[23109VC]

I actually brought it up with my parents but not to benefit ME but to benefit my younger sister. she and her husband are teachers and make enough to afford a modest house payment, but not enough to qualify for a home in this market. they are renting right now.

i brought it up thinking that my parents could buy a house for THEM and then either “rent to own” or carry paper, or work out some arrangement where my sister and her husband pay my parents. my parents want to retire – and this would give them a vehicle to invest money in and get a monthly cash flow coming in. the big risk, however, would be if my sister or her husband lost their teaching jobs and could not afford to pay – then they’d have to kick them out.

i am in a house, and initially was thinking of this to benefit my sister. my parents are “thinking” about it. i honestly think they like the idea but are simply nervious about such a big investment that is not the “Norm”. they are conservative, and they may see it as too risky.

once I started thinking about it – I thought, if they would do it for sis – woudl they do it for me. i don’t NEED to move. yeah, i am a guy who bought in temecula a couple years ago and should have listened to all of you and NOT bought but i did. oh well. i like my house – it is nice, not as big as I would like for the long haul – but it is nice. if i am in my house for the next decade i am NOT going to be unhappy. but call me an opportunist, call me greedy – call it what you will -b ut if an opportunity came along to “upgrade” why not? so i thought, why not let my house go into foreclosure and take advantage of the fact that prices are so low.. i could just walk on my house and rent for a while. if my credit gets screwed b/d of a foreclosure i wouldn’t qualify for a new loan if/when I decided we hit bottom and wante to buy again…BUT if a relative was willing to buy the house who has cash – they could cut the loan to me and carry the note and i pay them. no real banks involved, mom and dad would just act like the bank.

the $500k figure is way high. i just tossed that out as a rond number. i’d probably look at stuff in the 300-400 range max. my current house is nice, i like it, and probably only worth $200-250 in THIS current market at best…

on the surface it sounded like a possible win-win – but not bieng a financial expert (hey i bought when i shoudl have sat out – so I am not an expert) I thought i’d ask some here who have essentially proven to be “in the know” and see what some of you thikn about the idea.

i really like a lot of the info I obtained. i hadn’t even really considred the whole long term health care costs, etc. i do know my parents have long term care insurance – but i don’t know the specifics of their policies.

another idea I threw out to them – and this also has a win-win angle to it that coudl help and have it’s own set of issues – i suggested they rent out their primary residence and move in with me – or in the alternative, we each move into another house together that is large enough to hold the bunch of us. i could dump my house and we could just rent a 4000 sq ft home and all live togther. my upside is having them in the house – i would have access to day car for my kidsd – NO not every day…but once a week or something – they are there and it woudl be much easier. upside – my kids get to spend a lot more quality time with gandma /grandpa. we are all very close and visit one a week or so – so living together might actually work – but with any co-living arrangment there are negatives to that. you can get annoyed with people you love once you live together…

big houses here in temecula that would house us all woudl easily rent for $3000? not that much. i could pay the bulk of it on my own – and they could move in and pay NO rent or only nomical costs. then they could pocket ALL the rent off their Scripps Ranch home – which is virtually paid off and worth about $600k – they coudl probably rent it for 2500-3000??? that woudl give them anice extra streamof income… but they woudl have to combine households…

if they did get sick or hurt – or were disabled, they would likely be able to live in the house longer – as they woudl have me, my wife, etc to assist them – unless they were so disabled htey required professional care…but as they age..and getinto their late 70s and 80s and assuming tey are inddependent, but just need minor “help” they would be in the same house and it would be easier to help them.

that was another idea i threw out as a way to help them retire earlier and cut costs. combine households… that would surely save money as they could rent their existing homeand profit off it.

back to my original idea – i hae another relative who is insanely wealthy. insanely. she is nto the kind of person to give money away and I would never ask her for money – she wouldn’t just “give” me a half million – but if I came up with a full blwon contract, and it was “legit” and there was some benefit to her – either that the interste she woudl earn would be equal to or better than her other investments and she was sufficiently protected from the obvious contingencies – she might just loan me the money. she has money coming out of the woodwork.. literally millions. that is alway san avenue..but it would need to be worke dout by an independent lawyer/third party so that it was above board, legit and very business like.

thanks again for the suggestions. my main goal is to help my parents. they have this money sitting in an account gaining no interest and they don’t know what to do iwth it. they are not financially sophisticated. they have thought about giving it to one of those investment firms where you basically give them your oney and they invest it and ge ta cut of the profits…but in this market – who knows if even the ‘experts” know WTF they are doing and there are no gaurantees..they could lose it all doing that..

which is why i thoght somethign like this would have the money in someting tangible. like a house. the only real worry is that what if we aren’t even at bottom yet and prices fall another 25% or 50%…. buying a house in Temecula now for $300k… coudl THAT house be $150k in another couple years? who knows..it could… then you’ve pissed away a lot of money…

too bad i don’t have a crystal ball… 🙂

[23109VC]

I actually brought it up with my parents but not to benefit ME but to benefit my younger sister. she and her husband are teachers and make enough to afford a modest house payment, but not enough to qualify for a home in this market. they are renting right now.

i brought it up thinking that my parents could buy a house for THEM and then either “rent to own” or carry paper, or work out some arrangement where my sister and her husband pay my parents. my parents want to retire – and this would give them a vehicle to invest money in and get a monthly cash flow coming in. the big risk, however, would be if my sister or her husband lost their teaching jobs and could not afford to pay – then they’d have to kick them out.

i am in a house, and initially was thinking of this to benefit my sister. my parents are “thinking” about it. i honestly think they like the idea but are simply nervious about such a big investment that is not the “Norm”. they are conservative, and they may see it as too risky.

once I started thinking about it – I thought, if they would do it for sis – woudl they do it for me. i don’t NEED to move. yeah, i am a guy who bought in temecula a couple years ago and should have listened to all of you and NOT bought but i did. oh well. i like my house – it is nice, not as big as I would like for the long haul – but it is nice. if i am in my house for the next decade i am NOT going to be unhappy. but call me an opportunist, call me greedy – call it what you will -b ut if an opportunity came along to “upgrade” why not? so i thought, why not let my house go into foreclosure and take advantage of the fact that prices are so low.. i could just walk on my house and rent for a while. if my credit gets screwed b/d of a foreclosure i wouldn’t qualify for a new loan if/when I decided we hit bottom and wante to buy again…BUT if a relative was willing to buy the house who has cash – they could cut the loan to me and carry the note and i pay them. no real banks involved, mom and dad would just act like the bank.

the $500k figure is way high. i just tossed that out as a rond number. i’d probably look at stuff in the 300-400 range max. my current house is nice, i like it, and probably only worth $200-250 in THIS current market at best…

on the surface it sounded like a possible win-win – but not bieng a financial expert (hey i bought when i shoudl have sat out – so I am not an expert) I thought i’d ask some here who have essentially proven to be “in the know” and see what some of you thikn about the idea.

i really like a lot of the info I obtained. i hadn’t even really considred the whole long term health care costs, etc. i do know my parents have long term care insurance – but i don’t know the specifics of their policies.

another idea I threw out to them – and this also has a win-win angle to it that coudl help and have it’s own set of issues – i suggested they rent out their primary residence and move in with me – or in the alternative, we each move into another house together that is large enough to hold the bunch of us. i could dump my house and we could just rent a 4000 sq ft home and all live togther. my upside is having them in the house – i would have access to day car for my kidsd – NO not every day…but once a week or something – they are there and it woudl be much easier. upside – my kids get to spend a lot more quality time with gandma /grandpa. we are all very close and visit one a week or so – so living together might actually work – but with any co-living arrangment there are negatives to that. you can get annoyed with people you love once you live together…

big houses here in temecula that would house us all woudl easily rent for $3000? not that much. i could pay the bulk of it on my own – and they could move in and pay NO rent or only nomical costs. then they could pocket ALL the rent off their Scripps Ranch home – which is virtually paid off and worth about $600k – they coudl probably rent it for 2500-3000??? that woudl give them anice extra streamof income… but they woudl have to combine households…

if they did get sick or hurt – or were disabled, they would likely be able to live in the house longer – as they woudl have me, my wife, etc to assist them – unless they were so disabled htey required professional care…but as they age..and getinto their late 70s and 80s and assuming tey are inddependent, but just need minor “help” they would be in the same house and it would be easier to help them.

that was another idea i threw out as a way to help them retire earlier and cut costs. combine households… that would surely save money as they could rent their existing homeand profit off it.

back to my original idea – i hae another relative who is insanely wealthy. insanely. she is nto the kind of person to give money away and I would never ask her for money – she wouldn’t just “give” me a half million – but if I came up with a full blwon contract, and it was “legit” and there was some benefit to her – either that the interste she woudl earn would be equal to or better than her other investments and she was sufficiently protected from the obvious contingencies – she might just loan me the money. she has money coming out of the woodwork.. literally millions. that is alway san avenue..but it would need to be worke dout by an independent lawyer/third party so that it was above board, legit and very business like.

thanks again for the suggestions. my main goal is to help my parents. they have this money sitting in an account gaining no interest and they don’t know what to do iwth it. they are not financially sophisticated. they have thought about giving it to one of those investment firms where you basically give them your oney and they invest it and ge ta cut of the profits…but in this market – who knows if even the ‘experts” know WTF they are doing and there are no gaurantees..they could lose it all doing that..

which is why i thoght somethign like this would have the money in someting tangible. like a house. the only real worry is that what if we aren’t even at bottom yet and prices fall another 25% or 50%…. buying a house in Temecula now for $300k… coudl THAT house be $150k in another couple years? who knows..it could… then you’ve pissed away a lot of money…

too bad i don’t have a crystal ball… 🙂

[23109VC]

I actually brought it up with my parents but not to benefit ME but to benefit my younger sister. she and her husband are teachers and make enough to afford a modest house payment, but not enough to qualify for a home in this market. they are renting right now.

i brought it up thinking that my parents could buy a house for THEM and then either “rent to own” or carry paper, or work out some arrangement where my sister and her husband pay my parents. my parents want to retire – and this would give them a vehicle to invest money in and get a monthly cash flow coming in. the big risk, however, would be if my sister or her husband lost their teaching jobs and could not afford to pay – then they’d have to kick them out.

i am in a house, and initially was thinking of this to benefit my sister. my parents are “thinking” about it. i honestly think they like the idea but are simply nervious about such a big investment that is not the “Norm”. they are conservative, and they may see it as too risky.

once I started thinking about it – I thought, if they would do it for sis – woudl they do it for me. i don’t NEED to move. yeah, i am a guy who bought in temecula a couple years ago and should have listened to all of you and NOT bought but i did. oh well. i like my house – it is nice, not as big as I would like for the long haul – but it is nice. if i am in my house for the next decade i am NOT going to be unhappy. but call me an opportunist, call me greedy – call it what you will -b ut if an opportunity came along to “upgrade” why not? so i thought, why not let my house go into foreclosure and take advantage of the fact that prices are so low.. i could just walk on my house and rent for a while. if my credit gets screwed b/d of a foreclosure i wouldn’t qualify for a new loan if/when I decided we hit bottom and wante to buy again…BUT if a relative was willing to buy the house who has cash – they could cut the loan to me and carry the note and i pay them. no real banks involved, mom and dad would just act like the bank.

the $500k figure is way high. i just tossed that out as a rond number. i’d probably look at stuff in the 300-400 range max. my current house is nice, i like it, and probably only worth $200-250 in THIS current market at best…

on the surface it sounded like a possible win-win – but not bieng a financial expert (hey i bought when i shoudl have sat out – so I am not an expert) I thought i’d ask some here who have essentially proven to be “in the know” and see what some of you thikn about the idea.

i really like a lot of the info I obtained. i hadn’t even really considred the whole long term health care costs, etc. i do know my parents have long term care insurance – but i don’t know the specifics of their policies.

another idea I threw out to them – and this also has a win-win angle to it that coudl help and have it’s own set of issues – i suggested they rent out their primary residence and move in with me – or in the alternative, we each move into another house together that is large enough to hold the bunch of us. i could dump my house and we could just rent a 4000 sq ft home and all live togther. my upside is having them in the house – i would have access to day car for my kidsd – NO not every day…but once a week or something – they are there and it woudl be much easier. upside – my kids get to spend a lot more quality time with gandma /grandpa. we are all very close and visit one a week or so – so living together might actually work – but with any co-living arrangment there are negatives to that. you can get annoyed with people you love once you live together…

big houses here in temecula that would house us all woudl easily rent for $3000? not that much. i could pay the bulk of it on my own – and they could move in and pay NO rent or only nomical costs. then they could pocket ALL the rent off their Scripps Ranch home – which is virtually paid off and worth about $600k – they coudl probably rent it for 2500-3000??? that woudl give them anice extra streamof income… but they woudl have to combine households…

if they did get sick or hurt – or were disabled, they would likely be able to live in the house longer – as they woudl have me, my wife, etc to assist them – unless they were so disabled htey required professional care…but as they age..and getinto their late 70s and 80s and assuming tey are inddependent, but just need minor “help” they would be in the same house and it would be easier to help them.

that was another idea i threw out as a way to help them retire earlier and cut costs. combine households… that would surely save money as they could rent their existing homeand profit off it.

back to my original idea – i hae another relative who is insanely wealthy. insanely. she is nto the kind of person to give money away and I would never ask her for money – she wouldn’t just “give” me a half million – but if I came up with a full blwon contract, and it was “legit” and there was some benefit to her – either that the interste she woudl earn would be equal to or better than her other investments and she was sufficiently protected from the obvious contingencies – she might just loan me the money. she has money coming out of the woodwork.. literally millions. that is alway san avenue..but it would need to be worke dout by an independent lawyer/third party so that it was above board, legit and very business like.

thanks again for the suggestions. my main goal is to help my parents. they have this money sitting in an account gaining no interest and they don’t know what to do iwth it. they are not financially sophisticated. they have thought about giving it to one of those investment firms where you basically give them your oney and they invest it and ge ta cut of the profits…but in this market – who knows if even the ‘experts” know WTF they are doing and there are no gaurantees..they could lose it all doing that..

which is why i thoght somethign like this would have the money in someting tangible. like a house. the only real worry is that what if we aren’t even at bottom yet and prices fall another 25% or 50%…. buying a house in Temecula now for $300k… coudl THAT house be $150k in another couple years? who knows..it could… then you’ve pissed away a lot of money…

too bad i don’t have a crystal ball… 🙂

[23109VC]

I actually brought it up with my parents but not to benefit ME but to benefit my younger sister. she and her husband are teachers and make enough to afford a modest house payment, but not enough to qualify for a home in this market. they are renting right now.

i brought it up thinking that my parents could buy a house for THEM and then either “rent to own” or carry paper, or work out some arrangement where my sister and her husband pay my parents. my parents want to retire – and this would give them a vehicle to invest money in and get a monthly cash flow coming in. the big risk, however, would be if my sister or her husband lost their teaching jobs and could not afford to pay – then they’d have to kick them out.

i am in a house, and initially was thinking of this to benefit my sister. my parents are “thinking” about it. i honestly think they like the idea but are simply nervious about such a big investment that is not the “Norm”. they are conservative, and they may see it as too risky.

once I started thinking about it – I thought, if they would do it for sis – woudl they do it for me. i don’t NEED to move. yeah, i am a guy who bought in temecula a couple years ago and should have listened to all of you and NOT bought but i did. oh well. i like my house – it is nice, not as big as I would like for the long haul – but it is nice. if i am in my house for the next decade i am NOT going to be unhappy. but call me an opportunist, call me greedy – call it what you will -b ut if an opportunity came along to “upgrade” why not? so i thought, why not let my house go into foreclosure and take advantage of the fact that prices are so low.. i could just walk on my house and rent for a while. if my credit gets screwed b/d of a foreclosure i wouldn’t qualify for a new loan if/when I decided we hit bottom and wante to buy again…BUT if a relative was willing to buy the house who has cash – they could cut the loan to me and carry the note and i pay them. no real banks involved, mom and dad would just act like the bank.

the $500k figure is way high. i just tossed that out as a rond number. i’d probably look at stuff in the 300-400 range max. my current house is nice, i like it, and probably only worth $200-250 in THIS current market at best…

on the surface it sounded like a possible win-win – but not bieng a financial expert (hey i bought when i shoudl have sat out – so I am not an expert) I thought i’d ask some here who have essentially proven to be “in the know” and see what some of you thikn about the idea.

i really like a lot of the info I obtained. i hadn’t even really considred the whole long term health care costs, etc. i do know my parents have long term care insurance – but i don’t know the specifics of their policies.

another idea I threw out to them – and this also has a win-win angle to it that coudl help and have it’s own set of issues – i suggested they rent out their primary residence and move in with me – or in the alternative, we each move into another house together that is large enough to hold the bunch of us. i could dump my house and we could just rent a 4000 sq ft home and all live togther. my upside is having them in the house – i would have access to day car for my kidsd – NO not every day…but once a week or something – they are there and it woudl be much easier. upside – my kids get to spend a lot more quality time with gandma /grandpa. we are all very close and visit one a week or so – so living together might actually work – but with any co-living arrangment there are negatives to that. you can get annoyed with people you love once you live together…

big houses here in temecula that would house us all woudl easily rent for $3000? not that much. i could pay the bulk of it on my own – and they could move in and pay NO rent or only nomical costs. then they could pocket ALL the rent off their Scripps Ranch home – which is virtually paid off and worth about $600k – they coudl probably rent it for 2500-3000??? that woudl give them anice extra streamof income… but they woudl have to combine households…

if they did get sick or hurt – or were disabled, they would likely be able to live in the house longer – as they woudl have me, my wife, etc to assist them – unless they were so disabled htey required professional care…but as they age..and getinto their late 70s and 80s and assuming tey are inddependent, but just need minor “help” they would be in the same house and it would be easier to help them.

that was another idea i threw out as a way to help them retire earlier and cut costs. combine households… that would surely save money as they could rent their existing homeand profit off it.

back to my original idea – i hae another relative who is insanely wealthy. insanely. she is nto the kind of person to give money away and I would never ask her for money – she wouldn’t just “give” me a half million – but if I came up with a full blwon contract, and it was “legit” and there was some benefit to her – either that the interste she woudl earn would be equal to or better than her other investments and she was sufficiently protected from the obvious contingencies – she might just loan me the money. she has money coming out of the woodwork.. literally millions. that is alway san avenue..but it would need to be worke dout by an independent lawyer/third party so that it was above board, legit and very business like.

thanks again for the suggestions. my main goal is to help my parents. they have this money sitting in an account gaining no interest and they don’t know what to do iwth it. they are not financially sophisticated. they have thought about giving it to one of those investment firms where you basically give them your oney and they invest it and ge ta cut of the profits…but in this market – who knows if even the ‘experts” know WTF they are doing and there are no gaurantees..they could lose it all doing that..

which is why i thoght somethign like this would have the money in someting tangible. like a house. the only real worry is that what if we aren’t even at bottom yet and prices fall another 25% or 50%…. buying a house in Temecula now for $300k… coudl THAT house be $150k in another couple years? who knows..it could… then you’ve pissed away a lot of money…

too bad i don’t have a crystal ball… 🙂

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.

He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house

If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.

Which is just PURE greed[/quote]

I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.

Here are the facts:

-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.

I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?

am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?

If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.

and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.

I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.

I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.

suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

[/quote]

You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place? So you are telling us to fuck off twice, as we ultimately pay for your stupidity in the end
[/quote]

Who’s getting the shaft? I bought a house at what looked like a good price. I had people on this site tell me not to buy, and I had other well informed educated/knowledgeable people telling me TO buy. I weighed my options, the situation and made a decision. Hindsight is 20/20 – and if I could go back in time, I would have waited – but my decision was well informed and well researched – it was just wrong. it certainly wasn’t “stupid”. Your turning this forum into a person attack is the only stupidity I see

If you want to play a blame game – why am I also not getting the shaft? I bought a house at at inflated price – the bubble was out of control and prices were sky high – so am I a victim too? I had to pay too much to buy a house and so I’ll blame all the people who bought before me, and cut loans, and extended easy credit – I’ll blame all of them for my inflated purchase price.. please.

all I know is that I’m in a loan that is more than my house is worth and the situatio is such that I can probably get out of it.

someone is going to eat it and it won’t be me. if you want to pay for it be my guest. where should I send the bill??

[23109VC]

I am one of the people who CAN afford their home, yet are underwater. I’m in the middle of a loan mod and have intentionally NOT paid my mortgage for several months.

To the “whiners” who were claiming to intentionally stop paying is “wrong” and “naughty” – I disagree.

You can call it whatever you want – but the bottom line is that both parties – the borrower and the bank entered into a contract. the contract has rules for what happens in the event of a breach. the borrower has the right to stop paying – it doen’s tmatter why you stop paying. you can stop paying b/c you lost your job, or you can stop paying because you feel like it. that’s irrelevant.

the bank, however, has a remedy. when you quit payign them they can take the house. foreclosure is happening all over the place. just look outside your front door, look left and look right, if you live in temecula you are pretty much assured someone on your street is in foreclosure..

The loan I signed was a contract – not some personal guarantee signed in blood. If I am going to back out – the bank then has a choice – they can exercise their right to foreclose or they can deal with me and mod the loan to new terms I want.

If I stop paying – are the banks going to run over and start the foreclosure process? take my house and sell it? no way!!! myhouse is worth about $100-150k less than the note. the banks would rather renegotiate with me, hoping to restructure somethign that keeps $$$ coming in. if they take it back, not only do they instantly take on an asset worth $100k less than the loan, but they also have to go though the hassle of kicking me out, listing, selling, etc etc… add those costs up and it jsut gets ugly for them…

The people who are sitting on houses which are VERY upside down – and keep paying because they feel like they “should” are suckers. they will pay and pay and pay for the next 10-15-20 years and maye still just break even???? those are expensive morals…

why not mod your loan?? – or just walk from your house altogether. it just depends on your personal situation.

depending on the individual situation you could VASTLY reduce your montly housing expenses by intentionally going into foreclosure and intentionally dumping a house you COULD afford to keep.

WHAT IF THE ROLES WERE REVERSED??? if the market conditions were STiLL BOOMING – and the table where turned. Suppose I was having financial problems and went to the bank and said I needed more time? and my house was worth TWICE what I owed them – they’d start the foreclosure process. All my sob stories about my kids needing a home to live in, my medical problems that caused me to lose my job – they wouldn’t even want to hear it. they would say “pay up or get out”. so now that the tables are the way they are and the banks are the ones that are screwed – why should people suddenly be so “nice” and “honorable”.

so if you can get out of your house – either by doing a loan mod – or just stop paying them and live in it for free as long as you can before they kick you out – i say go for it. you will suffer issues with your credit, you will eventually lose the house, and any improvements you made to it – but that is the deal you signed and they deal that THEY SIGNED.

THE BANK ENTERED INTO THIS DEAL TOO. it’s a business deal – and you need to play it to your benefit.

I know I may sound bitter or angry – but I’m not. I bought my house – in fact a bunch of you guys here all said “don’t do it” and I did it anyway. I admit I made a mistake to buy. I still like my house – i love it..it’s great – it’s just worth a lot less than I paid – and when I bought I actually got a VERY good price for the time – it’s just that a lot of you here knew what was coming…and I didn’t believe it would fall as bad as it did.

in terms of the contract i”m in now though – I just see it more as a business deal. I don’t like my terms – so I’m pursuing my own loan mod. if they give me a good deal, i can stay and figure that what I work out is acceptable. if i dont like it, i can leave, the bank can take it, and I can go rent something. in the end, i would wind up in a bigger / better house for less money.

I tried to imagine a hypo where there was some clause in home contracts that said if your home tripled in value from the orignal sales price, the bank had a right to a portion of the profits and could demand payment in the form of a sale or a refi/cash out or increased payments. then imagine we had our RE boom – the banks would have been gladly forcing that clause and taking people’s money…. they wouldn’t be “honorable” and say well this is unexpected this RE bubble and we won’t take your money.. no – they would exercise their rights and take it. every cent.

this is no different. non-payment / breach is an option in every contract. the smart people enter into contracts with all the breach aspects covered. that is partly why the escrow docs are so involved. you buy a car and it’s a once page or two page contract. you buy a house and the contract is the size of a book…

it’s just kind of sad that our housing market/ economy has come to a point where people like me – those with good jobs, the ability to pay – are saying ‘i’m not going to pay”… the only reason ME or anyone like me can do this is because of how bad the situation is and the fact that the banks are literally over a barrell…. it’s legal, it’s business..but the banks have no choice to deal. they are in a lose-lose game the only choices they are making now are how much do they want to lose.

we as upside down homeowners are in the drivers seat. deal with me, lower my balance, lower my rate, lower my payments or i will walk. they lose a little or they lose a lot.

[Author]

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