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patientlywaiting
ParticipantI know of several people who bought using exotic loans.
One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.
Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.
If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?
How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.
ParticipantI know of several people who bought using exotic loans.
One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.
Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.
If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?
How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.
ParticipantI know of several people who bought using exotic loans.
One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.
Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.
If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?
How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.
ParticipantI know of several people who bought using exotic loans.
One woman bought with initial payments of $900. Now her payments are $3200 (so she tells me). How can she afford the place? Not possible to lower payments $900 or even $2,000.
Forgiving 20% of a mortgage might be maximum that can happen and that would depend on income restriction and giving up future equity in the house so that the house becomes permanent income-restricted housing. The debt forgiveness will come at a cost to the homeowners. There’s no free lunch. How long will it take the Federal Gov’t to start such program and then provide grants for local housing agencies to work out the mortgages? 1 year minimum.
If I were in that situation, I’d rather walk, take the bad credit and start over. Why continue to pay ownership premium on house that will not appreciate because of deed restrictions?
How would people feel about having their houses tagged as “welfare housing”? Another way would be for the FBs to take on silent second mortgages that will need to be paid off in full w/ interest when the house is sold.
ParticipantWhat some of you guys are forgetting is that teaser rate and exotic loans are unaffordable if they are fully amortized, regardless of the interest rate and regardless of principal amount write downs.
The bailouts will work somewhat in most of the country (such as Columbus, Indianapolis, Atlanta, etc..) but they won’t help high cost areas such as San Diego.
ParticipantWhat some of you guys are forgetting is that teaser rate and exotic loans are unaffordable if they are fully amortized, regardless of the interest rate and regardless of principal amount write downs.
The bailouts will work somewhat in most of the country (such as Columbus, Indianapolis, Atlanta, etc..) but they won’t help high cost areas such as San Diego.
ParticipantWhat some of you guys are forgetting is that teaser rate and exotic loans are unaffordable if they are fully amortized, regardless of the interest rate and regardless of principal amount write downs.
The bailouts will work somewhat in most of the country (such as Columbus, Indianapolis, Atlanta, etc..) but they won’t help high cost areas such as San Diego.
ParticipantWhat some of you guys are forgetting is that teaser rate and exotic loans are unaffordable if they are fully amortized, regardless of the interest rate and regardless of principal amount write downs.
The bailouts will work somewhat in most of the country (such as Columbus, Indianapolis, Atlanta, etc..) but they won’t help high cost areas such as San Diego.
ParticipantWhat some of you guys are forgetting is that teaser rate and exotic loans are unaffordable if they are fully amortized, regardless of the interest rate and regardless of principal amount write downs.
The bailouts will work somewhat in most of the country (such as Columbus, Indianapolis, Atlanta, etc..) but they won’t help high cost areas such as San Diego.
March 31, 2008 at 11:29 PM in reply to: Brace for $1 Trillion Writedown of `Yertle the Turtle’ Debt #179070Participantyeah, excellent article Ex-SD. Your news posts are always a ahead of the market.
I expect that this winter, people will begin to come to terms with the enormity of the credit problem.
March 31, 2008 at 11:29 PM in reply to: Brace for $1 Trillion Writedown of `Yertle the Turtle’ Debt #179438Participantyeah, excellent article Ex-SD. Your news posts are always a ahead of the market.
I expect that this winter, people will begin to come to terms with the enormity of the credit problem.
March 31, 2008 at 11:29 PM in reply to: Brace for $1 Trillion Writedown of `Yertle the Turtle’ Debt #179444Participantyeah, excellent article Ex-SD. Your news posts are always a ahead of the market.
I expect that this winter, people will begin to come to terms with the enormity of the credit problem.
March 31, 2008 at 11:29 PM in reply to: Brace for $1 Trillion Writedown of `Yertle the Turtle’ Debt #179456Participantyeah, excellent article Ex-SD. Your news posts are always a ahead of the market.
I expect that this winter, people will begin to come to terms with the enormity of the credit problem.
March 31, 2008 at 11:29 PM in reply to: Brace for $1 Trillion Writedown of `Yertle the Turtle’ Debt #179531Participantyeah, excellent article Ex-SD. Your news posts are always a ahead of the market.
I expect that this winter, people will begin to come to terms with the enormity of the credit problem.
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