Upside-down on your mortgage?

[Pliablemoose]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: 1prophet

Should or can we get the government to apply that logic to the corporations, bankers, shareholders, etc. when they make a bad investment or loan and tell them to suck it up instead of using our tax money or interest rate cuts to help bail them out?

You wont find a stronger advocate of that than me. *NOBODY* should have to pay for your mistakes and misjudgment. However, outright fraud should be helped out in many cases.

Thought of something too along the lines of WWJD on this appropriate day.

Let's say I was the one that used fraudalent numbers and didn't pay vendors for nearly a year to show a false profit and lower expenses on a couple.

You guys would then be applauding me for scamming that couple out of their life's savings and putting them in a huge hole of debt?

Dave, you take no responsibility for anything, so you just don't learn, it's goddamn Christmas and I know I'm tired as hell of your bitching.

STOP POSTING

 

[dmcowen674]

Originally posted by: Pliablemoose

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: 1prophet

Should or can we get the government to apply that logic to the corporations, bankers, shareholders, etc. when they make a bad investment or loan and tell them to suck it up instead of using our tax money or interest rate cuts to help bail them out?

You wont find a stronger advocate of that than me. *NOBODY* should have to pay for your mistakes and misjudgment. However, outright fraud should be helped out in many cases.

Thought of something too along the lines of WWJD on this appropriate day.

Let's say I was the one that used fraudalent numbers and didn't pay vendors for nearly a year to show a false profit and lower expenses on a couple.

You guys would then be applauding me for scamming that couple out of their life's savings and putting them in a huge hole of debt?

Dave, you take no responsibility for anything, so you just don't learn, it's goddamn Christmas and I know I'm tired as hell of your bitching.

STOP POSTING

You can't answer the qyestion as usual.

 

[Slew Foot]

Originally posted by: shortylickens
It seems like it stinks to be on either side these days.
I know everyone keeps saying its a buyers market, but I wanna be a buyer and I think everything is way too damn expensive right now.
This housing price drop hasnt dropped anything, just slowed the ridiculous growth of house prices.

Sorry, I got a 55K job last year and I thought I would be able to get into a house. It hasnt happened yet. I know fifty five grand is darn good money for a 28 year old with no degree, but if it only gets me a one bedroom apartment and not much else I feel ripped off.

Save money and wait. There's only one way this thing is going for the next few years (without any form of major bailout), cash will be king and youll likely need it to purchase stuff off the "scrap heap" in a few eyars.

 

[Omegachi]

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.

my god, a house like that here is almost a mil.

 

[Capt Caveman]

Originally posted by: dmcowen674

Originally posted by: Pliablemoose

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: 1prophet

Should or can we get the government to apply that logic to the corporations, bankers, shareholders, etc. when they make a bad investment or loan and tell them to suck it up instead of using our tax money or interest rate cuts to help bail them out?

You wont find a stronger advocate of that than me. *NOBODY* should have to pay for your mistakes and misjudgment. However, outright fraud should be helped out in many cases.

Thought of something too along the lines of WWJD on this appropriate day.

Let's say I was the one that used fraudalent numbers and didn't pay vendors for nearly a year to show a false profit and lower expenses on a couple.

You guys would then be applauding me for scamming that couple out of their life's savings and putting them in a huge hole of debt?

Dave, you take no responsibility for anything, so you just don't learn, it's goddamn Christmas and I know I'm tired as hell of your bitching.

STOP POSTING

You can't answer the qyestion as usual.

You got scammed and it has NOTHING to do with the OP. So, stop posting about some weak sauce government conspiracy to put people into tent cities(which is laughable as the article stated that no one person was there due to foreclosure), it only makes you look like fool.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: 1prophet

Should or can we get the government to apply that logic to the corporations, bankers, shareholders, etc. when they make a bad investment or loan and tell them to suck it up instead of using our tax money or interest rate cuts to help bail them out?

You wont find a stronger advocate of that than me. *NOBODY* should have to pay for your mistakes and misjudgment. However, outright fraud should be helped out in many cases.

Thought of something too along the lines of WWJD on this appropriate day.

Let's say I was the one that used fraudalent numbers and didn't pay vendors for nearly a year to show a false profit and lower expenses on a couple.

You guys would then be applauding me for scamming that couple out of their life's savings and putting them in a huge hole of debt?

1. Don't go into owning a bar, almost everybody knows that.

2. If you own a bar, only start one from scratch unless you know *everything*

3. If you don't know everything, don't own what you don't know about.

4. If it sounds too good to be true, it is.

5. To check if it sounds too good, then look at comps and see, research, discuss.

6. Never bet the farm.

There's some simple axioms for you. Too bad you're too stupid to follow them, which is why you got scammed. Your foolishness has nothing to do with the OP, so quit trolling.

It's too bad you got scammed, but it was a learning experience. It sounds like you have had many and you just don't learn. You can either take blame and suck it up, or you can continue to shift blame and not learn, in which case you will always find yourself as a victim. If that's the case, then you will continue posting here about your misfortunes and nobody will feel any remorse for you, like now.

I hope you have a Merry Christmas.

 

[Vic]

One of my wife's best friends bought a small business this year, was unable to keep it afloat more than few months, and more or less lost her shirt (don't cry though, her husband makes a sh!tload of money). My wife looked into purchasing what was left of it, as it seemed like a fire sale, and we initially thought that the reason it went under was because the seller was crooked, that her friend had paid too much for it, and that her contract was unfavorable. So we crunched the numbers with our accountant and an attorney, and realized that while, yes, all of that was true, it was also true that her friend should never have even looked at the business in the first place as it couldn't be profitable even if we got into it for free. The space was too expensive, the walk-in traffic too little, the local competition too stiff, the cashflow just not there, etc. We would have needed like twice the revenue it was presently making just to break even, much less make money. So we walked away, even though this would have been my wife's dream business, and she's been unemployed since the mortgage lender she worked at closed their doors in August.

So see... Dave could have saved his yacht with just a little simple due diligence... amazing.

Merry Christmas.

 

[Aquila76]

Originally posted by: Vic
One of my wife's best friends bought a small business this year, was unable to keep it afloat more than few months, and more or less lost her shirt (don't cry though, her husband makes a sh!tload of money). My wife looked into purchasing what was left of it, as it seemed like a fire sale, and we initially thought that the reason it went under was because the seller was crooked, that her friend had paid too much for it, and that her contract was unfavorable. So we crunched the numbers with our accountant and an attorney, and realized that while, yes, all of that was true, it was also true that her friend should never have even looked at the business in the first place as it couldn't be profitable even if we got into it for free. The space was too expensive, the walk-in traffic too little, the local competition too stiff, the cashflow just not there, etc. We would have needed like twice the revenue it was presently making just to break even, much less make money. So we walked away, even though this would have been my wife's dream business, and she's been unemployed since the mortgage lender she worked at closed their doors in August.

So see... Dave could have saved his yacht with just a little simple due diligence... amazing.

Merry Christmas.

Yeah; I think Dave is part of the 'Everybody Should Get a Trophy' mentality: "We all got 'Winner' trophies in Little League even though we came in dead last. Why doesn't 'we're all winners' translate into any semblance of reality now that I'm a grown up?"

 

[jandrews]

Originally posted by: dmcowen674

Originally posted by: thomsbrain

Originally posted by: Jumpem

I am not terribly concerned about being in an upside down situation though. Our neighbors are great and we both have good jobs in the area. I don't plan on moving in the next 8-10 years at the earliest.

Yeah, even accounting for the recent downturn since you bought, AND accounting for the chance that there's another downturn in 10 years, I think the appreciation that will happen in the meantime is plenty to cover that and make sure you have positive equity if you need to move. And if you live there for 30 years, it's almost a non-issue. Do you think the previous generation is still wringing their hands over whether they paid $5000 or $6000 for a house that is now worth $600,000? Time and inflation smooth these things out.

And if you don't have time, you should have been renting instead of buying.

For years all I heard was how renting is throwing money away.

I've always bought because rent payments and mortgage about the same but mortgage was supposed to be good for tax deduction and "equity" build up.

Obviously the drop in real estate value wipes out any "equity build up" these days so I can see people saying just rent now. Rediculous.

I'm trying to rent out the house now but live in an area people don't have the money to pay the rent amount that would cover the mortage.

People are screwed no matter what now.

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.

you are so insane that I dont even know what to say. One thing does bring me joy, you losing money. I can only hope that someday you will not be able to afford the internet and spare us all.

 

[SampSon]

Nope, my area is insulated from all of the fantastic messes in lending and real estate.
My rentals are on an 11 year plan, REO purchases are paying off and my work is as busy as it's ever been.

I can't really feel bad for people who got caught up in this frenzy. Did anyone pay attention to what was going on? Did anyone actually believe that it was sustainable?
Did anyone look at what happened in the 80s? Has simple budgeting and finance skills eluded everyone as of late?

You can't blame all of this on predatory lending and speculators flipping houses. There really isn't enough of that to drive the market the way it has gone.
The vast majority of this has come about because of people's horrible financial decisions and their complete lack of control when it comes to spending.
How can I feel sorry for someone who knew they couldn't afford something, loaned money on ridiculous terms and then rationalized it all by thinking their property will appreciate wildly forever?


Smells like the dot com boom, except in the wake of this there will actually be physical assets left.