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Tell me why we SHOULDNT foreclose.

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Posted: #51
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.



 
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Posted: #52
Quote Originally Posted by richardtonsj:

  If you cannot carry 2 mortgages base on your income, then ask someone to cosign the new home for you.  .... consider yourself as a wise investor.


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)
 
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Posted: #53
Quote Originally Posted by TyDarius:

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
 
 

[/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?

yeah its all bush's fault, nobody is responsible except him

not the people that voted for him

not the people in congress or the senators, who authorized everything

not the bankers or the rules or the regulators

not you for signing the note, for believing in something that was too good to be true

nothing anyone does effects anybody else

all for one and one for one

 
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Posted: #54
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.



 
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Posted: #55
of course... my credit sucks, so I dont follow this advice, i just give it
 
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Posted: #56
And it's nothing personal to Father or anyone else. But if you can afford something but feel you are entitled to more and pass your problems on to someone else it's not the right thing to do. Simple as that. Doesn't matter who's fault it is or who it does or doesn't affect. It's simply the wrong thing to do.
 
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Posted: #57
Quote Originally Posted by rooster010:

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


Sorry if having to read at a 12th grade level caused partial liquefaction of your brain, but with your highly evolved cerebral cortex, evinced by the touting of your self employment, hard work, self sufficiency, and forward thinking, I think you can afford to lose a neuron or two.
 
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Posted: #58
People don't become fascist by choice, it happens to them slowly until one day immoral means make sense to justify the ends.
 
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Posted: #59
Quote Originally Posted by vanzack:

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.




Vanzack, when i was posting about this back in november, you started a thread that said it was the dumbest thing you'd read on covers and i was an idiot.

be easy 6 mos. ahead of the curve as usual

golden goose too, he was calling me an idiot for saying people would walk away from their homes once they'd lost enough equity

fatherfeelme up,

vanzack was right though, you should stop paying now, and start depositing the ENTIRE MORTGAGE payment into a savings account.  Two years from now when they finally get around to booting you out of the house, you will have saved up 50k for a downpayment on your next house

No hurry to buy, we will never return to 'prices only go up' or 'buy now or get priced out forever'. Your kids might have to worry about that in 20+ years but there is no rush, housing won't bottom for another 4+ years.  Check out Michigan house prices. that is where Las Vegas is heading

i have all kinds of resources i can help you with fatherfeelup, just gonna have to wait till after the holiday



check out this graph

know that housing will over-correct on the way down, so believe me, there is no rush

foreclosure is your only option

if you have time and want to do some research search my name on here (search easy and select username) and go back and check some of the threads i've made related to housing over the last 6-7 months
 
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Posted: #60
p.s

foreclosing doesn't hurt the taxpayers, it will actually help the economy .  fatherfeelmeup has too much of his income tied up to servicing unrealistic debt for his shelter. Once he sets that money free, he can use it elsewhere in the economy, rather than just going to the few zombie/gov't banks that are sucking our economy dry thru debt service


remember this


be easy
 
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Posted: #61
Quote Originally Posted by Cavs_Lover:

And it's nothing personal to Father or anyone else. But if you can afford something but feel you are entitled to more and pass your problems on to someone else it's not the right thing to do. Simple as that. Doesn't matter who's fault it is or who it does or doesn't affect. It's simply the wrong thing to do.

 
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Posted: #62
Quote Originally Posted by be easy:

p.s

foreclosing doesn't hurt the taxpayers, it will actually help the economy .  fatherfeelmeup has too much of his income tied up to servicing unrealistic debt for his shelter. Once he sets that money free, he can use it elsewhere in the economy, rather than just going to the few zombie/gov't banks that are sucking our economy dry thru debt service


remember this


be easy

dont see how it helps the economy, the debt doesnt just vanish

i do remember that thread

covers at its best: call someone a moron and then offer someone else the same advice

 
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Posted: #63
Quote Originally Posted by rooster010:

dont see how it helps the economy, the debt doesnt just vanish

i do remember that thread

covers at its best: call someone a moron and then offer someone else the same advice




how bout this one

Goose

Vanzack started a thread dumbest shit you've seen on covers today after i made that mortgage strike thread . 

just saying

Roosters, getting people out of paying (80k a year in interest only debt on a 300+k house thats only worth 100k) is the solution for the economy.  All his labor converted to money is going to waste servicing obscene debt.  Wouldn't you rather him be paying 800 per month for shelter and using 1200 per month in parts of the economy that keep the wheel going 'round:?

btw, beware of the sewn socks
 
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Posted: #64
It's really not going to save him much money. He's not going into a cheaper house. He's UPGRADING.

And signing an interest only loan was dumb to begin with. It all comes down to personal responsibility and anyone that favors this kind of move really doesn't have a good name or honor. Say what you want. Save how many dollars you can by screwing someone else. But in the end your word won't mean shit to anyone.
 
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Posted: #65
Quote Originally Posted by Cavs_Lover:

It's really not going to save him much money. He's not going into a cheaper house. He's UPGRADING.

And signing an interest only loan was dumb to begin with. It all comes down to personal responsibility and anyone that favors this kind of move really doesn't have a good name or honor. Say what you want. Save how many dollars you can by screwing someone else. But in the end your word won't mean shit to anyone.


How is he screwing someone else .  The system was designed with foreclosures and bankruptcy in place for a reason.

You are honestly telling me if you were in his shoes you would suck it up, and voluntarily stay in a debtors prison for the next 15 years just to hope to maybe of dug yourself out of negative equity by 2025. I'm calling bullshit


 
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Posted: #66
Maybe the housing bubble and crash was all staged to helpe 'solve' the immigration problem

The Mexican Dream is to escape from debt peonage. The American Dream is to get into debt peonage.


 
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Posted: #67
To answer your question Why shouldn't we forclose? (the word is default if you care). The correct answer is because you signed your name and said you wouldn't.
 
 I hope this helps.
 
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Posted: #68
I was in a similiar situation 2 years ago in the DC area.  My father & I bought a home in 1999 for $160,000 and in 2005 it had appreciated to almost $420,000.  Overpriced like hell.  Over the years I had dipped into my equity close to $270,000.  I was told by a close friend in the mortage business that the bottom in this shit is about to burst.  Long story short I refinance again to the max & took my name off of the title and left it totally in fathers name ("he's dead) and walked away with a nice sum of money & not hirting my credit one bit. I must say though that I had gain a repor w/ my refi company over the years from refinacing, so I was able to sign for my father while they turned their heads.  What ever you do atleast get some cash if you can.
 
 
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Posted: #69
Quote Originally Posted by FatherFeelMeUp:

Here is the situation in a nutshell. We bought this house here in Vegas in 04 for $318,000. It is 1480 sq. ft. and out mortgage is 2k a month. The same exact house next door to us just sold for $121,000. Needless to say we are fucked. We have been house hunting lately and have found houses THREE times the size in better neighborhoods for around 240-260K. These same houses sold for $600K three years ago. Now I gotta believe that these houses will show equity in the next year or 2 if they dont already and my house may take 10-15 years to get back to 318K.
 
Problem is we bought the house 4 years ago on stated income program. We are bartenders who only make 17K a year on paper but in reality make 150K a year combined. Not sure if they even offer a stated income anymore. We are spinning our wheels here. The house is 100%in her name. So the next house would be in my name. Besides fucking up her near perfect credit for the next 7 years can someone please tell me why financially we souldnt foreclose on this 1st money pit. I am a bit green when it comes to this stuff but I am doing my research so if anyone has any words of advice I would appreciate them. Thanks!


Short answer, you buy the new house in your name and let the other one go like a few others said.  That's what I would recommend for you, though it doesn't seem you're in any financial difficulty with the current house.  Skip trying to rent it, unless you feel like taking the monthly hit on it.

With that said, I am tired of people who acted like their primary house was an ATM machine/short term investment tool.  If anything comes of all this garbage, that type of mentality will be removed from primary home ownership going forward.  You can easily afford the payment, you're just whining because the value went down and you want a prettier house. 

And for lemonsky, read the post by pitbullowner, there were lots of people like this guy during the boom, so don't make it sound like the bankers are the only bad guys in this scenario.  There's an never ending supply of people who ATM'd their equity year after year.
 
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Posted: #70
Quote Originally Posted by be easy:



How is he screwing someone else .  The system was designed with foreclosures and bankruptcy in place for a reason.

You are honestly telling me if you were in his shoes you would suck it up, and voluntarily stay in a debtors prison for the next 15 years just to hope to maybe of dug yourself out of negative equity by 2025. I'm calling bullshit




The system wasn't designed for people to abuse it. And this situation is abuse to the system. I believe there are honest people who have legitimate hardships that force them to foreclose or file for bankruptcy.

And no I wouldn't do this. I bought a house based on how it appealed to me, the location, and what I could afford. Not for an investment. The house is still the same whether it's worth $100,000 or $1 million.

And while not the same thing but similar in principle a year ago I bought a 50" plasma tv. Now the same tv costs 1/2 of what I paid for mine a year ago. I financed it 2 yrs same as cash. Did it ever cross my mind to stop paying on this one and use that money to buy a bigger better one for the same price??? Hell no. It wasn't the stores fault that I bought it when I did. I was happy when I bought it and I'm happy as hell to have it today.

Call bullshit all you want but when I put my name to something I honor what I agreed to.
 
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Posted: #71
Quote Originally Posted by tikitom:

To answer your question Why shouldn't we foreclose? (the word is default if you care). The correct answer is because you signed your name and said you wouldn't.
 
 I hope this helps.

 
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Posted: #72
#63
Posted: 7/3/2009 5:38:03 PM
QUOTE Originally Posted by rooster010:

dont see how it helps the economy, the debt doesnt just vanish

i do remember that thread

covers at its best: call someone a moron and then offer someone else the same advice




how bout this one

Goose

Vanzack started a thread dumbest shit you've seen on covers today after i made that mortgage strike thread . 

just saying

Roosters, getting people out of paying (80k a year in interest only debt on a 300+k house thats only worth 100k) is the solution for the economy.  All his labor converted to money is going to waste servicing obscene debt.  Wouldn't you rather him be paying 800 per month for shelter and using 1200 per month in parts of the economy that keep the wheel going 'round:?

btw, beware of the sewn socks
 
 
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Posted: #73

Quote Originally Posted by jackjaffee:



Short answer, you buy the new house in your name and let the other one go like a few others said.  That's what I would recommend for you, though it doesn't seem you're in any financial difficulty with the current house.  Skip trying to rent it, unless you feel like taking the monthly hit on it.

With that said, I am tired of people who acted like their primary house was an ATM machine/short term investment tool.  If anything comes of all this garbage, that type of mentality will be removed from primary home ownership going forward.  You can easily afford the payment, you're just whining because the value went down and you want a prettier house. 

And for lemonsky, read the post by pitbullowner, there were lots of people like this guy during the boom, so don't make it sound like the bankers are the only bad guys in this scenario.  There's an never ending supply of people who ATM'd their equity year after year.

 

I was single at the time & my home was an investment to make money.  I got 10 yrs out of it plus money...whats wrong w/ that.  I didn't over buy in 1998.

 
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Posted: #74
Quote Originally Posted by pitbullowner:

 

I was single at the time & my home was an investment to make money.  I got 10 yrs out of it plus money...whats wrong w/ that.  I didn't over buy in 1998.



nothing wrong with it, but I think it's safe to say there's plenty of people who pulled out tons of equity AND walked from the house when appraised values took a shit.  That I do have a definite problem with.  I also have a problem with the banks being bailed out, so I'm ok with the original poster doing what's best for him.  If the banks hadn't got a free pass, I wouldn't be ok with the original poster trying to walk.

Your specific situation seems to have a few gray areas.  I'm curious about the part of putting the house in your dad's name and doing a max cash-out withdrawl.  why'd you just put him on title and what happened with the house after he passed away?  And of course the mortgage broker was happy with churning you and making their 3 to 5% each time for about an hour of work.  And they let you sign for your father.  Sounds like the typical dirtbag loan officer that was out there during this boom
 
 
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Posted: #75
Quote Originally Posted by FriedShrimp:

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?


FHA only requires around 3.5% down plus mortgage insurance along with other fees.

Regarding to my earlier response to your post, you posted that "stated" is no longer available.  I just wanted to point out that's not true because it is available here in California but with 70% LTV for wage earners and 60% LTV for self employed.
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