[quote=Misscotroneo]Hi..Im new to this site and this article grabbed me hard. I am very surprised to hear how angry and personal alot of people feel about someone who is hoping to renegotiate the terms,percent,principal amount or whatever they can on the loans they made. I dont like the way the ecomony is and so many people I know are choking on their mortgage payments. I am one of those choking on 8 mortgage payments. It seems you feel that I should just suffer and since I am lazy and or stupid I deserve this..?? Us real estate investors are neither,we put our necks out trying to make changes in our lives,in turn helps those who rent and not buy.we put down tons of money to purchase a property, and yes when things were good we didnt sit and stop and think,what if this all goes down the drain fast?How do I pay all this? Ive got 3 properties that I owe more than its worth now,and those were actually good investments at the time,NOW?I want to shoot myself everyday.The only reason i havent been foreclosed on is fom the cash flow of the other properties.(thank god above for that)If we can get the banks to drop the loan amount to fair price or renigotiate the terms it is better for all.We then can afford to keep our properties,not get foreclosed on,which is bad for the area.then when the average Joe comes to buy the value of his property is compared to the foreclosed ones. I may have stretched myself a little thin but I was able to afford it at the time.Renters leave due to layoffs,renters dont pay,destroy property,more crimes are commited,etc.Maybe instead of calling all of us idiots,think what it really means to put millions into property hoping to build wealth for your family and have all that money become worth nothing!!You should be villifying the county tax assesors, who raise taxes by doubling each year,the condo associations who double the fees several times a year, and the banks and brokerage houses that took billions of our hard earned money and gave it to their Big wheels, who LOST IT ALL!!I cant pay my property taxes,so they double it( 1 house is $16,000 a year now!!started at $2,500) and give it to JP Morgan to give a nice $3 million dollar bonus. THATS what the problem is.The banks took billions of dollars from us,you and me, so adjusting mortgages of those who have alot of money at risk is the least they can do!!!
and that is my rant…cheers[/quote]
Since you admit that you are an RE “investor” I will respond purely from an investment standpoint. You purchased 8 properties as investments. Being that some are underwater I would say you paid too much for those. As an investor you were willing to pay more than others and thusly wound up the owner. I was on the other side of the fence watching you and others like you pay too much. You got the house, I got to wait. Now you propose I feel bad for you? What kind of investment attitude is that? You win the bid then cry when you realize you were left without a chair when the music stopped?
Let’s say you do get principle reduction (won’t happen but for kicks) then our whole system of investing goes out the window right? Just bid the most to win the house and cry for a PR when the thing goes bad? WTF???
Nope, as a fellow investor I’d like to see you lose the houses you paid too much for so other investors can buy them at sensible, sustainable prices, or maybe God forbid an actual family just looking for a place to raise the kids gets an affordable deal on one of “your” investment homes.
That’s the other side of this issue. When prices are going up “Investors” often price those just wanting a house, out of the market in drunken bidding orgies of greed. When prices go down they cry for compassion and expect tax payers to play hair of the dog? BS!
