[an]

All of these morality talk and honoring of mortgage contracts got me giggle for a second. American should be one of the last people to talk about honoring of contract when time gets tough or when things are not favorable. The reason I say this is because at least 1/2 of us don’t honor the contract most of us signed or will sign, which is, the marriage license. When things gets tough or when things don’t go our way, we get divorced. How is that any different than walking from a mortgage loan?

[an]

All of these morality talk and honoring of mortgage contracts got me giggle for a second. American should be one of the last people to talk about honoring of contract when time gets tough or when things are not favorable. The reason I say this is because at least 1/2 of us don’t honor the contract most of us signed or will sign, which is, the marriage license. When things gets tough or when things don’t go our way, we get divorced. How is that any different than walking from a mortgage loan?

[an]

All of these morality talk and honoring of mortgage contracts got me giggle for a second. American should be one of the last people to talk about honoring of contract when time gets tough or when things are not favorable. The reason I say this is because at least 1/2 of us don’t honor the contract most of us signed or will sign, which is, the marriage license. When things gets tough or when things don’t go our way, we get divorced. How is that any different than walking from a mortgage loan?

[an]

All of these morality talk and honoring of mortgage contracts got me giggle for a second. American should be one of the last people to talk about honoring of contract when time gets tough or when things are not favorable. The reason I say this is because at least 1/2 of us don’t honor the contract most of us signed or will sign, which is, the marriage license. When things gets tough or when things don’t go our way, we get divorced. How is that any different than walking from a mortgage loan?

[an]

Would you loan everything in your bank accounts and money market funds at a low rate to sandiego in 7 years time, asianautica, if they put none of their own money down?
No I wouldn’t, but banks probably would. Last I checked, bankruptcy stayed on your credit for only 7 years. But the OP did say he’ll be saving for the next 7 years, so he’ll have plenty $ to down, so we’re not talking about 0% down or anything. If his current loan is any indication, he’ll probably have 20% down. That’s usually good enough for the bank if he also have decent credit.

marion, I don’t see your logic. How can a seller/agent be greedy when there are buyers willing to pay that price? That’s just pure capitalism at its finest. They’re not asking for more than the market will bear, or else it wouldn’t have sold. Just like now, the market will bear much lower price than some of the sellers want, that’s why their place sit and collect dust. You may think you are the market, but you are not.

[an]

Would you loan everything in your bank accounts and money market funds at a low rate to sandiego in 7 years time, asianautica, if they put none of their own money down?
No I wouldn’t, but banks probably would. Last I checked, bankruptcy stayed on your credit for only 7 years. But the OP did say he’ll be saving for the next 7 years, so he’ll have plenty $ to down, so we’re not talking about 0% down or anything. If his current loan is any indication, he’ll probably have 20% down. That’s usually good enough for the bank if he also have decent credit.

marion, I don’t see your logic. How can a seller/agent be greedy when there are buyers willing to pay that price? That’s just pure capitalism at its finest. They’re not asking for more than the market will bear, or else it wouldn’t have sold. Just like now, the market will bear much lower price than some of the sellers want, that’s why their place sit and collect dust. You may think you are the market, but you are not.

[an]

Would you loan everything in your bank accounts and money market funds at a low rate to sandiego in 7 years time, asianautica, if they put none of their own money down?
No I wouldn’t, but banks probably would. Last I checked, bankruptcy stayed on your credit for only 7 years. But the OP did say he’ll be saving for the next 7 years, so he’ll have plenty $ to down, so we’re not talking about 0% down or anything. If his current loan is any indication, he’ll probably have 20% down. That’s usually good enough for the bank if he also have decent credit.

marion, I don’t see your logic. How can a seller/agent be greedy when there are buyers willing to pay that price? That’s just pure capitalism at its finest. They’re not asking for more than the market will bear, or else it wouldn’t have sold. Just like now, the market will bear much lower price than some of the sellers want, that’s why their place sit and collect dust. You may think you are the market, but you are not.

[an]

Would you loan everything in your bank accounts and money market funds at a low rate to sandiego in 7 years time, asianautica, if they put none of their own money down?
No I wouldn’t, but banks probably would. Last I checked, bankruptcy stayed on your credit for only 7 years. But the OP did say he’ll be saving for the next 7 years, so he’ll have plenty $ to down, so we’re not talking about 0% down or anything. If his current loan is any indication, he’ll probably have 20% down. That’s usually good enough for the bank if he also have decent credit.

marion, I don’t see your logic. How can a seller/agent be greedy when there are buyers willing to pay that price? That’s just pure capitalism at its finest. They’re not asking for more than the market will bear, or else it wouldn’t have sold. Just like now, the market will bear much lower price than some of the sellers want, that’s why their place sit and collect dust. You may think you are the market, but you are not.

[an]

Would you loan everything in your bank accounts and money market funds at a low rate to sandiego in 7 years time, asianautica, if they put none of their own money down?
No I wouldn’t, but banks probably would. Last I checked, bankruptcy stayed on your credit for only 7 years. But the OP did say he’ll be saving for the next 7 years, so he’ll have plenty $ to down, so we’re not talking about 0% down or anything. If his current loan is any indication, he’ll probably have 20% down. That’s usually good enough for the bank if he also have decent credit.

marion, I don’t see your logic. How can a seller/agent be greedy when there are buyers willing to pay that price? That’s just pure capitalism at its finest. They’re not asking for more than the market will bear, or else it wouldn’t have sold. Just like now, the market will bear much lower price than some of the sellers want, that’s why their place sit and collect dust. You may think you are the market, but you are not.

[an]

Whoever wrote this must not have kids. I wish it were that inexpensive to raise a child. Estimates for raising a child to age 18 is on the order of 250 – 300K. That’s 1150-1400 per month.
It can be that inexpensive if you want it to. Case in point, I know a family who live on one income (well under 6-digits) who have 4 kids and a house almost paid for in Mira Mesa. They all are turning out to be smart, happy, and obedience. So, yes, it can be that inexpensive if you want it to. It can cost $10k/month/kid or $200/month/kid. It’s really up to you.

[an]

Whoever wrote this must not have kids. I wish it were that inexpensive to raise a child. Estimates for raising a child to age 18 is on the order of 250 – 300K. That’s 1150-1400 per month.
It can be that inexpensive if you want it to. Case in point, I know a family who live on one income (well under 6-digits) who have 4 kids and a house almost paid for in Mira Mesa. They all are turning out to be smart, happy, and obedience. So, yes, it can be that inexpensive if you want it to. It can cost $10k/month/kid or $200/month/kid. It’s really up to you.

[an]

Whoever wrote this must not have kids. I wish it were that inexpensive to raise a child. Estimates for raising a child to age 18 is on the order of 250 – 300K. That’s 1150-1400 per month.
It can be that inexpensive if you want it to. Case in point, I know a family who live on one income (well under 6-digits) who have 4 kids and a house almost paid for in Mira Mesa. They all are turning out to be smart, happy, and obedience. So, yes, it can be that inexpensive if you want it to. It can cost $10k/month/kid or $200/month/kid. It’s really up to you.

[an]

Whoever wrote this must not have kids. I wish it were that inexpensive to raise a child. Estimates for raising a child to age 18 is on the order of 250 – 300K. That’s 1150-1400 per month.
It can be that inexpensive if you want it to. Case in point, I know a family who live on one income (well under 6-digits) who have 4 kids and a house almost paid for in Mira Mesa. They all are turning out to be smart, happy, and obedience. So, yes, it can be that inexpensive if you want it to. It can cost $10k/month/kid or $200/month/kid. It’s really up to you.

[an]

Whoever wrote this must not have kids. I wish it were that inexpensive to raise a child. Estimates for raising a child to age 18 is on the order of 250 – 300K. That’s 1150-1400 per month.
It can be that inexpensive if you want it to. Case in point, I know a family who live on one income (well under 6-digits) who have 4 kids and a house almost paid for in Mira Mesa. They all are turning out to be smart, happy, and obedience. So, yes, it can be that inexpensive if you want it to. It can cost $10k/month/kid or $200/month/kid. It’s really up to you.

[an]

People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

Are you serious about this? ’96 price? Back then, a 1500 sq-ft house in Mira Mesa cost around $150k. Which would bring a 30 year fixed payment at today’s rate to be around $900. Do you seriously think a house that can rent for at least $1700 will sell for a price that would bring PITI well under rent? I’d love to see that too, but I highly doubt it’ll ever happen.

citydweller, a home is also the largest investment most of us will ever make, regardless if you see it as such or not. If things goes according to what some of us on here believe, then there’s really no reason not to walk. Walk today, 7 years later, buy back at a much lower price. It might not be morally fair or just, but that’s not what the OP is asking and guess what? Life’s not fair.

Supply and demand drives prices. If people had simply refused to buy at overinflated prices, the game would have been over a long time ago. Greed is a great motivator to go against what you know to be reasonable.
Greed is what make America and capitalism work so well. If human being don’t have greed, Communism would thrive with no corruption by now. Face it, greed is in everybody, whether they admit to it or not.

[Author]

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