Update: The silver lining in "bad news" on housing

re: Update: The silver lining in "bad news" on housing

Carlo Depends — Wed, 20 May 2009 21:11:38 GMT

I owned Jumbos Clown Room for years. We sold alot of paper to people who could not afford it. Now we are reselling to the same people. Life is good!!

re: Update: The silver lining in "bad news" on housing

Joyce — Mon, 15 Dec 2008 08:21:34 GMT

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Joyce

www.webtraffictrigger.com

re: Update: The silver lining in "bad news" on housing

Kathryn Lizenby — Mon, 27 Oct 2008 16:47:36 GMT

I am an IDEA person. Instead of bailing out banks and the housing market, why ,not just pay the mortgages of people whose house is $300,000.00 and less. Of course that number could be played around with, but this would immediately put money back in consumers pockets, and it would help the banking industry. There would have to be some overseer (creating jobs) to make sure that the loan company's actually got their money.

re: Update: The silver lining in "bad news" on housing

mayansmom — Thu, 02 Oct 2008 03:54:32 GMT

I agree with you that say the homeowner is usually NOT to blame. Who in their right mind would get into a house and pay money on that house, spend money fixing it to their taste, only to have it all slip through their hands. I know these lowlife bankers, real estate agents, loan shark lending companies etc. When I was looking for a home, I told an agent my spending amount was anywhere between $150000 and $200000 and I don't think they took me to anything under 225000.They do this time and time again because when they finally do take you to a home in your price range, it will also be one of the worst condition homes. Of course you are going to say, "No I think we will try to work it out and buy the higher priced one that we have no work to do one". And if you don't, like alot of you, something comes up and either you loose your job, have a medical emergency or just didn't budget correctly, and there you are out on the street. Not only that, is you are a first time buyer, all you can do is HOPE your agent is on YOUR side because all the paperwork would boggle most minds. Again, we were lucky because we found a home on our own, it was in great condition, got a very high interest rate, but did what most of those so -called "losers" wanted to do, and refi'd our home a year later. However, I have now lost my job, luckily we stayed in a very low comfort zone, so we will be alright. So don't you dare blame the home owners. Remember the saying, take a day and walk in my shoes????? Or something like that (smile). There are a world of things that can happen to make someone lose their home and in this case it was most often greedy bankers etc that didn't give buyers a chance.

re: Update: The silver lining in "bad news" on housing

charmaine — Tue, 19 Aug 2008 05:14:49 GMT

One should be penalised for biting off more than they can chew. Our income went up since we bought our house. We were so happy with our new home we decided to have a second child. He was born with doyn syndrome the same year Governor Corzine decided parents should pay for services for special needs children. Our child vacationed in every hospital in this state we couldn't keep up with the bills. Special services were suspended. The bank refused aour application for loan modification and advised us get more income then we would be elegible for the modification or give up our home on the basis that our child would be a long term burden and the main reason they couldn't help us. We never owned a car. we wanted to be able to afford our payments. I guess its right to blame the borowers???

re: Update: The silver lining in "bad news" on housing

Becky — Wed, 02 Jul 2008 03:01:35 GMT

We did everything right. We didn't buy outside our means, we bought in a good stable neighborhood. When we did take out a second mortgage we used it to improve the property. Then my husband lost his job. I took extra work to hang on to the property. When my husband decided to take a low paying post doctoral position becuase his unemployment was running out I felt compelled to go with him. We staged the house, put it on the market with a reputable realtor that knew our neighborhood. We priced it fairly, then dropped the price, offered to leave any or all of the furniture. It has been 17 months since we listed it. I have moved across the country, leaving my husband behind, to make more money to keep paying the mortgage. We have submitted paperwork for a short sale and are hoping for another buyer. So tell me, if any of you can, what AM I supposed to do? How was I irresponsible? Right now with word of a tax break for people to buy forclosed properties would make my property even less desirable. I'm starting to feel as if I the butt of a financial joke. Should I have just let the bank forclose a year ago so I could have begun the slow climb out of the bad credit pit? Am I just prolonging the inevitable. Now I have to have surgery. If something goes wrong and I have to go on short term disability it will be end game....I won't make my full salary and will not be able to make the mortgage payments. I still work 2 jobs, have broken up my family, jeopardized my marriage. If you have any advice I'm all ears.

re: Update: The silver lining in "bad news" on housing

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re: Update: The silver lining in "bad news" on housing

SAJID SYED — Sat, 23 Feb 2008 00:01:07 GMT

The policy makers wanted to involve in undue war and spend tax payer billions as war expense; invades countries and the oil reserves after killing only few undefined terrorists with million of innocents. Beside lot of others different agendas they planned it to overstate the value of the real estate in war times.

The common citizens thought that they have lot of money in home equity which builds up their confidence in spending. The local and foreign banks and finance companies invested in real-estate and financed it on highly appraise values, and gave home equity loan etc which really helped in boosting the economy, eventually the policy makers got war support.

In short if this war does not work and the policy maker could not control the oil. They will take out their money and invest somewhere else. Who will loose money? The common citizens and local & foreign banks.

re: Update: The silver lining in "bad news" on housing

jeff eichelberger — Fri, 22 Feb 2008 23:57:29 GMT

Why should the Govt, bail out the people who can't afford these increases? shame on the lenders and people who bit off more than they can chew.

re: Update: The silver lining in "bad news" on housing

Tom K — Fri, 22 Feb 2008 23:55:01 GMT

With over 40 years of Real Estate appraisal experience the writing has been on the walls for several years. I n my area Appraisers , mortgage brokers and Lawyers have already gone to jail. & we are just in the beginning of this mess. I can honestly say that that if you could not make value for certain lenders that just went appraiser shopping to get the value needed. I personally know an Appraiser who was called by the Army Reserve & was sent to Europe & had his office e mail Appraisals to him & he signed them. He is now in the Brig. This problem will get worse before it will get better than it will start all over again.