NOW’s THE TIME TO BUY!

[jpinpb]

A lot of these places were purchased by investors w/the sole intent to flip and make $$. How can they flip if the value is reduced everywhere. Who will buy? The credit lending will still be tight and now w/rules of 20% down and proving you can make the payments to qualify, there won’t be the flood to buy overpriced, unaffordable places as before.

Writing down the loan and fixing rates will help some of those who planned on being there for 10 years or so who didn’t get in over their heads on payments who aren’t owning multiple properties.

But how many of those are out there? Those people it will help. All the others gambling are still stuck, IMO – and may still end up being walkers.

[patientlywaiting]

I know of several people who bought using exotic loans.

One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.

Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.

If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?

How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.

[patientlywaiting]

I know of several people who bought using exotic loans.

One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.

Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.

If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?

How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.

[patientlywaiting]

I know of several people who bought using exotic loans.

One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.

Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.

If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?

How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.

[patientlywaiting]

I know of several people who bought using exotic loans.

One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.

Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.

If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?

How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.

[patientlywaiting]

I know of several people who bought using exotic loans.

One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.

Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.

If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?

How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.

[noone]

Will a fmaily that has been making the payments also get the option to have their loan written down 15-30%? Seriously, shouldn’t every american who bought in the last 3-4 years get bailed out whether they can afford it or not?

And every American who didn’t buy in the last 3-4 years should get a $200,000 grant to use as a down payment. That way we’re all happy.

Screw what our kids and grandkids think!

[noone]

Will a fmaily that has been making the payments also get the option to have their loan written down 15-30%? Seriously, shouldn’t every american who bought in the last 3-4 years get bailed out whether they can afford it or not?

And every American who didn’t buy in the last 3-4 years should get a $200,000 grant to use as a down payment. That way we’re all happy.

Screw what our kids and grandkids think!

[noone]

Will a fmaily that has been making the payments also get the option to have their loan written down 15-30%? Seriously, shouldn’t every american who bought in the last 3-4 years get bailed out whether they can afford it or not?

And every American who didn’t buy in the last 3-4 years should get a $200,000 grant to use as a down payment. That way we’re all happy.

Screw what our kids and grandkids think!

[noone]

Will a fmaily that has been making the payments also get the option to have their loan written down 15-30%? Seriously, shouldn’t every american who bought in the last 3-4 years get bailed out whether they can afford it or not?

And every American who didn’t buy in the last 3-4 years should get a $200,000 grant to use as a down payment. That way we’re all happy.

Screw what our kids and grandkids think!

[noone]

Will a fmaily that has been making the payments also get the option to have their loan written down 15-30%? Seriously, shouldn’t every american who bought in the last 3-4 years get bailed out whether they can afford it or not?

And every American who didn’t buy in the last 3-4 years should get a $200,000 grant to use as a down payment. That way we’re all happy.

Screw what our kids and grandkids think!

[The OC Scam]

I agree Noone,

I just ask my four year old and he said it sounds like a good idea.

So there you have it the children are ok with the bailout!

[The OC Scam]

I agree Noone,

I just ask my four year old and he said it sounds like a good idea.

So there you have it the children are ok with the bailout!

[The OC Scam]

I agree Noone,

I just ask my four year old and he said it sounds like a good idea.

So there you have it the children are ok with the bailout!

[The OC Scam]

I agree Noone,

I just ask my four year old and he said it sounds like a good idea.

So there you have it the children are ok with the bailout!

[Author]

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