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Thread: Obama administration to order lenders to cut mortgage payments for jobless

  1. #51
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by StandUpChuck View Post
    Arborvitae and roses do nothing to increase the value of your home. Curb appeal, yes. Value, no.

    Many of those other improvements seem more like asthetic improvements. I would guess that the house was likely in not such attractive state when you bought it or you wouldn;t have had to do all that. If so, you likely paid a little less than FMV at the time because of the condition.

    Assessed value is not the same as fair market value. Hopefully your assessed value is well under FMV so you won't pay as much in taxes. Do you want the assessed value to be higher??

    Did you buy your house as an investment property or a place to live?

    I also built my home at the top of the market. I'm not planning on selling unless I absolutely have to, and then, rest assured, I know I'll be getting a bargain on the new property I buy.

    What people fail to realize is that a lot of foreclosures out there currently are NOT caused by someone losing their job or getting into trouble because of ARMs. Yes those happen, but a lot of people bought bigger and better homes before they sold their current one. When the former didn't sell quickly, they ended up carrying 2 mortgages. Many just defaulted on the previous one since they were already comfortable in a new and bigger house with no plans to move any time soon. In many cases, they strip the first property of all the goodies and install them in their new home. For every poor Joe down on his luck, there's an opportunistic Josephine out there taking advantage of the current situation.
    Great explanation.

    I'm buying in about a year, should be the perfect time to get a great price.
    There are still millions of homes that haven't been put up for sale yet.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Harry Guerrilla View Post
    Great explanation.
    Thank you.

    I'm buying in about a year, should be the perfect time to get a great price.
    There are still millions of homes that haven't been put up for sale yet.
    Yes and no Harry. We don't know what interest rates will look like in a year. So even if house prices continue to go down (and they probably will ), a higher interest rate might offset any savings you may receive by waiting. If you're waiting until prices bottom out, I'd be careful. If you're waiting because you're saving up for a proper downpayment, I applaud you.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

  3. #53
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by StandUpChuck View Post
    Yes and no Harry. We don't know what interest rates will look like in a year. So even if house prices continue to go down (and they probably will ), a higher interest rate might offset any savings you may receive by waiting. If you're waiting until prices bottom out, I'd be careful. If you're waiting because you're saving up for a proper downpayment, I applaud you.
    That's it right there.

    I found a home I love but need the rest of the down payment cash.

    I expect interest rates to rise, the fed is signaling so but in my area the prices are depressed pretty well.
    I found 4 bedroom for about $60k, it's a steal and in great shape.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Erod View Post
    Oh, yummy. I always wanted to live in a 1,000-apartment tower in Tokyo.
    Me too.. as long as the apartment isn't over 320 sq. ft.
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Harry Guerrilla View Post
    That's it right there.

    I found a home I love but need the rest of the down payment cash.

    I expect interest rates to rise, the fed is signaling so but in my area the prices are depressed pretty well.
    I found 4 bedroom for about $60k, it's a steal and in great shape.
    That house won't last. Offer full price, but ask the sellers to pay your downpayment. Im guessing however, that it's a foreclosure, so there may not be any money for the seller's to do that.

    Make sure you're represented by a realtor.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by StandUpChuck View Post
    Yes those happen, but a lot of people bought bigger and better homes before they sold their current one. When the former didn't sell quickly, they ended up carrying 2 mortgages. Many just defaulted on the previous one since they were already comfortable in a new and bigger house with no plans to move any time soon. In many cases, they strip the first property of all the goodies and install them in their new home. For every poor Joe down on his luck, there's an opportunistic Josephine out there taking advantage of the current situation.
    One thing I've seen happen in my area is that people are trapped. There have been cuts in local companies (job losses), and people can't find a new job and can't sell their house for what they presently owe. So they are stuck.

    In other cases, they were transferred for work, and can't unload their house. I'm glad I have no reason to need to move and I'm not upside down because I'm pretty conservative financially. I owe a lot less than my house is worth, even though it's worth less than it was at the top of the bubble.

    The thing is...a lot of lenders haven't really tried very hard to work with people so they could stay in their homes. Particularly people with ARMs and balloons are in a world of hurt. The more lenders can be encouraged to help keep people in their homes, rather than foreclosing, the less the market deflates.
    Last edited by Catz Part Deux; 03-26-10 at 05:29 PM.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by StandUpChuck View Post
    That house won't last. Offer full price, but ask the sellers to pay your downpayment. Im guessing however, that it's a foreclosure, so there may not be any money for the seller's to do that.

    Make sure you're represented by a realtor.
    I would but I'm short about $7k on the down payment.

    What are the benefits of a realtor?
    Haven't explored that aspect yet.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    This is the way it's done in all third world dictatorships.

    Several of us warned the idiots for a long time this type of dictate was coming and now here is another example of the usurpation of the Constitution and now the basic rule of law is now at stake.

    Those who stand for nothing fall for anything.
    Last edited by Councilman; 03-26-10 at 05:35 PM.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    If it has to be liquidated, better to do it now then stay stuck with the problem that we have now.
    You have it all wrong.. first we need to poor (pun) 3 trillion dollars into trying to stem the flow. Then go ahead and let market forces do what they are destined to do no matter what Big Brother, in all of it's ineptitude, does.

    That's the Nanny State way.

    BTW katz… I’m involved in real estate. If market forces had been let to run their course this would all be over with and the market into an up swing. But Noooooo…… Barry will just keep this downward spiral going until we are all in a bread line.
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.
    Wrong......

    The current mortgage crisis came about in large part because of Clinton-era government pressure on lenders to make risky loans in order to “make homeownership more affordable for lower-income Americans and those with a poor credit history,” the DC Examiner notes today. “Those steps encouraged riskier mortgage lending by minimizing the role of credit histories in lending decisions, loosening required debt-to-equity ratios to allow borrowers to make small or even no down payments at all, and encouraging lenders the use of floating or adjustable interest-rate mortgages, including those with low ‘teasers.’”
    Clinton Pressure to Promote Affordable Housing Led to Mortgage Meltdown|OpenMarket.org

    This is fact, not liberal talking points.

    Let me tell you a story...

    In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.

    Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).

    Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.

    Now explain to me how I can possibly be faulted for the loss of value to my home. Please.

    I'm all ears.
    If you had been paying attention to your biggest investment you would have seen this comeing for a country mile.. you weren't, it happened.



    Pray tell, who do you suppose is going to buy it? All the unemployed people out there whose homes are being foreclosed upon?



    And when millions of jobs disappear because the economy is in a pit... Then what?



    I think it's clear you have no real understanding of how we've come to the point we have.
    No, you don't know how we got here..... all you have is liberal talking points to shift the blame and "poor me"
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

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