CA Shadow Inventory

[LesBaer45]

[quote=sdrealtor]I dont necessarily disagree witrh analyst either. I have no access to the loan docs and was not party to that transaction. Whatever happens to the balance is irrelevant in this conversation about shadow inventory because this one was ripped out of that category.

For him, the interest rate was lowered by a few % and the amount he was paying on was reduced by over 30%. HIs payment is less than 1/2 of what it was and will stay there indefinitely. For the owner, its an awesome home (a dream home if you will) that he gets to keep living in at a price well under rental value with a nice tatx deduction to boot. What renter would turn down a rent reduction and news that their rent was now tax deductible? Oh yeah, the rent you didnt pay last year….just forget about it.

My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

IANAL nor do I play one on the Internet. But it seems to me that such a loan mod if it doesn’t include the “hidden” language for the missing $250K to suddenly become real again at a sale or appreciation (things go back to full retard crazy) would trigger some sort of IRS action. Basically in my currently beer-ed state, that person was handed a $250K gift. It’s no different than a short sale in my misguided opinion. He might have dodged a foreclosure bullet but did he just step into the path of an IRS audit grenade?

[Nor-LA-SD-guy]

[quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.

[Nor-LA-SD-guy]

[quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.

[Nor-LA-SD-guy]

[quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.

[Nor-LA-SD-guy]

[quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.

[Nor-LA-SD-guy]

[quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.

[smshorttimer]

[quote=Nor-LA-SD-guy][quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.[/quote]

Yes, it is. Or 45 minutes to and from work. Every day. Some people would like to own houses with a little character. Yes, a family can make just about any house a loving home, but you have to have relative big bucks in TV to own a home of any stylistic interest, IMO.

Or to live in an environment that minus the hills and vineyards is thoroughly and completely suburban and same-y. But if you like smooth jazz, it’s great. And if the focus of your life is all about your kids — nothing wrong with that; I want good schools, too — then it’s pretty swell, I suppose.

C’mon, improved insulation notwithstanding, that A/C comparison is just a little exaggerated. We’re talking regular 20-30 degree differences for three, four months out of the year.

End my rant.

[smshorttimer]

[quote=Nor-LA-SD-guy][quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.[/quote]

Yes, it is. Or 45 minutes to and from work. Every day. Some people would like to own houses with a little character. Yes, a family can make just about any house a loving home, but you have to have relative big bucks in TV to own a home of any stylistic interest, IMO.

Or to live in an environment that minus the hills and vineyards is thoroughly and completely suburban and same-y. But if you like smooth jazz, it’s great. And if the focus of your life is all about your kids — nothing wrong with that; I want good schools, too — then it’s pretty swell, I suppose.

C’mon, improved insulation notwithstanding, that A/C comparison is just a little exaggerated. We’re talking regular 20-30 degree differences for three, four months out of the year.

End my rant.

[smshorttimer]

[quote=Nor-LA-SD-guy][quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.[/quote]

Yes, it is. Or 45 minutes to and from work. Every day. Some people would like to own houses with a little character. Yes, a family can make just about any house a loving home, but you have to have relative big bucks in TV to own a home of any stylistic interest, IMO.

Or to live in an environment that minus the hills and vineyards is thoroughly and completely suburban and same-y. But if you like smooth jazz, it’s great. And if the focus of your life is all about your kids — nothing wrong with that; I want good schools, too — then it’s pretty swell, I suppose.

C’mon, improved insulation notwithstanding, that A/C comparison is just a little exaggerated. We’re talking regular 20-30 degree differences for three, four months out of the year.

End my rant.

[smshorttimer]

[quote=Nor-LA-SD-guy][quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.[/quote]

Yes, it is. Or 45 minutes to and from work. Every day. Some people would like to own houses with a little character. Yes, a family can make just about any house a loving home, but you have to have relative big bucks in TV to own a home of any stylistic interest, IMO.

Or to live in an environment that minus the hills and vineyards is thoroughly and completely suburban and same-y. But if you like smooth jazz, it’s great. And if the focus of your life is all about your kids — nothing wrong with that; I want good schools, too — then it’s pretty swell, I suppose.

C’mon, improved insulation notwithstanding, that A/C comparison is just a little exaggerated. We’re talking regular 20-30 degree differences for three, four months out of the year.

End my rant.

[smshorttimer]

[quote=Nor-LA-SD-guy][quote=sdrealtor]
My other comment was in reference to his definitive statements of what would happen “if” we only knew what the govt would do.[/quote]

I just think it will become less and less necessary for Govt intervention as we get through the next year.

But really I just really find it harder and harder to feel sorry for people wanting to get a great deal on coastal property when you can get a home at about the cost to build or less in areas like Temecula Valley. Sure you will need a gas friendly car and may actually need to turn on the AC once in a while (probably less than having an older coastal home however you would be amazed how well these new homes are insolated).

Heck it may even take 45 minutes to get to the nicer beaches, I guess that would be just too much to sacrifice to own a home however.

OK end rant.[/quote]

Yes, it is. Or 45 minutes to and from work. Every day. Some people would like to own houses with a little character. Yes, a family can make just about any house a loving home, but you have to have relative big bucks in TV to own a home of any stylistic interest, IMO.

Or to live in an environment that minus the hills and vineyards is thoroughly and completely suburban and same-y. But if you like smooth jazz, it’s great. And if the focus of your life is all about your kids — nothing wrong with that; I want good schools, too — then it’s pretty swell, I suppose.

C’mon, improved insulation notwithstanding, that A/C comparison is just a little exaggerated. We’re talking regular 20-30 degree differences for three, four months out of the year.

End my rant.

[(former)FormerSanDiegan]

[quote=temeculaguy] … Sarcasm is difficult to pull off in text form, so is coining new phrases, you are doing both very well … Whatever the case, I find myself looking forward to your comments more and more, just thought I’d let you know that from a readers perspective, you are on a roll lately.[/quote]

Thanks for the love. And I thought I had peaked when I called the bottom here :
http://piggington.com/welcome_to_the_bottom

[(former)FormerSanDiegan]

[quote=temeculaguy] … Sarcasm is difficult to pull off in text form, so is coining new phrases, you are doing both very well … Whatever the case, I find myself looking forward to your comments more and more, just thought I’d let you know that from a readers perspective, you are on a roll lately.[/quote]

Thanks for the love. And I thought I had peaked when I called the bottom here :
http://piggington.com/welcome_to_the_bottom

[(former)FormerSanDiegan]

[quote=temeculaguy] … Sarcasm is difficult to pull off in text form, so is coining new phrases, you are doing both very well … Whatever the case, I find myself looking forward to your comments more and more, just thought I’d let you know that from a readers perspective, you are on a roll lately.[/quote]

Thanks for the love. And I thought I had peaked when I called the bottom here :
http://piggington.com/welcome_to_the_bottom

[(former)FormerSanDiegan]

[quote=temeculaguy] … Sarcasm is difficult to pull off in text form, so is coining new phrases, you are doing both very well … Whatever the case, I find myself looking forward to your comments more and more, just thought I’d let you know that from a readers perspective, you are on a roll lately.[/quote]

Thanks for the love. And I thought I had peaked when I called the bottom here :
http://piggington.com/welcome_to_the_bottom

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