[lonestar2000]

bsrsharma,

That number can be higher if the buyer puts in skin (his own money, i.e. down payment). It is the actual loan amount that counts.

[lonestar2000]

We salute you gas guzzling, view blocking, bling toating, HELOC branding, HUMMER owners. You’ve put many car dealer’s kids through college, raised our relicance on foreign oil, and paid into the retirement fund of many Chinese after market manufacturers. Your hard earned (err borrowed) dollars helped to continue the economy and blow more air into the bubble. I salute you, on your way to banckruptcy and seven years of bad luck.

[lonestar2000]

We salute you gas guzzling, view blocking, bling toating, HELOC branding, HUMMER owners. You’ve put many car dealer’s kids through college, raised our relicance on foreign oil, and paid into the retirement fund of many Chinese after market manufacturers. Your hard earned (err borrowed) dollars helped to continue the economy and blow more air into the bubble. I salute you, on your way to banckruptcy and seven years of bad luck.

[lonestar2000]

We salute you gas guzzling, view blocking, bling toating, HELOC branding, HUMMER owners. You’ve put many car dealer’s kids through college, raised our relicance on foreign oil, and paid into the retirement fund of many Chinese after market manufacturers. Your hard earned (err borrowed) dollars helped to continue the economy and blow more air into the bubble. I salute you, on your way to banckruptcy and seven years of bad luck.

[lonestar2000]

Exactly, which is why this spells doom for San Diego, OC, LA, etc.

[lonestar2000]

Exactly, which is why this spells doom for San Diego, OC, LA, etc.

[lonestar2000]

Exactly, which is why this spells doom for San Diego, OC, LA, etc.

[lonestar2000]

Unless I’m mistaken, proceeds from a sale of a foreclosure first go to satisfy fees, then the first, and if anything is left only then does the second get paid.

Which means that it is doubtful the second will get anything, requiring the lender on it to let the loan go (writeoff) or sue your brother.

In either case his credit is shot, and purchasing (or even repurchasing the same house) is a near impossibility as nobody will give him a loan.

I’m no financial expert, but perhaps a bankruptcy would be his best option at this point?

[lonestar2000]

Unless I’m mistaken, proceeds from a sale of a foreclosure first go to satisfy fees, then the first, and if anything is left only then does the second get paid.

Which means that it is doubtful the second will get anything, requiring the lender on it to let the loan go (writeoff) or sue your brother.

In either case his credit is shot, and purchasing (or even repurchasing the same house) is a near impossibility as nobody will give him a loan.

I’m no financial expert, but perhaps a bankruptcy would be his best option at this point?

[lonestar2000]

“We are due for one in the next couple of years.”

Funny, they say the same thing about the earth quake on the San Andreas fault. I do hope they’re wrong.

[lonestar2000]

“We are due for one in the next couple of years.”

Funny, they say the same thing about the earth quake on the San Andreas fault. I do hope they’re wrong.

[lonestar2000]

SD Realtor,

I think it is fair to say that most of us just want a house we can afford, nobody is serious about wanting a recession. Most of us here have no idea just what that means overall.

Home prices are several multiples over what they should be for the average household to purchase today. We’re simply looking for the correction that will put them back into the realm of possibility.

[lonestar2000]

SD Realtor,

I think it is fair to say that most of us just want a house we can afford, nobody is serious about wanting a recession. Most of us here have no idea just what that means overall.

Home prices are several multiples over what they should be for the average household to purchase today. We’re simply looking for the correction that will put them back into the realm of possibility.

[lonestar2000]

With the bottom feeders of the market (I’m one of them) disappearing, it is only a matter of time until the chain reaction moves up the chain. Many Alt-A borrowers depend on the bottom feeders to buy their homes as they move up.

Only the very rich, who aren’t dependent on selling current property to buy new ones, are able to weather most of the storm. They too will lose money, but not enough to cause major financial distress.

[lonestar2000]

With the bottom feeders of the market (I’m one of them) disappearing, it is only a matter of time until the chain reaction moves up the chain. Many Alt-A borrowers depend on the bottom feeders to buy their homes as they move up.

Only the very rich, who aren’t dependent on selling current property to buy new ones, are able to weather most of the storm. They too will lose money, but not enough to cause major financial distress.

[Author]

Posts