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This thread is a microcosm for what is happening all over and will continue to get worse. I've seen crazy numbers on how more ARMs are still waiting to trigger and more then likely trap homeowners. These people can't get out - they simply can not do it. Throw all the tax incentives for buying homes out you want, nobody is going to buy at the price points these people need to get out. It's going to continue to erode home values until all the ARMs get gone and those people get into a reasonable home payment situation. In all likelihood we'll probably see more people walking away from homes soon and communitys with some decent potential (like this Palisades place) will be severly impacted.
Agreed...with the above and your earlier comment about people not being able to price their homes to sell because they are unable to cover the short-fall that such a selling price would create. The simple truth is that, in large part, if people bought a house with an ARM, then they bought more house than they could realistically afford to begin with.
We loved both the Palisades and The Sanctuary but just couldn't see paying that much for a home AND have to pay for Private Schools since the schools in that area are not rated very well. So we chose Union County instead.
I am sorry that things are so tough for you. I hate to say that it seems many are in the same situation as you. It is tough all over... Feel free to vent away, I think we can all understand times are tough and you deserve to vent someplace.
Am I missing something - but didn't the OP say that there were break-ins/home invasions in Palisades (they would know because they live there. A former colleauge of mine who brought an high priced home in Palisades (and the home is now a foreclosure) mentioned the possiblity of this happening (meaning break-in's) almost a year ago. Did he observe something? Let's not avoid, ignore, or pretend that the OP did not say this.
People are oversimplifying this type of situation... You can't "price it to move" if you are upside down and don't have the cash to cover the shortfall. This leaves you at the mercy of the bank to approve a short sale - which they won't be motivated to do unless you're way behind and well on your way to foreclosure. Even then, the bank may choose to ride it out.
Many, many people don't have the luxury of pricing a home where it needs to be to sell. That's one of the biggest issues right now and it's only going to get worse as more and more the ARMs come up for a huge jump.
This is a good point. In re-reading the OP it sounds as if they are kinda stuck in an Arm they can't afford, and can't get financing for the current appraised amount.
Am I missing something - but didn't the OP say that there were break-ins/home invasions in Palisades (they would know because they live there. A former colleauge of mine who brought an high priced home in Palisades (and the home is now a foreclosure) mentioned the possiblity of this happening (meaning break-in's) almost a year ago. Did he observe something? Let's not avoid, ignore, or pretend that the OP did not say this.
I didn't try to avoid anything? I just didn't mention everything the OP posted. Not sure what you are trying to say?
Am I missing something - but didn't the OP say that there were break-ins/home invasions in Palisades (they would know because they live there. A former colleauge of mine who brought an high priced home in Palisades (and the home is now a foreclosure) mentioned the possiblity of this happening (meaning break-in's) almost a year ago. Did he observe something? Let's not avoid, ignore, or pretend that the OP did not say this.
Don't mean to sound dismissive, but the truth is . . . there are break-ins all over the city - no area is immune. Folks just have to be careful and use good habits - no matter where they live.
Yes...there are break ins everywhere. But normally when you buy into a $400K-1.8M community one would think there is less of a chance. I get in-neighborhood emails literally at least once per week now stating there is a break in, vandalism, HOA problems, No fountain working, builders done and pulling out. C'mon now.
Also-now I'm getting aggrevated at the other posters on page 3 of this thing. I'm in my early 30's...this is the 2nd home in my life that I have purchased. We bought in 2005-how the heck would we know the mortgage crisis then? Am I in the business? Were there articles then about this? NO. It was a gravy train and lesson learned. However-they sold it REALLY well and yes, the financing sounded awesome. We have perfect credit-were not reckless and stupid people. We planned to re-finance like everyone else does so that yes COUPON JACK-we could remain in our home for an ADDITIONAL 5 years. The bank claims our value in home has DECREASED so much that it wouldn't cover what we owe.
Also-in response to LIST YOUR HOME PRICED TO SELL... fantastic idea. Why didn't I think of that? Oh yeah-I'm a licensed REALTOR in NC and SC I kinda gathered that. Kinda hard to do when pricing it to sell doesn't equate to what you owe from the original loan. We would be at the mercy of the bank who by the way said, "We think the house is worth more, the invester will wait and if it's ever to a point to be at risk for foreclosure, we'll foreclose and get more for it later after auction." WTF????
The media is lying that 'Banks will be more apt to short sell w/o the expense of foreclosing'. That's BS.
I appreciate the feedback and responses and even opinions on the first 2 pages-the other ones thereafter-it's really easy to judge when you don't know the community well or the situation. This community has been classified as a 'high end foreclosure community'...that by 2 appraisers. There is a $1M community with NOTHING around it. Do people think Ballantyne Country Club would have survived with crappy schools and hardly any restaurants and retail around it? No-it would not.
We know what and where we could have acted differently in our purchase...but we can hope to get through this situation and come out less bruised.
Yes...there are break ins everywhere. But normally when you buy into a $400K-1.8M community one would think there is less of a chance. I get in-neighborhood emails literally at least once per week now stating there is a break in, vandalism, HOA problems, No fountain working, builders done and pulling out. C'mon now.
Also-now I'm getting aggrevated at the other posters on page 3 of this thing. I'm in my early 30's...this is the 2nd home in my life that I have purchased. We bought in 2005-how the heck would we know the mortgage crisis then? Am I in the business? Were there articles then about this? NO. It was a gravy train and lesson learned. However-they sold it REALLY well and yes, the financing sounded awesome. We have perfect credit-were not reckless and stupid people. We planned to re-finance like everyone else does so that yes COUPON JACK-we could remain in our home for an ADDITIONAL 5 years. The bank claims our value in home has DECREASED so much that it wouldn't cover what we owe.
Also-in response to LIST YOUR HOME PRICED TO SELL... fantastic idea. Why didn't I think of that? Oh yeah-I'm a licensed REALTOR in NC and SC I kinda gathered that. Kinda hard to do when pricing it to sell doesn't equate to what you owe from the original loan. We would be at the mercy of the bank who by the way said, "We think the house is worth more, the invester will wait and if it's ever to a point to be at risk for foreclosure, we'll foreclose and get more for it later after auction." WTF????
The media is lying that 'Banks will be more apt to short sell w/o the expense of foreclosing'. That's BS.
I appreciate the feedback and responses and even opinions on the first 2 pages-the other ones thereafter-it's really easy to judge when you don't know the community well or the situation. This community has been classified as a 'high end foreclosure community'...that by 2 appraisers. There is a $1M community with NOTHING around it. Do people think Ballantyne Country Club would have survived with crappy schools and hardly any restaurants and retail around it? No-it would not.
We know what and where we could have acted differently in our purchase...but we can hope to get through this situation and come out less bruised.
Wait...you are a licensed realtor and you got yourself into such a mess??
Yes...there are break ins everywhere. But normally when you buy into a $400K-1.8M community one would think there is less of a chance. I get in-neighborhood emails literally at least once per week now stating there is a break in, vandalism, HOA problems, No fountain working, builders done and pulling out. C'mon now.
Also-now I'm getting aggrevated at the other posters on page 3 of this thing. I'm in my early 30's...this is the 2nd home in my life that I have purchased. We bought in 2005-how the heck would we know the mortgage crisis then? Am I in the business? Were there articles then about this? NO. It was a gravy train and lesson learned. However-they sold it REALLY well and yes, the financing sounded awesome. We have perfect credit-were not reckless and stupid people. We planned to re-finance like everyone else does so that yes COUPON JACK-we could remain in our home for an ADDITIONAL 5 years. The bank claims our value in home has DECREASED so much that it wouldn't cover what we owe.
Also-in response to LIST YOUR HOME PRICED TO SELL... fantastic idea. Why didn't I think of that? Oh yeah-I'm a licensed REALTOR in NC and SC I kinda gathered that. Kinda hard to do when pricing it to sell doesn't equate to what you owe from the original loan. We would be at the mercy of the bank who by the way said, "We think the house is worth more, the invester will wait and if it's ever to a point to be at risk for foreclosure, we'll foreclose and get more for it later after auction." WTF????
The media is lying that 'Banks will be more apt to short sell w/o the expense of foreclosing'. That's BS.
I appreciate the feedback and responses and even opinions on the first 2 pages-the other ones thereafter-it's really easy to judge when you don't know the community well or the situation. This community has been classified as a 'high end foreclosure community'...that by 2 appraisers. There is a $1M community with NOTHING around it. Do people think Ballantyne Country Club would have survived with crappy schools and hardly any restaurants and retail around it? No-it would not.
We know what and where we could have acted differently in our purchase...but we can hope to get through this situation and come out less bruised.
Sorry, but if was well known that prices were way above affordability levels in the past decade. If you didn't know that then you weren't paying attention.
You took out an ARM and had selective hearing and didn't figure that a home could LOSE value. There is no guarantee that things go up. And shame on you since your a realtor. You should know better. I took out a 7/1ARM and knew that there was a potential for disaster (my interest rate resetting much higher). I got out in 2007 and priced very AGGRESSIVE because I knew where prices were going.
Again, two things. You bought WAY more than you could afford and ignorance is no excuse in this situation.
Sorry to be the blunt bearer of the truth.
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