Skinner Posted January 15, 2009 Report Share Posted January 15, 2009 Totally screwed me now. Cause that house is going to go on the market at some godly low amt. I'll get some idiot neighbor that's happy he got a nice house for cheap. Now the comps on my street, NEXT DOOR to me will show a house sold for far less than what i'd sell my place for, which means i'll never get out of the bitch. Not anytime soon at least. But you planned on being there for at least 10 years anyway right? Hopefully by then all this crap has worked itself out. Quote Link to comment Share on other sites More sharing options...
LJ Posted January 15, 2009 Report Share Posted January 15, 2009 Totally screwed me now. Cause that house is going to go on the market at some godly low amt. I'll get some idiot neighbor that's happy he got a nice house for cheap. Now the comps on my street, NEXT DOOR to me will show a house sold for far less than what i'd sell my place for, which means i'll never get out of the bitch. Yep, happened to me. I paid 83% of what the houses around me paid 1 1/2 years ago. Now a house right behind me (same model) just sold for 76% of what I paid. I wonder if a bank would do a short sale on a 45% mortgage, rofl Quote Link to comment Share on other sites More sharing options...
Putty Posted January 15, 2009 Author Report Share Posted January 15, 2009 you would think that the banks would want to work with the loan holders to keep them in the house See the problem with the help they are willing to give is not really help. You still have that F'd up mortgage that has your payment at like $2000+ a month. So what happens is the bank says Ok..you can pay us the 2k in pieces. Well, hell...now i'm piecing together a payment that's crazy high for one month. That's when people say hell with this....walk away, get a new house that's fixed and start over with low payments. That's why that bailout was a POS. It does not help these people struggling. Yeah..they may have been dumb for signing, but where's OUR help?? Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted January 15, 2009 Report Share Posted January 15, 2009 Dang.. no wonder I have 10 houses for sale in my neighborhood. Quote Link to comment Share on other sites More sharing options...
Putty Posted January 15, 2009 Author Report Share Posted January 15, 2009 Yep, happened to me. I paid 83% of what the houses around me paid 1 1/2 years ago. Now a house right behind me (same model) just sold for 76% of what I paid. I wonder if a bank would do a short sale on a 45% mortgage, rofl Ya...now what that does is cause a collapse of an entire community. Every person that had some sort of equity in their home is losing it by the day. Ones that still have it can't sell to get it. So they, like the rest of us, watch our homes go from a positive to being upside down. Not anytime soon at least. But you planned on being there for at least 10 years anyway right? Hopefully by then all this crap has worked itself out. I could see me being there for 10 years...but the whole it'll get far worse before it gets better is a myth to me. I paid what I paid..people getting lucky on killer deals paid less...same type of place...so it gets worse..now new people paid less than the first people lower than me. Now i'm higher than both. It's a cycle that wont stop. Once it does...i'll be done paid 2 times what others paid to be where I am. Quote Link to comment Share on other sites More sharing options...
87GT Posted January 15, 2009 Report Share Posted January 15, 2009 Well I still made out fairly well on my house I bought at the end of 2005. I paid under the value of the house. Now it is worth 20K more then when I bought it. All the houses around me are the same value or higher. If I lost my job I would put my house on the market in a heart beat. There is no reason to stay in a house if you can't afford it. Nothing wrong with renting until you get back on your feet. Contrary to what most people have to told me having a mortgage doesn't make your house an asset, it makes it a liability. Quote Link to comment Share on other sites More sharing options...
Skinner Posted January 15, 2009 Report Share Posted January 15, 2009 Dang.. no wonder I have 10 houses for sale in my neighborhood. at least 10 % of the home around you are were not foreclosed on. Quote Link to comment Share on other sites More sharing options...
Skinner Posted January 15, 2009 Report Share Posted January 15, 2009 I could see me being there for 10 years...but the whole it'll get far worse before it gets better is a myth to me. I paid what I paid..people getting lucky on killer deals paid less...same type of place...so it gets worse..now new people paid less than the first people lower than me. Now i'm higher than both. It's a cycle that wont stop. Once it does...i'll be done paid 2 times what others paid to be where I am. That's one way it could turn out. Hopefully the houses around you get bought back up all be it at a lower price once the market turns around (however long that takes) the houses will go back up in value again and your hopefully able to take advantage of that. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted January 16, 2009 Report Share Posted January 16, 2009 That's why my wife and I bought our places that we could easily afford. Now I have the place I bought rented out, so I break even on that, and once we get our condo sold, we will be in the market for another house. This is the time to BUY BUY BUY. We just can't decide on the price range though. I know I want at least a 3 car garage, 1+ acres, fairly modern build, 2200+ sq ft (it's only the two of us, so don't really "need" more than that), full basement we can finish into a theater room. I think she wants a big master suite and BIG closet, and at least 3 bedrooms/2.5 baths. North Franklin/South Delaware area. Haven't found anything yet that hasn't been a rip-off. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 16, 2009 Report Share Posted January 16, 2009 im hoping to take advantage soon. going tomorrow to see what i can get preapproved for. im not looking for anything big, just tired of renting and my drive to work. found a couple 3br/1.5ba with 1300 or so sq/ft for <100k Quote Link to comment Share on other sites More sharing options...
Mallard Posted January 16, 2009 Report Share Posted January 16, 2009 Our payment will now be only 10% of our yearly income. In a year both our cars will be paid off. That where we were at...until the wife got laid off. Now it's around twice that Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted January 16, 2009 Report Share Posted January 16, 2009 There wouldn't be an issue if the dumabsses making $10 an hour wouldn't buy a 200k house. . +1 Quote Link to comment Share on other sites More sharing options...
NOS50 Posted January 16, 2009 Report Share Posted January 16, 2009 What happens to these people? Does anyone come after them for the money or do they just walk away scott free with a slap on their credit report? I believe now the bank goes after them for the loss.So if they auction the house for $100k and you owed $150k they come after you for the $50k.It's like when they repo a car. Quote Link to comment Share on other sites More sharing options...
ruinms Posted January 16, 2009 Report Share Posted January 16, 2009 this world we live in today sucks. its sad to see people leaving there lifes behind. Quote Link to comment Share on other sites More sharing options...
SHIEF Posted January 16, 2009 Report Share Posted January 16, 2009 (edited) this world we live in today sucks. its sad to see people leaving there lifes behind. Edited...Alot of misinfo/assuming goin on here. Quoted ruin...casue it feels like that's kinda what I'm goin through to some degree. I OWN a house by myself bought when I was 22, that I rent out in Reynoldsburg. I bought..with my own credit a condo @ 24 for me (and said xbox (exgf) at the time for us). Shit went sour, lost a job due to owner issues and really can't afford the condo ontop of house. Rented or not..it's still a liabilty. Plus the ex was being difficult so it was split half and half between us on the condo. Guess what...she can't touch the payments and I refuse to ruin my life to live there so it's in foreclosure. Way I've seen or read so far...is that whatever the auction difference is ex: 160,000 say it sells for 120,000, we have to split the 30% difference between us tax wise, for a place we don't live in. So I pay 15% the diff. in that 40,000 diff. in this case. Shit happens and I'm not happy to be a part of it, but I have no prob dealing with what happens. I have no one to blame but myself and trying to do something good with property/credit. Do I get fucked? Yezzer...in the end, was my credit that gets fucked up on top of having to pay for shit that isn't mine. My bad I suppose...but I was trying to do the righ thing oh well Edited January 16, 2009 by SHIEF Quote Link to comment Share on other sites More sharing options...
Linc5.0 Posted January 16, 2009 Report Share Posted January 16, 2009 Im currently looking to buy another home. I hate debt and will be putting close to 50 % down. I have been looking at alot of bank owned homes and most that I have seen are fucked up and would never pass an expection... Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted January 16, 2009 Report Share Posted January 16, 2009 Yeah, it's fucked up how many people get kicked out because they aren't paying for their home, then trash the place. POS people. Quote Link to comment Share on other sites More sharing options...
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