More horrors stories re: investors and Fl law (sale, rent)

[StreetSmarts]

Originally Posted by annerk

Are you saying that real estate is only being bought and sold in Florida? I'm sure the increasingly hot market in the northeast would disagree.

I could care less whats going on the the Northeast. This is a FL forum, so...

[tinytrump]

Originally Posted by kyle19125

As usual you keep missing the point. People who financed a home for "X" amount before the bubble burst had no idea at the time that it was going to be worth less two to three years later or that they were going to subsequently lose their sufficiently well-paying job when the economy tanked. Seriously, do you ever think?

I agree, obtuse thinking maybe? - the poster has pointed out numerous times and in different post she has no sympathy for anyone, period--

[tinytrump]

Originally Posted by annerk

Actually I disagree that everyone should own. People who are chronically unemployed, on welfare or receive Section 8 or other entitlements, or have poor money management skills should not own.

I don't see where that article says that only expensive homes are being counted among those purchases.

I also believe there are a lot more people who can comfortably afford a 2400 s/f 3/2 than you seem to think there are.

Sorry but so glad that is not up to you! In this country, the right is awarded to ALL it's citizens. It is called freedom. I also read the one articles that the investors forced the wife of a military man in deployment. He had no home to come to. SHAMEFUL!.. but oh maybe the investors not Americans.. so why should they care.
I do know a lot of folks who can afford that 2400 sq ft home but I also gladly know alot of those who can't,,, and would love a 1500 sq ft home. it's called the majority

[annerk]

Originally Posted by kyle19125

As usual you keep missing the point. People who financed a home for "X" amount before the bubble burst had no idea at the time that it was going to be worth less two to three years later or that they were going to subsequently lose their sufficiently well-paying job when the economy tanked. Seriously, do you ever think?

You are the one missing the point. My house went underwater. I was responsible and didn't just walk away. I continued to make payments, and eventually the market began to come back. Now I am right about where I was when I bought it 11 years ago.

When I bought my house, I didn't scrape together every last dime to do so. I bought what I could afford and still have savings and still continue to save. I lost my job in 2009 when the company I was working for was sold. I had savings--because I hadn't bought more home than I could afford--to fall back on until I found a new job.

It seems that I was the one who did think. I thought about the future and the what if's instead of deluding myself into believing that I could afford something I couldn't.

The way you make it seem, anyone who lost a job also lost a home. That couldn't be further from the truth. The majority of people who lost homes would have lost those homes even if they hadn't lost jobs, because they bought homes that they couldn't afford once the adjustable rates began to adjust upward. The others were investors and second home owners who did what is known as a "constructive foreclosure."

[annerk]

Originally Posted by tinytrump

I agree, obtuse thinking maybe? - the poster has pointed out numerous times and in different post she has no sympathy for anyone, period--

Not true. I have sympathy for people who don't do stupid things and don't expect the world handed to them and don't expect others to fix their mistakes all the time.

[StreetSmarts]

Originally Posted by annerk

You are the one missing the point. My house went underwater. I was responsible and didn't just walk away. I continued to make payments, and eventually the market began to come back. Now I am right about where I was when I bought it 11 years ago.

When I bought my house, I didn't scrape together every last dime to do so. I bought what I could afford and still have savings and still continue to save. I lost my job in 2009 when the company I was working for was sold. I had savings--because I hadn't bought more home than I could afford--to fall back on until I found a new job.

It seems that I was the one who did think. I thought about the future and the what if's instead of deluding myself into believing that I could afford something I couldn't.

The way you make it seem, anyone who lost a job also lost a home. That couldn't be further from the truth. The majority of people who lost homes would have lost those homes even if they hadn't lost jobs, because they bought homes that they couldn't afford once the adjustable rates began to adjust upward. The others were investors and second home owners who did what is known as a "constructive foreclosure."

Ok Annerk, what should I have done... bought a house, lost my job in Orlando and got a job offer in NC, a better place to live and raise a family. Am I supposed to not go? Oh, and my home value dropped from $300k to $145k in less than 2 yrs.

And oh, everyone around me is moving back to NY/NJ or Puerto Rico b/c they aren't gonna flip their house and make a big profit.

[StreetSmarts]

Originally Posted by annerk

You are the one missing the point. My house went underwater. I was responsible and didn't just walk away. I continued to make payments, and eventually the market began to come back. Now I am right about where I was when I bought it 11 years ago.

When I bought my house, I didn't scrape together every last dime to do so. I bought what I could afford and still have savings and still continue to save. I lost my job in 2009 when the company I was working for was sold. I had savings--because I hadn't bought more home than I could afford--to fall back on until I found a new job.

It seems that I was the one who did think. I thought about the future and the what if's instead of deluding myself into believing that I could afford something I couldn't.

The way you make it seem, anyone who lost a job also lost a home. That couldn't be further from the truth. The majority of people who lost homes would have lost those homes even if they hadn't lost jobs, because they bought homes that they couldn't afford once the adjustable rates began to adjust upward. The others were investors and second home owners who did what is known as a "constructive foreclosure."

Oh, and wait... a lot of those are still on back log... so wait til those adj rate mortgages kick back in... the next wave is supposedly under way soon... lets hope not...

[annerk]

Originally Posted by ComSense

Ok Annerk, what should I have done... bought a house, lost my job in Orlando and got a job offer in NC, a better place to live and raise a family. Am I supposed to not go? Oh, and my home value dropped from $300k to $145k in less than 2 yrs.

And oh, everyone around me is moving back to NY/NJ or Puerto Rico b/c they aren't gonna flip their house and make a big profit.

Rent it, sell when the market rebounds.

[StreetSmarts]

Rent our house out ? - the mortgage was $1700 and rent it for $1250? Lose $450 a month, pay a property mngt co to oversee everything and hope that a bunch of idiots dont move in and destroy the place while I'm looking at beautiful mountains, rivers and streams in NC? Nah, I'll pass.

[tinytrump]

I know a close friend who lost their home because she made her son co-owner and he took a 2nd to fix the place up- She moved to accept a contract job in NJ. Within 4 mo of taking out the 2nd, all hell broke lose, the house prices plummeted and her son was killed. The house was not rent-able with out completing the as he had started demo before he died. - now could not rent it nor sell it and foreclosure started within 2 mo of no payments. NO money to make 2 mtg payments-rent in NJ or lose the NJ job by returning with out a job in FL?? In the end his son got all the insurance he was 10- BUT the house reverted back to the mom. I helped her write letters to the darn CEO of Citibank and they still refused $93 on the dollar on a short sale. Eventually she filed BK-7 and the house was sold for $50k-- stupid bank! She did all in her power to do the right thing- so maybe -you- don't have kids or circumstances that will take you beyond your savings, good for you... but I know many people FOUGHT hard to keep their property enough that they eventually made laws and provisions for these folks. Also CITI and Chase, Countrywide ended up paying millions in fines for all their wrong doing. Yet, there were filthy rich folks who owned say a $800K home but the $1M home down the street went into foreclosure and sold for $700K so they bought it and walked away from their own--that also happened a lot in CA- I have no sympathy for those that take advantage of the circumstance- for GREED>