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lonestar2000
ParticipantDaCounselor is correct, if he put no other assets up as collateral he has no obligation to liquidate them to pay the mortgage. Considering how much me makes he will not be able to afford the payments long term, so he should cut his losses and walk.
He should rent a place and allow thant 90k to grow over the next two years, at which point he’ll be able to buy the same house at a price he can afford, and probably with some nice upgrades included.
ParticipantExcellent statistics work, please keep them coming, and thanks!
ParticipantExcellent statistics work, please keep them coming, and thanks!
ParticipantNeeta, I think most people here agree that the market is in a decline, and that it will not turn around for several years at least. Therefore, your decision to put this to rest for a couple of years is a very realistic approach. There is no reason to keep checking on this daily, especially since you’re not planning on purchasing any time soon.
I’d suggest though, that when you’re getting close to moving back, that you again take a deep, thorough look at the market, to make sure you’re not buying at the wrong time. Even if you have to move back by a certain date, there’s nothing to keep you from renting for the short term.
Klingons don’t believe in luck, thus I bid you success!
ParticipantNeeta, I think most people here agree that the market is in a decline, and that it will not turn around for several years at least. Therefore, your decision to put this to rest for a couple of years is a very realistic approach. There is no reason to keep checking on this daily, especially since you’re not planning on purchasing any time soon.
I’d suggest though, that when you’re getting close to moving back, that you again take a deep, thorough look at the market, to make sure you’re not buying at the wrong time. Even if you have to move back by a certain date, there’s nothing to keep you from renting for the short term.
Klingons don’t believe in luck, thus I bid you success!
ParticipantRepublicans are generally regarded as those who spend money to make money.
Democrats just spend money.
These are my opinions, of course, but I do agree that people from all walks of life and political leanings bought into the housing frenzy. To blame one party alone for the mess ignores the facts.
ParticipantRepublicans are generally regarded as those who spend money to make money.
Democrats just spend money.
These are my opinions, of course, but I do agree that people from all walks of life and political leanings bought into the housing frenzy. To blame one party alone for the mess ignores the facts.
July 3, 2007 at 9:42 PM in reply to: Now back to our regularly scheduled programming on NOD’s #63812ParticipantCycles cycles, don’t let one week’s data give you the wrong conclusion. It sounds too much like CNN articles. 😛
Keep the reports coming, and we’ll see over time where the trend is leading. With over $2 trillion in ARMs resetting over the next several years I’m sure we’ll be seeing a lot more pages on sdrealtor’s desk. 🙂
July 3, 2007 at 9:42 PM in reply to: Now back to our regularly scheduled programming on NOD’s #63868ParticipantCycles cycles, don’t let one week’s data give you the wrong conclusion. It sounds too much like CNN articles. 😛
Keep the reports coming, and we’ll see over time where the trend is leading. With over $2 trillion in ARMs resetting over the next several years I’m sure we’ll be seeing a lot more pages on sdrealtor’s desk. 🙂
July 3, 2007 at 9:28 PM in reply to: New Homes- Reduces prices, plus up to $50,000 to spend your way! #63808ParticipantBrand new, 2100+ square foot houses have recently been discounted by $100,000 near where I live. I love the flyer…”new, lower prices extended for another weekend!” I’ve been getting the flyer every week for over a month now, I guess a $100,000 discount isn’t enough. 😛
July 3, 2007 at 9:28 PM in reply to: New Homes- Reduces prices, plus up to $50,000 to spend your way! #63864ParticipantBrand new, 2100+ square foot houses have recently been discounted by $100,000 near where I live. I love the flyer…”new, lower prices extended for another weekend!” I’ve been getting the flyer every week for over a month now, I guess a $100,000 discount isn’t enough. 😛
ParticipantIt is quite amusing to see how much traffic is generated every time a post is made that ignors the obvious facts presented so clearly on so many occassions. I won’t take time and effort to debate something that has been so obvious for so many months now.
To scruffy I only have this to say…less drugs and more research will go a long way to make you look much less a fool.
ParticipantIt is quite amusing to see how much traffic is generated every time a post is made that ignors the obvious facts presented so clearly on so many occassions. I won’t take time and effort to debate something that has been so obvious for so many months now.
To scruffy I only have this to say…less drugs and more research will go a long way to make you look much less a fool.
ParticipantSD Househunter,
If you look at the articles, opinions, and the financial indicators, Americans are living on borrowed money, month to month. Purchases are being financed from 2nd mortgages, HELOCS, and the like. Savings are at an all time minimum.
I am the only earner in my family, with a stay at home wife/mom and a 14 month old son, and I make about $40,000 less than you. They way we do it is as follows:
1. Own a small mobile home in a rent controlled park,
$350 a month space rent.2. Drive a scooter to work which gets 70mpg in the city,
$40 a month for gas.3. I eat breakfast and dinner at home and eat $1 frozen dinners for lunch.
4. We shop at Ross (cheap, decent clothes), Big Lots (deals on many items), and 99c stores (groceries, toiletries, etc).
5. We limit eating out to once or twice a month.
We owe about $17,000 from a remodel and costs associated with our child birth. We’re paying this off to the tune of $1000 – $1400 a month and are on track to be debt free by this time next year. That is when we plan on purchasing a house. I think the timing will be just about right to pick up a cheap REO on a 30 year, fixed rate loan.
If you’re serious about buying a house you have to make any and all adjustments you’re able. A year of sacrifice will net you a nice house by this time next year.
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