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Regardless of who is at fault and who is to blame:
Banks come out the winner here...government will come to their rescue
homeowners/taxpayers....tough. Suck it up and foreclose for the owners, pay more taxes for the taxpayers.
well... we got great news yesterday regarding our situation! the mortgage companies / banks will still not speak to us because we are current on our home that we are no longer living in, due to our relo....
Still can't get a loan for the home we are currently renting because the same banks & mortgage firms are now catching on to all of these other idiots who walked away from their homes and are either renting or able to have purchased another home (for whatever reason) and are leary to give a loan to someone with a mortgage already....
NOW, our landlord is getting frustrated because we truly didn't think that purchasing this home was going to be such an issue, if we looked at our down payment that we can make AND my husband's salary,credit ratings,etc... we should really have no problem getting a loan, but that was then, this is now.
NOW we are paying for other people's mistakes.
Our landlord wants his home sold, we have been on time with our rent for the year that we have been living here, while still making up the difference in our mortgae on our home we own...
We have showed good faith that we intend to purchase this home, but we just are hitting road block after road block.
There is a very good possibility that when our lease is up in the Spring, he will ask us to either buy it or he will put it back on the market and it is possible that someone who is able to take advantage of the first time home buyers credit OR the "move up" program, may be able too. ( well, the home is in the high 3's, I don't think a first time home buyer would be able to purchase it, but you never know...)
In any case, our problem is again "what the hell are we suppose to do?" we did nothing wrong but yet while the others who have walked away are living the high life, we are suffering...
It is certainly not helping our Holidays to have all of this over our heads.....
It is a sad world that responsible ones are always paying for the unresponsible ones' mistakes...
My husband & I would like to say a huge THANK YOU to all of the people who just decided to walk away....
THANK YOU ,as you have made our life extremely miserable right now and not one single person can do anything to help us.
Why don't you just sell the house and move on with your life?
How much will you have to bring to close to get rid of the house?
Regardless of who is at fault and who is to blame:
Banks come out the winner here...government will come to their rescue
homeowners/taxpayers....tough. Suck it up and foreclose for the owners, pay more taxes for the taxpayers.
Banks: 1
Joe Mainstreet: 0
Hmmm, more like:
Banks: 1,000,000,000,000,000
Joe Mainstreet: -0.00000000001
NOW we are paying for other people's mistakes.
... "what the hell are we suppose to do?" we did nothing wrong but yet while the others who have walked away are living the high life, we are suffering...
...
It is a sad world that responsible ones are always paying for the unresponsible ones' mistakes...
....
Honestly, the decision you made to buy that house including the ramifications of that decision for your future, is your responsibility and no one else's. There are no guarantees that real estate will sell in the future, even you if you thought that it would.
If you want to sell your house, you are going to have to drop the price until it does. It will sell if you go low enough.
Honestly, the decision you made to buy that house including the ramifications of that decision for your future, is your responsibility and no one else's. There are no guarantees that real estate will sell in the future, even you if you thought that it would.
If you want to sell your house, you are going to have to drop the price until it does. It will sell if you go low enough.
We bought a house just like the millions of other people in the United States ,with the hopes that we would be living there for a very long time. I still don't get the attitude of "you made the decision to buy that house.."
We have NO idea a relo was coming, does everyone buy a house thinking "oh wait... maybe we shouldn't buy this house because the company we are working for might shut down unexpectantly?" no... we bought a home.Period.
We have dropped our sale price significantly right now (about $175K) and it still isn't moving because of all of the foreclosures in the area in which our home is located.
We can't afford to take this huge hit on our home and quite honestly, by the time all is said and done, it will be more than that.
Right now, the only homes that are selling are the foreclosures and they are taking months to close....
We have tried.....
In the meantime, we continue to pay our mortgage and our rent and drain our savings accounts while we watch others who walked away live life as though nothing is wrong... that is what my point was.
We don't expect a "bailout" but we do expect the mortgage companies to understand that what we have right now is surely a hardship, we cannot sell our home due to the market situation and because we were forced to relocate, it is a hardship.
We bought a house just like the millions of other people in the United States ,with the hopes that we would be living there for a very long time. I still don't get the attitude of "you made the decision to buy that house.."
We have NO idea a relo was coming, does everyone buy a house thinking "oh wait... maybe we shouldn't buy this house because the company we are working for might shut down unexpectantly?" no... we bought a home.Period.
We have dropped our sale price significantly right now (about $175K) and it still isn't moving because of all of the foreclosures in the area in which our home is located.
We can't afford to take this huge hit on our home and quite honestly, by the time all is said and done, it will be more than that.
Right now, the only homes that are selling are the foreclosures and they are taking months to close....
We have tried.....
In the meantime, we continue to pay our mortgage and our rent and drain our savings accounts while we watch others who walked away live life as though nothing is wrong... that is what my point was.
We don't expect a "bailout" but we do expect the mortgage companies to understand that what we have right now is surely a hardship, we cannot sell our home due to the market situation and because we were forced to relocate, it is a hardship.
Life happens.
I think it's impossible to get through life without some kind of hardship or difficulties.
My sister right now has had her home on the market for six months as her husband got a transfer. They could have stayed and got another job but they chose to relocate for various reasons. It complicated their life but it's the decision they made and hopefully it works out without the house being the market for too long.
My parents got caught in a similar deal to yours in the 1980's and ended up having to rent it out. There was a shortfall between the mortgage payment and the rent collected which they had to cover every month but you do what you have to do.
Ultimately you have to do something like get second job or cut expenses.
While I think it's unfair the ease at which some of these people seem to get away not paying their bills, I believe at the end of the day they do get their comeuppance. Eventually someday they implode under all their debts and stress. These days employers are starting to do background checks, including credit, so you lose out in the end.
We bought a house just like the millions of other people in the United States ,with the hopes that we would be living there for a very long time. I still don't get the attitude of "you made the decision to buy that house.."
We have NO idea a relo was coming, does everyone buy a house thinking "oh wait... maybe we shouldn't buy this house because the company we are working for might shut down unexpectantly?" no... we bought a home.Period.
We have dropped our sale price significantly right now (about $175K) and it still isn't moving because of all of the foreclosures in the area in which our home is located.
We can't afford to take this huge hit on our home and quite honestly, by the time all is said and done, it will be more than that.
Right now, the only homes that are selling are the foreclosures and they are taking months to close....
We have tried.....
In the meantime, we continue to pay our mortgage and our rent and drain our savings accounts while we watch others who walked away live life as though nothing is wrong... that is what my point was.
We don't expect a "bailout" but we do expect the mortgage companies to understand that what we have right now is surely a hardship, we cannot sell our home due to the market situation and because we were forced to relocate, it is a hardship.
i have to say that i certainly see the injustice of all this! taxpayers are FORCED to bail out the big banks so they can continue to do BUSINESS AS USUAL and, not only that, up the credit card rates into the high 20's on people who are struggling while they continue to be able to access money at practically zero interest.
banks have only themselves to blame for the hostility towards them, although i still hold government ultimately accountable for the decision to bail out the banks in the first place.
matt taibbi has an interesting piece on the timeline of the bailouts and the government:
http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout (broken link) (there is also a video at this site, although the article may be easier to follow)
We bought a house just like the millions of other people in the United States ,with the hopes that we would be living there for a very long time. I still don't get the attitude of "you made the decision to buy that house.."
We have NO idea a relo was coming, does everyone buy a house thinking "oh wait... maybe we shouldn't buy this house because the company we are working for might shut down unexpectantly?" no... we bought a home.Period.
We have dropped our sale price significantly right now (about $175K) and it still isn't moving because of all of the foreclosures in the area in which our home is located.
We can't afford to take this huge hit on our home and quite honestly, by the time all is said and done, it will be more than that. Right now, the only homes that are selling are the foreclosures and they are taking months to close....
We have tried.....
In the meantime, we continue to pay our mortgage and our rent and drain our savings accounts while we watch others who walked away live life as though nothing is wrong... that is what my point was.
We don't expect a "bailout" but we do expect the mortgage companies to understand that what we have right now is surely a hardship, we cannot sell our home due to the market situation and because we were forced to relocate, it is a hardship.
I don't mean to sound unsympathetic, so please don't take it that way, but in all honesty, the foreclosures in your area - assuming they are more or less comparable to the average house - represent the market price. You are still priced above market if you are not selling. Gone are the days in most areas when foreclosures represented an entirely different market of sub-standard houses that were of interest only to investors or handymen. That's the cold hard reality right now.
i do think that housing prices are going to have to drop further at some point. at the prices that they are at today (in most areas), there really isn't going to be much demand for housing as an investment vehicle since the carrying costs outweigh the financial benefit, unless you can afford to pay cash. that would certainly change the entire composition of the housing market. i don't see how the government can keep the prices propped up indefinitely.
I think it's impossible to get through life without some kind of hardship or difficulties.
My sister right now has had her home on the market for six months as her husband got a transfer. They could have stayed and got another job but they chose to relocate for various reasons. It complicated their life but it's the decision they made and hopefully it works out without the house being the market for too long.
My parents got caught in a similar deal to yours in the 1980's and ended up having to rent it out. There was a shortfall between the mortgage payment and the rent collected which they had to cover every month but you do what you have to do.
Ultimately you have to do something like get second job or cut expenses.
While I think it's unfair the ease at which some of these people seem to get away not paying their bills, I believe at the end of the day they do get their comeuppance. Eventually someday they implode under all their debts and stress. These days employers are starting to do background checks, including credit, so you lose out in the end.
i am sure if they are paying faithfully on their house and their rental they have already cut expenses. and in some areas getting that 2nd job might be a little difficult.
i think their point was why do they have to keep paying, when the banks were bailed out and now control the fact that they have to keep paying...... (kind of ironic, isn't it)
i certainly hope it is true that what goes around comes around.
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