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Old 07-30-2008, 10:39 AM
 
2,639 posts, read 5,060,150 times
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Quote:
Originally Posted by mamatotex97 View Post
That brings me to a question....what's the average cost of these homes being foreclosed on? Is it really the "jumbo" loans, or is it the $150k scenarios.......
In San Diego the price ranges are varied. There are million dollar homes in Rancho Santa Fe that are foreclosing - I'm even aware of someone that resorted to identity theft to try and save theirs. There are also lower priced homes in the less affluent areas that are foreclosing - around $200k now.

The problem is the price at the time they bought though. A house might be worth $200k on a fair market now, but during the bubble that same house was selling for over $400k. The buyer could likely afford the "real" price, but not the inflated price.

The Rancho Santa Fe deal...that was just ridiculous. There aren't that many subject to it, but still.
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Old 07-30-2008, 10:51 AM
 
25,350 posts, read 37,507,217 times
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IMO the mess will get bigger when people who work hard to keep up with their mortgage payments, are realizing the the person next door who stopped paying is paying a lower rate and having a lower mortgage on a similar home....
That is similar as when you talk to the person next to you on the plane who paid less for the same flight...next time you will search longer to pay less also....and this abount amount many times higher than a plane ticket.
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Old 07-30-2008, 11:02 AM
 
3,583 posts, read 10,251,996 times
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Quote:
Originally Posted by bentlebee View Post
IMO the mess will get bigger when people who work hard to keep up with their mortgage payments, are realizing the the person next door who stopped paying is paying a lower rate and having a lower mortgage on a similar home....
That is similar as when you talk to the person next to you on the plane who paid less for the same flight...next time you will search longer to pay less also....and this abount amount many times higher than a plane ticket.
Bentlebee - I understand what you are saying and agree it isn't fair or right - it just IS. Without some sort of plan, bail out, or whatever you want to call it,the effects on the national economy are going to be felt over the nation as a whole, in all sectors, by everyone and not just by thoses that were originally to blame or effected. Do I have the answers - I wish I did because I agree with you - its going to get worse before it gets any better.
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Old 07-30-2008, 12:03 PM
 
3,627 posts, read 12,412,869 times
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It is comparable to other things. I have no problem with giving people who really need help a leg up but this is absolutely ridiculous. Actually THOSE peole get punished by having motivation and drive to boost themselves up.

I sure did without and saved up for a down payment and then took the lesser house I could buy with a 30 year fixed rate than with the ARM. Then did NOT go out and buy furniture on credit with all the credit offers you get when you buy a home because I knew I needed money for the mortgage and emergencies. My daughter/husband in their 20s were able to figure out the same thing and their first home is modest and less than $100k, but has that fixed rate mortgage at a good rate.

I see similar frustration with my parents who saved all their life to be comforatable in their own age and have to pay out the nose for things that are *free* to medicaid patients. Had they blown their money, they would be getting a free ride now.

The goal seems to be to drive them into poverty THEN put them on medicaid. Baby Boomer's get in line and pull your pants down and be prepared to cough. I am saving for retirment to the max in my 401K but ............ will it really make any difference?
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Old 12-08-2008, 02:25 PM
 
Location: 72210
4 posts, read 9,897 times
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Quote:
Originally Posted by evilnewbie View Post
They are NOT going to get 3% (they are delusional if they think they are), they are going to get 7% or higher and if they can't afford it, they will lose their home and deserve to lose their home because they couldn't afford it in the first place...
You better believe they are! I know a lady who had a 8.75% 30yr fixed and thru NACA home save program got a 2.75% 30yr fixed from her mortgage company! So yes it is so true...poor people or not.
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