Upside-down on your mortgage?

[Slew Foot]

Originally posted by: Greenman

Originally posted by: Slew Foot

Originally posted by: Greenman

Originally posted by: Slew Foot

Originally posted by: cKGunslinger

Originally posted by: Pliablemoose
You're in Dallas, right? I didn't think we were getting hit that hard by the subprime mess...

In short, I spent more time researching my last video card purchase than I did my 30-year-mortgaged house.

And that's why the bubble will pop hard. If an average ATOT member (who I think is overall a bit smarter than the average American) spends that little time thinking about the biggest purchase in their life, how much are they really absorbing all the nuances of home ownership? That why you hear all these idiots saying they didnt know their payments were going to rise, they just signed away the mortgage contract like a blind moron.

I think that's only partially correct. Most people that got into sub prime loans were speculating. They assumed that they would sell in five years and make a tidy profit using none of their own money, and a lot of them pulled it off.
The reality is that everyone needs a place to live, most would rather own than rent, and most of those would like to own in a nice area.
I'm betting sales start to increase next summer, and prices start climbing again, in fact I'm thinking about buying a rental around that time.

Most people already have a home, the people who dont for the most part, are subprime and cant qualify for a loan, have good credit and cant afford a house at current prices, recently foreclosed and are shunned by banks, investors who are smart enough not to buy cash flow negative in depreciative environment. 7 million units for sale in a country where a typical year sells 2-3 million? That's an oversupply thatll push prices down until two things happen, rents and comes in line with monthly carry, and prices come in line with incomes.

Do you have a link to where those inventory and sales numbers came from? I'd like to read a bit more about it, but I can't find stats that are anything close to what you stated. The very worst report I've found states an 11 month inventory at todays reduced sales figures.
I'm not trying to put you on the spot, I'm trying to determine if I've been operating on incorrect data. I'm a builder, it matters to me.

It was an article in the Sacramento Bee and LA Times a few weeks ago. Housing is a big concern in the CA central valley with prices plummeting while foreclosures soar. Ill see if I can dig it up.

 

[Mark R]

Morally: You made an agreement - stick to it.

Practically: Being upside down doesn't really mean anything until it is time to sell or re-fi. In that case, you may not be able to sell, or the bank will ask for cash at the time of the sale so that the loan is cleared.

In most states, if the loan was to buy the house, then if you foreclose - the debt is written off; the bank takes the hit financially, you take the hit on your credit record. However, this debt protection may not exist on loans to re-fi, or equity withdrawral (MEW or HELOC). If you have an unprotected loan, and then go upsidedown, if you foreclose, the bank can chase you for the remainder of the debt (e.g. repo other assets like your car / garnish wages, etc.) or force you to declare bankruptcy.

 

[BoomerD]

Originally posted by: I Saw OJ
94k for that nice home?!

Damn...I gotta move out of California...

Yeah, but you'd have to move to Texas...no thanks.

 

[xgsound]

Originally posted by: cKGunslinger
It might not be financially smart, but we have moral issues with walking away from debt. We could have easily filed for bankruptcy several years ago, but chose to rather tighten down and pay off our overwhelming debts as best we could. After all, we racked them up - doesn't seem right to just let someone else eat our mistakes, just because they are "faceless" bank/corporations.

I'm thinking we'll just smartly try to improve the value of our house as much as possible.

It may not add up in the short term, but long term this was the best financial decision you could ever make. I would bet you won't be in that situation again barring overwhelming circumstances, and will probably be in great financial shape for the rest of your life after this is over. There's no education better than working yourself out of debt for years to make you a financial expert.


Jim

 

[Loop2kil]

Originally posted by: dmcowen674

Originally posted by: thomsbrain

Originally posted by: Jumpem

.......There is going to be a huge boom in public housing in this country and all of this is by design and you people don't see it.

Public housing sector was in shambles and all needed re-building or torn down and start over. This totally designed housing crisis is the ticket.

Between the high gas and fuel costs and housing situation, it is the only solution other than the Tent cities popping up.

I agree with this statement....I really want to get my house paid off ASAP as I am very worried about the financial future of the country.

Yeah I know, I'm a bit of a doomsdayist but the pattern of the way things 'appear' to be going scares the chit out of me.

 

[alkemyst]

Originally posted by: cKGunslinger

Originally posted by: Pliablemoose
You're in Dallas, right? I didn't think we were getting hit that hard by the subprime mess...

It's not just that. I live in rural north Texas, bought a cheap house, yet overpaid for it, put next to no money down, paid exorbitant amounts of finance charges which were rolled into the mortgage, etc.

In short, I spent more time researching my last video card purchase than I did my 30-year-mortgaged house.

It's be easy to blame it on my wife, as she was pushing hard and heavy for a house instead of our apartment, but I should have had a bit more backbone in the early years of my marriage. Being young and foolish does indeed have consequences.

If you indeed paid finance charges that were beyond what was normal, you do have a case.

What I have found though is most just wanted/expected their financing to be free and didn't understand escrows and title work.

Too many people are playing liar's liar's poker now. They were willing to pay more on rate to get a 0% loan and fudged their incomes to get into the home, only to state now they didn't 'know' what they were doing.

IMHO a government bail out will just cripple those that bought property intelligently. It'd be the same affect that happens when people buy into an area at say $500k per home and then when sales slow down the builder offers a $150k price cut to all new purchases.

That $150k price cut does two things...it brings families into the neighborhood that normally could not afford to be there and brings with that everything else that goes with it bring the neighborhood down to that economic / social level. This brings down values.

On top of that, when the people that paid full price go to sell, you have those that bought cheap thinking they will pick up another $150k by listing their homes a little less.

I had to pay too much for my place, but the space I wanted vs the price was worth it. I intend to be here another 5 years as I just moved in. I should at least be able to walk away even and since I didn't put any money down and in fact was able to pay off a large and small credit card and my annual taxes / insurance for the first year with seller concession's breaking even at sale is still putting me ahead.

 

[dmcowen674]

Originally posted by: LegendKiller
Typical dave posts. He doesn't realize that the "problem", which he claims is a conspiracy, will only affect a small portion of the population. As prices decrease people who can afford houses, will, those who can't, will take their places in apartments. Tent cities are a ridiculous notion from a ridiculous person.

As far as refi, good luck finding something that'll give you 100%+.

As far as a short sale, you should live up to your obligations, if you can't, take the hit and learn.

If anything, this boom will be a lesson to millions. Don't be stupid.

12-21-2007 Tent city in suburbs is cost of home crisis

Between railroad tracks and beneath the roar of departing planes sits "tent city," a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

As more families throw in the towel and head to foreclosure here and across the nation, the social costs of collapse are adding up in the form of higher rates of homelessness, crime and even disease.

While no current residents claim to be victims of foreclosure, all agree that tent city is a symptom of the wider economic downturn. And it's just a matter of time before foreclosed families end up at tent city, local housing experts say.

"They don't hit the streets immediately," said activist Jane Mercer. Most families can find transitional housing in a motel or with friends before turning to charity or the streets. "They only hit tent city when they really bottom out."

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: LegendKiller
Typical dave posts. He doesn't realize that the "problem", which he claims is a conspiracy, will only affect a small portion of the population. As prices decrease people who can afford houses, will, those who can't, will take their places in apartments. Tent cities are a ridiculous notion from a ridiculous person.

As far as refi, good luck finding something that'll give you 100%+.

As far as a short sale, you should live up to your obligations, if you can't, take the hit and learn.

If anything, this boom will be a lesson to millions. Don't be stupid.

12-21-2007 Tent city in suburbs is cost of home crisis

Between railroad tracks and beneath the roar of departing planes sits "tent city," a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

As more families throw in the towel and head to foreclosure here and across the nation, the social costs of collapse are adding up in the form of higher rates of homelessness, crime and even disease.

While no current residents claim to be victims of foreclosure, all agree that tent city is a symptom of the wider economic downturn. And it's just a matter of time before foreclosed families end up at tent city, local housing experts say.

"They don't hit the streets immediately," said activist Jane Mercer. Most families can find transitional housing in a motel or with friends before turning to charity or the streets. "They only hit tent city when they really bottom out."

Please, people who lost their house had money to pay for one, at one time. If they have jobs they still have money and can go to an apartment. I love how you connect it to the housing bust though, as if there weren't homeless people before.

 

[Greenman]

Originally posted by: dmcowen674

Originally posted by: LegendKiller
Typical dave posts. He doesn't realize that the "problem", which he claims is a conspiracy, will only affect a small portion of the population. As prices decrease people who can afford houses, will, those who can't, will take their places in apartments. Tent cities are a ridiculous notion from a ridiculous person.

As far as refi, good luck finding something that'll give you 100%+.

As far as a short sale, you should live up to your obligations, if you can't, take the hit and learn.

If anything, this boom will be a lesson to millions. Don't be stupid.

12-21-2007 Tent city in suburbs is cost of home crisis

Between railroad tracks and beneath the roar of departing planes sits "tent city," a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

As more families throw in the towel and head to foreclosure here and across the nation, the social costs of collapse are adding up in the form of higher rates of homelessness, crime and even disease.

While no current residents claim to be victims of foreclosure, all agree that tent city is a symptom of the wider economic downturn. And it's just a matter of time before foreclosed families end up at tent city, local housing experts say.

"They don't hit the streets immediately," said activist Jane Mercer. Most families can find transitional housing in a motel or with friends before turning to charity or the streets. "They only hit tent city when they really bottom out."

You've just proven that no one is there because of foreclosure. Was there some reason that you made a point then disproved it?

 

[dmcowen674]

Originally posted by: LegendKiller
Please, people who lost their house had money to pay for one, at one time. If they have jobs they still have money and can go to an apartment. I love how you connect it to the housing bust though, as if there weren't homeless people before.

12-24-2007 Mortgage Crisis Hits Home, Especially Around Holidays

ROCKAWAY TOWNSHIP, N.J. ? Somewhere between deciding when to take her SAT exams and reading ?Lolita? for the first time, Meghan Werner has learned more than any teenager should about the consequences of the subprime mortgage debacle.

Her father, Philip Werner, a contractor, had struggled to find work, and like millions of Americans, he took out a high-interest mortgage that he could not afford.

Time has run out. They have no one to borrow money from to save the house, and no one to move in with after they lose it. They have been scouring the classified ads for an apartment, but realize they might be forced to move into a shelter.

He found the house, an old resort cottage on a half-acre of wooded land populated by blue jays and foxes with a patch of tiger lilies, in 1986. The place was private, and the schools were good. When he and his wife divorced in 2002, Mr. Werner sold the house to an investor for $170,000. ?I had $35,000 left on the mortgage,? he said.

He and his children stayed on as tenants.

In 2005, when he was making a decent living painting highway lines, Mr. Werner repurchased the house for about $250,000. He said his divorce had left him with bad credit, but he found a loan for about $300,000 through an acquaintance who was a mortgage broker. The loan, through New Century Financial, required no cash down payment and came with an 8 percent interest rate that adjusted to 11 percent, Mr. Werner said.

Mr. Werner could manage the payments, but then lost his job.
================================================

How come everyone ignores the hard time finding a job part?

 

[dmcowen674]

Originally posted by: Greenman

Originally posted by: dmcowen674

Originally posted by: LegendKiller
Typical dave posts. He doesn't realize that the "problem", which he claims is a conspiracy, will only affect a small portion of the population. As prices decrease people who can afford houses, will, those who can't, will take their places in apartments. Tent cities are a ridiculous notion from a ridiculous person.

As far as refi, good luck finding something that'll give you 100%+.

As far as a short sale, you should live up to your obligations, if you can't, take the hit and learn.

If anything, this boom will be a lesson to millions. Don't be stupid.

12-21-2007 Tent city in suburbs is cost of home crisis

Between railroad tracks and beneath the roar of departing planes sits "tent city," a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

As more families throw in the towel and head to foreclosure here and across the nation, the social costs of collapse are adding up in the form of higher rates of homelessness, crime and even disease.

While no current residents claim to be victims of foreclosure, all agree that tent city is a symptom of the wider economic downturn. And it's just a matter of time before foreclosed families end up at tent city, local housing experts say.

"They don't hit the streets immediately," said activist Jane Mercer. Most families can find transitional housing in a motel or with friends before turning to charity or the streets. "They only hit tent city when they really bottom out."

You've just proven that no one is there because of foreclosure. Was there some reason that you made a point then disproved it?

Typical that you refuse to see the tree in front of the forest.

Never heard of "It's the economy stupid"?

The phrase is repeated often in American political culture

 

[theeedude]

Originally posted by: cKGunslinger
I was browsing and ran across this house for sale:

Text

3/4 mile from my kids' schools, bigger than our current, better neighborhood, established landscaping, etc. About $30K *less* than we owe on ours.

I so wish I could go back and rethink our house purchase.

If houses were that cheap around here, I'd pay cash for one.
Seriously, that house would be 10 times as much in my area, and 100K would be my down payment.

 

[Vic]

Originally posted by: Slew Foot

Originally posted by: cKGunslinger

Originally posted by: Slew Foot

Originally posted by: her209
Would it be "smart" for someone who CAN afford payments CONTINUE to make payments on their house even though its worth LESS than what they bought it for? At what point should someone WALK away?

That's been a topic of major debate at an investors blog I frequent. The worst thing to to when growing your money is chase after bad money(depreciating assets) with good money(earned income). Many people are advocating anyone underwater to stop paying, take the credit hit and buy again in 5 or so years when prices are much cheaper. Wheter or not you feel comfortable with the plan is up to you.

It may be different in the OPs situation, when youre only down say 30K, than in CA where being down 500K is not unheard of.

"Take the hit" as in foreclosure?

Yep, I suppose technically its the bank taking the monetary hit, you take the credit hit for a few years.

That "few years" would be 10 years. Most people who let a home go into foreclosure because they are upside-down in it are forced to file bankruptcy as well in order to protect themselves from a deficiency judgment from the lender.

Originally posted by: Slew Foot
Historically bust cycles are at least as long as boom cycles and then theres a few years of neutrality before things pick up again. The thinking is that this boom started in 2000 and peaked at 2005, thus historically it should bottom in 2010 and then probably pick up around 2012 or so.

Banks were dying to lend money to anyone during the boom, credit rating didnt matter at all. That's different now, but in a few years will probably be back to the same. People have short memories.

No, this boom began in 1994. There were just a couple of hiccups along the way, 99-00 being one of them. The previous bust before started that started in the late 70s, with the "stagflation" whammie of double-digit interest rates and tight credit standards.

And you continue to pretend that banking/lending exists in a vacuum. If the housing market tanks as badly as you predict, then you can forget about getting another loan 5 years from now with a combo BK/FC on credit report. People might have short memories, but bankers have long memories. Those "investors" who screw their lenders are going to get targeted and written out of the UW guidelines for as long as the law will allow. Count on it.

 

[Vic]

And to the OP: just stay in the house. You can't carry over negative equity in a house or finance from one to the other. If you sell your house and you owe more than the sales price, then you will have to bring to shortage in cash to closing (the mortgage term for this BTW is "short to close"). Then you'll have to pay cash for down on the new home.
The good news for you is that homes are still relatively cheap in your area, meaning that you won't be too much affected by the boom. Some parts of the country got downright silly.
Repeat after me: your primary residence should not be considered a short-term investment.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: LegendKiller
Please, people who lost their house had money to pay for one, at one time. If they have jobs they still have money and can go to an apartment. I love how you connect it to the housing bust though, as if there weren't homeless people before.

12-24-2007 Mortgage Crisis Hits Home, Especially Around Holidays

ROCKAWAY TOWNSHIP, N.J. ? Somewhere between deciding when to take her SAT exams and reading ?Lolita? for the first time, Meghan Werner has learned more than any teenager should about the consequences of the subprime mortgage debacle.

Her father, Philip Werner, a contractor, had struggled to find work, and like millions of Americans, he took out a high-interest mortgage that he could not afford.

Time has run out. They have no one to borrow money from to save the house, and no one to move in with after they lose it. They have been scouring the classified ads for an apartment, but realize they might be forced to move into a shelter.

He found the house, an old resort cottage on a half-acre of wooded land populated by blue jays and foxes with a patch of tiger lilies, in 1986. The place was private, and the schools were good. When he and his wife divorced in 2002, Mr. Werner sold the house to an investor for $170,000. ?I had $35,000 left on the mortgage,? he said.

He and his children stayed on as tenants.

In 2005, when he was making a decent living painting highway lines, Mr. Werner repurchased the house for about $250,000. He said his divorce had left him with bad credit, but he found a loan for about $300,000 through an acquaintance who was a mortgage broker. The loan, through New Century Financial, required no cash down payment and came with an 8 percent interest rate that adjusted to 11 percent, Mr. Werner said.

Mr. Werner could manage the payments, but then lost his job.
================================================

How come everyone ignores the hard time finding a job part?

So how is this anybody else's fault? He managed his money poorly, made idiotic decisions, and is now paying for it. It's more or less the same for you, you made bad decisions and now attempt to shift the blame away from yourself by looking for everybody else to take the shoulder. Sorry chuck, nobody gives a crap about you. This is America, you sink or swim based upon your decisions and nobody should shoulder the blame.

This guy was an idiot for taking out an 8% loan adjusting up to 11%. He should have sold the house and bought a smaller one, or moved into an apartment. People need to plan better for the future. When I get my bonus in March I could go on a skiing trip and drop 10k, but do you think I will considering the coming downturn?

It's too bad he's having a hard time finding a job, he will find another eventually. It's an economic cycle, that's the way it works. I know you like to think that things like this should never should happen, but they do.

 

[ElFenix]

Originally posted by: cKGunslinger

Originally posted by: Slew Foot

Originally posted by: her209
Would it be "smart" for someone who CAN afford payments CONTINUE to make payments on their house even though its worth LESS than what they bought it for? At what point should someone WALK away?

That's been a topic of major debate at an investors blog I frequent. The worst thing to to when growing your money is chase after bad money(depreciating assets) with good money(earned income). Many people are advocating anyone underwater to stop paying, take the credit hit and buy again in 5 or so years when prices are much cheaper. Wheter or not you feel comfortable with the plan is up to you.

It may be different in the OPs situation, when youre only down say 30K, than in CA where being down 500K is not unheard of.

"Take the hit" as in foreclosure?

foreclosure is a little extreme. you don't want that. those are fire sales and will undervalue the house a lot. the better way to do it would be to sell the house, use the proceeds to pay the bank, and then the rest is treated as an unsecured loan.

the problem i see with that is that the bank can probably jack your rate if you do what i just described. then you'd be paying even more for nothing. or it might be accelerated (which is bad). if not (read your mortgage), it's worth considering.

of course, you've still got to live *somewhere.* what are rental rates like in your area?

 

[dmcowen674]

Originally posted by: LegendKiller

So how is this anybody else's fault? He managed his money poorly, made idiotic decisions, and is now paying for it.

It's more or less the same for you, you made bad decisions and now attempt to shift the blame away from yourself by looking for everybody else to take the shoulder.

Sorry chuck, nobody gives a crap about you.

This is America, you sink or swim based upon your decisions and nobody should shoulder the blame.

The decision was based on the go ahead from the Vice President of the local bank and deputy Sheriff.

Why do they get a free pass for fraud and deception?

 

[ElFenix]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

So how is this anybody else's fault? He managed his money poorly, made idiotic decisions, and is now paying for it.

It's more or less the same for you, you made bad decisions and now attempt to shift the blame away from yourself by looking for everybody else to take the shoulder.

Sorry chuck, nobody gives a crap about you.

This is America, you sink or swim based upon your decisions and nobody should shoulder the blame.

The decision was based on the go ahead from the Vice President of the local bank and deputy Sheriff.

Why do they get a free pass for fraud and deception?

what VP of the bank and deputy sheriff? there is no mention of them in the article

 

[dmcowen674]

Originally posted by: ElFenix

Originally posted by: dmcowen674

Originally posted by: LegendKiller

So how is this anybody else's fault? He managed his money poorly, made idiotic decisions, and is now paying for it.

It's more or less the same for you, you made bad decisions and now attempt to shift the blame away from yourself by looking for everybody else to take the shoulder.

Sorry chuck, nobody gives a crap about you.

This is America, you sink or swim based upon your decisions and nobody should shoulder the blame.

The decision was based on the go ahead from the Vice President of the local bank and deputy Sheriff.

Why do they get a free pass for fraud and deception?

what VP of the bank and deputy sheriff? there is no mention of them in the article

It's not in the article. He sandwiched a line aimed at me. A situation he is aware of how my my wife and I were swindled out of $43,000

 

[HeroOfPellinor]

We moved into our place in 2002 and, even today, it's still worth almost double what we paid for it. We did it all right. Bought a fixer upper. Seller was nearing foreclosure. Worst house on the street....for several streets actually. Intrinsically valueable location. And we got it right before the housing boom hit Sacramento in full force. But we also spent 6 months finding the perfect home.

 

[Greenman]

Originally posted by: dmcowen674

Originally posted by: Greenman

Originally posted by: dmcowen674

Originally posted by: LegendKiller
Typical dave posts. He doesn't realize that the "problem", which he claims is a conspiracy, will only affect a small portion of the population. As prices decrease people who can afford houses, will, those who can't, will take their places in apartments. Tent cities are a ridiculous notion from a ridiculous person.

As far as refi, good luck finding something that'll give you 100%+.

As far as a short sale, you should live up to your obligations, if you can't, take the hit and learn.

If anything, this boom will be a lesson to millions. Don't be stupid.

12-21-2007 Tent city in suburbs is cost of home crisis

Between railroad tracks and beneath the roar of departing planes sits "tent city," a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

As more families throw in the towel and head to foreclosure here and across the nation, the social costs of collapse are adding up in the form of higher rates of homelessness, crime and even disease.

While no current residents claim to be victims of foreclosure, all agree that tent city is a symptom of the wider economic downturn. And it's just a matter of time before foreclosed families end up at tent city, local housing experts say.

"They don't hit the streets immediately," said activist Jane Mercer. Most families can find transitional housing in a motel or with friends before turning to charity or the streets. "They only hit tent city when they really bottom out."

You've just proven that no one is there because of foreclosure. Was there some reason that you made a point then disproved it?

Typical that you refuse to see the tree in front of the forest.

Never heard of "It's the economy stupid"?

The phrase is repeated often in American political culture

I still don't see how that relates to your belief that the housing down turn was created to somehow increase spending on public housing. The problem right now is that a lot of people took out loans they couldn't repay. They did it speculating that the market would continue going up and they would sell when the loan adjusted and make a profit. I'm sure some of them didn't understand what they were getting into, and that's a shame, but it's not a conspiracy.
You claim that you were somehow scammed out of a lot of money, I don't know if that's true or not, but if it is you should take action rather than trying to prove to a bunch of people on the internet that the whole thing was some giant government plot that has no logical bases.

 

[dmcowen674]

Originally posted by: Greenman

Originally posted by: dmcowen674
Never heard of "It's the economy stupid"?

The phrase is repeated often in American political culture

I still don't see how that relates to your belief that the housing down turn was created to somehow increase spending on public housing. The problem right now is that a lot of people took out loans they couldn't repay. They did it speculating that the market would continue going up and they would sell when the loan adjusted and make a profit. I'm sure some of them didn't understand what they were getting into, and that's a shame, but it's not a conspiracy.

You claim that you were somehow scammed out of a lot of money, I don't know if that's true or not, but if it is you should take action rather than trying to prove to a bunch of people on the internet that the whole thing was some giant government plot that has no logical bases.

I didn't say anything about it on here for close to a year. That "taking action" as you say requires money we don't have. Went to two different lawyers and while they both said we have a good case they also wanted $6,000 up front and that was just to start.

I'm leaving the state now (while leaving my wife and family behind) to start a new job and hopefully works out OK that I can have my wife join me as soon as possible and we put all the crap that happened to us in that decrepit state behind.

 

[SandEagle]

this is a scenario someone asked help on once, i wasn't sure how to answer it... let's say a home is bought for 150K, with 135K financed by the bank. owner then takes out a home equity for 20K from same lender. If owner decided to foreclose, is he liable for the home equity or is that tied into the mortgage somehow?

 

[DBL]

Originally posted by: rrahman1
this is a scenario someone asked help on once, i wasn't sure how to answer it... let's say a home is bought for 150K, with 135K financed by the bank. owner then takes out a home equity for 20K from same lender. If owner decided to foreclose, is he liable for the home equity or is that tied into the mortgage somehow?

I think you would have a hard time securing a HELOC from another lender when you only have 10% equity. If you could, I bet it would be at a pretty high rate to reflect the risk the secondary lender is taking. The HELOC is secured by the home so the lender would probably get screwed being 2nd in line after foreclosure.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: ElFenix

Originally posted by: dmcowen674

Originally posted by: LegendKiller

So how is this anybody else's fault? He managed his money poorly, made idiotic decisions, and is now paying for it.

It's more or less the same for you, you made bad decisions and now attempt to shift the blame away from yourself by looking for everybody else to take the shoulder.

Sorry chuck, nobody gives a crap about you.

This is America, you sink or swim based upon your decisions and nobody should shoulder the blame.

The decision was based on the go ahead from the Vice President of the local bank and deputy Sheriff.

Why do they get a free pass for fraud and deception?

what VP of the bank and deputy sheriff? there is no mention of them in the article

It's not in the article. He sandwiched a line aimed at me. A situation he is aware of how my my wife and I were swindled out of $43,000

It was 50k before. Sure dave, keep going. If you were "swindled" you would have legal recourse. Sounds like you got suckered and are still bitter that you weren't wise enough to avoid it. Don't apply your own foolishness to everybody else while trying to divert their reasons, and yours, for getting "swindled". Take some personal responsibility for once. However, if you were truly "swindled", then it's unfortunate and you shouldn't apply your anecdote to all situations and cry foul for everybody. It just makes you look petty and them moronic.

These people signed on the line, some were fraud, but 99% weren't. They deserve everything they get for being foolish. I don't buy into stuff I know isn't a good deal, or wise, and they should have done the same. They will learn a very important life lesson. Nobody watches out for you, but you. If you want a nanny, hire Fran Drescher, otherwise, take care of yourself and remove the nipple from your mouth.