[bearishgurl]

[quote=HiggyBaby]More drama today than I would have predicted….

Some stock and financial links:

http://money.cnn.com/2011/08/08/markets/markets_newyork/

http://online.wsj.com/article/BT-CO-20110808-712376.html

http://www.bizjournals.com/dayton/news/2011/08/08/bofa-wells-fargo-eye-new-recession.html

Okay, for tomorrow – rebound, flat, or furuther declines. Any predictions?[/quote]

Further declines, steadily declining for at least two more months. I don’t have the time to recover from this, especially at this RATE, so, as of 1:00 p.m. today, I have gone “all cash” :=(

[bearishgurl]

[quote=HiggyBaby]More drama today than I would have predicted….

Some stock and financial links:

http://money.cnn.com/2011/08/08/markets/markets_newyork/

http://online.wsj.com/article/BT-CO-20110808-712376.html

http://www.bizjournals.com/dayton/news/2011/08/08/bofa-wells-fargo-eye-new-recession.html

Okay, for tomorrow – rebound, flat, or furuther declines. Any predictions?[/quote]

Further declines, steadily declining for at least two more months. I don’t have the time to recover from this, especially at this RATE, so, as of 1:00 p.m. today, I have gone “all cash” :=(

[bearishgurl]

[quote=HiggyBaby]More drama today than I would have predicted….

Some stock and financial links:

http://money.cnn.com/2011/08/08/markets/markets_newyork/

http://online.wsj.com/article/BT-CO-20110808-712376.html

http://www.bizjournals.com/dayton/news/2011/08/08/bofa-wells-fargo-eye-new-recession.html

Okay, for tomorrow – rebound, flat, or furuther declines. Any predictions?[/quote]

Further declines, steadily declining for at least two more months. I don’t have the time to recover from this, especially at this RATE, so, as of 1:00 p.m. today, I have gone “all cash” :=(

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[bearishgurl]

I looked at your old links, svelte. It reminded me that I have actually reviewed many homeowner’s tax bills with the various CFD’s listed. Some of these owners owned the same property for more than 20 years. It is true that MR for a school district CFD continues to be collected from the affected property owners (in the form of MR bond pymts) long after the needed schools are built. I recently posted on the “deficit reduction” thread that MR was used to build schools but not run them. That is incorrect. Schools located within CFD’s have better and newer facilities which are maintained better, i.e. landscaping, carpeting, indoor lockers, lockers with built-in locks, swimming pools, larger gymnasiums and cafeterias, indiv sinks in restrooms, separate auditoriums or theatres, bigger, better stadiums, separate showers in the locker rooms, etc. All this costs more $$ to maintain than the older “bare-bones” campus not located within a CFD. However, I do not believe that MR is used for teacher or administrator salaries.

Property owners who pay MR to school district CFD’s may ALSO be paying voter-approved construction bonds to the SAME school and community college districts on the “regular” portion of their property tax bill (that every property owner in their school district pays). The MR bonds they pay to their district are OVER and ABOVE any voter-approved construction bonds and other allocated portions to their school district on the “regular” portion of their tax bill.

[bearishgurl]

I looked at your old links, svelte. It reminded me that I have actually reviewed many homeowner’s tax bills with the various CFD’s listed. Some of these owners owned the same property for more than 20 years. It is true that MR for a school district CFD continues to be collected from the affected property owners (in the form of MR bond pymts) long after the needed schools are built. I recently posted on the “deficit reduction” thread that MR was used to build schools but not run them. That is incorrect. Schools located within CFD’s have better and newer facilities which are maintained better, i.e. landscaping, carpeting, indoor lockers, lockers with built-in locks, swimming pools, larger gymnasiums and cafeterias, indiv sinks in restrooms, separate auditoriums or theatres, bigger, better stadiums, separate showers in the locker rooms, etc. All this costs more $$ to maintain than the older “bare-bones” campus not located within a CFD. However, I do not believe that MR is used for teacher or administrator salaries.

Property owners who pay MR to school district CFD’s may ALSO be paying voter-approved construction bonds to the SAME school and community college districts on the “regular” portion of their property tax bill (that every property owner in their school district pays). The MR bonds they pay to their district are OVER and ABOVE any voter-approved construction bonds and other allocated portions to their school district on the “regular” portion of their tax bill.

[bearishgurl]

I looked at your old links, svelte. It reminded me that I have actually reviewed many homeowner’s tax bills with the various CFD’s listed. Some of these owners owned the same property for more than 20 years. It is true that MR for a school district CFD continues to be collected from the affected property owners (in the form of MR bond pymts) long after the needed schools are built. I recently posted on the “deficit reduction” thread that MR was used to build schools but not run them. That is incorrect. Schools located within CFD’s have better and newer facilities which are maintained better, i.e. landscaping, carpeting, indoor lockers, lockers with built-in locks, swimming pools, larger gymnasiums and cafeterias, indiv sinks in restrooms, separate auditoriums or theatres, bigger, better stadiums, separate showers in the locker rooms, etc. All this costs more $$ to maintain than the older “bare-bones” campus not located within a CFD. However, I do not believe that MR is used for teacher or administrator salaries.

Property owners who pay MR to school district CFD’s may ALSO be paying voter-approved construction bonds to the SAME school and community college districts on the “regular” portion of their property tax bill (that every property owner in their school district pays). The MR bonds they pay to their district are OVER and ABOVE any voter-approved construction bonds and other allocated portions to their school district on the “regular” portion of their tax bill.

[bearishgurl]

I looked at your old links, svelte. It reminded me that I have actually reviewed many homeowner’s tax bills with the various CFD’s listed. Some of these owners owned the same property for more than 20 years. It is true that MR for a school district CFD continues to be collected from the affected property owners (in the form of MR bond pymts) long after the needed schools are built. I recently posted on the “deficit reduction” thread that MR was used to build schools but not run them. That is incorrect. Schools located within CFD’s have better and newer facilities which are maintained better, i.e. landscaping, carpeting, indoor lockers, lockers with built-in locks, swimming pools, larger gymnasiums and cafeterias, indiv sinks in restrooms, separate auditoriums or theatres, bigger, better stadiums, separate showers in the locker rooms, etc. All this costs more $$ to maintain than the older “bare-bones” campus not located within a CFD. However, I do not believe that MR is used for teacher or administrator salaries.

Property owners who pay MR to school district CFD’s may ALSO be paying voter-approved construction bonds to the SAME school and community college districts on the “regular” portion of their property tax bill (that every property owner in their school district pays). The MR bonds they pay to their district are OVER and ABOVE any voter-approved construction bonds and other allocated portions to their school district on the “regular” portion of their tax bill.

[bearishgurl]

I looked at your old links, svelte. It reminded me that I have actually reviewed many homeowner’s tax bills with the various CFD’s listed. Some of these owners owned the same property for more than 20 years. It is true that MR for a school district CFD continues to be collected from the affected property owners (in the form of MR bond pymts) long after the needed schools are built. I recently posted on the “deficit reduction” thread that MR was used to build schools but not run them. That is incorrect. Schools located within CFD’s have better and newer facilities which are maintained better, i.e. landscaping, carpeting, indoor lockers, lockers with built-in locks, swimming pools, larger gymnasiums and cafeterias, indiv sinks in restrooms, separate auditoriums or theatres, bigger, better stadiums, separate showers in the locker rooms, etc. All this costs more $$ to maintain than the older “bare-bones” campus not located within a CFD. However, I do not believe that MR is used for teacher or administrator salaries.

Property owners who pay MR to school district CFD’s may ALSO be paying voter-approved construction bonds to the SAME school and community college districts on the “regular” portion of their property tax bill (that every property owner in their school district pays). The MR bonds they pay to their district are OVER and ABOVE any voter-approved construction bonds and other allocated portions to their school district on the “regular” portion of their tax bill.

[bearishgurl]

[quote=ahewitson]…I’d be interested to hear a compelling argument NOT to pay off your MR.[/quote]

ahewitson, your calcuations are based upon a few assumptions:

1. That persons who might be interested in making an offer of your home would factor in the MR into their monthly payment. Not all would. The reason so many of those properties with exorbitant MR originally and subsequently sold is because the buyer didn’t factor the cost of MR into their monthly budget. The MR is typically only paid twice per year with property taxes and every buyer doesn’t think like a “typical Pigg.”

2. That you will not be able to make MORE substantial interest (than the 2% the interest on the bonds) in the future on the huge amount you are considering throwing away on “advance MR payments.”

Even if your intention is to keep and even live in the property for 11+ years, I think that is a shortsighted view. Life brings all kinds of twists and turns and frankly, NO ONE knows where they will be in 11+ years or even if they’ll still be alive … not even those who own their principal residences free and clear! I think if you are still young or relatively young, with a mortgage, you should leave your options open and be prepared to get your property ready to sell at any time.

In addition, if your property or the one you’re considering purchasing (with the exorbitant MR encumbrance) is located within well-known CFD’s by the buying public, those buyers who want to avoid paying MR will not even look at it or consider visiting your area to shop in. Your comments in your listing may state that seller has paid off the bonds to a certain date or paid them off entirely, but will potential buyers see this if they know 99% of 92127 is located within one or more CFD’s and thus don’t even look in that area? And for the potential buyers who do see your comment, how much over the sales price of your neighbors (who still owe their MR) will they be willing to pay for your property (to “reimburse” you for your advance payment)? Do you think you can “recover” up to $60K, or even $30K or $10K of your advance payoff of the bonds upon sale??

I just don’t see an “advance payment” of MR working out financially for a property owner. Instead I see loss. Even if you put the $60K into upgrades, I see most of it lost in 4S, due to massive distress. I believe this area has a ways to go before it is out of the woods.

[bearishgurl]

[quote=ahewitson]…I’d be interested to hear a compelling argument NOT to pay off your MR.[/quote]

ahewitson, your calcuations are based upon a few assumptions:

1. That persons who might be interested in making an offer of your home would factor in the MR into their monthly payment. Not all would. The reason so many of those properties with exorbitant MR originally and subsequently sold is because the buyer didn’t factor the cost of MR into their monthly budget. The MR is typically only paid twice per year with property taxes and every buyer doesn’t think like a “typical Pigg.”

2. That you will not be able to make MORE substantial interest (than the 2% the interest on the bonds) in the future on the huge amount you are considering throwing away on “advance MR payments.”

Even if your intention is to keep and even live in the property for 11+ years, I think that is a shortsighted view. Life brings all kinds of twists and turns and frankly, NO ONE knows where they will be in 11+ years or even if they’ll still be alive … not even those who own their principal residences free and clear! I think if you are still young or relatively young, with a mortgage, you should leave your options open and be prepared to get your property ready to sell at any time.

In addition, if your property or the one you’re considering purchasing (with the exorbitant MR encumbrance) is located within well-known CFD’s by the buying public, those buyers who want to avoid paying MR will not even look at it or consider visiting your area to shop in. Your comments in your listing may state that seller has paid off the bonds to a certain date or paid them off entirely, but will potential buyers see this if they know 99% of 92127 is located within one or more CFD’s and thus don’t even look in that area? And for the potential buyers who do see your comment, how much over the sales price of your neighbors (who still owe their MR) will they be willing to pay for your property (to “reimburse” you for your advance payment)? Do you think you can “recover” up to $60K, or even $30K or $10K of your advance payoff of the bonds upon sale??

I just don’t see an “advance payment” of MR working out financially for a property owner. Instead I see loss. Even if you put the $60K into upgrades, I see most of it lost in 4S, due to massive distress. I believe this area has a ways to go before it is out of the woods.

[Author]

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