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betting on fall
ParticipantWe are looking at this backwards. These mortgage companies wouldn’t do this unless it was in THEIR interest. They are not charities. They are all on the edge of bankrupcy and need every dime they can get. And their shareholders would sue in a second if they were giving something away.
The companies are agreeing to this because taking a 15% lower monthly payment for the next few years creates a lot smaller loss then foreclosing today and showing an immediate 50% loss on the loan.
What the governator has really is locked a bunch of FBs into debt servitude for a little longer. Folks with bad loans on overprices properties should walk away. Maybe fewer will now.
ParticipantWe are looking at this backwards. These mortgage companies wouldn’t do this unless it was in THEIR interest. They are not charities. They are all on the edge of bankrupcy and need every dime they can get. And their shareholders would sue in a second if they were giving something away.
The companies are agreeing to this because taking a 15% lower monthly payment for the next few years creates a lot smaller loss then foreclosing today and showing an immediate 50% loss on the loan.
What the governator has really is locked a bunch of FBs into debt servitude for a little longer. Folks with bad loans on overprices properties should walk away. Maybe fewer will now.
ParticipantWe are looking at this backwards. These mortgage companies wouldn’t do this unless it was in THEIR interest. They are not charities. They are all on the edge of bankrupcy and need every dime they can get. And their shareholders would sue in a second if they were giving something away.
The companies are agreeing to this because taking a 15% lower monthly payment for the next few years creates a lot smaller loss then foreclosing today and showing an immediate 50% loss on the loan.
What the governator has really is locked a bunch of FBs into debt servitude for a little longer. Folks with bad loans on overprices properties should walk away. Maybe fewer will now.
ParticipantWe are looking at this backwards. These mortgage companies wouldn’t do this unless it was in THEIR interest. They are not charities. They are all on the edge of bankrupcy and need every dime they can get. And their shareholders would sue in a second if they were giving something away.
The companies are agreeing to this because taking a 15% lower monthly payment for the next few years creates a lot smaller loss then foreclosing today and showing an immediate 50% loss on the loan.
What the governator has really is locked a bunch of FBs into debt servitude for a little longer. Folks with bad loans on overprices properties should walk away. Maybe fewer will now.
Participantyour rent/buy calculation is pretty compelling, but I say hold off.
Your probably going to want to have kids soon. When the kids come, your wife is going to start saying that 1300 sq.ft. is not enough. I’d say you have a pretty good chance your going to want to move in 5 years or so if you buy this place. And I think that you would have to agree that prices in 5 years will likely be close to what they are today. Then factor in transaction costs- between sales commissions, other closing costs, and loan fees, about 8-10% of the value of the house is lost in these costs when you buy/sell.
Buying today is only for those in it for the long haul. Your odds of staying in that place for the long term seem low. Rent, save, and wait for the market to come to you.Participantyour rent/buy calculation is pretty compelling, but I say hold off.
Your probably going to want to have kids soon. When the kids come, your wife is going to start saying that 1300 sq.ft. is not enough. I’d say you have a pretty good chance your going to want to move in 5 years or so if you buy this place. And I think that you would have to agree that prices in 5 years will likely be close to what they are today. Then factor in transaction costs- between sales commissions, other closing costs, and loan fees, about 8-10% of the value of the house is lost in these costs when you buy/sell.
Buying today is only for those in it for the long haul. Your odds of staying in that place for the long term seem low. Rent, save, and wait for the market to come to you.Participantyour rent/buy calculation is pretty compelling, but I say hold off.
Your probably going to want to have kids soon. When the kids come, your wife is going to start saying that 1300 sq.ft. is not enough. I’d say you have a pretty good chance your going to want to move in 5 years or so if you buy this place. And I think that you would have to agree that prices in 5 years will likely be close to what they are today. Then factor in transaction costs- between sales commissions, other closing costs, and loan fees, about 8-10% of the value of the house is lost in these costs when you buy/sell.
Buying today is only for those in it for the long haul. Your odds of staying in that place for the long term seem low. Rent, save, and wait for the market to come to you.Participantyour rent/buy calculation is pretty compelling, but I say hold off.
Your probably going to want to have kids soon. When the kids come, your wife is going to start saying that 1300 sq.ft. is not enough. I’d say you have a pretty good chance your going to want to move in 5 years or so if you buy this place. And I think that you would have to agree that prices in 5 years will likely be close to what they are today. Then factor in transaction costs- between sales commissions, other closing costs, and loan fees, about 8-10% of the value of the house is lost in these costs when you buy/sell.
Buying today is only for those in it for the long haul. Your odds of staying in that place for the long term seem low. Rent, save, and wait for the market to come to you.Participantyour rent/buy calculation is pretty compelling, but I say hold off.
Your probably going to want to have kids soon. When the kids come, your wife is going to start saying that 1300 sq.ft. is not enough. I’d say you have a pretty good chance your going to want to move in 5 years or so if you buy this place. And I think that you would have to agree that prices in 5 years will likely be close to what they are today. Then factor in transaction costs- between sales commissions, other closing costs, and loan fees, about 8-10% of the value of the house is lost in these costs when you buy/sell.
Buying today is only for those in it for the long haul. Your odds of staying in that place for the long term seem low. Rent, save, and wait for the market to come to you.ParticipantA friend went to Big Jim’s BBQ in Encintas a few thanksgivings in a row and liked it. It is a very casual place, probably lots cheaper than a hotel. They also do pick up dinner packages and have fried turkey.
ParticipantA friend went to Big Jim’s BBQ in Encintas a few thanksgivings in a row and liked it. It is a very casual place, probably lots cheaper than a hotel. They also do pick up dinner packages and have fried turkey.
ParticipantA friend went to Big Jim’s BBQ in Encintas a few thanksgivings in a row and liked it. It is a very casual place, probably lots cheaper than a hotel. They also do pick up dinner packages and have fried turkey.
ParticipantA friend went to Big Jim’s BBQ in Encintas a few thanksgivings in a row and liked it. It is a very casual place, probably lots cheaper than a hotel. They also do pick up dinner packages and have fried turkey.
ParticipantI too thank you for the post, and I hope you keep us updated.
But. . . . to begin the “jumping all over,” I don’t think you really answered the question about what unexpected events happened since you took out the loan.
Your loan went up, just as it was supposed to. You fixed up the house, which should have been expected if the house needed it. You mention the $5000 plumbing problem. I have some sympathy there, but occassional costly problems are an expected part of homeownership.If nothing has changed with regard to your income, do you really expect GMAC to re-write your agreement?
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