[sdcellar]

Yeah, but that place is tiny and you should be able to get more for your money. Honestly, there are a lot of canyon facing lots in central San Diego, so if that’s what you really want, there will be more out there.

Also, I’m not sure how much land you’d like to have, but if you’re okay with a smaller house like that, you should probably be able to get by with a smaller lot and still have a respectable garden. You won’t get the view, but I don’t know how important that is to you.

Also, not sure how big your search radius is, but there are a lot of zips with similar properties, just depends on what’s most important to you.

[sdcellar]

Too late to offer any advice, but you made the right call, jpinpb.

[sdcellar]

Too late to offer any advice, but you made the right call, jpinpb.

[sdcellar]

Too late to offer any advice, but you made the right call, jpinpb.

[sdcellar]

Too late to offer any advice, but you made the right call, jpinpb.

[sdcellar]

Too late to offer any advice, but you made the right call, jpinpb.

[sdcellar]

All I know, assuming a “market” rate of 5%, is that your friend will save $93,238.37 if he sells the home at the optimum time (185 months from now). If he has to pay back the $40K at that time, he’ll still be up over $50K. Even in just five years, he’ll be up $27.5K (after paying the 40). This is on top of the money he already took out of the house. Somebody eats this in the long run and that kind of sucks for everybody else, whether your friend is a nice guy or not.

I’m not saying that the bank necessarily has a better choice, because while it’s not all gravy, any alternative cuts into their income (and profit) as well. That is, they will never get what the original loan terms laid out. If they foreclose, at peak, they could earn a few more thousand dollars, but that’s subject to timing and variability as well. Hell, if he goes to term (40 years) on the loan mod, they’ll be up $1,473.47 over the original loan term!

So basically, at this level, it’s something of a flip of the coin, loan mod vs. foreclosure. You’re friend should consider himself a lucky bastard. At least on this front.

[sdcellar]

All I know, assuming a “market” rate of 5%, is that your friend will save $93,238.37 if he sells the home at the optimum time (185 months from now). If he has to pay back the $40K at that time, he’ll still be up over $50K. Even in just five years, he’ll be up $27.5K (after paying the 40). This is on top of the money he already took out of the house. Somebody eats this in the long run and that kind of sucks for everybody else, whether your friend is a nice guy or not.

I’m not saying that the bank necessarily has a better choice, because while it’s not all gravy, any alternative cuts into their income (and profit) as well. That is, they will never get what the original loan terms laid out. If they foreclose, at peak, they could earn a few more thousand dollars, but that’s subject to timing and variability as well. Hell, if he goes to term (40 years) on the loan mod, they’ll be up $1,473.47 over the original loan term!

So basically, at this level, it’s something of a flip of the coin, loan mod vs. foreclosure. You’re friend should consider himself a lucky bastard. At least on this front.

[sdcellar]

All I know, assuming a “market” rate of 5%, is that your friend will save $93,238.37 if he sells the home at the optimum time (185 months from now). If he has to pay back the $40K at that time, he’ll still be up over $50K. Even in just five years, he’ll be up $27.5K (after paying the 40). This is on top of the money he already took out of the house. Somebody eats this in the long run and that kind of sucks for everybody else, whether your friend is a nice guy or not.

I’m not saying that the bank necessarily has a better choice, because while it’s not all gravy, any alternative cuts into their income (and profit) as well. That is, they will never get what the original loan terms laid out. If they foreclose, at peak, they could earn a few more thousand dollars, but that’s subject to timing and variability as well. Hell, if he goes to term (40 years) on the loan mod, they’ll be up $1,473.47 over the original loan term!

So basically, at this level, it’s something of a flip of the coin, loan mod vs. foreclosure. You’re friend should consider himself a lucky bastard. At least on this front.

[sdcellar]

All I know, assuming a “market” rate of 5%, is that your friend will save $93,238.37 if he sells the home at the optimum time (185 months from now). If he has to pay back the $40K at that time, he’ll still be up over $50K. Even in just five years, he’ll be up $27.5K (after paying the 40). This is on top of the money he already took out of the house. Somebody eats this in the long run and that kind of sucks for everybody else, whether your friend is a nice guy or not.

I’m not saying that the bank necessarily has a better choice, because while it’s not all gravy, any alternative cuts into their income (and profit) as well. That is, they will never get what the original loan terms laid out. If they foreclose, at peak, they could earn a few more thousand dollars, but that’s subject to timing and variability as well. Hell, if he goes to term (40 years) on the loan mod, they’ll be up $1,473.47 over the original loan term!

So basically, at this level, it’s something of a flip of the coin, loan mod vs. foreclosure. You’re friend should consider himself a lucky bastard. At least on this front.

[sdcellar]

All I know, assuming a “market” rate of 5%, is that your friend will save $93,238.37 if he sells the home at the optimum time (185 months from now). If he has to pay back the $40K at that time, he’ll still be up over $50K. Even in just five years, he’ll be up $27.5K (after paying the 40). This is on top of the money he already took out of the house. Somebody eats this in the long run and that kind of sucks for everybody else, whether your friend is a nice guy or not.

I’m not saying that the bank necessarily has a better choice, because while it’s not all gravy, any alternative cuts into their income (and profit) as well. That is, they will never get what the original loan terms laid out. If they foreclose, at peak, they could earn a few more thousand dollars, but that’s subject to timing and variability as well. Hell, if he goes to term (40 years) on the loan mod, they’ll be up $1,473.47 over the original loan term!

So basically, at this level, it’s something of a flip of the coin, loan mod vs. foreclosure. You’re friend should consider himself a lucky bastard. At least on this front.

[sdcellar]

Russell, I’d think think it would be sellers that address “buyer’s objections”. A shrewd seller would never let truth or facts get in the way. I’m also sure you’re familiar with “sins of omission”?

Just remember that people can lie to themselves just as easily as any salesperson can. These are called rationalizations.

I’m not saying people shouldn’t hope for a better tomorrow and all that, but they should go in with their eyes wide open.

I appreciate that it’s nice for people to feel good about their choices, but at some point…

[sdcellar]

Russell, I’d think think it would be sellers that address “buyer’s objections”. A shrewd seller would never let truth or facts get in the way. I’m also sure you’re familiar with “sins of omission”?

Just remember that people can lie to themselves just as easily as any salesperson can. These are called rationalizations.

I’m not saying people shouldn’t hope for a better tomorrow and all that, but they should go in with their eyes wide open.

I appreciate that it’s nice for people to feel good about their choices, but at some point…

[sdcellar]

Russell, I’d think think it would be sellers that address “buyer’s objections”. A shrewd seller would never let truth or facts get in the way. I’m also sure you’re familiar with “sins of omission”?

Just remember that people can lie to themselves just as easily as any salesperson can. These are called rationalizations.

I’m not saying people shouldn’t hope for a better tomorrow and all that, but they should go in with their eyes wide open.

I appreciate that it’s nice for people to feel good about their choices, but at some point…

[sdcellar]

Russell, I’d think think it would be sellers that address “buyer’s objections”. A shrewd seller would never let truth or facts get in the way. I’m also sure you’re familiar with “sins of omission”?

Just remember that people can lie to themselves just as easily as any salesperson can. These are called rationalizations.

I’m not saying people shouldn’t hope for a better tomorrow and all that, but they should go in with their eyes wide open.

I appreciate that it’s nice for people to feel good about their choices, but at some point…

[Author]

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