[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

I expect a further decline in prices and a flat market for 5 years. I don’t hink that this property will be worth as much as I owe for at least 7 years.

Very simple math. I may decide that it is not worth losing $6,000 a month (Mortgage, Taxes, HOA) for the next 7 years ($504,000 total) while not gaining any equity (and probably losing more).

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

That is bankruptcy, not foreclosure.

If the debt is “recourse”, they can go after your other assets.

It is not as if I am getting a free ride. My $100,000+ downpayment is already gone. Also, the bank will be getting $50,000+ in upgrades (lighting, built in cabinets, flooring, etc.).

At this point, I would be glad to sign a Deed in Lieu of Foreclosure if they wanted to save the time and money of an actual forclosure. I don’t know the advantages/disadvantes of doing this.

[sandiego]

My bad choice was buying a home to live in. I wasn’t counting on the 45% equity and I never “realized” it because I didn’t sell.

I would be perfectly happy if my home had stayed flat for the past 4 years.

Instead, Countywide et al, made a bunch of bad loans to people who couldn’t afford them causing them to foreclose. Now Countrywide et al is dumping these units back on the market at reduced prices because they have to get rid of them.

If Countrywide hadn’t loaned $900,000 to 25 year olds at teaser rates, no one would have been able to afford the units. Therefore, prices would have been tempered and we wouldn’t have the overbuilding and wild price drops.

Units in concrete buildings are now trading near replacement costs.

[sandiego]

My bad choice was buying a home to live in. I wasn’t counting on the 45% equity and I never “realized” it because I didn’t sell.

I would be perfectly happy if my home had stayed flat for the past 4 years.

Instead, Countywide et al, made a bunch of bad loans to people who couldn’t afford them causing them to foreclose. Now Countrywide et al is dumping these units back on the market at reduced prices because they have to get rid of them.

If Countrywide hadn’t loaned $900,000 to 25 year olds at teaser rates, no one would have been able to afford the units. Therefore, prices would have been tempered and we wouldn’t have the overbuilding and wild price drops.

Units in concrete buildings are now trading near replacement costs.

[sandiego]

My bad choice was buying a home to live in. I wasn’t counting on the 45% equity and I never “realized” it because I didn’t sell.

I would be perfectly happy if my home had stayed flat for the past 4 years.

Instead, Countywide et al, made a bunch of bad loans to people who couldn’t afford them causing them to foreclose. Now Countrywide et al is dumping these units back on the market at reduced prices because they have to get rid of them.

If Countrywide hadn’t loaned $900,000 to 25 year olds at teaser rates, no one would have been able to afford the units. Therefore, prices would have been tempered and we wouldn’t have the overbuilding and wild price drops.

Units in concrete buildings are now trading near replacement costs.

[sandiego]

My bad choice was buying a home to live in. I wasn’t counting on the 45% equity and I never “realized” it because I didn’t sell.

I would be perfectly happy if my home had stayed flat for the past 4 years.

Instead, Countywide et al, made a bunch of bad loans to people who couldn’t afford them causing them to foreclose. Now Countrywide et al is dumping these units back on the market at reduced prices because they have to get rid of them.

If Countrywide hadn’t loaned $900,000 to 25 year olds at teaser rates, no one would have been able to afford the units. Therefore, prices would have been tempered and we wouldn’t have the overbuilding and wild price drops.

Units in concrete buildings are now trading near replacement costs.

[sandiego]

My bad choice was buying a home to live in. I wasn’t counting on the 45% equity and I never “realized” it because I didn’t sell.

I would be perfectly happy if my home had stayed flat for the past 4 years.

Instead, Countywide et al, made a bunch of bad loans to people who couldn’t afford them causing them to foreclose. Now Countrywide et al is dumping these units back on the market at reduced prices because they have to get rid of them.

If Countrywide hadn’t loaned $900,000 to 25 year olds at teaser rates, no one would have been able to afford the units. Therefore, prices would have been tempered and we wouldn’t have the overbuilding and wild price drops.

Units in concrete buildings are now trading near replacement costs.

[Author]

Posts