[MomMom]

Better than TV!!!!!

[jfkIII]

Originally Posted by JackieB23

My neighbor catty-corner from me across the street walked away from his house...

I used to say catty-corner, too, until I moved off Long Island. Then I realized the rest of the country pronounces it kitty-corner. Must be because all the LI'ers were very catty.

[Fastrudy]

http://www.popforum.net/images/smiles/icon_popcorn.gif (broken link)

[GailMI]

Originally Posted by Beena

You have got to be shtting me. First of all, in Sept 2008 we still had a huge looming wave of foreclosures coming so anyone who thought we had hit bottom didn't pass 2nd grade math. Secondly you speculated on real estate and you lost. Don't ask us to bail you out.

Fortunately Nevada is a deficiency judgement state so they are likely to sue your axx should you walk.

You people are full of it. I talked to a LOT of people before I made this decision. Obviouisly the WRONG people. I'm not stupid just because I was naive about this housing market that was behaving in a way it had NEVER behaved before. Everybody you talked to at the time had a different opinion. And even if I WAS stupid, do I need to be sentenced to a life of impoverishment because of it? Give me a break. I knew the value might go down, but not so far that I'd still be upside-down after 10-15 years! I'm not asking YOU to bail me out. Nor will I sacrifice the rest of my life's well-being because of ONE misjudgement in order to live up to your vision of right and wrong. You right-wing republicans are just a mean and judgmental group.

And to call the purchase of a home in which to live a "real estate speculation" might serve your need to place blame, but it's a bit of a stretch.

hateful, just plain hateful...

[skisickie]

I am upside down, I am not walking, Just getting 50 people to move in with me. It works for me I like people.

[GailMI]

Originally Posted by Beena

You have got to be shtting me. First of all, in Sept 2008 we still had a huge looming wave of foreclosures coming so anyone who thought we had hit bottom didn't pass 2nd grade math. Secondly you speculated on real estate and you lost. Don't ask us to bail you out.

Fortunately Nevada is a deficiency judgement state so they are likely to sue your axx should you walk.

I have another response to the "logic" stated in this post.

1) if EVERYBODY knew that the market was still in a landslide, was it then irresponsible/predatory for the banks to even FINANCE homes during this period? Certainly THEY had more than a 2nd grade education? What about realtors during this period? If this was such COMMON KNOWLEDGE, I assume anybody who had anything to do with the sale of a home during this time period was, in effect, leading the stupid lambs to slaughter. If this is the case, should these people bear any "blame" (since we are all so eager to place blame). Why only the home buyer should suffer?

2) My condo was a bank-owned foreclosure when I bought it, thus:
The original loan was $185,000. I bought for $134,000. A bank who supposedly knew darn well that the condo would only be worth $60,000 in one year, gave me a 30-year mortgage. The original bank who owned the home lost about $50,000 on this deal. Now, if I undertake a short sale or foreclose, this second bank will "lose" $75,000, in theory. So....total loss on this condo by the two banks involved (both of whom should have known they were making bad loans according to this poster) is $125,000. If I had not purchased the foreclosure and EVERYBODY who had a second grade education refrained from buying during this period, the original bank would have lost: the exact same amount $185,000-$60,000=$125,000. They have sat on the condo until it sold at the bottom of the market. And NO banks would have received my downpayment or the payments that I have been making for the past 13 months. So, again: Why am I the ONLY villain in this scene? If I had not purchased at all, and nobody purchased (since we all should have know better), in what way would the banking world be any better off? The way I see it, I only "spread the loss". Two banks split the loss with me (I lost my downpayment, my closing costs and all of the money I've put into upgrading the place), instead of one bank taking the entire hit.

I'm sure you people will come up with a way to twist the facts and make only the poorly timed homebuyers to blame. But I know my logic makes sense. I also know that I can't live long enough to absorb this loss, and no high-and-mighty babbling will convice me otherwise. The only reason I posted here to begin with was to get some direction from people who understand the law, which I got. I'm not so interested in being berated from the folks up on the moral high ground.

But I just couldn't resist a response.

[tony soprano]

Originally Posted by GailMI

1) if EVERYBODY knew that the market was still in a landslide, was it then irresponsible/predatory for the banks to even FINANCE homes during this period? Certainly THEY had more than a 2nd grade education? What about realtors during this period? If this was such COMMON KNOWLEDGE, I assume anybody who had anything to do with the sale of a home during this time period was, in effect, leading the stupid lambs to slaughter. If this is the case, should these people bear any "blame" (since we are all so eager to place blame). Why only the home buyer should suffer?

There's a nameless realtor on this board that has suggested that banks should return their "ill gotten gains". I asked the same realtor if he intended to return his fees derived from every deal that he helped transact that resulted in an underwater homeowner. I was greeted with crickets chirping. Apparently, bank fees from underwater homers are "ill gotten", but commissions from underwater homeowners are fine and dandy.

2) My condo was a bank-owned foreclosure when I bought it, thus: The original loan was $185,000. I bought for $134,000. A bank who supposedly knew darn well that the condo would only be worth $60,000 in one year, gave me a 30-year mortgage. The original bank who owned the home lost about $50,000 on this deal. Now, if I undertake a short sale or foreclose, this second bank will "lose" $75,000, in theory. So....total loss on this condo by the two banks involved (both of whom should have known they were making bad loans according to this poster) is $125,000. If I had not purchased the foreclosure and EVERYBODY who had a second grade education refrained from buying during this period, the original bank would have lost: the exact same amount $185,000-$60,000=$125,000. They have sat on the condo until it sold at the bottom of the market. And NO banks would have received my downpayment or the payments that I have been making for the past 13 months. So, again: Why am I the ONLY villain in this scene? If I had not purchased at all, and nobody purchased (since we all should have know better), in what way would the banking world be any better off? The way I see it, I only "spread the loss". Two banks split the loss with me (I lost my downpayment, my closing costs and all of the money I've put into upgrading the place), instead of one bank taking the entire hit.

There's a real big problem with your rationalization; the original bank wouldn't have ridden the property down from the original $185K to $60K. They would (and did) unload the property as soon as practically possible. Without you, the second bank never would have had any risk exposure to the property in question in the first place. Banks want no part of owning or managing property. They are in the business of lending money. Last I noticed, they don't twist people's arms to borrow their money, or purchase homes.

I'm sure you people will come up with a way to twist the facts and make only the poorly timed homebuyers to blame. But I know my logic makes sense. I also know that I can't live long enough to absorb this loss, and no high-and-mighty babbling will convice me otherwise. The only reason I posted here to begin with was to get some direction from people who understand the law, which I got. I'm not so interested in being berated from the folks up on the moral high ground.

Great, you go do what you need to do. Then please spare the rest of us that don't particularly care to listen to your babbling rationalizations. You're trying to slap lipstick on a pig.

[GailMI]

Yeah, your logic is brilliant. My logic is babbling rationalization. OK. Just make sure you get the last word buddy boy.

[airics]

again, i will say the op is not hearing what she wants to hear

[Fastrudy]

I'm not asking YOU to bail me out.

Not directly.

Nor will I sacrifice the rest of my life's well-being because of ONE misjudgement in order to live up to your vision of right and wrong.

Didn't Charlie Manson say this also?


You right-wing republicans are just a mean and judgmental group.

After staring at this for ten minutes, all I can say is "WOW!". I think your logical train of thought just got derailed in the tunnel you entered.


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