Mira Mesa…

[nostradamus]

It’s a valuable lesson. Thanks for sharing. BTW I live not far from you, off Calle Cristobal west of Windy Ridge Way. It’s a nice neighborhood.

I would think it’s much better for the bank to have you stay in the home (at some reduced payment workout) than foreclose. Yet who knows what our government will do; my wager is they’re not going to bail you out. They’ll help the banks out though.

[(former)FormerSanDiegan]

… our combined salaries have increased form 85k to 120k …

So, your salaries have increased by 40%. As long as you didn’t overstate your income by more than 40% you might be OK, right ?

Of course, this depends on your existing loan terms since refinance is not an option.

What is your reset date, margin and index ?
How much owed on the 1st ?
Is there a second ? if so, how much owed ?

E.g. A loan based on 12-month LIBOR, with a 2.25% margin, would reset today at 5.5%.
Of course with 100% LTV you probably may not have the best terms on your loan(s).

[(former)FormerSanDiegan]

… our combined salaries have increased form 85k to 120k …

So, your salaries have increased by 40%. As long as you didn’t overstate your income by more than 40% you might be OK, right ?

Of course, this depends on your existing loan terms since refinance is not an option.

What is your reset date, margin and index ?
How much owed on the 1st ?
Is there a second ? if so, how much owed ?

E.g. A loan based on 12-month LIBOR, with a 2.25% margin, would reset today at 5.5%.
Of course with 100% LTV you probably may not have the best terms on your loan(s).

[(former)FormerSanDiegan]

… our combined salaries have increased form 85k to 120k …

So, your salaries have increased by 40%. As long as you didn’t overstate your income by more than 40% you might be OK, right ?

Of course, this depends on your existing loan terms since refinance is not an option.

What is your reset date, margin and index ?
How much owed on the 1st ?
Is there a second ? if so, how much owed ?

E.g. A loan based on 12-month LIBOR, with a 2.25% margin, would reset today at 5.5%.
Of course with 100% LTV you probably may not have the best terms on your loan(s).

[(former)FormerSanDiegan]

… our combined salaries have increased form 85k to 120k …

So, your salaries have increased by 40%. As long as you didn’t overstate your income by more than 40% you might be OK, right ?

Of course, this depends on your existing loan terms since refinance is not an option.

What is your reset date, margin and index ?
How much owed on the 1st ?
Is there a second ? if so, how much owed ?

E.g. A loan based on 12-month LIBOR, with a 2.25% margin, would reset today at 5.5%.
Of course with 100% LTV you probably may not have the best terms on your loan(s).

[(former)FormerSanDiegan]

… our combined salaries have increased form 85k to 120k …

So, your salaries have increased by 40%. As long as you didn’t overstate your income by more than 40% you might be OK, right ?

Of course, this depends on your existing loan terms since refinance is not an option.

What is your reset date, margin and index ?
How much owed on the 1st ?
Is there a second ? if so, how much owed ?

E.g. A loan based on 12-month LIBOR, with a 2.25% margin, would reset today at 5.5%.
Of course with 100% LTV you probably may not have the best terms on your loan(s).

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

[DWCAP]

Id had this whole long post ready for this when you first posted, then my boss’s boss came in with the equilivant of a nucular bomb for my project and droped it on me. Anyways, I closed the window on accident and lost it all. I am lazy, and not gonna retype the whole thing, so here is the gyst.

1) There will always be demand for houses in good neighborhoods with good schools that are close to work. Assuming you are in one, you are correct that your location will help you.

2) The hits taken in MM are for older, smaller, SFR’s on small lots in buisy locations. Those have fallen by 25% or more. Your area has fallen about 10-12% (your numbers), but is also nowhere near a bottom. Hoping for only a 6% drop or so is pie in the sky. If I had to guess, 26% is prob closer to reality, putting your values back to what they were in nominal terms in 2003.

3) Job losses are accelarating, Interest rates are ~6.5, banks are lending even less and still cutting, inflation is higher than in a long time and accelerating, REO’s at unheard of levels, wages are stagnent, Middle class population dynamics are negative (pop outflow). It’ll be alot longer than 1 year before things start to get to the point where a house that hasnt hit bottom yet can start to appreciate.

[DWCAP]

Id had this whole long post ready for this when you first posted, then my boss’s boss came in with the equilivant of a nucular bomb for my project and droped it on me. Anyways, I closed the window on accident and lost it all. I am lazy, and not gonna retype the whole thing, so here is the gyst.

1) There will always be demand for houses in good neighborhoods with good schools that are close to work. Assuming you are in one, you are correct that your location will help you.

2) The hits taken in MM are for older, smaller, SFR’s on small lots in buisy locations. Those have fallen by 25% or more. Your area has fallen about 10-12% (your numbers), but is also nowhere near a bottom. Hoping for only a 6% drop or so is pie in the sky. If I had to guess, 26% is prob closer to reality, putting your values back to what they were in nominal terms in 2003.

3) Job losses are accelarating, Interest rates are ~6.5, banks are lending even less and still cutting, inflation is higher than in a long time and accelerating, REO’s at unheard of levels, wages are stagnent, Middle class population dynamics are negative (pop outflow). It’ll be alot longer than 1 year before things start to get to the point where a house that hasnt hit bottom yet can start to appreciate.

[DWCAP]

Id had this whole long post ready for this when you first posted, then my boss’s boss came in with the equilivant of a nucular bomb for my project and droped it on me. Anyways, I closed the window on accident and lost it all. I am lazy, and not gonna retype the whole thing, so here is the gyst.

1) There will always be demand for houses in good neighborhoods with good schools that are close to work. Assuming you are in one, you are correct that your location will help you.

2) The hits taken in MM are for older, smaller, SFR’s on small lots in buisy locations. Those have fallen by 25% or more. Your area has fallen about 10-12% (your numbers), but is also nowhere near a bottom. Hoping for only a 6% drop or so is pie in the sky. If I had to guess, 26% is prob closer to reality, putting your values back to what they were in nominal terms in 2003.

3) Job losses are accelarating, Interest rates are ~6.5, banks are lending even less and still cutting, inflation is higher than in a long time and accelerating, REO’s at unheard of levels, wages are stagnent, Middle class population dynamics are negative (pop outflow). It’ll be alot longer than 1 year before things start to get to the point where a house that hasnt hit bottom yet can start to appreciate.

[DWCAP]

Id had this whole long post ready for this when you first posted, then my boss’s boss came in with the equilivant of a nucular bomb for my project and droped it on me. Anyways, I closed the window on accident and lost it all. I am lazy, and not gonna retype the whole thing, so here is the gyst.

1) There will always be demand for houses in good neighborhoods with good schools that are close to work. Assuming you are in one, you are correct that your location will help you.

2) The hits taken in MM are for older, smaller, SFR’s on small lots in buisy locations. Those have fallen by 25% or more. Your area has fallen about 10-12% (your numbers), but is also nowhere near a bottom. Hoping for only a 6% drop or so is pie in the sky. If I had to guess, 26% is prob closer to reality, putting your values back to what they were in nominal terms in 2003.

3) Job losses are accelarating, Interest rates are ~6.5, banks are lending even less and still cutting, inflation is higher than in a long time and accelerating, REO’s at unheard of levels, wages are stagnent, Middle class population dynamics are negative (pop outflow). It’ll be alot longer than 1 year before things start to get to the point where a house that hasnt hit bottom yet can start to appreciate.

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