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patb
ParticipantI suspect your friend will solve his problem very easily.
He will take payoffs or sell secrets to Al-Qaeda.
What I think will happen is the Middle class will suffer a massive
wipeout under this bubble implosion, and you will see
a small number of theultra-rich, a large number of asset free working poor
and a big chunk of heavily indebted working slaves.ParticipantOne way to avoid this fraud is do business with people you know.
I did my first mortgage with the local small town bank,
I did my replacement mortgage with my credit union.Now granted they only have a couple of products, but,
they don’t have an incentive to rip off their customers.ParticipantDude:
Fraud : Noun : A material misrepresentation for a tangible gain.
What you are describing is Fraud.
If it wasn’t fraud you could just tell the lender that’s
what you are doing.The fraud is on the rates.
look, here’s what you can do, get the seller to give you a rent
credit, or do this.Do it at a #300 note and the seller takes a $50K second
to you on a 2 year short note.but frankly wait for the TsunARMI to hit,
the whole world is crashing.Participantthink about it, he bought the place for 350K.
you’ve been paying rent for 2 years, maybe he should give you a
rent credit of say half rentso he gives you that as a rent credit, so that’s 20K, or
you buy the place for $300K, that’s aout $150/SF, which is
a fair price for new construction.Now if you wait another year or two, you could save up,
and wait until there is blood on the street, and you can
get even better deals.Participanti would watch the real estate roller coaster video before
you even consider a purchase in real estate in the bubble zoneMarch 26, 2007 at 4:27 PM in reply to: Would you buy a home in Lancaster,CA now (if you only planned to be in it 2-4 yrs)? #48483ParticipantLancaster is a hole. Imagine, a giant outdoor cesspool,
with very little water.There is so much desert, houses are built at marginal cost,
and keep prices from rising except during the
decadal SoCal bubble.I knew a guy (My GF’s brother) had a patio hosue in
Lancaster, was utterly underwater, for 6 years.If you want to live dangerously find an out of state investor,
move in, don’t pay rent, delay as much as possible, wait until the banks
foreclose, then move.Look, you can find desert houses for 1400, or a decent place in
lancaster for $2K, let the market implode.Participantkeep the rent in an escrow account.
the mexican is never coming back
You will need it to pay for an urgent move when the
sheriff serves you a vacate notice.ParticipantDetroit has had a major property crash due to the primary industry
crashing, but the national economy is good.San Diego will do the same thing if the national economy
crashes.Participantmost of that software can be bought on ebay for far less.
ParticipantNot to sound too stupid but
NOD is Notice of Default:= which is anyone more then 90 days behind?
but what is NOT?
Notice of Termination? Is that a irrevocable conditon after 180 days?
ParticipantOkay, if San Diego is so transformed, why has the ratio between rent
and price so out of whack. If income’s are so good, people would
be paying more rent.ParticipantGreenspan started flooding the system with liquidity and
then the asian bankers ahve been following that.it’s going to be a disaster when that stops sloshing around.
Participantbreeding arsonists
Participanti agree a lot of the people getting foreclosed are
childish, stupid, immature, greedy, stupid, did i say STUPID,
but, the brokers didn’t care, it wasn’t their money.HSBC, etc didn’t care either, they were selling the paper to
merrill who sold it to pension funds etc.had the MBS market been tightly regulated, you would see
the hazard held to the issuers. -
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