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Home › Forums › Housing › A Different Take on the Mortgage Bail-out/Keeping People in Their Homes … The Long Term Effect

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  • February 21, 2009 at 2:45 PM #15126
    jmrrobbie1
    Participant

    The initial title of this article was not what I found after reading the body … but an interesting view of the long term consequence for those opting the long term mortgage bail-out plan.

    http://247wallst.com/2009/02/17/americans-become-a-nation-of-renters/

    In the past S. Calf was noted for many homeowners as being slaves to their mortgage, with median home prices significantly greatly than 3x income – the term commonly used was “nice house/neighborhood but mortgage poor”. This was acceptable to many due to the location, weather, infrastructure, population base & perpetual positive home worth leading into the real estate bubble. But this article points out a real future possibility for many families after the mortgage bailout. Brings back the basic premise of a house vs a home … what is it really for – a place to live and put down roots compared to a place to spend a few years and make money. For many it will result in one long term location instead of relocating to seek job growth or an upward home purchase.

    February 21, 2009 at 3:05 PM #351411
    SD Realtor
    Participant

    I got a different take from the article. To me the article just points out that these loan mods are nothing more then a snare net for current homeowners. It will serve no purpose other then the further enslave salaries of these homeowners. They will not maintain the homes as much as perhaps maintain payments. Similarly this will serve an additional purpose of distorting comp analysis because no appraiser, no reseller, nobody will no which homes have been subject to modifications and which have not.

    February 21, 2009 at 3:05 PM #351983
    SD Realtor
    Participant

    I got a different take from the article. To me the article just points out that these loan mods are nothing more then a snare net for current homeowners. It will serve no purpose other then the further enslave salaries of these homeowners. They will not maintain the homes as much as perhaps maintain payments. Similarly this will serve an additional purpose of distorting comp analysis because no appraiser, no reseller, nobody will no which homes have been subject to modifications and which have not.

    February 21, 2009 at 3:05 PM #351885
    SD Realtor
    Participant

    I got a different take from the article. To me the article just points out that these loan mods are nothing more then a snare net for current homeowners. It will serve no purpose other then the further enslave salaries of these homeowners. They will not maintain the homes as much as perhaps maintain payments. Similarly this will serve an additional purpose of distorting comp analysis because no appraiser, no reseller, nobody will no which homes have been subject to modifications and which have not.

    February 21, 2009 at 3:05 PM #351723
    SD Realtor
    Participant

    I got a different take from the article. To me the article just points out that these loan mods are nothing more then a snare net for current homeowners. It will serve no purpose other then the further enslave salaries of these homeowners. They will not maintain the homes as much as perhaps maintain payments. Similarly this will serve an additional purpose of distorting comp analysis because no appraiser, no reseller, nobody will no which homes have been subject to modifications and which have not.

    February 21, 2009 at 3:05 PM #351851
    SD Realtor
    Participant

    I got a different take from the article. To me the article just points out that these loan mods are nothing more then a snare net for current homeowners. It will serve no purpose other then the further enslave salaries of these homeowners. They will not maintain the homes as much as perhaps maintain payments. Similarly this will serve an additional purpose of distorting comp analysis because no appraiser, no reseller, nobody will no which homes have been subject to modifications and which have not.

    February 21, 2009 at 3:38 PM #351934
    jmrrobbie1
    Participant

    Good points! There is a percentage of families caught up in this mess that just had bad timing… they were at that place/time in life with family & job that happened to purchased at the wrong time – during the bubble. This is the group more likely to opt for staying in a home. I agree with your view though – it just enslaves the homeowners to keep the mortgage paid and little additional incentive. If I was in that situation I would have to realistically look at other options. The future comp analysis in these areas will be interesting.

    February 21, 2009 at 3:38 PM #352033
    jmrrobbie1
    Participant

    Good points! There is a percentage of families caught up in this mess that just had bad timing… they were at that place/time in life with family & job that happened to purchased at the wrong time – during the bubble. This is the group more likely to opt for staying in a home. I agree with your view though – it just enslaves the homeowners to keep the mortgage paid and little additional incentive. If I was in that situation I would have to realistically look at other options. The future comp analysis in these areas will be interesting.

    February 21, 2009 at 3:38 PM #351901
    jmrrobbie1
    Participant

    Good points! There is a percentage of families caught up in this mess that just had bad timing… they were at that place/time in life with family & job that happened to purchased at the wrong time – during the bubble. This is the group more likely to opt for staying in a home. I agree with your view though – it just enslaves the homeowners to keep the mortgage paid and little additional incentive. If I was in that situation I would have to realistically look at other options. The future comp analysis in these areas will be interesting.

    February 21, 2009 at 3:38 PM #351461
    jmrrobbie1
    Participant

    Good points! There is a percentage of families caught up in this mess that just had bad timing… they were at that place/time in life with family & job that happened to purchased at the wrong time – during the bubble. This is the group more likely to opt for staying in a home. I agree with your view though – it just enslaves the homeowners to keep the mortgage paid and little additional incentive. If I was in that situation I would have to realistically look at other options. The future comp analysis in these areas will be interesting.

    February 21, 2009 at 3:38 PM #351775
    jmrrobbie1
    Participant

    Good points! There is a percentage of families caught up in this mess that just had bad timing… they were at that place/time in life with family & job that happened to purchased at the wrong time – during the bubble. This is the group more likely to opt for staying in a home. I agree with your view though – it just enslaves the homeowners to keep the mortgage paid and little additional incentive. If I was in that situation I would have to realistically look at other options. The future comp analysis in these areas will be interesting.

    February 21, 2009 at 4:15 PM #351794
    SD Realtor
    Participant

    I do agree with you on that point about those who have been victims of bad timing. What is starting to twist my brain around though is the numbers. That is, I believe that initially the numbers of the “true tough luck cases” those who just had bad luck through unemployment or injury, were relatively small. Now I am not so sure… I think there is now a potentially larger number who are indeed screwed by unemployment.

    There was a pretty good quote by Dennis Miller the other night on Leno… “I don’t mind providing help for the helpless but I am against helping the clueless”.

    I keep in touch with a family who asked me to list and sell a short sale for them. While they are now crammed in a much smaller home, the rent they pay is about half of the previous mortgage. The husbands health problems have 100% cleared up, and they are much happier.

    Talk about saving money all around…

    February 21, 2009 at 4:15 PM #352055
    SD Realtor
    Participant

    I do agree with you on that point about those who have been victims of bad timing. What is starting to twist my brain around though is the numbers. That is, I believe that initially the numbers of the “true tough luck cases” those who just had bad luck through unemployment or injury, were relatively small. Now I am not so sure… I think there is now a potentially larger number who are indeed screwed by unemployment.

    There was a pretty good quote by Dennis Miller the other night on Leno… “I don’t mind providing help for the helpless but I am against helping the clueless”.

    I keep in touch with a family who asked me to list and sell a short sale for them. While they are now crammed in a much smaller home, the rent they pay is about half of the previous mortgage. The husbands health problems have 100% cleared up, and they are much happier.

    Talk about saving money all around…

    February 21, 2009 at 4:15 PM #351921
    SD Realtor
    Participant

    I do agree with you on that point about those who have been victims of bad timing. What is starting to twist my brain around though is the numbers. That is, I believe that initially the numbers of the “true tough luck cases” those who just had bad luck through unemployment or injury, were relatively small. Now I am not so sure… I think there is now a potentially larger number who are indeed screwed by unemployment.

    There was a pretty good quote by Dennis Miller the other night on Leno… “I don’t mind providing help for the helpless but I am against helping the clueless”.

    I keep in touch with a family who asked me to list and sell a short sale for them. While they are now crammed in a much smaller home, the rent they pay is about half of the previous mortgage. The husbands health problems have 100% cleared up, and they are much happier.

    Talk about saving money all around…

    February 21, 2009 at 4:15 PM #351954
    SD Realtor
    Participant

    I do agree with you on that point about those who have been victims of bad timing. What is starting to twist my brain around though is the numbers. That is, I believe that initially the numbers of the “true tough luck cases” those who just had bad luck through unemployment or injury, were relatively small. Now I am not so sure… I think there is now a potentially larger number who are indeed screwed by unemployment.

    There was a pretty good quote by Dennis Miller the other night on Leno… “I don’t mind providing help for the helpless but I am against helping the clueless”.

    I keep in touch with a family who asked me to list and sell a short sale for them. While they are now crammed in a much smaller home, the rent they pay is about half of the previous mortgage. The husbands health problems have 100% cleared up, and they are much happier.

    Talk about saving money all around…

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