| Author | Message | ||
     Wolfridgerider |
http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh /obama_home_foreclosures How many straws can the camels back take?? | ||
| Froggy |
Damn it, I want a cheap forclosed home  | ||
| Thumper74 |
I bought a ton of powerball tickets, my house should be paid off tommorrow, no worries.  | ||
| Court |
I'm rethinking my position . . . I'm beginning to love this guy . . . my youngest and his bride bought a lovely place in Pasadena last year right before this happened. They are in no distress but the house (I'd bet most in CA are) is certainly worth less than what they paid for it, even with the great deal they got buying it our of foreclosure from a bank. Man what I'd have given when I bought my first home at 1830 Washburn for a whooping $30,500 if some smooth talking "neighborhood organizer" would have guaranteed me that if the value went down and I lost my job he'd have my 6. I see why this stuff sells so well in the world of bogus lawsuits and "gimme, I'm entitled to it". (Message edited by court on February 18, 2009) | ||
| Swampy |
Gosh where I am the only forclosures I have seen are the ones bought up by the speculators early on, and they aren't budging on the price. All this talk of a buyers market is not true. It's crazy, they were bought for "X" amount by the speculators, the power was shut off, the basements flooded and then were pumped and the black mold developed, then the pipes froze and flooded the house and they still want "X" amount. I looked at an 1880s brick home, a 4 car garage to die for, but the upstairs toilet tank froze and broke, flooding the first floor, causing all the wood floors to buckle and rupture, plus all the ceiling lathe and plaster was coming down and there was hints of black mold in the wall. The price has not dropped since September. I saw another house that the floor was so buckled due to a foundation problem that I almost slipped on the floor. I would say that 80% of the homes I have looked at are still way over valued due to major defects. But I am still looking for that piece of gold! | ||
| Oldog |
Most troubled realestate in my area is over priced too, the house I used to own worth 2x as much 12 years later ( house is 16 years old ) yeah right! I got a buddy I wish he could get out but they are trying to get about 50% more outa the house than it cost they have been in just over 7 years it aint happening..... me I have just about given up on a home.. sadley renting a house here is paying the note and taxes for in most cases the speculators that have driven the prices through the roof to start with. say Barry where's my check? | ||
| Cityxslicker |
"to help people that played by the rules and have been caught by the market forces...." So 91 million families are going to cost the rest of us $75 Billion...? If you have been playing by the rules, ie bought a house you could afford, then you are in no danger of foreclosure anyways, and if you pay all your bills on time, then you should have some damn equity... This is just another way of big government, bilking my pockets and punishing me for doing the responsible fiscal action.  Not a fan of corporate buyouts, mortgage bailouts, auto manufacture propups or housing market artificial bolstering. Leave the market alone, it will self correct. And in the interim, I will scoop the deals that I can. | ||
| Rainman |
I still think, and flame me if you want to, that the majority of people in homes they can't afford actually believed the old hype that the bank/mortgage company would never loan you x-amount of money if you couldn't afford it. I believed that until my mortgage broker began talking like a car salesman and I realized she had been to school to learn how to take every last penny I had off the table. I had to tell her how much I could afford, which was 100,000 less than what she was pushing. It took us awhile to see the sleeze in the mortgage business. Now we know: Trust no one. | ||
| Court |
>>>>actually believed the old hype that the bank/mortgage company would never loan you x-amount of money if you couldn't afford it. That was pretty much true before the COMMUNITY REINVESTMENT ACT. | ||
| Pammy |
The old saying used to be "God watches out for drunks and fools"...does this mean that Obama IS the new Messiah?  | ||
| Pammy |
Oh and Court...your youngest has his own bridge? Way to go dude!  | ||
| Doughnut |
I can afford my house, but because my parents live there (I pay the Morg and they pay NO rent) and I don't live there it is considered an investment property. Because of this, I can not re-finance out of my hellish 9ish interest rate unless i have 20% equ. in it. If I was not doing the right thing and making my payments I could re-finance if I missed a bunch of payments and got close to foreclosure, screwing my credit. Kinda feels like I am being punished for doing the right thing. (story behind the int. rate, won't get into it.) (Message edited by Doughnut on February 18, 2009) | ||
| Oldog |
I figured that one when a broker sold my X an Interest only loan, then tried to sell me one, born at night, just not last night........ Rent to own comes to mind.... | ||
| Madduck |
After listening to Courts wonderful stories, I can believe only a New Yorker and a New York paper would have the guts to print this. http://www.msnbc.msn.com/id/29263781/ Now I intend to visit and see this place for myself. Rude Offensive and to the point. | ||
| Court |
Pammy: >>>Oh and Court...your youngest has his own bridge? Good catch!. . . I am getting OLD! Paul . . . you'd love NYC. Let me know so I can arrange to give you the tour of the city AND the 2-wheel tour of the surrounding areas. | ||
| Thumper74 |
I was there last weekend and loved it. We're planning on going back in late April, possibly with my Buell! | ||
| Pammy |
Court...getting old?  Do they have a burlap skivvy store in good ol' NYC? | ||
| Ducxl |
I'm watching CNBC and taking "cliff notes"  | ||
| Court |
>>>Do they have a burlap skivvy store in good ol' NYC? Babe. . you are talking about the unchallenged capital of sex clubs and dungeon clubs . . . they sell EVERYTHING here!  | ||
| Ochoa0042 |
this is very very bold | ||
| Cowboy |
Now that all my shit is paid for what do I get out of this(to pay for some elses) while most were here in the good old U.S.A. I was busting my butt in the mid-east and the jungles of asia and south america.Oh and before you start the no tax B.S. I paid in over %600 000 in taxes | ||
| Brumbear |
ny post today got in a bit of trouble  | ||
| Xb9ser |
that cartoon was floating around work today, very carefully | ||
| Kmfw160 |
...I make 35,000 a year...woohoo I want this 500,000 house. | ||
| Johnnylunchbox |
So I took out a responsible mortgage, 4.75 at 15 years, put about 50% down. I always make my payments. I did not refinance and take out an extra 50 g's for an Escalade. I did not buy a house I couldn't afford. I did not turn my house into an equity ATM machine. I did my homework and learned what mortgages mean, and what kinds there are. I saved until I could afford a house without selling my soul. Not rocket science, because I am far from a rocket scientist. So we reward greed, stupidity, or just plain ignorance? So in the spirit of the times, where's my piece...gimme gimme. I need - no - want a bailout. | ||
| Bill0351 |
"So we reward greed, stupidity, or just plain ignorance? So in the spirit of the times, where's my piece...gimme gimme. I need - no - want a bailout." My ex bought a sensible house with a decent down payment. She is now facing a lay-off at work, and if she isn't underwater, she is pretty close. Even if she does the sensible thing and sells it, with fees and moving costs, she probably couldn't pay off the mortgage. If she actually does get laid off, that house payment isn't going to get paid until she gets another job. Until housing prices stabilize, she isn't going to be able to sell it. It's as simple as that. The house will go into foreclosure. The bank will take it over, take a loss, sell it under assessed or fair market value, and further drive down the housing market. She may be my ex, but she isn't stupid, greedy, or just plain ignorant. She is just another person caught in a pinch because of the economy. As usual, people are painting the worst possible stereotypical example of a person who would possibly qualify for this program. Some people would say tough s**t and tough luck to my ex, but I can just about guarantee that if there was a program that allowed her to make some reduced payment or allowed her to just add the missed payments onto the end of her mortgage,it would be a winner for everyone. She will be back on her feet, and making payments in a matter of months. Eventually prices will raise up to meet her original cost and she can sell, or she will just pay the loan on a house that isn't worth what she paid for it. From a standpoint of political philosophy you can argue this back and forth all day, but from a practical standpoint, both my ex, my kids, the bank, and the population in general is probably ahead if she isn't foreclosed upon. | ||
| Oldog |
Bill that is an intelegent option, the bank gets their money, and the lady keeps the home. That will require no tax payer assist to the bank ( I think ) IMO the bank "wants" its money NOW rather than working with folks that want to slove the problem, I wish you and your X well these will be telling times ahead. | ||
| Court |
>>>The house will go into foreclosure. I doubt it. Print that out, send it to the bank with her and, based on her demeanor that you describe, I'll bet the bank would work something out in a heartbeat. I'm cheering for you/her. | ||
| Gunut75 |
I used to work as a bricklayer in Antioch, IL, building new subdivisions. These houses were built like shlt, and sold for 275K and up. So what do you think? A 1500 sq. ft. ranch house (including the 2 car garage), on a 1/4 acre lot, for 275K? WOW!!! Thats INSANE! Wanna upgrade? Lets say the Presidential (2700 sq.,still not the largest model of 8 others). Now base price is 400K. ON THE SAME 1/4 ACRE LOT! That was the first problem. The second? About 50% of the people buying these houses were couples around my age (33). Usually both of them had brand new cars. Now, us workers sat around at lunch one day, and guessed that these couples were totaling $4000-5000 a month in bills. Even when times were better, and knowing how much it costs to build your own house, we all sat and scratched our heads in wonder. The original development was planned for 800 homes. The developer went belly up after building 400 of them, leaving lots of vacant lots and unfinished houses. As of now (3 years later) 15% of the homes are in foreclosure. The banks loaned out rediculous amounts of money, for substandard craftsmanship. I could not see one of those houses lasting more than 25 years. How that for not sensible? Would you pay that much for a postage stamp of land? I would NOT! Its a shame what happened to those people. Ruined credit and all. On the other hand, I would never get that far into debt either. I don't need a $400K house either. Just a big garage and a tent. But thats me, not everybody. | ||
| Oldog |
hey GN would that house / price thing fall into the Greed category? Greed of the developer ( over priced house ) Greed of the banker ( big comission for loan ) Greed of the "young couple" ( over reaching and trying to "have it all now"? ) |
