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| Foreclosures at record as household wealth falls (Page 3/19) |
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Wichita
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MAR 06, 11:53 PM
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If the Democrats get their way, you will probably never ever be able to own a home.
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craigsfiero2007
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MAR 06, 11:55 PM
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| quote | Originally posted by Wichita:
If the Democrats get their way, you will probably never ever be able to own a home. |
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That would freakin suck. I am still going to try, I have a few more years until that happens.[This message has been edited by craigsfiero2007 (edited 03-07-2008).]
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Wichita
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MAR 07, 12:08 AM
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| quote | Originally posted by craigsfiero2007:
That would freakin suck. I am still going to try, I have a few more years until that happens.
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Let's just hope that the government doesn't try to do anything stupid, like bail out the mortgage lenders, investment groups, and the people who are foreclosing on their homes, when they should just let everything happen and do nothing.
http://www.housingwire.com/...rtgage-bailout-plan/
If a bail out happens and the bill allows people to claim bankruptcy on their homes, the interest and qualifications for new home owners will skyrocket.
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Formula88
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MAR 07, 12:09 AM
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| quote | Originally posted by maryjane:
That is insane--but at least the bank will get a portion of their depositers' money back. There are no winners in mass foreclosures---who is going to buy these thousands & thousands of homes? You can't even insure a
vacant home, and being vacnt, the value will drop like a rock in a matter of months.What a mess.
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Some subdivisions of $500k-$1M homes sit almost completely empty in some cities - falling into disrepair. Most unsold. Others the owners walked away when they defaulted and owed more on the mortgage than their falling home value.
The FDIC article didn't list specific bank names.
What really sucks for a lot of people are renters who's landlords have defaulted. They pay their rent on time every month, and then out of the blue they get evicted.
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craigsfiero2007
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MAR 07, 12:15 AM
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| quote | Originally posted by Wichita:
Let's just hope that the government doesn't try to do anything stupid, like bail out the mortgage lenders, investment groups, and the people who are foreclosing on their homes, when they should just let everything happen and do nothing.
http://www.housingwire.com/...rtgage-bailout-plan/
If a bail out happens and the bill allows people to claim bankruptcy on their homes, the interest and qualifications for new home owners will skyrocket. |
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Yea thats true. That would make it extremely hard to get a loan. It was very hard for me to get a loan on my 02 GTP, then I wrecked it and paid the loan off. This country is only hurting itself with greed. It won't be too long when this entire country will be on its knees.[This message has been edited by craigsfiero2007 (edited 03-07-2008).]
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Puckhead
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MAR 07, 12:18 AM
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The thing that alot of people don't hear about are the little people who got stuck and are still trying to dig out. Take me and my family. We bought our house in suburban St. Louis 3 years ago. We had 4 children at the time and a 2 bedroom apartment. We have crappy credit mostly due to medical bills but people we started talking to said "no problem" We knew what an ARM is and what could happen but it was our only option. We had 2 yrs fixed with a 2 yr prepayment penalty, so, we could'nt re-fi until the fixed rate was up. Fast forward two years, we have 5 children the bubble bursts so our house that appraised for 110k in '05 won't appraise for 80k now and nobody will touch us because we don't have good credit. so here we sit. I work 2 jobs,almost 80 hrs a week, my mortgage went from $890 to 1250 a month and we're stuck. The bank won't work with us so we'll see what happens........
-T
I know there are stories MUCH worse than mine
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sostock
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MAR 07, 12:30 AM
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| quote | Originally posted by Puckhead:
The thing that alot of people don't hear about are the little people who got stuck and are still trying to dig out. Take me and my family. We bought our house in suburban St. Louis 3 years ago. We had 4 children at the time and a 2 bedroom apartment. We have crappy credit mostly due to medical bills but people we started talking to said "no problem" We knew what an ARM is and what could happen but it was our only option. We had 2 yrs fixed with a 2 yr prepayment penalty, so, we could'nt re-fi until the fixed rate was up. Fast forward two years, we have 5 children the bubble bursts so our house that appraised for 110k in '05 won't appraise for 80k now and nobody will touch us because we don't have good credit. so here we sit. I work 2 jobs,almost 80 hrs a week, my mortgage went from $890 to 1250 a month and we're stuck. The bank won't work with us so we'll see what happens........
-T
I know there are stories MUCH worse than mine
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Ok but you knew what you were getting into. You knew that the rates would go up. Why do you have 5 kids? Why don't you have better credit? I'm not trying to be rude but you brought this situation upon yourself. I honestly wish you the best but I can't feel sorry for your situation.
Jeremy
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Puckhead
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MAR 07, 12:30 AM
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| quote | Originally posted by Wichita:
Let's just hope that the government doesn't try to do anything stupid, like bail out the mortgage lenders, investment groups, and the people who are foreclosing on their homes, when they should just let everything happen and do nothing.
http://www.housingwire.com/...rtgage-bailout-plan/
If a bail out happens and the bill allows people to claim bankruptcy on their homes, the interest and qualifications for new home owners will skyrocket. |
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You're so right man........especially when your neighbors start to lose their houses and then investors buy them and start moving in renters......or better yet they just sit there vacant, until windows get broken and boards go up. It's great for every taxpayer. Think of all the empty properties to invest in for young Saudi oil barons or companies with Chinese money. I'm sure you can't wait for Wichita to look like Detroit..........I hope they don't do anything either (tounge firmly in cheek)
PS Wichita do you own a house??
-T
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Puckhead
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MAR 07, 12:34 AM
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| quote | Originally posted by sostock:
Ok but you knew what you were getting into. You knew that the rates would go up. Why do you have 5 kids? Why don't you have better credit? I'm not trying to be rude but you brought this situation upon yourself. I honestly wish you the best but I can't feel sorry for your situation.
Jeremy |
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I never asked for you to feel sorry for me. I just want people to know that not everybody that got into this did it to keep up with the Joneses. Hell I dont even have cable (or a Fiero)
-T
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aceman
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MAR 07, 12:35 AM
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| quote | Originally posted by Puckhead:
The thing that alot of people don't hear about are the little people who got stuck and are still trying to dig out. Take me and my family. We bought our house in suburban St. Louis 3 years ago. We had 4 children at the time and a 2 bedroom apartment. We have crappy credit mostly due to medical bills but people we started talking to said "no problem" We knew what an ARM is and what could happen but it was our only option. We had 2 yrs fixed with a 2 yr prepayment penalty, so, we could'nt re-fi until the fixed rate was up. Fast forward two years, we have 5 children the bubble bursts so our house that appraised for 110k in '05 won't appraise for 80k now and nobody will touch us because we don't have good credit. so here we sit. I work 2 jobs,almost 80 hrs a week, my mortgage went from $890 to 1250 a month and we're stuck. The bank won't work with us so we'll see what happens........
-T
I know there are stories MUCH worse than mine
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I'm trying to find compassion here, but I just can't. I'll refrain from being a complete ******* and won't call you an idiot,
but.........
How was it your only option? You couldn't find a 3 bedroom house to rent?
Why would you have 4 and then 5 kids if you really couldn't afford them in the first place? Hey I can see one and then an Oops! But 5 kids????
You knew you probably couldn't afford it in a couple years and you still took out the loan? (Hello!!!!! Like telling a kid the stove is hot and they still have to put their finger on it and get burned.)
Nope. I think my Give-A-Damn is busted.
Fire away with a negative at me but after that, think hard about the points I brought up and ask yourself...."Was that my only choice?" You had a domino effect of poor choices.
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