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LeaSD
ParticipantI do wonder how history would have played out differently if rates had not been dropped so low, and held so long so low, in 2001/2002.
The article speaks so much about affordablity – I would kill for a $300M median…. What were rates back then? And could you do much other than conventional 20/80 financing?
ParticipantI do wonder how history would have played out differently if rates had not been dropped so low, and held so long so low, in 2001/2002.
The article speaks so much about affordablity – I would kill for a $300M median…. What were rates back then? And could you do much other than conventional 20/80 financing?
ParticipantI do wonder how history would have played out differently if rates had not been dropped so low, and held so long so low, in 2001/2002.
The article speaks so much about affordablity – I would kill for a $300M median…. What were rates back then? And could you do much other than conventional 20/80 financing?
ParticipantI do wonder how history would have played out differently if rates had not been dropped so low, and held so long so low, in 2001/2002.
The article speaks so much about affordablity – I would kill for a $300M median…. What were rates back then? And could you do much other than conventional 20/80 financing?
ParticipantThe root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.
ParticipantThe root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.
ParticipantThe root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.
ParticipantThe root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.
ParticipantThe root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.
ParticipantThe first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.
If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.
My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.
ParticipantThe first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.
If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.
My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.
ParticipantThe first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.
If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.
My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.
ParticipantThe first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.
If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.
My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.
ParticipantThe first, second, third mortgage or deed (mattering if you are in a mortgage state or a deed of trust state) is the order in which your position is to the title of the property. Whatever position you are in – to get to title you must make whole anyone who is in front of you and anyone behind you gets wiped out. Therefore for the mother to foreclose on the property in the second position, she needs to pay off the first lien holder. If there was anyone in the third position (let’s say a contractor did work on the house and did not get paid so s/he put a mechanics lien against the property) this person in the third position would get wiped out and now only have an unsecured debt against the person.
If you lease was signed PRIOR to the mortgage holder and of record then your lease would actually be in front of their lien and in a foreclosure they would have to recognize your lease. Of course if it is a month to month with either party allowed to cancel with 30 days notice- they step into the same rights as the original lessor. If your lease was signed after the mortgage – they do not have to honor your lease but nothing would prevent you and the party that forecloses to make new arrangements.
My take – it is a mess – why waste time dealing with it – take control and choose to rent a place without all the drama.
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