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A friend of mine is not paying his first mortgage, is paying his second. He bought in 2006 for $350,000 at the height of the market and borrowed 105%. So anyhow now he cannot pay the mortgage.
But he has it on the market for $379,900.
What can he possibly be thinking??
I know he probably wants to get his commision paid out of the proceeds, but common sense isnt there.
A friend of mine is not paying his first mortgage, is paying his second. He bought in 2006 for $350,000 at the height of the market and borrowed 105%. So anyhow now he cannot pay the mortgage.
But he has it on the market for $379,900.
What can he possibly be thinking??
I know he probably wants to get his commision paid out of the proceeds, but common sense isnt there.
d
Sounds like he should be looking at a short sale in order to avoid foreclosure. We have someone in our town doing something similiar... just purchased the house less than a year ago for around 545K. They have it on the market for 569K? It's been on for a few months...
Makes you wonder what they are thinking as well?
Most people who are in this mortgage mess today where just greedy and didn't think they couldn't flip their house....and still many are not thinking very wisely other than blaming others and not taking care of their own situation.
Most people who are in this mortgage mess today where just greedy and didn't think they couldn't flip their house....and still many are not thinking very wisely other than blaming others and not taking care of their own situation.
Nonsense.
Most people in the mess today, not knowing finance or how to do adequate planning bought as nice a house as they could. They went to a loan officer or mortgage broker and was old they could borrow $xxx,xxx and pay $x,xxx a month and when it came time for the arm to kick in, they could refinance to fixed without any problem. They believed the LO/MB was working on their behalf. Very few were greedy or trying to play the system. Most are honest hardworking people who are simply naive about real estate and finance.
Most people who are in this mortgage mess today where just greedy and didn't think they couldn't flip their house....and still many are not thinking very wisely other than blaming others and not taking care of their own situation.
I am willing to venture a best guess that the majority of those who bought at the peak and financed 100 % or more on an ARM, speculated they would be able to sell at an even higher peak.
Lenders believed this. The Government Sponsored Entities believed this. The FRB beleived this. Wall Street believed this. The rating agencies believed this. Domestic and global investors believed this. Such are the beliefs during mania.
It's a global Bipolar Disorder that enables bubbles.
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