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Old 11-08-2009, 10:25 AM
 
975 posts, read 1,544,012 times
Reputation: 523

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Quote:
Originally Posted by lumbollo View Post
It goes on all the time. Look at the last sentence of this article. Guess what Wachovia (Wells) is going to do with this loss? Unfortunately for the tax payer, it would seem she won't be paying off any more equity anytime soon due to the foolish 40 year mortgage.

Wachovia Attorney Loan Modification Success Story California
Hmmm, not sure I accept a PR from a loan mod attorney pumping his work as proof. But thanks for posting the link.
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Old 11-08-2009, 11:38 AM
 
12,848 posts, read 24,506,085 times
Reputation: 18855
I think the difference between a 30- year and 40-year mortgage is some $100/month. No help there.
I thought modifications were largely around adjusting ARMs, when people can't refinance because the supposed value has gone way down, and the adjustment rate is way high. I thought the modifcation was that the person might be able to get a fixed-rate at current market rates, not a reduction on principal.
A change to 40 years would be idiotic.
If someone has no income due to job loss, I don't see what can be done in terms of "help." People need jobs. And yes, many jobs are lost due to BS in other sectors of the economy.
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Old 11-08-2009, 04:18 PM
 
Location: State of Superior
8,578 posts, read 13,470,509 times
Reputation: 2708
Any mortage or home loan that is longer than ten years , is not for me.... The savings is great on shorter terms. Pay more down , buy less , take advantage of foreclosures , and spend like you can afford it , cause you can...when you pay cash !...Credit Cards and 40 year mortages are for those who don't know , or don't care.....I for one , want to control my own destinty .....
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Old 11-09-2009, 07:01 AM
 
4,010 posts, read 8,713,125 times
Reputation: 1581
For sure. If they wanted to help the country they would not allow mortgage financing longer than 15 years. It would force people to purchase something closer to what they can "afford" not what they can "finance". There is a huge difference.
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Old 09-09-2010, 02:03 PM
 
12,848 posts, read 24,506,085 times
Reputation: 18855
I just refinanced from 25 years at 5.375 to 15 years at 4 percent. The amount going to principal on the first payment is some $400 more than the old mortgage.
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Old 08-19-2012, 06:11 PM
 
51 posts, read 110,344 times
Reputation: 20
Its 2012 and A LOT OF PEOPLE are underwater -- looks like the housing bubble worked out for them - I remember being laughed at in 2005 for renting and NOT 'buying' (getting into absurd debt) for a 'home'. Today I own a house bought with CASH (no loans) while those who laughed at me are sitting in $500K rot boxes that will only sell for $150k.

OH THE IRONY OF THE MASSES GREED.
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Old 08-19-2012, 06:58 PM
 
Location: State of Superior
8,578 posts, read 13,470,509 times
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What has changed since this thread was started is, the housing market has finally bottomed out. A lot of good deals for those who had cash. Percentage wise the high dollar McMansions lost the most value, especially in the wealthily burbs around big Cities.Those that had the income, still do for the most part. What bothers them is how low ( underwater) their " investment" has become. I am talking about 1 million to 3 million values before the crash.
I always looked at these places and the price they paid , with a compairson for a House up here in Marquette ( where values did not change) built about the same size and on larger property for under 800'000. So much left on the table for the players which were and are buying up these places for huge differences.It's a risky game, no longer for me. Real-estate is up 3.6 per cent this past month and it will grow slowly until the price they are really worth comes out. A lot can be said for location, but the materials and labor does not change that much anywhere.Maybe one of the reasons we up here did not see a recession and values never went up, but as well never went down. Now we as well as a lot of places are short on higher priced homes and condos. Even rentals are hard to get at reasonable proves.
Bottom line, it's all about supply and demand period !
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Old 08-19-2012, 08:04 PM
 
51 posts, read 110,344 times
Reputation: 20
Quote:
Originally Posted by darstar View Post
What has changed since this thread was started is, the housing market has finally bottomed out. A lot of good deals for those who had cash. Percentage wise the high dollar McMansions lost the most value, especially in the wealthily burbs around big Cities.Those that had the income, still do for the most part. What bothers them is how low ( underwater) their " investment" has become. I am talking about 1 million to 3 million values before the crash.
I always looked at these places and the price they paid , with a compairson for a House up here in Marquette ( where values did not change) built about the same size and on larger property for under 800'000. So much left on the table for the players which were and are buying up these places for huge differences.It's a risky game, no longer for me. Real-estate is up 3.6 per cent this past month and it will grow slowly until the price they are really worth comes out. A lot can be said for location, but the materials and labor does not change that much anywhere.Maybe one of the reasons we up here did not see a recession and values never went up, but as well never went down. Now we as well as a lot of places are short on higher priced homes and condos. Even rentals are hard to get at reasonable proves.
Bottom line, it's all about supply and demand period !


In 2005 the masses bleated "The more expensive your house the better!"

I said, "the CHEAPER your house the better!"

As Mr.Kyosaki once said - if toilet paper goes on sale (cheap) the masses think its a GOOD thing. If HOUSING goes on sale (cheap) they think its a BAD thing.

The GREEDY masses - like usual had it a$$-backwards - they BRAGGED about their over prices toilet paper during the bubble... well today, reality hits. Cheaper IS better.

'buy low' -- thats an ancient saying -- the masses during the bubble DID NOT. Greed. Gets the masses every time....
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Old 08-20-2012, 01:42 PM
 
577 posts, read 868,849 times
Reputation: 624
Quote:
Originally Posted by darstar View Post
What has changed since this thread was started is, the housing market has finally bottomed out. A lot of good deals for those who had cash. Percentage wise the high dollar McMansions lost the most value, especially in the wealthily burbs around big Cities.Those that had the income, still do for the most part. What bothers them is how low ( underwater) their " investment" has become. I am talking about 1 million to 3 million values before the crash.
I always looked at these places and the price they paid , with a compairson for a House up here in Marquette ( where values did not change) built about the same size and on larger property for under 800'000. So much left on the table for the players which were and are buying up these places for huge differences.It's a risky game, no longer for me. Real-estate is up 3.6 per cent this past month and it will grow slowly until the price they are really worth comes out. A lot can be said for location, but the materials and labor does not change that much anywhere.Maybe one of the reasons we up here did not see a recession and values never went up, but as well never went down. Now we as well as a lot of places are short on higher priced homes and condos. Even rentals are hard to get at reasonable proves.
Bottom line, it's all about supply and demand period !
Saying the market has finally bottomed is a little too broad of a statement for something that is so local. Many markets may have bottomed, but many markets are still overpriced. Look at historic values in your neighborhood, compare prices to rents, etc. Low interest rates are still causing a lot of speculation in markets that weren't hit as hard. And time will tell, but I think this dry up of inventory during the summer is due to an artificial slowing of distressed inventory release by the banks.
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Old 08-20-2012, 02:54 PM
 
51 posts, read 110,344 times
Reputation: 20
Quote:
Originally Posted by msdmoney View Post
Saying the market has finally bottomed is a little too broad of a statement for something that is so local. Many markets may have bottomed, but many markets are still overpriced. Look at historic values in your neighborhood, compare prices to rents, etc. Low interest rates are still causing a lot of speculation in markets that weren't hit as hard. And time will tell, but I think this dry up of inventory during the summer is due to an artificial slowing of distressed inventory release by the banks.

The 'market' was just A HOUSING BUBBLE - easy credit. Banks lend, sheeple borrow, Banks stop lending, sheeple stop borrowing (and thus stop buying over priced CRAP) simple as that...

the thing to remember is thousing 'market' wont 'come back' as too many hopeful fools keep believing...
Moderator cut: off topic

Last edited by Debsi; 08-21-2012 at 07:41 AM..
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