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Huckleberry
Participant[quote=sd_matt][quote=jpinpb][quote=Nor-LA-SD-guy]So lets hear it, be honest, who else here feels like a chump for not buying that Ocean view McMansion with an option arm that just reset or will reset in the next few years,
I know I do..[/quote]
X2[/quote]
More and more every day[/quote]
I KNOW I do!!!
Participant[quote=sd_matt][quote=jpinpb][quote=Nor-LA-SD-guy]So lets hear it, be honest, who else here feels like a chump for not buying that Ocean view McMansion with an option arm that just reset or will reset in the next few years,
I know I do..[/quote]
X2[/quote]
More and more every day[/quote]
I KNOW I do!!!
Participant[quote=sd_matt][quote=jpinpb][quote=Nor-LA-SD-guy]So lets hear it, be honest, who else here feels like a chump for not buying that Ocean view McMansion with an option arm that just reset or will reset in the next few years,
I know I do..[/quote]
X2[/quote]
More and more every day[/quote]
I KNOW I do!!!
Participant[quote=sdrealtor]You got this wrong. It should have been -Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at who I had as my friend(s) and/or acquaintances(s).[/quote]
You can make judgment based on your own moral and ethical standards, but it doesn’t change the fact that people are contemplating and/or executing in this manner…Participant[quote=sdrealtor]You got this wrong. It should have been -Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at who I had as my friend(s) and/or acquaintances(s).[/quote]
You can make judgment based on your own moral and ethical standards, but it doesn’t change the fact that people are contemplating and/or executing in this manner…Participant[quote=sdrealtor]You got this wrong. It should have been -Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at who I had as my friend(s) and/or acquaintances(s).[/quote]
You can make judgment based on your own moral and ethical standards, but it doesn’t change the fact that people are contemplating and/or executing in this manner…Participant[quote=sdrealtor]You got this wrong. It should have been -Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at who I had as my friend(s) and/or acquaintances(s).[/quote]
You can make judgment based on your own moral and ethical standards, but it doesn’t change the fact that people are contemplating and/or executing in this manner…Participant[quote=sdrealtor]You got this wrong. It should have been -Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at who I had as my friend(s) and/or acquaintances(s).[/quote]
You can make judgment based on your own moral and ethical standards, but it doesn’t change the fact that people are contemplating and/or executing in this manner…Participant[quote=davelj]So, the servicers are probably losing money on their “core” servicing business AND they have a cashflow problem related to servicing the foreclosures. I think you can see how that would lead to some of the problems we’re seeing today.[/quote][quote=sdduuuude]The best word I can think of is “stuck.” The banks are stuck. I’d say – by their own glue, too.[/quote]
I think this is a good way of putting it. Nobody wants to foreclose and take the loss.
But, now they have a triple whammy. Dealing with people purposely defaulting because:
1. They are in negative equity positions.
2. They know the banks/servicers aren’t going to foreclose anytime soon.
3. They see others doing it with minimal consequencesThese are three VERY compelling reasons to strategically default as it gives them plenty of time (years?) to save cash. If I as a home owner had this option I would definitely contemplate “using” the bank, moral or not.
IMO, the contagion effect is going to be monumental unless they start processing these defaults/foreclosures and getting the properties back on the market.
Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at the personal financial strategy.
Participant[quote=davelj]So, the servicers are probably losing money on their “core” servicing business AND they have a cashflow problem related to servicing the foreclosures. I think you can see how that would lead to some of the problems we’re seeing today.[/quote][quote=sdduuuude]The best word I can think of is “stuck.” The banks are stuck. I’d say – by their own glue, too.[/quote]
I think this is a good way of putting it. Nobody wants to foreclose and take the loss.
But, now they have a triple whammy. Dealing with people purposely defaulting because:
1. They are in negative equity positions.
2. They know the banks/servicers aren’t going to foreclose anytime soon.
3. They see others doing it with minimal consequencesThese are three VERY compelling reasons to strategically default as it gives them plenty of time (years?) to save cash. If I as a home owner had this option I would definitely contemplate “using” the bank, moral or not.
IMO, the contagion effect is going to be monumental unless they start processing these defaults/foreclosures and getting the properties back on the market.
Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at the personal financial strategy.
Participant[quote=davelj]So, the servicers are probably losing money on their “core” servicing business AND they have a cashflow problem related to servicing the foreclosures. I think you can see how that would lead to some of the problems we’re seeing today.[/quote][quote=sdduuuude]The best word I can think of is “stuck.” The banks are stuck. I’d say – by their own glue, too.[/quote]
I think this is a good way of putting it. Nobody wants to foreclose and take the loss.
But, now they have a triple whammy. Dealing with people purposely defaulting because:
1. They are in negative equity positions.
2. They know the banks/servicers aren’t going to foreclose anytime soon.
3. They see others doing it with minimal consequencesThese are three VERY compelling reasons to strategically default as it gives them plenty of time (years?) to save cash. If I as a home owner had this option I would definitely contemplate “using” the bank, moral or not.
IMO, the contagion effect is going to be monumental unless they start processing these defaults/foreclosures and getting the properties back on the market.
Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at the personal financial strategy.
Participant[quote=davelj]So, the servicers are probably losing money on their “core” servicing business AND they have a cashflow problem related to servicing the foreclosures. I think you can see how that would lead to some of the problems we’re seeing today.[/quote][quote=sdduuuude]The best word I can think of is “stuck.” The banks are stuck. I’d say – by their own glue, too.[/quote]
I think this is a good way of putting it. Nobody wants to foreclose and take the loss.
But, now they have a triple whammy. Dealing with people purposely defaulting because:
1. They are in negative equity positions.
2. They know the banks/servicers aren’t going to foreclose anytime soon.
3. They see others doing it with minimal consequencesThese are three VERY compelling reasons to strategically default as it gives them plenty of time (years?) to save cash. If I as a home owner had this option I would definitely contemplate “using” the bank, moral or not.
IMO, the contagion effect is going to be monumental unless they start processing these defaults/foreclosures and getting the properties back on the market.
Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at the personal financial strategy.
Participant[quote=davelj]So, the servicers are probably losing money on their “core” servicing business AND they have a cashflow problem related to servicing the foreclosures. I think you can see how that would lead to some of the problems we’re seeing today.[/quote][quote=sdduuuude]The best word I can think of is “stuck.” The banks are stuck. I’d say – by their own glue, too.[/quote]
I think this is a good way of putting it. Nobody wants to foreclose and take the loss.
But, now they have a triple whammy. Dealing with people purposely defaulting because:
1. They are in negative equity positions.
2. They know the banks/servicers aren’t going to foreclose anytime soon.
3. They see others doing it with minimal consequencesThese are three VERY compelling reasons to strategically default as it gives them plenty of time (years?) to save cash. If I as a home owner had this option I would definitely contemplate “using” the bank, moral or not.
IMO, the contagion effect is going to be monumental unless they start processing these defaults/foreclosures and getting the properties back on the market.
Seriously, if I saw my friend(s) and/or acquaintances(s) doing this, I would definitely take a long hard look at the personal financial strategy.
ParticipantSeems the discussion has gotten a bit off topic…
Does anyone else know of people (and their zip) whom have walked away?
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