- This topic has 75 replies, 7 voices, and was last updated 15 years, 9 months ago by
urbanrealtor.
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November 16, 2008 at 9:40 AM #14461November 16, 2008 at 10:07 AM #305416
jpinpb
ParticipantAh, welcome to the shocking discoveries. I come across them ALL THE TIME. I keep track of properties in several ZIP codes and monitor DOM by address and sales, etc. I also keep track of NODs and foreclosures.
That’s when I continually see the cash taken out and people walking. I see it regularly. Really burns me. What really pisses me off is it’s ok. Non-recourse loan. Take the money out of the house, give the house back to the bank.
It’s like legally robbing the bank. As an added bonus, our tax dollars get to help the banks. Insult to injury.
Don’t get me started.
November 16, 2008 at 10:07 AM #305873jpinpb
ParticipantAh, welcome to the shocking discoveries. I come across them ALL THE TIME. I keep track of properties in several ZIP codes and monitor DOM by address and sales, etc. I also keep track of NODs and foreclosures.
That’s when I continually see the cash taken out and people walking. I see it regularly. Really burns me. What really pisses me off is it’s ok. Non-recourse loan. Take the money out of the house, give the house back to the bank.
It’s like legally robbing the bank. As an added bonus, our tax dollars get to help the banks. Insult to injury.
Don’t get me started.
November 16, 2008 at 10:07 AM #305812jpinpb
ParticipantAh, welcome to the shocking discoveries. I come across them ALL THE TIME. I keep track of properties in several ZIP codes and monitor DOM by address and sales, etc. I also keep track of NODs and foreclosures.
That’s when I continually see the cash taken out and people walking. I see it regularly. Really burns me. What really pisses me off is it’s ok. Non-recourse loan. Take the money out of the house, give the house back to the bank.
It’s like legally robbing the bank. As an added bonus, our tax dollars get to help the banks. Insult to injury.
Don’t get me started.
November 16, 2008 at 10:07 AM #305794jpinpb
ParticipantAh, welcome to the shocking discoveries. I come across them ALL THE TIME. I keep track of properties in several ZIP codes and monitor DOM by address and sales, etc. I also keep track of NODs and foreclosures.
That’s when I continually see the cash taken out and people walking. I see it regularly. Really burns me. What really pisses me off is it’s ok. Non-recourse loan. Take the money out of the house, give the house back to the bank.
It’s like legally robbing the bank. As an added bonus, our tax dollars get to help the banks. Insult to injury.
Don’t get me started.
November 16, 2008 at 10:07 AM #305783jpinpb
ParticipantAh, welcome to the shocking discoveries. I come across them ALL THE TIME. I keep track of properties in several ZIP codes and monitor DOM by address and sales, etc. I also keep track of NODs and foreclosures.
That’s when I continually see the cash taken out and people walking. I see it regularly. Really burns me. What really pisses me off is it’s ok. Non-recourse loan. Take the money out of the house, give the house back to the bank.
It’s like legally robbing the bank. As an added bonus, our tax dollars get to help the banks. Insult to injury.
Don’t get me started.
November 16, 2008 at 12:40 PM #305933sdstargirl
ParticipantWow, I didn’t know that owners can do this.
So, potentially my family friend can pocket the $522K, earn interest, then in couple of years, buy a house with cash. No penalties, and gets a house essentially for free.
How do I sign up for this?
November 16, 2008 at 12:40 PM #305871sdstargirl
ParticipantWow, I didn’t know that owners can do this.
So, potentially my family friend can pocket the $522K, earn interest, then in couple of years, buy a house with cash. No penalties, and gets a house essentially for free.
How do I sign up for this?
November 16, 2008 at 12:40 PM #305854sdstargirl
ParticipantWow, I didn’t know that owners can do this.
So, potentially my family friend can pocket the $522K, earn interest, then in couple of years, buy a house with cash. No penalties, and gets a house essentially for free.
How do I sign up for this?
November 16, 2008 at 12:40 PM #305475sdstargirl
ParticipantWow, I didn’t know that owners can do this.
So, potentially my family friend can pocket the $522K, earn interest, then in couple of years, buy a house with cash. No penalties, and gets a house essentially for free.
How do I sign up for this?
November 16, 2008 at 12:40 PM #305843sdstargirl
ParticipantWow, I didn’t know that owners can do this.
So, potentially my family friend can pocket the $522K, earn interest, then in couple of years, buy a house with cash. No penalties, and gets a house essentially for free.
How do I sign up for this?
November 16, 2008 at 8:51 PM #306052urbanrealtor
ParticipantWhile I stand in the minority on this, I really try not to cast too much judgment in the direction of poor decisions. Many people who bought during the boom were afraid of being priced out permanently. Many of the people who refi’d were excited about their newfound wealth. Bear in mind credit ratings agencies gave dirt-backed security a treasury-equivalent rating.
The minority of opinion during the boom thought things were really far too overpriced. Those believers fell into 2 camps: those who had data to support that opinion (eg: the proprietor of this blog) and those who did not (those who were contrarians or “just felt it”). Most people were not this smart or contrary. Many experts supported the durability of the high prices.
While the medium term error of high prices is clear, it is unfair to hold too much against people who erred (imho).
November 16, 2008 at 8:51 PM #306034urbanrealtor
ParticipantWhile I stand in the minority on this, I really try not to cast too much judgment in the direction of poor decisions. Many people who bought during the boom were afraid of being priced out permanently. Many of the people who refi’d were excited about their newfound wealth. Bear in mind credit ratings agencies gave dirt-backed security a treasury-equivalent rating.
The minority of opinion during the boom thought things were really far too overpriced. Those believers fell into 2 camps: those who had data to support that opinion (eg: the proprietor of this blog) and those who did not (those who were contrarians or “just felt it”). Most people were not this smart or contrary. Many experts supported the durability of the high prices.
While the medium term error of high prices is clear, it is unfair to hold too much against people who erred (imho).
November 16, 2008 at 8:51 PM #306022urbanrealtor
ParticipantWhile I stand in the minority on this, I really try not to cast too much judgment in the direction of poor decisions. Many people who bought during the boom were afraid of being priced out permanently. Many of the people who refi’d were excited about their newfound wealth. Bear in mind credit ratings agencies gave dirt-backed security a treasury-equivalent rating.
The minority of opinion during the boom thought things were really far too overpriced. Those believers fell into 2 camps: those who had data to support that opinion (eg: the proprietor of this blog) and those who did not (those who were contrarians or “just felt it”). Most people were not this smart or contrary. Many experts supported the durability of the high prices.
While the medium term error of high prices is clear, it is unfair to hold too much against people who erred (imho).
November 16, 2008 at 8:51 PM #305655urbanrealtor
ParticipantWhile I stand in the minority on this, I really try not to cast too much judgment in the direction of poor decisions. Many people who bought during the boom were afraid of being priced out permanently. Many of the people who refi’d were excited about their newfound wealth. Bear in mind credit ratings agencies gave dirt-backed security a treasury-equivalent rating.
The minority of opinion during the boom thought things were really far too overpriced. Those believers fell into 2 camps: those who had data to support that opinion (eg: the proprietor of this blog) and those who did not (those who were contrarians or “just felt it”). Most people were not this smart or contrary. Many experts supported the durability of the high prices.
While the medium term error of high prices is clear, it is unfair to hold too much against people who erred (imho).
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