if something unexpected does arise then SELL. It's better to take a substantial loss than lose the property in a forclosure.


Common sense isn't a gift everyone has.

I think it's something intrinsic to the human psyche that causes us to resist giving things up.  I've noticed it in myself, and my wife.  It makes it hard for people to downsize even when necessary.

Re: Home Ownership and Wealth Building
« Reply #403 on: March 22, 2006, 07:15:45 AM »
I read the forclosure article again and one tiny hint...IF YOU CAN'T MAKE THE PAYMENTS SELL! Look ahead a little and do some math. For instance, if you live on a fixed income then don't get an adjustable rate mortgage. Furthermore, if you live on a fixed income then move to a smaller town where houses cost less. But if something unexpected does arise then SELL. It's better to take a substantial loss than lose the property in a forclosure.


Common sense isn't a gift everyone has.

I think it's something intrinsic to the human psyche that causes us to resist giving things up.  I've noticed it in myself, and my wife.  It makes it hard for people to downsize even when necessary.

I'd advise against engaging this person. (Whitegirl.)

Whitegirl, your avatar looks awfully familiar.  Is it one of those stock avatars or are you that chick I met at HLS last year? :(

faith2005

Re: Home Ownership and Wealth Building
« Reply #404 on: April 12, 2006, 10:05:49 AM »
this is cool!

http://www.madison.com/wsj/home/biz/index.php?ntid=79806&ntpid=3

TUE., APR 11, 2006 - 9:43 PM
Three women build legacy for others
MARV BALOUSEK mbalousek@madison.com
When Deloris "Dee" Sims reached about age 55, she dreamed of retiring.

She had worked 28 years in banking and had risen to vice president at Firstar Corp., now U.S. Bank, in Milwaukee.

"I wanted to go and (lie) on a beach and enjoy myself for once in my life," she said.

Now 62, Sims still hasn't retired. Instead, she is chief executive of Legacy Bank of Milwaukee, which was founded in 1999 by three African-American women. Her partners were Margaret Henningsen, now the bank's vice president, and Shirley Lanier, the former wife of professional basketball Hall of Fame center Bob Lanier.

Starting from scratch, the three women spent two years raising money before chartering the bank in 1999 with $7 million in assets. Today, the bank has 35 employees and assets of $136 million.

Sims and Henningsen spoke Tuesday to TEMPO Madison, a group of professional women who met at the Madison Club.

Henningsen, 59, was a vice president at Republic Capital Bank in Milwaukee when she decided to launch what would become Legacy Bank.

"What I saw was women and minorities were not treated the same as white males when it came to lending, capital and money," she said. "I asked myself: What can I do about it?"

Founding the bank was a long way from Henningsen's bankruptcy filing years earlier after a divorce from her first husband.

Sims said she reluctantly took a large chunk of her retirement account to commit $150,000 to the new venture. She was delighted shortly afterward when she said her retirement account doubled in value after Firstar was sold.

Legacy Bank's mission is to be innovative in providing financial services to those who aren't served well while building the economic base of the community. In accomplishing that mission, the bank takes advantage of programs through the federal Small Business Administration, the Wisconsin Housing and Economic Development Authority and new market tax credits.

Loans from Legacy Bank have financed home construction and businesses such as a barbecue restaurant and a food market. Legacy Redevelopment Corp., a nonprofit bank offshoot, also has financed home construction.

Now that the bank is firmly established, Sims said the next step is to make sure it survives.

"We named it Legacy because we think it will be in our community for a very long time," she said.


HippieLawChick

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Re: Home Ownership and Wealth Building
« Reply #405 on: April 12, 2006, 10:44:55 AM »
I live in Milwaukee, and Legacy Bank has been a real asset to the community.

MsJay9

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Re: Home Ownership and Wealth Building
« Reply #406 on: May 11, 2006, 11:08:05 AM »
Hello All,

I have not posted on here in a while as life has been really demanding.  But i wanted to share my good news with you all since I had been asking a lot of questions on here and people were so helpful.  I closed on my house on Tuesday so I am officially a Home Owner!!   Just wanted to share! :)

Burning Sands, Esq.

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Re: Home Ownership and Wealth Building
« Reply #407 on: May 11, 2006, 11:12:59 AM »
congrats on the big move

MsJay9

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Re: Home Ownership and Wealth Building
« Reply #408 on: May 11, 2006, 11:21:36 AM »

One Step Ahead

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Re: Home Ownership and Wealth Building
« Reply #409 on: May 11, 2006, 11:22:25 AM »
Hello All,

I have not posted on here in a while as life has been really demanding.  But i wanted to share my good news with you all since I had been asking a lot of questions on here and people were so helpful.  I closed on my house on Tuesday so I am officially a Home Owner!!   Just wanted to share! :)

congrats!