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Old 09-20-2012, 05:09 AM
 
1,360 posts, read 1,855,908 times
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Quote:
Originally Posted by mainebrokerman View Post
When anyone defaults on a mortgage, (not paying) it's in everyone's best interest to work something out- technically, the property should revert to the mortgage lender/holder

the bank doesnt want the property, many banks are sitting on foreclosures and short sales, already

the property owner can submit a letter to the mortgage holder , a deed in lieu letter -that you can claim some sort of hardship, request that the bank take the property, to forgive the mortgage.

the process and criteria from this point on-depends on the mortgage holder and original fine print of the mortgage contract.

they may ask the property owner to try to sell the property in a specific time period



also, if back taxes are owed, title can go to town/city, Ive seen this happen
I agree that it is in everyone's best interest to work something out. From what I've seen, credit unions and home town banks seem to be more willing to do this. I think a job loss should be considered some kind of hardship. I honestly think most people would like to work things out and keep their homes. Why would a bank want 100's or 1000's of foreclosures to try to sell. Someone in real estate told me there's a higher demand for rentals due to foreclosures because people have to live somewhere.

btw, I thought of this thread while watching the news this a.m. "Extra Extra Read All About It." The news reporters think the unemployment situation is improving drastically because many companies are planning to hire TEMPORARY workers for the Christmas season.
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Old 09-20-2012, 06:40 AM
 
Location: South Portland, Maine
2,356 posts, read 4,936,023 times
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The OP talked about a cruise ship.. IDK but many of the cruise ships I have seen are carrying people from different countries??

Also, just because your on a cruise doesn't mean your doing well.. I have had the distinct pleasure of meeting many folks over the years that have no problem running their credit card up... "we need this" "we deserve this" type of mentality..

And the same goes on the other side... I just had the pleasure of meeting someone who because of a lost job had to stop paying their mortgage.. he has since been reemployed AND the bank is willing to work with him drastically reducing his obligations to let him stay in the home.. But he and his wife have decided that they want to move and are trying to proceed forward with a deed in lue of forclosure.. to top it all off they went out an got themselves a brand new vehicle..

When it comes to the economy on a local scale its hard for me to get excited..... There is a lot of fluff in the market.. kind of like when your talking about unemployment going down because of part time work..

I own rentals in Lewiston... there are many many poor folks who have never had a job and have no worries about making ends meet.. they are completly taken care of. And then I personally see with some older tenants who rent from me and who have worked their entire life until age 65 only to barley have enough to scrape by, the inflation is really taking a toll on them!!

Things are really bad around L town.. the people that are living there have brought so many problems to the city that outside of Boeng airlines announcing they are opening up a facility and are going to hire 5000 workers I dont know how it will ever turn around at this point.. its too bad because in the mid 2000's the city was looking like it was really moving up. And when it comes to Lewiston I dont what came first.. the bad economy or the bad demographics...
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Old 09-20-2012, 10:57 AM
 
Location: On a Slow-Sinking Granite Rock Up North
3,637 posts, read 5,262,215 times
Reputation: 2650
Quote:
Originally Posted by Newdaawn View Post
I agree Okie, I like it when folks act and can discuss controversial things with a bit of "class".

Oh yes, in yesterday's paper I saw a classified ad for help wanted at the "Postal Service" for seasonal help at just over $14.00 an hour. Not bad to have if anyone is looking for work.. Sometimes these jobs lead to something permanent.
That's a good point.

I am usually very skeptical of "employment numbers are increasing" for the very reason that they count temporary jobs. During the Christmas season (for one example) those numbers completely skew reality IMHO. I still believe that any job is a good job, but for a family trying to survive, simply saying "take what you can get" can get a little complicated in a 24/7 work world. I worked in HR of a major retail chain and watched a lot of hard-working people struggle.

I have a family member who has been bouncing from temporary to temporary contractual jobs for over a year now. On his last run, they kept extending his contract on a month-to-month basis while dangling him with "we may make this position a permanent one." He really enjoyed the position, did well with it, and got along great with his coworkers, so he was hoping they'd make good on opening the position permanently. Be that as it may, he continued to apply for other jobs - not knowing which end was up with the one that he was currently paying the bills with. Most of those jobs were "temporary" as well, or weren't worth the expense of gas money to get him there. None had any sort of health benefits. They decided on the final week of the month not to open the position and he is out looking for a job again. I'm sure he'll find one eventually as he's not one to let the grass grow under his feet for very long, but the point is that it's a constant battle with some companies now. It's not like it used to be where a person could apply for a full-time job (with benefits) and be confident that they'll have the same job even as little as 5 years down the road. Also not like it used to be, most jobs are apply on-line only (my own employer just started this foolishness) so one doesn't even get the benefit of talking to a human being during the application process.

These types of positions are counted in 'employment' numbers. I think it's high time to start segmenting temporary and underemployment numbers in the statistical data for employment. I'm sure it would be enlightening, but that's probably the very reason why it will never come to pass.

Last edited by cebdark; 09-20-2012 at 11:01 AM.. Reason: added
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Old 09-20-2012, 11:25 AM
 
Location: On a Slow-Sinking Granite Rock Up North
3,637 posts, read 5,262,215 times
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Quote:
Originally Posted by mainegrl2011 View Post
Well....I know a young couple who were offered a mortgage on a new house that they couldn't afford (several years ago). They used poor judgment IMO because they went ahead and bought it. I think they naively trusted the mortgage company thinking they must be able to afford it or the mortgage company wouldn't approve the loan. They lost the house to foreclosure.

If a couple buys a house and they base their ability to pay the monthly payment on both of their salaries, what will happen if one or both of them lose their jobs? What if their budget is stretched to the max with both of them working where savings aren't even factored into the budget....maybe they never had a teacher tell them to save something every month, "Pay yourself first--at least 15%.) Maybe no one told them that they should have savings equal to six months' pay. Maybe they didn't fully understand "saving for a rainy day." What's going to happen if both of them lose their jobs? Will a family member (parents, etc.) help them out with the payments? Will they max out their credit cards trying to hold onto the house while trying to find a new job? Will they rent out a room or rooms in their house? Will they be able to convince their mortgage company to refinance the loan to give them a lower, more manageable payment? Will they find jobs but be underemployed? Will each of them need to work two jobs if they can find something? Will they move in with relatives and rent their house to others? Will they lose their house to foreclosure?
Being of a certain middle...ahem...age, I'm often astonished at some of the things I hear from younger people about financial matters (among other things). This is a very "live for the moment" generation that's here now and even more so in the "up-and-coming" one. Obviously not all younger people are like this, but wow I've been amazed at the number who've been unable to answer some basic "Did you know?" questions about finances. I've also noticed on a couple of occasions that they seem to believe what they're told without doing a little basic research first.

Sometimes I call it the "Squirrel!" generation in that holding their attention long enough to have a conversation about savings and expenses is difficult at best. I'm like that too now, but I chalk it up to aging brain cells. Yes, that's my story and I'm sticking to it.

Be that as it may, from what I can see, many high schools have long tossed out Business Mathematics courses which taught basic financial information in exchange for more science-specific maths. I mean why bother with learning how to calculate loan percentages when Quicken will do it for you? We live in the age of technology Baby!

I'm currently battling with a pre-teen about saving money. I refuse to just toss change in the piggy bank without the expectation that she do something to earn it. She did manage to save enough to buy her pet rabbit and the accessories to go with it (progress!) but since then her savings account has stood at $2.48. She's slacking on laundry duties, so that's where it'll stay until such a time she gets moving. I'm patient. I can wait. I simply point to her bank statement whenever she wants something new. It's a slow process, but she'll get there eventually. My DS, on the other hand, has mastered the "if you save it, you'll get what you want" idea, and he has paid for a number of things himself now.
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Old 09-20-2012, 03:52 PM
 
1,360 posts, read 1,855,908 times
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I'm pretty sure the decision to no longer offer Business Math/Consumer Math to high school students is made at the state level. After setting it aside in favor of other types of math, some are now saying financial literacy needs to be taught. I applaud you for trying to teach your daughter. People do not learn the content of business math/financial literacy by osmosis. http://www.cafepress.com/garfield/6854129

I heard on the radio that Bank of America is about to lay off 16,000 people so I looked it up online. BofA speeds up plans to cut 16,000 jobs: WSJ - Yahoo! News Maybe they should have put forth more effort to work things out with homeowners rather than foreclose on so many homes....just a thought.
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Old 09-20-2012, 04:42 PM
 
17,159 posts, read 22,167,733 times
Reputation: 31223
Quote:
Originally Posted by mainegrl2011 View Post
I'm pretty sure the decision to no longer offer Business Math/Consumer Math to high school students is made at the state level. After setting it aside in favor of other types of math, some are now saying financial literacy needs to be taught. I applaud you for trying to teach your daughter. People do not learn the content of business math/financial literacy by osmosis. Garfield Learning by Osmosis : THE GARFIELD STUFF STORE

I heard on the radio that Bank of America is about to lay off 16,000 people so I looked it up online. BofA speeds up plans to cut 16,000 jobs: WSJ - Yahoo! News Maybe they should have put forth more effort to work things out with homeowners rather than foreclose on so many homes....just a thought.
the big banks were pushed by congress to lower the standards for mortgages so "everyone" has a chance to own a house....before the bubble broke...

I think barney frank and chris dodd were at the helm of fannie mae at this time and encouraged this disastrous policy



Business math should be taught more in high schools.....


ask this one question to anyone in high school- they SHOULD be able to answer it

If a widget costs 1.20 and you want a 30% margin, what is the selling retail?
(KEY word is margin, not mark-up)
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Old 09-20-2012, 05:03 PM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
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Quote:
Originally Posted by mainebrokerman View Post
... Business math should be taught more in high schools.....
But that would detract from teaching the 'anti-bullying' programs, 'same-sex is great', 'drug awareness', 'safe-sex', 'victimization' programs.

That was why public-funded schools dropped US constitution studies. They had no time for it.

When our children were in middle school, one day each week was D.A.R.E. plus five weeks were dedicated to teaching [or preparing] for the 'Masters' testing, and another week for doing the 'Masters' testing. Then so many hours had to be documented on anti-bully programs, and again on 'safe-sex' programs, and ....
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Old 09-20-2012, 05:37 PM
 
1,360 posts, read 1,855,908 times
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Quote:
Originally Posted by mainebrokerman View Post
the big banks were pushed by congress to lower the standards for mortgages so "everyone" has a chance to own a house....before the bubble broke...

I think barney frank and chris dodd were at the helm of fannie mae at this time and encouraged this disastrous policy



Business math should be taught more in high schools.....


ask this one question to anyone in high school- they SHOULD be able to answer it

If a widget costs 1.20 and you want a 30% margin, what is the selling retail?
(KEY word is margin, not mark-up)
Sorry to say, but too many high school students wouldn't know regardless of whether the word was margin or mark-up. Ask some adults and see how many of them know the answer....maybe someone who didn't buy a house because they knew they couldn't afford it even though the mortgage company was willing to approve the loan.

btw, have you noticed particularly in clothing stores, when there is a percent off sale, they do the calculations for the customers and post the regular and sale prices on a small poster on the racks? What does this tell you?
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Old 09-21-2012, 09:39 AM
 
Location: Chicago area
13,026 posts, read 7,196,376 times
Reputation: 49969
Quote:
Originally Posted by mainegrl2011 View Post
I'm pretty sure the decision to no longer offer Business Math/Consumer Math to high school students is made at the state level. After setting it aside in favor of other types of math, some are now saying financial literacy needs to be taught. I applaud you for trying to teach your daughter. People do not learn the content of business math/financial literacy by osmosis. Garfield Learning by Osmosis : THE GARFIELD STUFF STORE

I heard on the radio that Bank of America is about to lay off 16,000 people so I looked it up online. BofA speeds up plans to cut 16,000 jobs: WSJ - Yahoo! News Maybe they should have put forth more effort to work things out with homeowners rather than foreclose on so many homes....just a thought.
So many people are upside down having been caught up in the housing bubble that they are simply walking away. Our very wealthy accountant did it with one of his Florida vacation condos. We have other friends that walked away from a property that they couldn't sell. They tried renting it but the rent didn't cover the mortgage. I don't think anything could have prepared every one for this melt down. It was just bad timing. We never bought a property that wasn't distressed and didn't give us a good deal. There's a lot of people unwilling or unable to put in sweat equity and were willing to pay those hyper inflated prices. Do you continue to commit financial suicide by paying on a property that may or may not recover, or do you buy something undervalued and start over?
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Old 09-21-2012, 10:45 AM
 
Location: Somewhere in deep in Maine
3,484 posts, read 2,534,004 times
Reputation: 4197
Most people were totally out of understanding about how we were able to renovate our entire house before we sold it. Even now in our current house in Maine, when people come in and see the nice photo wood flooring(pergo) they ask us who did this for us. When we say that we did it, they are amazed and assure us that they couldn't possibly do somehting like that.
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