[Momma_bear]

Originally Posted by powman

These homes were not "sub-prime" when I bought them, and now they are worth 75k each less than the mortgages!

Homes are not considered subprime, mortgages are. How much were they "worth" when you financed them?

Originally Posted by powman

Does anyone know how to do negotiate a reduced mortgage as opposed to a lawsuit (with the bank) for predatory practices? Or does anyone have a lawyer skilled at negotiating special arrangements with the banks? Has anyone done this that I could talk to?

I don't know anyone, but I am sure there are lawyers who could help you with this. Check with your local contacts for help in this area. If you were ripped off you really need a lawyer to help you unwind the issues.

Originally Posted by powman

I was conned on the front-end of both deals, now its time to play hardball and fix the one-sided loans. The Title company did the closing behind "closed doors" at their offices without me or my lawyer present!
Please no "take your lumps & nasty replies" - I love my houses, just have a deal that needs to be fixed, I just need to find out how to get the banks to share in the loss; They had no problem writing extra points and profit in for themselves and adding "fine print" to the note.
Thanks in advance, Powman

How did they do this to you? In general I feel that people really do have to take their lumps and move on. However, when there is fraud involved it's a totally different story. Can you tell us how you were ripped off so that we all know?

[Mike1306]

Originally Posted by powman

Question:
I own 2 properties in PSL, and both meet the criteria for "predatory lending" practices by the bank and a mortgage broker, and there seem to be some irregularities in the closing costs and procedure as well. (google "predatory lending").
I am confident the banks will get a (wink-wink) bailout from the Fed govt, but we buyers are getting the shaft. These homes were not "sub-prime" when I bought them, and now they are worth 75k each less than the mortgages! I have them rented, but they bring in less money than the mortgage payments and taxes.
Does anyone know how to do negotiate a reduced mortgage as opposed to a lawsuit (with the bank) for predatory practices? Or does anyone have a lawyer skilled at negotiating special arrangements with the banks? Has anyone done this that I could talk to?
Or is there a better way to reduce the cost of ownership? I was conned on the front-end of both deals, now its time to play hardball and fix the one-sided loans. The Title company did the closing behind "closed doors" at their offices without me or my lawyer present!
Please no "take your lumps & nasty replies" - I love my houses, just have a deal that needs to be fixed, I just need to find out how to get the banks to share in the loss; They had no problem writing extra points and profit in for themselves and adding "fine print" to the note.
Thanks in advance, Powman

You are going to be looked upon as an investor since you have 2 homes both rented out.
You signed the paperwork, it was up to you to read it.
Could you explain what type of predatory lending practices that used on you?
I really don't see where a lender did anything wrong. You thought you could buy 2 houses and rent them out and turn a profit but the market turned and you are losing. It is all part of investing.

[jbravo]

Originally Posted by Mike Peterson

You are going to be looked upon as an investor since you have 2 homes both rented out.
You signed the paperwork, it was up to you to read it.
Could you explain what type of predatory lending practices that used on you?
I really don't see where a lender did anything wrong. You thought you could buy 2 houses and rent them out and turn a profit but the market turned and you are losing. It is all part of investing.

Who would have thought I'd give a positive rep point to an agent/broker?!!
(I did)

[firemed]

Supporters say it’s the magic ingredient that will put back the fizz in Florida’s stagnant real estate market, and ultimately, the state’s economy. The theory is homesteaders who have benefited from years of a 3 percent annual assessment cap are locked in their current homes because they don’t want to lose their artificially low tax bills when they move. The Save Our Homes clock resets when a homeowner buys a new home, limiting only future increases.
Its like pixie dust!


The News-Press, news-press.com, Legislature, Vote might rev up housing market (http://www.news-press.com/apps/pbcs.dll/article?AID=/20080106/NEWS0120/80105018/1014/BUSINESS - broken link)

[CJFlorida]

There is only one thing that needs to happen. Prices have to drop dramatically. Thats it, everything else is just blowing hot air.

Prices drop back to where they were in 1999 and all is fine long term. The taxes would drop naturally as the prices dropped.

[Lilybeans]

I sure don't want to move anywhere if my taxes are going to go up.

The problem is not the taxes, it's the spending. I'll vote against any tax bill unless it curtails government spending. The counties have been feeding at the trough of the housing boom like there is no tomorrow. Guess what-tomorrow is here. Until runaway spending is cut, I will not vote for any tax change.

[ucfjtm]

Originally Posted by CJFlorida

There is only one thing that needs to happen. Prices have to drop dramatically. Thats it, everything else is just blowing hot air.

Prices drop back to where they were in 1999 and all is fine long term. The taxes would drop naturally as the prices dropped.

This is as simple and honest as it gets. The only other option is for employers to double salaries, and we all know that's not going to happen.

[rbayle]

someone said if prices drop taxes naturally will too. Not true-prices drop, but taxes stay high-they dont' drop!!!

[CJFlorida]

Originally Posted by rbayle

someone said if prices drop taxes naturally will too. Not true-prices drop, but taxes stay high-they dont' drop!!!

Not true. Property taxes are done on assessed values. If the mileage rate stays the same, taxes drop as assessed values drop.

I have personally checked the Palm Beach County Appraisers website many times. I have seen property taxes that were $8000 in 2006 drop to $6000 in 2007 because the house was purchased in 2004 for a high price and sold in 2006 for a much lower price.

My friend in Palm Beach gardens overpaid and bought for $820,000 in late 2004. Her taxes in 2005 were over $12,000. Last year they were $2000 less. Houses on her street are selling for $550,000 and she was able to get her property reassessed.

You can go to the website yourself and see property taxes lower on homes, based on them selling for post bubble decreased prices.

[Magnulus]

I don't think that expanding the homestead exemption and cappping taxes is a good idea. Many counties and cities do need to watch their spending but this would be a bad law to cap the taxes. The fact that growth is slowing or reversing in Florida, IMO, is not at all a bad thing, as it will force the local economies and the government to focus on fundamentals.