Short Sale/Foreclosure question

[urbanrealtor]

While 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).

[socrattt]

[quote=urbanrealtor]While 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. [/quote]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble.

We are a greed based country and over the past number of years everyone has been trying to out do their neighbor, i.e. bigger house, bigger cars. I have many friends that aren’t exactly real estate savvy that new the markets would come back to reality. It took common sense to see that homes weren’t near affordability in Southern California.

Many of those who took advantage of their HELOC’s and other forms of credit blew their wealth but forgot one key factor, IT WASN’T THEIR MONEY. Now it is our money, we share the debt of the people that you feel sorry for. Sorry Urban, but I pay too much in taxes to feel sorry for those who decide to spend and run. People, as yourself, confuse the heck out me. How can you have sympathy for the many that showed a lack of intelligence when buying a home.

It’s back to basics for America, small house, small car, small egos. This is the only way America will come back to its’ senses.

[socrattt]

[quote=urbanrealtor]While 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. [/quote]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble.

We are a greed based country and over the past number of years everyone has been trying to out do their neighbor, i.e. bigger house, bigger cars. I have many friends that aren’t exactly real estate savvy that new the markets would come back to reality. It took common sense to see that homes weren’t near affordability in Southern California.

Many of those who took advantage of their HELOC’s and other forms of credit blew their wealth but forgot one key factor, IT WASN’T THEIR MONEY. Now it is our money, we share the debt of the people that you feel sorry for. Sorry Urban, but I pay too much in taxes to feel sorry for those who decide to spend and run. People, as yourself, confuse the heck out me. How can you have sympathy for the many that showed a lack of intelligence when buying a home.

It’s back to basics for America, small house, small car, small egos. This is the only way America will come back to its’ senses.

[socrattt]

[quote=urbanrealtor]While 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. [/quote]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble.

We are a greed based country and over the past number of years everyone has been trying to out do their neighbor, i.e. bigger house, bigger cars. I have many friends that aren’t exactly real estate savvy that new the markets would come back to reality. It took common sense to see that homes weren’t near affordability in Southern California.

Many of those who took advantage of their HELOC’s and other forms of credit blew their wealth but forgot one key factor, IT WASN’T THEIR MONEY. Now it is our money, we share the debt of the people that you feel sorry for. Sorry Urban, but I pay too much in taxes to feel sorry for those who decide to spend and run. People, as yourself, confuse the heck out me. How can you have sympathy for the many that showed a lack of intelligence when buying a home.

It’s back to basics for America, small house, small car, small egos. This is the only way America will come back to its’ senses.

[socrattt]

[quote=urbanrealtor]While 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. [/quote]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble.

We are a greed based country and over the past number of years everyone has been trying to out do their neighbor, i.e. bigger house, bigger cars. I have many friends that aren’t exactly real estate savvy that new the markets would come back to reality. It took common sense to see that homes weren’t near affordability in Southern California.

Many of those who took advantage of their HELOC’s and other forms of credit blew their wealth but forgot one key factor, IT WASN’T THEIR MONEY. Now it is our money, we share the debt of the people that you feel sorry for. Sorry Urban, but I pay too much in taxes to feel sorry for those who decide to spend and run. People, as yourself, confuse the heck out me. How can you have sympathy for the many that showed a lack of intelligence when buying a home.

It’s back to basics for America, small house, small car, small egos. This is the only way America will come back to its’ senses.

[socrattt]

[quote=urbanrealtor]While 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. [/quote]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble.

We are a greed based country and over the past number of years everyone has been trying to out do their neighbor, i.e. bigger house, bigger cars. I have many friends that aren’t exactly real estate savvy that new the markets would come back to reality. It took common sense to see that homes weren’t near affordability in Southern California.

Many of those who took advantage of their HELOC’s and other forms of credit blew their wealth but forgot one key factor, IT WASN’T THEIR MONEY. Now it is our money, we share the debt of the people that you feel sorry for. Sorry Urban, but I pay too much in taxes to feel sorry for those who decide to spend and run. People, as yourself, confuse the heck out me. How can you have sympathy for the many that showed a lack of intelligence when buying a home.

It’s back to basics for America, small house, small car, small egos. This is the only way America will come back to its’ senses.

[urbanrealtor]

[quote=socrattt]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble. [/quote]

I am not sure what you think is uneducated about my response. I simply say that I try not to be too judgmental of the poor decision-making of others. Their motivations were foolish and short sighted but understandable. I expect you have made poor decisions in your life as well. Have you not? That was my only point here. It sounds like you’re trying to pick a fight here rather than actually engage in discourse.

[urbanrealtor]

[quote=socrattt]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble. [/quote]

I am not sure what you think is uneducated about my response. I simply say that I try not to be too judgmental of the poor decision-making of others. Their motivations were foolish and short sighted but understandable. I expect you have made poor decisions in your life as well. Have you not? That was my only point here. It sounds like you’re trying to pick a fight here rather than actually engage in discourse.

[urbanrealtor]

[quote=socrattt]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble. [/quote]

I am not sure what you think is uneducated about my response. I simply say that I try not to be too judgmental of the poor decision-making of others. Their motivations were foolish and short sighted but understandable. I expect you have made poor decisions in your life as well. Have you not? That was my only point here. It sounds like you’re trying to pick a fight here rather than actually engage in discourse.

[urbanrealtor]

[quote=socrattt]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble. [/quote]

I am not sure what you think is uneducated about my response. I simply say that I try not to be too judgmental of the poor decision-making of others. Their motivations were foolish and short sighted but understandable. I expect you have made poor decisions in your life as well. Have you not? That was my only point here. It sounds like you’re trying to pick a fight here rather than actually engage in discourse.

[urbanrealtor]

[quote=socrattt]

Urban, I expected a much more educated response to this topic. I thought we would agree on some things but it looks as though this is another one we disagree on. There is no possible way that the reason we are where we are today is because people felt they would be priced out. People bought because they wanted to catch up to the “Jones”, while knowing full well that unless their house was worth more money when their 5 year ARM adjusted that they would be in trouble. [/quote]

I am not sure what you think is uneducated about my response. I simply say that I try not to be too judgmental of the poor decision-making of others. Their motivations were foolish and short sighted but understandable. I expect you have made poor decisions in your life as well. Have you not? That was my only point here. It sounds like you’re trying to pick a fight here rather than actually engage in discourse.

[temeculaguy]

ethics aside, stargirl had some questions, so here are the basic broad brush answers.

A short sale is when you sell for less than you owe and the bank agrees to take less in order to avoid foreclosure. They do this because it takes a year to foreclose and the occupant strips the place so it is worth more with the occupant’s cooperation. The rub is that all the lenders have to agree and the second mortgages get close to wiped out so they don’t always agree, shorts don’t always work, maybe half the time because anyone can list, but it takes an offer from a buyer before you can ask for permission. It’s like taking your sleeping bag and pillow to your friend’s house and asking your parents if you can spend the night at about midnight. it’s a crap shoot.

Also, yes, people took out more money than their house is currently worth and more than they can afford to pay back, that’s the bank’s fault as much as the borrower, they drank the appreciation kool aid as much as anyone.

Before you figure out a scheme, that ship has sailed, too late, and I’d be willing to wager a bar tab that your friend didn’t pocket the 522k, he/she probably pissed it away. That is what is really hurting the economy right now, nobody is pissing away free money anymore, nor will they be anytime soon.

As far as when foreclosure will happen, you need to do more research, when the NOD (notice of default) was filed can give you an idea. That takes place after about three missed payments. The NOT (notice of trustees sale) is a couple months after that, and that is what is deem a foreclosure, another month and it’s on the streets. Run a search on local newspapers classified legal section, the NOT has to be publicly posted or go to foreclosure.com and sort data by name of defendant. County sites or in person locations during a grantee search can give you both NOD and NOT info, riverside county has it online, I think Sd does as well but not sure.

Have fun peeking under the hood.

[temeculaguy]

ethics aside, stargirl had some questions, so here are the basic broad brush answers.

A short sale is when you sell for less than you owe and the bank agrees to take less in order to avoid foreclosure. They do this because it takes a year to foreclose and the occupant strips the place so it is worth more with the occupant’s cooperation. The rub is that all the lenders have to agree and the second mortgages get close to wiped out so they don’t always agree, shorts don’t always work, maybe half the time because anyone can list, but it takes an offer from a buyer before you can ask for permission. It’s like taking your sleeping bag and pillow to your friend’s house and asking your parents if you can spend the night at about midnight. it’s a crap shoot.

Also, yes, people took out more money than their house is currently worth and more than they can afford to pay back, that’s the bank’s fault as much as the borrower, they drank the appreciation kool aid as much as anyone.

Before you figure out a scheme, that ship has sailed, too late, and I’d be willing to wager a bar tab that your friend didn’t pocket the 522k, he/she probably pissed it away. That is what is really hurting the economy right now, nobody is pissing away free money anymore, nor will they be anytime soon.

As far as when foreclosure will happen, you need to do more research, when the NOD (notice of default) was filed can give you an idea. That takes place after about three missed payments. The NOT (notice of trustees sale) is a couple months after that, and that is what is deem a foreclosure, another month and it’s on the streets. Run a search on local newspapers classified legal section, the NOT has to be publicly posted or go to foreclosure.com and sort data by name of defendant. County sites or in person locations during a grantee search can give you both NOD and NOT info, riverside county has it online, I think Sd does as well but not sure.

Have fun peeking under the hood.

[temeculaguy]

ethics aside, stargirl had some questions, so here are the basic broad brush answers.

A short sale is when you sell for less than you owe and the bank agrees to take less in order to avoid foreclosure. They do this because it takes a year to foreclose and the occupant strips the place so it is worth more with the occupant’s cooperation. The rub is that all the lenders have to agree and the second mortgages get close to wiped out so they don’t always agree, shorts don’t always work, maybe half the time because anyone can list, but it takes an offer from a buyer before you can ask for permission. It’s like taking your sleeping bag and pillow to your friend’s house and asking your parents if you can spend the night at about midnight. it’s a crap shoot.

Also, yes, people took out more money than their house is currently worth and more than they can afford to pay back, that’s the bank’s fault as much as the borrower, they drank the appreciation kool aid as much as anyone.

Before you figure out a scheme, that ship has sailed, too late, and I’d be willing to wager a bar tab that your friend didn’t pocket the 522k, he/she probably pissed it away. That is what is really hurting the economy right now, nobody is pissing away free money anymore, nor will they be anytime soon.

As far as when foreclosure will happen, you need to do more research, when the NOD (notice of default) was filed can give you an idea. That takes place after about three missed payments. The NOT (notice of trustees sale) is a couple months after that, and that is what is deem a foreclosure, another month and it’s on the streets. Run a search on local newspapers classified legal section, the NOT has to be publicly posted or go to foreclosure.com and sort data by name of defendant. County sites or in person locations during a grantee search can give you both NOD and NOT info, riverside county has it online, I think Sd does as well but not sure.

Have fun peeking under the hood.

[temeculaguy]

ethics aside, stargirl had some questions, so here are the basic broad brush answers.

A short sale is when you sell for less than you owe and the bank agrees to take less in order to avoid foreclosure. They do this because it takes a year to foreclose and the occupant strips the place so it is worth more with the occupant’s cooperation. The rub is that all the lenders have to agree and the second mortgages get close to wiped out so they don’t always agree, shorts don’t always work, maybe half the time because anyone can list, but it takes an offer from a buyer before you can ask for permission. It’s like taking your sleeping bag and pillow to your friend’s house and asking your parents if you can spend the night at about midnight. it’s a crap shoot.

Also, yes, people took out more money than their house is currently worth and more than they can afford to pay back, that’s the bank’s fault as much as the borrower, they drank the appreciation kool aid as much as anyone.

Before you figure out a scheme, that ship has sailed, too late, and I’d be willing to wager a bar tab that your friend didn’t pocket the 522k, he/she probably pissed it away. That is what is really hurting the economy right now, nobody is pissing away free money anymore, nor will they be anytime soon.

As far as when foreclosure will happen, you need to do more research, when the NOD (notice of default) was filed can give you an idea. That takes place after about three missed payments. The NOT (notice of trustees sale) is a couple months after that, and that is what is deem a foreclosure, another month and it’s on the streets. Run a search on local newspapers classified legal section, the NOT has to be publicly posted or go to foreclosure.com and sort data by name of defendant. County sites or in person locations during a grantee search can give you both NOD and NOT info, riverside county has it online, I think Sd does as well but not sure.

Have fun peeking under the hood.

[Author]

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