Should I stay or should I go?

[vagabondo]

no, lindismith, i am with you here. the logic here is that only when the asset depreciates that you can/should give it back and let the bank deal with the mess. if the opposite occurred, (the bank took the asset after 50% appreciation) we would call that outright theft. but it seems to work the other way around with some. and spare me the bank is not your friend or the contract says this or that. please. the only time this seems to be the case is when you are subject to adverse affect of the potential risk that ALWAYS existed.

[lindismith]

cogsciguy,

She’s lived here since 2002; she watched the market go up and up and up and up for 3 years, and then bought.

And, she’s not exactly a first-time buyer. She’s already had experience in the housing market. She knew her loan would reset higher, but she just “planned to sell.”

She’s in her early 50’s, with a daughter. Are we to assume this woman is completely ignorant? Are we to assume this woman cannot do math? That she cannot ask some basic questions about risk? I can’t believe that. What’s astounding is that these basic assumptions that occur to you and me were just ignored, or summarily dismissed, or perhaps just risked for the sake of the here and now, not once ever entertaining the idea that this gravy train might have stopped running, and maybe a back-up plan to ‘sell in two years’ might be needed.

I just keep hearing stories like hers, and frankly, I’m out of sympathy. Buying a home is one of the biggest financial decisions ever, yet people treated it as if it was a disposable act.

Easy come. Easy go I guess.

Ok, I’ll calm down now. That’s why even though I’m a long-time Pigg, I never post anymore. I just get too annoyed.

[lindismith]

cogsciguy,

She’s lived here since 2002; she watched the market go up and up and up and up for 3 years, and then bought.

And, she’s not exactly a first-time buyer. She’s already had experience in the housing market. She knew her loan would reset higher, but she just “planned to sell.”

She’s in her early 50’s, with a daughter. Are we to assume this woman is completely ignorant? Are we to assume this woman cannot do math? That she cannot ask some basic questions about risk? I can’t believe that. What’s astounding is that these basic assumptions that occur to you and me were just ignored, or summarily dismissed, or perhaps just risked for the sake of the here and now, not once ever entertaining the idea that this gravy train might have stopped running, and maybe a back-up plan to ‘sell in two years’ might be needed.

I just keep hearing stories like hers, and frankly, I’m out of sympathy. Buying a home is one of the biggest financial decisions ever, yet people treated it as if it was a disposable act.

Easy come. Easy go I guess.

Ok, I’ll calm down now. That’s why even though I’m a long-time Pigg, I never post anymore. I just get too annoyed.

[lindismith]

cogsciguy,

She’s lived here since 2002; she watched the market go up and up and up and up for 3 years, and then bought.

And, she’s not exactly a first-time buyer. She’s already had experience in the housing market. She knew her loan would reset higher, but she just “planned to sell.”

She’s in her early 50’s, with a daughter. Are we to assume this woman is completely ignorant? Are we to assume this woman cannot do math? That she cannot ask some basic questions about risk? I can’t believe that. What’s astounding is that these basic assumptions that occur to you and me were just ignored, or summarily dismissed, or perhaps just risked for the sake of the here and now, not once ever entertaining the idea that this gravy train might have stopped running, and maybe a back-up plan to ‘sell in two years’ might be needed.

I just keep hearing stories like hers, and frankly, I’m out of sympathy. Buying a home is one of the biggest financial decisions ever, yet people treated it as if it was a disposable act.

Easy come. Easy go I guess.

Ok, I’ll calm down now. That’s why even though I’m a long-time Pigg, I never post anymore. I just get too annoyed.

[lindismith]

cogsciguy,

She’s lived here since 2002; she watched the market go up and up and up and up for 3 years, and then bought.

And, she’s not exactly a first-time buyer. She’s already had experience in the housing market. She knew her loan would reset higher, but she just “planned to sell.”

She’s in her early 50’s, with a daughter. Are we to assume this woman is completely ignorant? Are we to assume this woman cannot do math? That she cannot ask some basic questions about risk? I can’t believe that. What’s astounding is that these basic assumptions that occur to you and me were just ignored, or summarily dismissed, or perhaps just risked for the sake of the here and now, not once ever entertaining the idea that this gravy train might have stopped running, and maybe a back-up plan to ‘sell in two years’ might be needed.

I just keep hearing stories like hers, and frankly, I’m out of sympathy. Buying a home is one of the biggest financial decisions ever, yet people treated it as if it was a disposable act.

Easy come. Easy go I guess.

Ok, I’ll calm down now. That’s why even though I’m a long-time Pigg, I never post anymore. I just get too annoyed.

[lindismith]

cogsciguy,

She’s lived here since 2002; she watched the market go up and up and up and up for 3 years, and then bought.

And, she’s not exactly a first-time buyer. She’s already had experience in the housing market. She knew her loan would reset higher, but she just “planned to sell.”

She’s in her early 50’s, with a daughter. Are we to assume this woman is completely ignorant? Are we to assume this woman cannot do math? That she cannot ask some basic questions about risk? I can’t believe that. What’s astounding is that these basic assumptions that occur to you and me were just ignored, or summarily dismissed, or perhaps just risked for the sake of the here and now, not once ever entertaining the idea that this gravy train might have stopped running, and maybe a back-up plan to ‘sell in two years’ might be needed.

I just keep hearing stories like hers, and frankly, I’m out of sympathy. Buying a home is one of the biggest financial decisions ever, yet people treated it as if it was a disposable act.

Easy come. Easy go I guess.

Ok, I’ll calm down now. That’s why even though I’m a long-time Pigg, I never post anymore. I just get too annoyed.

[jpinpb]

Anyone urging personal responsibilty, remember that when things get really bad for these people, the government is threatening to intervene. That means me and you and other taxpayers.

I’d rather the bank get the hit and put it back on the market at a much reduced price, affordable for people who QUALIFY.

It really makes sense and is a win/win. She got to live in a house, paying high “rent” w/a write-off, sending her daughter to a good school.

The taxpayers are off the hook. The bank is on the hook for giving away free money.

The people who qualify get to buy a house at a reduced price.

[jpinpb]

Anyone urging personal responsibilty, remember that when things get really bad for these people, the government is threatening to intervene. That means me and you and other taxpayers.

I’d rather the bank get the hit and put it back on the market at a much reduced price, affordable for people who QUALIFY.

It really makes sense and is a win/win. She got to live in a house, paying high “rent” w/a write-off, sending her daughter to a good school.

The taxpayers are off the hook. The bank is on the hook for giving away free money.

The people who qualify get to buy a house at a reduced price.

[jpinpb]

Anyone urging personal responsibilty, remember that when things get really bad for these people, the government is threatening to intervene. That means me and you and other taxpayers.

I’d rather the bank get the hit and put it back on the market at a much reduced price, affordable for people who QUALIFY.

It really makes sense and is a win/win. She got to live in a house, paying high “rent” w/a write-off, sending her daughter to a good school.

The taxpayers are off the hook. The bank is on the hook for giving away free money.

The people who qualify get to buy a house at a reduced price.

[jpinpb]

Anyone urging personal responsibilty, remember that when things get really bad for these people, the government is threatening to intervene. That means me and you and other taxpayers.

I’d rather the bank get the hit and put it back on the market at a much reduced price, affordable for people who QUALIFY.

It really makes sense and is a win/win. She got to live in a house, paying high “rent” w/a write-off, sending her daughter to a good school.

The taxpayers are off the hook. The bank is on the hook for giving away free money.

The people who qualify get to buy a house at a reduced price.

[jpinpb]

Anyone urging personal responsibilty, remember that when things get really bad for these people, the government is threatening to intervene. That means me and you and other taxpayers.

I’d rather the bank get the hit and put it back on the market at a much reduced price, affordable for people who QUALIFY.

It really makes sense and is a win/win. She got to live in a house, paying high “rent” w/a write-off, sending her daughter to a good school.

The taxpayers are off the hook. The bank is on the hook for giving away free money.

The people who qualify get to buy a house at a reduced price.

[DJNinSD]

I bought it for $610k, it did continue up for another 10 months after that – a neighbor bought her’s (same floor plan) for $675k. When I say it is now down by $20k that is looking at the price on zillow.com as well as the price that a neighbor’s house is now selling for and it comparing to the price I paid, not the price it was at the peak.

You’ve given me really good information, thank you. Your item 7 though…what is a nonrecourse mortgage?

And, I really don’t want a new BMW! I am a fairly non-materialistic person — you’re right in that I was in that neighborhood for the good school.

thanks!

[DJNinSD]

I bought it for $610k, it did continue up for another 10 months after that – a neighbor bought her’s (same floor plan) for $675k. When I say it is now down by $20k that is looking at the price on zillow.com as well as the price that a neighbor’s house is now selling for and it comparing to the price I paid, not the price it was at the peak.

You’ve given me really good information, thank you. Your item 7 though…what is a nonrecourse mortgage?

And, I really don’t want a new BMW! I am a fairly non-materialistic person — you’re right in that I was in that neighborhood for the good school.

thanks!

[DJNinSD]

I bought it for $610k, it did continue up for another 10 months after that – a neighbor bought her’s (same floor plan) for $675k. When I say it is now down by $20k that is looking at the price on zillow.com as well as the price that a neighbor’s house is now selling for and it comparing to the price I paid, not the price it was at the peak.

You’ve given me really good information, thank you. Your item 7 though…what is a nonrecourse mortgage?

And, I really don’t want a new BMW! I am a fairly non-materialistic person — you’re right in that I was in that neighborhood for the good school.

thanks!

[DJNinSD]

I bought it for $610k, it did continue up for another 10 months after that – a neighbor bought her’s (same floor plan) for $675k. When I say it is now down by $20k that is looking at the price on zillow.com as well as the price that a neighbor’s house is now selling for and it comparing to the price I paid, not the price it was at the peak.

You’ve given me really good information, thank you. Your item 7 though…what is a nonrecourse mortgage?

And, I really don’t want a new BMW! I am a fairly non-materialistic person — you’re right in that I was in that neighborhood for the good school.

thanks!

[Author]

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