Who would cosign for a guy who's sole purpose in buying a new home is so he can re-nig on his promise to pay for another home?
Sorry, don't mean to bash here, but I like the guy's comment about owning up to your debt. My grandfather went through the same thing and when I asked him why he didn't just give up the house and buy a new one, he said, "because I gave my word." Nowadays contracts don't mean shit and that's a shame... Man up and pay up.
(the part about my grandfather may have been dramatized)
We each have different point of view on to invest our money and when to cut our losses and move on.
Personally I do not see anything wrong if he short sales his current property and try to find a larger property yet still ended up paying the same mortgage. It's the American dream for many of us to own our home and there is definitely nothing wrong of taking advantage of the current housing situation and upgrade to a larger home.
Quote Originally Posted by WendysRox:
Who would cosign for a guy who's sole purpose in buying a new home is so he can re-nig on his promise to pay for another home?
Sorry, don't mean to bash here, but I like the guy's comment about owning up to your debt. My grandfather went through the same thing and when I asked him why he didn't just give up the house and buy a new one, he said, "because I gave my word." Nowadays contracts don't mean shit and that's a shame... Man up and pay up.
(the part about my grandfather may have been dramatized)
We each have different point of view on to invest our money and when to cut our losses and move on.
Personally I do not see anything wrong if he short sales his current property and try to find a larger property yet still ended up paying the same mortgage. It's the American dream for many of us to own our home and there is definitely nothing wrong of taking advantage of the current housing situation and upgrade to a larger home.
I hope he forecloses, gets a new house, and then the economy tanks more than it has, even less people go to Vegas, and both of them either get their hrs cut or lose their jobs completely.
Out of both houses with no credit for either one of them.
Karma's a bitch.
Yeah Karma is a bitch but if he short sales or possibly go to forclosure, he wil not have to pay the rent for up to 8 months. Eight free month of rents may be is not a lot where you are but at least in California, that around 30K of cash. My question to you is how long will it take you to save up each month to get to that amount.
Quote Originally Posted by Cavs_Lover:
I hope he forecloses, gets a new house, and then the economy tanks more than it has, even less people go to Vegas, and both of them either get their hrs cut or lose their jobs completely.
Out of both houses with no credit for either one of them.
Karma's a bitch.
Yeah Karma is a bitch but if he short sales or possibly go to forclosure, he wil not have to pay the rent for up to 8 months. Eight free month of rents may be is not a lot where you are but at least in California, that around 30K of cash. My question to you is how long will it take you to save up each month to get to that amount.
If he wants 8 months of free rent then he might as well live in his parents basement. At least he'd have his name left and wouldn't be abusing the system.
One word describes this entire thread: GREED.
If he wants 8 months of free rent then he might as well live in his parents basement. At least he'd have his name left and wouldn't be abusing the system.
If he wants 8 months of free rent then he might as well live in his parents basement. At least he'd have his name left and wouldn't be abusing the system.
One word describes this entire thread: GREED.
you are entitled to your opinion. And allow me to mine. I think the entire housing bubble can be described with a different word : STUPIDITY
that and CROOKED INEFFICIENT OVERLY-INVASIVE RETARDED SOCIAL ENGINEERING by THE USGOV
who in their right mind thought that prices would hold up
As a buyer (of anything) your primary goal should always be to get the best bang for your buck. If you paid bubble prices, imo your not the smartest decision maker and i surely wouldn't want to take your advice on anything housing related.
Imagine all the shmucks in this country that are turning to the Obama admin to 'fix' housing. THose idiots say to fix the crisis, they need to keep the high prices propped up, in the name of affordability.
Well just so you know, Obama bought near the height of the bubble, and overpaid BIGTIME, and has lost tons of paper equity on the value of his 8000sq. ft mansion. Timothy Sheistner, head of Treasury, needs to sell his house and can't because he overpaid so much, he is as stuck with his house as any american (only thing is he runs bailout programs and is more likely to have his own ass bailed out.) Sheila Bair, head of the FDIC, was trying to sell her house, but can't afford to because she's lost so much value. I think she took it off the market after a couple price reductions
And these are the people that we turn to to 'fix' the economy.
Quote Originally Posted by Cavs_Lover:
If he wants 8 months of free rent then he might as well live in his parents basement. At least he'd have his name left and wouldn't be abusing the system.
One word describes this entire thread: GREED.
you are entitled to your opinion. And allow me to mine. I think the entire housing bubble can be described with a different word : STUPIDITY
that and CROOKED INEFFICIENT OVERLY-INVASIVE RETARDED SOCIAL ENGINEERING by THE USGOV
who in their right mind thought that prices would hold up
As a buyer (of anything) your primary goal should always be to get the best bang for your buck. If you paid bubble prices, imo your not the smartest decision maker and i surely wouldn't want to take your advice on anything housing related.
Imagine all the shmucks in this country that are turning to the Obama admin to 'fix' housing. THose idiots say to fix the crisis, they need to keep the high prices propped up, in the name of affordability.
Well just so you know, Obama bought near the height of the bubble, and overpaid BIGTIME, and has lost tons of paper equity on the value of his 8000sq. ft mansion. Timothy Sheistner, head of Treasury, needs to sell his house and can't because he overpaid so much, he is as stuck with his house as any american (only thing is he runs bailout programs and is more likely to have his own ass bailed out.) Sheila Bair, head of the FDIC, was trying to sell her house, but can't afford to because she's lost so much value. I think she took it off the market after a couple price reductions
And these are the people that we turn to to 'fix' the economy.
Out of both houses with no credit for either one of them.
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