Underwater Homeowners Thread

[paramount]

I’ll be glad to stop whining and accept responsibility when others do the same – particularly those who lied and broke the law.

Oh no that’s right – I forgot – those people are the one’s getting a bailout.

[4plexowner]

wow paramount – your life must suck – being a victim is such a powerless place to come from

interesting that others were able to see the developing bubble in 2003 when you purchased – I started selling my properties in 2002 because I could see the bubble developing and expected it to pop at any moment

how about this for an analogy to your situation:

I detected and reacted to the bubble TOO EARLY and therefore I deserve a bailout – I should be given the money that I left on the table by selling before the peak occurred in 2005/6/7 – by my calculations my bailout should be about $500K

I underestimated the size of the ultimate bubble because of all the fraud going on – since it is someone else’s fault that I made a less than optimal decision I should be bailed out to the tune of $500K

[4plexowner]

wow paramount – your life must suck – being a victim is such a powerless place to come from

interesting that others were able to see the developing bubble in 2003 when you purchased – I started selling my properties in 2002 because I could see the bubble developing and expected it to pop at any moment

how about this for an analogy to your situation:

I detected and reacted to the bubble TOO EARLY and therefore I deserve a bailout – I should be given the money that I left on the table by selling before the peak occurred in 2005/6/7 – by my calculations my bailout should be about $500K

I underestimated the size of the ultimate bubble because of all the fraud going on – since it is someone else’s fault that I made a less than optimal decision I should be bailed out to the tune of $500K

[4plexowner]

wow paramount – your life must suck – being a victim is such a powerless place to come from

interesting that others were able to see the developing bubble in 2003 when you purchased – I started selling my properties in 2002 because I could see the bubble developing and expected it to pop at any moment

how about this for an analogy to your situation:

I detected and reacted to the bubble TOO EARLY and therefore I deserve a bailout – I should be given the money that I left on the table by selling before the peak occurred in 2005/6/7 – by my calculations my bailout should be about $500K

I underestimated the size of the ultimate bubble because of all the fraud going on – since it is someone else’s fault that I made a less than optimal decision I should be bailed out to the tune of $500K

[4plexowner]

wow paramount – your life must suck – being a victim is such a powerless place to come from

interesting that others were able to see the developing bubble in 2003 when you purchased – I started selling my properties in 2002 because I could see the bubble developing and expected it to pop at any moment

how about this for an analogy to your situation:

I detected and reacted to the bubble TOO EARLY and therefore I deserve a bailout – I should be given the money that I left on the table by selling before the peak occurred in 2005/6/7 – by my calculations my bailout should be about $500K

I underestimated the size of the ultimate bubble because of all the fraud going on – since it is someone else’s fault that I made a less than optimal decision I should be bailed out to the tune of $500K

[4plexowner]

wow paramount – your life must suck – being a victim is such a powerless place to come from

interesting that others were able to see the developing bubble in 2003 when you purchased – I started selling my properties in 2002 because I could see the bubble developing and expected it to pop at any moment

how about this for an analogy to your situation:

I detected and reacted to the bubble TOO EARLY and therefore I deserve a bailout – I should be given the money that I left on the table by selling before the peak occurred in 2005/6/7 – by my calculations my bailout should be about $500K

I underestimated the size of the ultimate bubble because of all the fraud going on – since it is someone else’s fault that I made a less than optimal decision I should be bailed out to the tune of $500K

[UCGal]

Back to the thoughts posed in the OP…

I personally am not a big fan of government intervention in preventing foreclosures. The market will eventually return to a sustainable, non-inflated level. All of the government intervention I’ve seen seems to be targeted at either reinflating, or postponing that eventual outcome. I’m in the “rip the bandaid off fast” camp… It’s painful – but better if it’s over quickly.

Personally… I bought my house in early 2003. According to Zillow it’s worth 70k less than I paid for it. But my mortgage is a LOT less than what Zillow says it’s worth, because we put a lot down. I’m comfortable paying my mortgage because:
a) I bought something we could afford.
b) the house works for us.
c) we spent (non-financed) money building a handicap accessible companion unit for the in-laws to live in… and there is NOTHING out there for rent or sale that would fit our family needs like this.

[UCGal]

Back to the thoughts posed in the OP…

I personally am not a big fan of government intervention in preventing foreclosures. The market will eventually return to a sustainable, non-inflated level. All of the government intervention I’ve seen seems to be targeted at either reinflating, or postponing that eventual outcome. I’m in the “rip the bandaid off fast” camp… It’s painful – but better if it’s over quickly.

Personally… I bought my house in early 2003. According to Zillow it’s worth 70k less than I paid for it. But my mortgage is a LOT less than what Zillow says it’s worth, because we put a lot down. I’m comfortable paying my mortgage because:
a) I bought something we could afford.
b) the house works for us.
c) we spent (non-financed) money building a handicap accessible companion unit for the in-laws to live in… and there is NOTHING out there for rent or sale that would fit our family needs like this.

[UCGal]

Back to the thoughts posed in the OP…

I personally am not a big fan of government intervention in preventing foreclosures. The market will eventually return to a sustainable, non-inflated level. All of the government intervention I’ve seen seems to be targeted at either reinflating, or postponing that eventual outcome. I’m in the “rip the bandaid off fast” camp… It’s painful – but better if it’s over quickly.

Personally… I bought my house in early 2003. According to Zillow it’s worth 70k less than I paid for it. But my mortgage is a LOT less than what Zillow says it’s worth, because we put a lot down. I’m comfortable paying my mortgage because:
a) I bought something we could afford.
b) the house works for us.
c) we spent (non-financed) money building a handicap accessible companion unit for the in-laws to live in… and there is NOTHING out there for rent or sale that would fit our family needs like this.

[UCGal]

Back to the thoughts posed in the OP…

I personally am not a big fan of government intervention in preventing foreclosures. The market will eventually return to a sustainable, non-inflated level. All of the government intervention I’ve seen seems to be targeted at either reinflating, or postponing that eventual outcome. I’m in the “rip the bandaid off fast” camp… It’s painful – but better if it’s over quickly.

Personally… I bought my house in early 2003. According to Zillow it’s worth 70k less than I paid for it. But my mortgage is a LOT less than what Zillow says it’s worth, because we put a lot down. I’m comfortable paying my mortgage because:
a) I bought something we could afford.
b) the house works for us.
c) we spent (non-financed) money building a handicap accessible companion unit for the in-laws to live in… and there is NOTHING out there for rent or sale that would fit our family needs like this.

[UCGal]

Back to the thoughts posed in the OP…

I personally am not a big fan of government intervention in preventing foreclosures. The market will eventually return to a sustainable, non-inflated level. All of the government intervention I’ve seen seems to be targeted at either reinflating, or postponing that eventual outcome. I’m in the “rip the bandaid off fast” camp… It’s painful – but better if it’s over quickly.

Personally… I bought my house in early 2003. According to Zillow it’s worth 70k less than I paid for it. But my mortgage is a LOT less than what Zillow says it’s worth, because we put a lot down. I’m comfortable paying my mortgage because:
a) I bought something we could afford.
b) the house works for us.
c) we spent (non-financed) money building a handicap accessible companion unit for the in-laws to live in… and there is NOTHING out there for rent or sale that would fit our family needs like this.

[SD Realtor]

Paramount I am sorry I misread the post. It was late when I posted last night and I obviously didn’t read correctly. However that changes nothing.

Guess what… I have a home I bought in 2003 as well and it has lost tremendous value.

Guess what? It is my fault for buying it isn’t it? The person I bought it from did not hold a gun to my head. The appraiser who appraised it did not, and neither did the mortgage broker I used.

The way I see it, there is a vast misunderstanding that many people have/had which is when they signed the loan docs, the responsibility they are incurring is

************DETACHED**********INDEPENDENT************ORTHOGONAL**********

to market conditions. Furthermore you may indeed have been mislead just like many others. Still the case in point is that not EVERYBODY was. Some people said, no… no I will not do this because it does not feel right for me.

Yet those who held back are still being punished for the same wrongs that were committed against you.

Here is the point, you can kick and scream and play the victim but we all are paying the penalty here.

Aside from that, the analogy still holds about the card game, don’t play because even if the game is not stacked against you, you can still lose.

[SD Realtor]

Paramount I am sorry I misread the post. It was late when I posted last night and I obviously didn’t read correctly. However that changes nothing.

Guess what… I have a home I bought in 2003 as well and it has lost tremendous value.

Guess what? It is my fault for buying it isn’t it? The person I bought it from did not hold a gun to my head. The appraiser who appraised it did not, and neither did the mortgage broker I used.

The way I see it, there is a vast misunderstanding that many people have/had which is when they signed the loan docs, the responsibility they are incurring is

************DETACHED**********INDEPENDENT************ORTHOGONAL**********

to market conditions. Furthermore you may indeed have been mislead just like many others. Still the case in point is that not EVERYBODY was. Some people said, no… no I will not do this because it does not feel right for me.

Yet those who held back are still being punished for the same wrongs that were committed against you.

Here is the point, you can kick and scream and play the victim but we all are paying the penalty here.

Aside from that, the analogy still holds about the card game, don’t play because even if the game is not stacked against you, you can still lose.

[SD Realtor]

Paramount I am sorry I misread the post. It was late when I posted last night and I obviously didn’t read correctly. However that changes nothing.

Guess what… I have a home I bought in 2003 as well and it has lost tremendous value.

Guess what? It is my fault for buying it isn’t it? The person I bought it from did not hold a gun to my head. The appraiser who appraised it did not, and neither did the mortgage broker I used.

The way I see it, there is a vast misunderstanding that many people have/had which is when they signed the loan docs, the responsibility they are incurring is

************DETACHED**********INDEPENDENT************ORTHOGONAL**********

to market conditions. Furthermore you may indeed have been mislead just like many others. Still the case in point is that not EVERYBODY was. Some people said, no… no I will not do this because it does not feel right for me.

Yet those who held back are still being punished for the same wrongs that were committed against you.

Here is the point, you can kick and scream and play the victim but we all are paying the penalty here.

Aside from that, the analogy still holds about the card game, don’t play because even if the game is not stacked against you, you can still lose.

[SD Realtor]

Paramount I am sorry I misread the post. It was late when I posted last night and I obviously didn’t read correctly. However that changes nothing.

Guess what… I have a home I bought in 2003 as well and it has lost tremendous value.

Guess what? It is my fault for buying it isn’t it? The person I bought it from did not hold a gun to my head. The appraiser who appraised it did not, and neither did the mortgage broker I used.

The way I see it, there is a vast misunderstanding that many people have/had which is when they signed the loan docs, the responsibility they are incurring is

************DETACHED**********INDEPENDENT************ORTHOGONAL**********

to market conditions. Furthermore you may indeed have been mislead just like many others. Still the case in point is that not EVERYBODY was. Some people said, no… no I will not do this because it does not feel right for me.

Yet those who held back are still being punished for the same wrongs that were committed against you.

Here is the point, you can kick and scream and play the victim but we all are paying the penalty here.

Aside from that, the analogy still holds about the card game, don’t play because even if the game is not stacked against you, you can still lose.

[Author]

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