Comments on: How Do You Help A Ghost? http://housingdoom.com/2008/10/21/how-do-you-help-a-ghost/ Thu, 24 May 2012 01:57:19 +0000 hourly 1 http://wordpress.org/?v= By: Bristinwolf http://housingdoom.com/2008/10/21/how-do-you-help-a-ghost/#comment-14552 Bristinwolf Thu, 23 Oct 2008 18:33:18 +0000 http://housingdoom.com/?p=1733#comment-14552 I know the person who bought my house in 2004 back in Chandler never moved in yet the loan was clearly geared towards an owner occupied home. My understanding is this was for tax reasons which makes me think all hte investors out there who lied are/should probably be hearing from the IRS at some point I know the person who bought my house in 2004 back in Chandler never moved in yet the loan was clearly geared towards an owner occupied home.
My understanding is this was for tax reasons which makes me think all hte investors out there who lied are/should probably be hearing from the IRS at some point

]]> By: Property-Qwest-Real-Estate-Blog http://housingdoom.com/2008/10/21/how-do-you-help-a-ghost/#comment-14551 Property-Qwest-Real-Estate-Blog Tue, 21 Oct 2008 20:49:41 +0000 http://housingdoom.com/?p=1733#comment-14551 Not for one minute do I pretend to be an economic expert, but our government constantly seems to be offering the wrong solution / approach for the matter at hand. Unfortunately, there are no easy solutions. You have to wonder if these stimulus / bailout plans are intended to have more of an impact in regards to consumer "feel good" confidence leaving the American people with the false hope that the small rebate will have a drastic impact on our economic circumstances. A staggering notion that "45 percent of the delinquencies" result in "finding nobody home". We can't see these ghosts but we can see where they used to live and, from time to time, can increasingly feel a mysteriously sharp pain emanating from our empty pocketbooks. At this point, I'm not quite sure how you can help the ghost when you're so busy trying to protect yourself from them and the policies that created their existence. Not for one minute do I pretend to be an economic expert, but our government constantly seems to be offering the wrong solution / approach for the matter at hand.

Unfortunately, there are no easy solutions. You have to wonder if these stimulus / bailout plans are intended to have more of an impact in regards to consumer “feel good” confidence leaving the American people with the false hope that the small rebate will have a drastic impact on our economic circumstances.

A staggering notion that “45 percent of the delinquencies” result in “finding nobody home”.

We can’t see these ghosts but we can see where they used to live and, from time to time, can increasingly feel a mysteriously sharp pain emanating from our empty pocketbooks.

At this point, I’m not quite sure how you can help the ghost when you’re so busy trying to protect yourself from them and the policies that created their existence.

]]> By: Coop http://housingdoom.com/2008/10/21/how-do-you-help-a-ghost/#comment-14550 Coop Tue, 21 Oct 2008 20:42:23 +0000 http://housingdoom.com/?p=1733#comment-14550 TernKut is spot on. Mortgage modification is a joke. The second lien holder offered us 3% for 3years. Down from 13.5% on a $60K second that has absolutely no value whatsoever. The valuation has dropped at least $40K into the first at a minimum or $$90K if the house sale next door is any indication of the fiasco in Las Vegas. Why is this? The Original builder is still building them "new" for $100K+ UNDER what they sold the identical house for 3 years ago. We had three buyers that made realistic offers for a "short" sale. No response from the lender. Screw 'em. I got a job in another state. Vegas is a dying city. As far as credit goes - FICO is a joke. You can still get credit if you can fog a mirror. The lenders can't help it. It's in their genes. They need to lend money. TernKut is spot on. Mortgage modification is a joke. The second lien holder offered us 3% for 3years. Down from 13.5% on a $60K second that has absolutely no value whatsoever. The valuation has dropped at least $40K into the first at a minimum or $$90K if the house sale next door is any indication of the fiasco in Las Vegas.
Why is this? The Original builder is still building them “new” for $100K+ UNDER what they sold the identical house for 3 years ago.
We had three buyers that made realistic offers for a “short” sale. No response from the lender. Screw ‘em. I got a job in another state. Vegas is a dying city.
As far as credit goes – FICO is a joke. You can still get credit if you can fog a mirror. The lenders can’t help it. It’s in their genes. They need to lend money.

]]> By: AZSALUKI http://housingdoom.com/2008/10/21/how-do-you-help-a-ghost/#comment-14549 AZSALUKI Tue, 21 Oct 2008 15:41:00 +0000 http://housingdoom.com/?p=1733#comment-14549 People used to be concerned about things like foreclosure and credit. They just aren't anymore. Why would you worry about your credit or ability to buy again, down the road, when all you hear from the government and media is "we have to find a way to free up credit and start lending again." When I hear this all I think is that these people must beleive credit won't be a problem eventually. People used to be concerned about things like foreclosure and credit. They just aren’t anymore. Why would you worry about your credit or ability to buy again, down the road, when all you hear from the government and media is “we have to find a way to free up credit and start lending again.” When I hear this all I think is that these people must beleive credit won’t be a problem eventually.

]]> By: TemekuT http://housingdoom.com/2008/10/21/how-do-you-help-a-ghost/#comment-14548 TemekuT Tue, 21 Oct 2008 15:09:13 +0000 http://housingdoom.com/?p=1733#comment-14548 In the IE the prevailing attitude is "why would I want a bailout?" If it's a rental house, the owner would rather skim the rents while awaiting foreclosure until the tenant wises up and moves on. Some angry tenants are actually refusing to pay the rent and daring the owner to file an eviction. Can you imagine how that would play out in court? "Your honor, my tenant has failed to pay the rent, but never mind that I have failed to pay the mortgage, taxes, and HOA". If the house is owner-occupied, it gets even better. A Countrywide foreclosure takes 9 months to a year. That means 9 months to a year of living house payment and rent payment free, so why not stay as long as possible. Hey, you can even get "cash for keys". That explains why so many in my neighborhood are keeping silent about being in foreclosure and quietly maintaining their houses until they are kicked out. The part the politicians and governmental agencies refuse to acknowledge is that the prevailing attitude has become "Foreclosure on my credit? Who cares, everyone else is getting foreclosed upon, and besides, after x years I can buy again for much cheaper." I have heard this so many times recently from neighbors who are planning to walk. Foreclosure is losing its stigma and the underwater debtor has no desire to keep the existing home at the current mortgage amount. Get a clue, media and government. People do not want a bailout. They want to live for free for up to a year, then rent for much less than the house payment, then buy again when prices hit bottom. This attitude is becoming entrenched and will lead to further price "collapse" (thank you IGOR). In the IE the prevailing attitude is “why would I want a bailout?”

If it’s a rental house, the owner would rather skim the rents while awaiting foreclosure until the tenant wises up and moves on. Some angry tenants are actually refusing to pay the rent and daring the owner to file an eviction. Can you imagine how that would play out in court? “Your honor, my tenant has failed to pay the rent, but never mind that I have failed to pay the mortgage, taxes, and HOA”.

If the house is owner-occupied, it gets even better. A Countrywide foreclosure takes 9 months to a year. That means 9 months to a year of living house payment and rent payment free, so why not stay as long as possible. Hey, you can even get “cash for keys”. That explains why so many in my neighborhood are keeping silent about being in foreclosure and quietly maintaining their houses until they are kicked out.

The part the politicians and governmental agencies refuse to acknowledge is that the prevailing attitude has become “Foreclosure on my credit? Who cares, everyone else is getting foreclosed upon, and besides, after x years I can buy again for much cheaper.” I have heard this so many times recently from neighbors who are planning to walk.

Foreclosure is losing its stigma and the underwater debtor has no desire to keep the existing home at the current mortgage amount.

Get a clue, media and government. People do not want a bailout. They want to live for free for up to a year, then rent for much less than the house payment, then buy again when prices hit bottom. This attitude is becoming entrenched and will lead to further price “collapse” (thank you IGOR).

]]>