Posted:
#26
The "macro" problem is that a LOT of people are upside down. And banking is based on leverage..... and without banking..... we don't know yet.....
Tell me why we SHOULDNT foreclose.
Posted:
#27
Quote Originally Posted by FriedShrimp:
I take that back, you are trying to make a "smart" business decision in the current economic situation.
Kudos to you for thinking about it. Number one, I see the motivation for moving..... trading up, which is a great idea. There are good buying opportunities right now. Call a "reliable" lender and see if you can qualify/afford the trade up though. "Stated" is gone by the way and down payment is mandatory in this market. The banking system is fucked up...... and people will blame you for this but you are in the aftershock of it. It was fucked up by Wall Street.
I'm in the business and will help you later if you really want advice.
It's true that you need some down payment, but "stated" programs still exist, at least in California it does. I'm in the business also and I know couple of lenders that still offer it.
Posted:
#29
Quote Originally Posted by richardtonsj:
It's true that you need some down payment, but "stated" programs still exist, at least in California it does. I'm in the business also and I know couple of lenders that still offer it.
It's true that you need some down payment, but "stated" programs still exist, at least in California it does. I'm in the business also and I know couple of lenders that still offer it.
How much down?..... at least ten percent which is ten percent higher than two years ago.
I'm a broker not a mortgage guy so I don't follow rates every day because they change every ten minutes but what is the down now on a stated with excellent credit?
Posted:
#30
Quote Originally Posted by Mikael99:
Friedshrimp now you destroyed another thread with your ramblings. For gods sakes, next time sit down, think about what you want to say and compile it in one or two posts.. not 22.
Friedshrimp now you destroyed another thread with your ramblings. For gods sakes, next time sit down, think about what you want to say and compile it in one or two posts.. not 22.
I have only destroyed two posts this month. That is my quota.
Give me a break
Posted:
#31
Quote Originally Posted by Mikael99:
Friedshrimp now you destroyed another thread with your ramblings. For gods sakes, next time sit down, think about what you want to say and compile it in one or two posts.. not 22.
Friedshrimp now you destroyed another thread with your ramblings. For gods sakes, next time sit down, think about what you want to say and compile it in one or two posts.. not 22.
How about I fax or email you all my posts in advance and you can edit them and post them for me?
So you can make them nice and tidy.
Would you like that better?
Posted:
#33
Quote Originally Posted by Cavs_Lover:
That's the problem these days. Nobody takes responsibility for shit. Go ahead. Just let the bank deal with it.
Don't be thankful you can afford the home and have jobs.
Bunch of greedy bastards.
Man you sound very ignorant...have you ever owned a home? This guy is only looking out for his and his significant other's best interest..give the guy a break
That's the problem these days. Nobody takes responsibility for shit. Go ahead. Just let the bank deal with it.
Don't be thankful you can afford the home and have jobs.
Bunch of greedy bastards.
Man you sound very ignorant...have you ever owned a home? This guy is only looking out for his and his significant other's best interest..give the guy a break
Posted:
#39
Quote Originally Posted by libra55:
How about you buy the new house...and rent the old one. Have the banks lower your interest payments with both houses with one bank and don't screw your credit up.
How about you buy the new house...and rent the old one. Have the banks lower your interest payments with both houses with one bank and don't screw your credit up.
Thanks for the words so far guys...some great points made.
Libra...we already did a modification to get it down from $2400 to $2000 so renting this one out is out of the question. Nobody in their right mind would pay 2k to live here when they can live in a 5br mansion on the golf course for that kind of money in this market.
I have been on an interest only loan for the entire term of the loan so far. I have paid close to 80K so far JUST IN INTEREST so far since 06 . So dont feel bad for the banks. They have gotten plenty of my money. I just want to better myself here and this looks like the way to do it.
Posted:
#40
I'll be honest in my assessment. People with your line of reasoning is what is wrong with this country these days, and why we are going down the tubes.
Not saying you shouldn't do it if you feel like you can live with yourself, but there are a lot of honest, hard-working people in this country who would not consider doing what you are doing. Unfortunately, there just aren't enough of us anymore
Posted:
#41
Quote Originally Posted by rooster010:
yep, youre screwed so pass it on to the rest of us who pay their taxes and live within our means
no wonder this country is fucked up
Says the guy who implies he's perfect and never makes mistakes. Cathartic self-righteous indignation does the soul good.
During the expanding housing market bubble, I heard variations of the same quote, "if I don't buy now, prices are only going to increase within the next year". And looking at the trends from 2002 to 2006, for example, you many understand their concern. I know of several people who took out "traditional loans", making adequate down payments, that after the "market correction", now have negative equity, and while they have the financial wherewithal to continue making payments, they feel justifiably hornswoggled by the banks.
Story after story abounds that financial institutions and their execs knew of the risks they were taking but held little concern because their livelihoods were never threatened. They took chances hoping to hit something akin to a 6-team parlay and get their massive payouts as a result, but if they went bust, it didn't matter. They'd still "earned" some bonuses and had golden parachutes awaiting them.
In the last decade, financial institutions have plundered from the tech sector and the housing market and now have their sights set on their next scam, the "cap-and-trade" environmental bill that recently passed.
To summarize, banks take risks, businesses take risks, and consumers take risks. But I place the blame for the housing bubble almost entirely on the shoulders of the banks who took advantage of their own arcane knowledge of finance to dupe customers into making rash purchases of value-inflated homes.
FatherFeelMeUp, I don't know the best route for you to go, but you'll never hear the end of it from those who get aroused by wallowing in their inflated sense of moral rectitude.
Posted:
#42
your big words are hurty
look, i never implied im perfect
i am self employed and pay ALL of my taxes, a shit load of taxes
i pay for what i need, through hard work, determination, and forward thinking, i am responsible for myself, i was brought up to deal with the consequences of my actions, face the music
sure default, im sure none of this is your responsibility
now lemonsky, take your thesaurus and shove it up your rectitude
Posted:
#43
Quote Originally Posted by Mikael99:
Friedshrimp now you destroyed another thread with your ramblings. For gods sakes, next time sit down, think about what you want to say and compile it in one or two posts.. not 22.
Friedshrimp now you destroyed another thread with your ramblings. For gods sakes, next time sit down, think about what you want to say and compile it in one or two posts.. not 22.
AMEN Mikael!!!!!! He is so fricken annoying....Every thread is the same!!! I wishh we could retire that fool!!!
Posted:
#44
[Quote: Originally Posted by rooster010]
[/Quote) Yeah a perect world that would be great, but honestly, we're gonna pay taxes regardless, in my mind what he does doesn't reallyaffect me. Our country is fucked because of that huh? It wouldn't have anything to do with the asshole that ran our coutry for the last 8 years now would it. Lets see im dumping his house vs bush setting up 9/11 and taking us to war. I wonder what we couldve done with that money?
yep, youre screwed so pass it on to the rest of us who pay their taxes and live within our means
no wonder this country is fucked up
Posted:
#45
I have a 7 month old daughter who I would like to raise in a nicer neighboorhhod. Since the crash there has been a lot of trash moving into and renting these houses where i live that used to sell for 300K. Now if I can get out of here and move on up to make a better life for my family and I without digging a hole or ruining my life financially in the process you are damn right I am going to do it. It is "not whats wrong with this country"....It is infact the American way. Dont get me wrong. I dont live in the ghetto...and I actually like my house...I have since the day I bought it. But for those not fimallier with Vegas I will compare it to maybe owning a home in Anaheim and having a chance to live in Newport beach for the same amount of money.
Posted:
#48
Quote Originally Posted by lemonsky:
Says the guy who implies he's perfect and never makes mistakes. Cathartic self-righteous indignation does the soul good.
During the expanding housing market bubble, I heard variations of the same quote, "if I don't buy now, prices are only going to increase within the next year". And looking at the trends from 2002 to 2006, for example, you many understand their concern. I know of several people who took out "traditional loans", making adequate down payments, that after the "market correction", now have negative equity, and while they have the financial wherewithal to continue making payments, they feel justifiably hornswoggled by the banks.
Story after story abounds that financial institutions and their execs knew of the risks they were taking but held little concern because their livelihoods were never threatened. They took chances hoping to hit something akin to a 6-team parlay and get their massive payouts as a result, but if they went bust, it didn't matter. They'd still "earned" some bonuses and had golden parachutes awaiting them.
In the last decade, financial institutions have plundered from the tech sector and the housing market and now have their sights set on their next scam, the "cap-and-trade" environmental bill that recently passed.
To summarize, banks take risks, businesses take risks, and consumers take risks. But I place the blame for the housing bubble almost entirely on the shoulders of the banks who took advantage of their own arcane knowledge of finance to dupe customers into making rash purchases of value-inflated homes.
FatherFeelMeUp, I don't know the best route for you to go, but you'll never hear the end of it from those who get aroused by wallowing in their inflated sense of moral rectitude.
Says the guy who implies he's perfect and never makes mistakes. Cathartic self-righteous indignation does the soul good.
During the expanding housing market bubble, I heard variations of the same quote, "if I don't buy now, prices are only going to increase within the next year". And looking at the trends from 2002 to 2006, for example, you many understand their concern. I know of several people who took out "traditional loans", making adequate down payments, that after the "market correction", now have negative equity, and while they have the financial wherewithal to continue making payments, they feel justifiably hornswoggled by the banks.
Story after story abounds that financial institutions and their execs knew of the risks they were taking but held little concern because their livelihoods were never threatened. They took chances hoping to hit something akin to a 6-team parlay and get their massive payouts as a result, but if they went bust, it didn't matter. They'd still "earned" some bonuses and had golden parachutes awaiting them.
In the last decade, financial institutions have plundered from the tech sector and the housing market and now have their sights set on their next scam, the "cap-and-trade" environmental bill that recently passed.
To summarize, banks take risks, businesses take risks, and consumers take risks. But I place the blame for the housing bubble almost entirely on the shoulders of the banks who took advantage of their own arcane knowledge of finance to dupe customers into making rash purchases of value-inflated homes.
FatherFeelMeUp, I don't know the best route for you to go, but you'll never hear the end of it from those who get aroused by wallowing in their inflated sense of moral rectitude.
Outstanding post Lemon.
As for Father, i dont see the bank agreeing to a short sale with so much disparity between what you owe and what hour house is currently worth.
Posted:
#49
Quote Originally Posted by TheGoldenGoose:
Well said lemonsky
This is purely a business decision. You do what you need to do, given your own individual circumstances.
The Moral Police
Well said lemonsky
This is purely a business decision. You do what you need to do, given your own individual circumstances.
The Moral PoliceTotally agree with this.
I cant imagine that anyones credit destruction for 7 years is worth 150 grand.
Do whatever makes business sense.
Support your local animal shelter. I am on twitter.
Posted:
#50
BTW - If you are going to let them foreclose, I would put together a savings plan to put away some cash.
Maybe something like stop paying the mtg, but put that money in to a bank account every month - so when they finally foreclose - you will have a 10K savings account. Will be important when you cant get as much or as good of credit as you need.
Support your local animal shelter. I am on twitter.
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