What would be decline price in San Diego with in 6 months?

[patientlywaiting]

SD Realtor, there nothing the government can do at this point.

If people can’t afford a house, giving them forbearance is not going to help. It just delays in inevitable.

The government will not write-off principal without homeowners giving up present or future equity. You’d have to be an idiot to agree. Better to walk away and be done with it.

If the gov’t interferes and it becomes common knowledge that some homeowners are getting breaks, then everyone will demand a share of the pie. People will stop making mortgage payments to qualify for bailout and that will cause things to get even worse.

SD Realtor, are you still placing low-balls?

[patientlywaiting]

[quote=4plexowner]I’ll say it once again

Capitulation in 2012 with spike lows to or below 1998 price levels

Prices then bounce along the bottom for several years before appreciating at a few (3?) percent per year

Buying before 2010 is definitely knife catching

Will anyone believe me this time? Probably not but I’ll sleep better knowing that I tried …[/quote]

I’m with you on this one.

[patientlywaiting]

[quote=4plexowner]I’ll say it once again

Capitulation in 2012 with spike lows to or below 1998 price levels

Prices then bounce along the bottom for several years before appreciating at a few (3?) percent per year

Buying before 2010 is definitely knife catching

Will anyone believe me this time? Probably not but I’ll sleep better knowing that I tried …[/quote]

I’m with you on this one.

[patientlywaiting]

[quote=4plexowner]I’ll say it once again

Capitulation in 2012 with spike lows to or below 1998 price levels

Prices then bounce along the bottom for several years before appreciating at a few (3?) percent per year

Buying before 2010 is definitely knife catching

Will anyone believe me this time? Probably not but I’ll sleep better knowing that I tried …[/quote]

I’m with you on this one.

[patientlywaiting]

[quote=4plexowner]I’ll say it once again

Capitulation in 2012 with spike lows to or below 1998 price levels

Prices then bounce along the bottom for several years before appreciating at a few (3?) percent per year

Buying before 2010 is definitely knife catching

Will anyone believe me this time? Probably not but I’ll sleep better knowing that I tried …[/quote]

I’m with you on this one.

[patientlywaiting]

[quote=4plexowner]I’ll say it once again

Capitulation in 2012 with spike lows to or below 1998 price levels

Prices then bounce along the bottom for several years before appreciating at a few (3?) percent per year

Buying before 2010 is definitely knife catching

Will anyone believe me this time? Probably not but I’ll sleep better knowing that I tried …[/quote]

I’m with you on this one.

[KIBU]

[quote] Attached to one of the many previous versions of the bailout was the ugly provision to LET JUDGES HALT FORECLOSURES [/quote]

I read on the Washington Post that the Democrats have pretty much accepted to forget about that wish to let judges halt foreclosure. So I think that idea is pretty much dead.

…but who knows, maybe it will sneak in again, very low chance though.

[KIBU]

[quote] Attached to one of the many previous versions of the bailout was the ugly provision to LET JUDGES HALT FORECLOSURES [/quote]

I read on the Washington Post that the Democrats have pretty much accepted to forget about that wish to let judges halt foreclosure. So I think that idea is pretty much dead.

…but who knows, maybe it will sneak in again, very low chance though.

[KIBU]

[quote] Attached to one of the many previous versions of the bailout was the ugly provision to LET JUDGES HALT FORECLOSURES [/quote]

I read on the Washington Post that the Democrats have pretty much accepted to forget about that wish to let judges halt foreclosure. So I think that idea is pretty much dead.

…but who knows, maybe it will sneak in again, very low chance though.

[KIBU]

[quote] Attached to one of the many previous versions of the bailout was the ugly provision to LET JUDGES HALT FORECLOSURES [/quote]

I read on the Washington Post that the Democrats have pretty much accepted to forget about that wish to let judges halt foreclosure. So I think that idea is pretty much dead.

…but who knows, maybe it will sneak in again, very low chance though.

[KIBU]

[quote] Attached to one of the many previous versions of the bailout was the ugly provision to LET JUDGES HALT FORECLOSURES [/quote]

I read on the Washington Post that the Democrats have pretty much accepted to forget about that wish to let judges halt foreclosure. So I think that idea is pretty much dead.

…but who knows, maybe it will sneak in again, very low chance though.

[temeculaguy]

FDIC reworks for IDYMAC loans is supposed to be the model they use for the gov’t owned mortgages if there is a bailout. I read the details and it’s not much of a deal for the homeowner, walking away is better. The indymac reworks require full doc and they set the mortgage at .38 of gross income. They reverse the numbers to figure out what that payment would represent and the remainder isn’t forgiven, it becomes a lien, that they get first at sale or refi. Heloc’s are prevented because it is in the first position.

example: FB owes 500k on house worth 350k and makes 100k a year. can afford 3k a month but 3k is what a 375k loan would be (including impounds). Gov’t liens prop for 125k that they get back. FB keeps home but never builds equity until they break 500k after transaction fees. It would be better for them to walk away, pay 350k at a higher rate because the forebearance is not a gift in the current reworks, it just postpones the inevitable and forces them to “rent ” for twice the market because paying for shelter that you do not share in the appreciation is just that, “rent.”

[temeculaguy]

FDIC reworks for IDYMAC loans is supposed to be the model they use for the gov’t owned mortgages if there is a bailout. I read the details and it’s not much of a deal for the homeowner, walking away is better. The indymac reworks require full doc and they set the mortgage at .38 of gross income. They reverse the numbers to figure out what that payment would represent and the remainder isn’t forgiven, it becomes a lien, that they get first at sale or refi. Heloc’s are prevented because it is in the first position.

example: FB owes 500k on house worth 350k and makes 100k a year. can afford 3k a month but 3k is what a 375k loan would be (including impounds). Gov’t liens prop for 125k that they get back. FB keeps home but never builds equity until they break 500k after transaction fees. It would be better for them to walk away, pay 350k at a higher rate because the forebearance is not a gift in the current reworks, it just postpones the inevitable and forces them to “rent ” for twice the market because paying for shelter that you do not share in the appreciation is just that, “rent.”

[temeculaguy]

FDIC reworks for IDYMAC loans is supposed to be the model they use for the gov’t owned mortgages if there is a bailout. I read the details and it’s not much of a deal for the homeowner, walking away is better. The indymac reworks require full doc and they set the mortgage at .38 of gross income. They reverse the numbers to figure out what that payment would represent and the remainder isn’t forgiven, it becomes a lien, that they get first at sale or refi. Heloc’s are prevented because it is in the first position.

example: FB owes 500k on house worth 350k and makes 100k a year. can afford 3k a month but 3k is what a 375k loan would be (including impounds). Gov’t liens prop for 125k that they get back. FB keeps home but never builds equity until they break 500k after transaction fees. It would be better for them to walk away, pay 350k at a higher rate because the forebearance is not a gift in the current reworks, it just postpones the inevitable and forces them to “rent ” for twice the market because paying for shelter that you do not share in the appreciation is just that, “rent.”

[temeculaguy]

FDIC reworks for IDYMAC loans is supposed to be the model they use for the gov’t owned mortgages if there is a bailout. I read the details and it’s not much of a deal for the homeowner, walking away is better. The indymac reworks require full doc and they set the mortgage at .38 of gross income. They reverse the numbers to figure out what that payment would represent and the remainder isn’t forgiven, it becomes a lien, that they get first at sale or refi. Heloc’s are prevented because it is in the first position.

example: FB owes 500k on house worth 350k and makes 100k a year. can afford 3k a month but 3k is what a 375k loan would be (including impounds). Gov’t liens prop for 125k that they get back. FB keeps home but never builds equity until they break 500k after transaction fees. It would be better for them to walk away, pay 350k at a higher rate because the forebearance is not a gift in the current reworks, it just postpones the inevitable and forces them to “rent ” for twice the market because paying for shelter that you do not share in the appreciation is just that, “rent.”

[Author]

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