[temeculaguy]

I try. I don’t dislike 23109, in fact I’ve been writing back and forth to him over the past year or two I feel like I practically know him, I see in him a lot of what I see in some of my friends and sometimes myself, I hate it when someone holds up a mirror as much as the next guy. I actually think I was exactly like him when I was his age and i didn’t listen either. If I made a list of the ten bad financial decisions I have made in my life, they all started with the phrase “well, the wife wanted ….” then fill in the blank.

While I suggest things and throw data at 23109, he actually teaches me more than I teach him. These discussions constantly remind me that divorce is cheaper in the long run. Had I remarried and been married in 2006 or 2007 I would have bought another house, by not having any committee votes and making decisions on my own, I’m up about 200k right now, that’s about $500 a day savings, over 18 months. I think I’ll stick with intermittent somewhat crazy girlfriends, they have no voting rights, the variety is nice, thanks 23109, I feel better already.

Dude, you know I’m just kidding with you but there is something serious about being honest with yourself and telling the wife “no” once in a while can be a good thing. I should remind you that I posted a hillarious deal back when you were buying and I said you needed to make her a deal in writing that for every 20k or 30k in value drop she would be required to perform some weekly sexual favor that she was opposed to, I said to make a list and place the most objectionable acts further down the value ladder. I called it the “can’t lose” arrangement. If the house goes up in value, you make money, if it goes down 50% in value, you get to pick which one of her friends. I hope you made that list. Sorry, still kidding, but I did post that more than a year ago and highly suggest it’s use even today for others.

[temeculaguy]

I try. I don’t dislike 23109, in fact I’ve been writing back and forth to him over the past year or two I feel like I practically know him, I see in him a lot of what I see in some of my friends and sometimes myself, I hate it when someone holds up a mirror as much as the next guy. I actually think I was exactly like him when I was his age and i didn’t listen either. If I made a list of the ten bad financial decisions I have made in my life, they all started with the phrase “well, the wife wanted ….” then fill in the blank.

While I suggest things and throw data at 23109, he actually teaches me more than I teach him. These discussions constantly remind me that divorce is cheaper in the long run. Had I remarried and been married in 2006 or 2007 I would have bought another house, by not having any committee votes and making decisions on my own, I’m up about 200k right now, that’s about $500 a day savings, over 18 months. I think I’ll stick with intermittent somewhat crazy girlfriends, they have no voting rights, the variety is nice, thanks 23109, I feel better already.

Dude, you know I’m just kidding with you but there is something serious about being honest with yourself and telling the wife “no” once in a while can be a good thing. I should remind you that I posted a hillarious deal back when you were buying and I said you needed to make her a deal in writing that for every 20k or 30k in value drop she would be required to perform some weekly sexual favor that she was opposed to, I said to make a list and place the most objectionable acts further down the value ladder. I called it the “can’t lose” arrangement. If the house goes up in value, you make money, if it goes down 50% in value, you get to pick which one of her friends. I hope you made that list. Sorry, still kidding, but I did post that more than a year ago and highly suggest it’s use even today for others.

[temeculaguy]

I try. I don’t dislike 23109, in fact I’ve been writing back and forth to him over the past year or two I feel like I practically know him, I see in him a lot of what I see in some of my friends and sometimes myself, I hate it when someone holds up a mirror as much as the next guy. I actually think I was exactly like him when I was his age and i didn’t listen either. If I made a list of the ten bad financial decisions I have made in my life, they all started with the phrase “well, the wife wanted ….” then fill in the blank.

While I suggest things and throw data at 23109, he actually teaches me more than I teach him. These discussions constantly remind me that divorce is cheaper in the long run. Had I remarried and been married in 2006 or 2007 I would have bought another house, by not having any committee votes and making decisions on my own, I’m up about 200k right now, that’s about $500 a day savings, over 18 months. I think I’ll stick with intermittent somewhat crazy girlfriends, they have no voting rights, the variety is nice, thanks 23109, I feel better already.

Dude, you know I’m just kidding with you but there is something serious about being honest with yourself and telling the wife “no” once in a while can be a good thing. I should remind you that I posted a hillarious deal back when you were buying and I said you needed to make her a deal in writing that for every 20k or 30k in value drop she would be required to perform some weekly sexual favor that she was opposed to, I said to make a list and place the most objectionable acts further down the value ladder. I called it the “can’t lose” arrangement. If the house goes up in value, you make money, if it goes down 50% in value, you get to pick which one of her friends. I hope you made that list. Sorry, still kidding, but I did post that more than a year ago and highly suggest it’s use even today for others.

[temeculaguy]

I try. I don’t dislike 23109, in fact I’ve been writing back and forth to him over the past year or two I feel like I practically know him, I see in him a lot of what I see in some of my friends and sometimes myself, I hate it when someone holds up a mirror as much as the next guy. I actually think I was exactly like him when I was his age and i didn’t listen either. If I made a list of the ten bad financial decisions I have made in my life, they all started with the phrase “well, the wife wanted ….” then fill in the blank.

While I suggest things and throw data at 23109, he actually teaches me more than I teach him. These discussions constantly remind me that divorce is cheaper in the long run. Had I remarried and been married in 2006 or 2007 I would have bought another house, by not having any committee votes and making decisions on my own, I’m up about 200k right now, that’s about $500 a day savings, over 18 months. I think I’ll stick with intermittent somewhat crazy girlfriends, they have no voting rights, the variety is nice, thanks 23109, I feel better already.

Dude, you know I’m just kidding with you but there is something serious about being honest with yourself and telling the wife “no” once in a while can be a good thing. I should remind you that I posted a hillarious deal back when you were buying and I said you needed to make her a deal in writing that for every 20k or 30k in value drop she would be required to perform some weekly sexual favor that she was opposed to, I said to make a list and place the most objectionable acts further down the value ladder. I called it the “can’t lose” arrangement. If the house goes up in value, you make money, if it goes down 50% in value, you get to pick which one of her friends. I hope you made that list. Sorry, still kidding, but I did post that more than a year ago and highly suggest it’s use even today for others.

[temeculaguy]

You tax savings are over $800/mo The only true way to calculate them is to do your own taxes and use the same numbers from your return, backing out the mortgage in a second scenario. You bought mid 2007 so you have never had a full year with mortgage tax savings, this february is the first time you will have a full year and be able run both scenarios.

Your interest rates don’t actually suck, libor spreads are getting worse and should stay there through the recession, 6.75 was todays’s average 30 year fixed with 20% down.

Another thing, it isn’t going to take ten years to return to your price, you didn’t buy at peak, you bought too early but you bought a year or two into the decline about 25% off peak. In nominal terms it should take just a few years for you to get back above water since inflation is how they are going to save the market ultimately, it will take a couple of years but inflation will come, too much money is being printed right now. Inflation may also affect rents in that ten years. It’s a bet either way, but right now you have a recession proof job and a mortgage that can’t go up and it’s less than 28% of your income. The only thing driving you is your equity but you said it isn’t an investment, it is a place to live, so treat it like one. Hunker down, if it gets too much worse, buy a rental and reduce your base through dollar cost averaging.

Lastly, your house isn’t worth 180k, more like 250-275k, don’t exaggerate the numbers to talk yourself into something, works both ways, you talked yourself into buying and now you are talking yourself into walking. Doubtful you can sell short, you can’t show hardship and doubtful you’ll get much relief from in a workout for the same reasons. The reality is that you can afford it, you just want something extra, they are keen to that play, just like they are about the buy a second home and plan to rent then walk from first, it can be done but they are watching for it. Be wary of seeing the comps without seeing the actual deal, there are a lot of listings that are priced very low to get multiple bids, I’ve been one of the bidders three times this month alone, standing there with cash in hand, willing to pay full price and getting shut out by 3, 4, and even 8 others who made offers within 3 hours of the sign going up. It primarily happens in the premium areas, which harveston is one of. Another reason to keep paying and wait, you have no idea what the recent events will end up once the rubber hits the road, who knows what tax advantages or save the homeowner programs will show up in the next six months, you already spilled the milk, hang out and see what free towels they start giving out.

I’ll say it again, I doubt this or any other advice will resonate because your wife wants a bigger place and in the end the numbers will crunch into what she wants.

[temeculaguy]

You tax savings are over $800/mo The only true way to calculate them is to do your own taxes and use the same numbers from your return, backing out the mortgage in a second scenario. You bought mid 2007 so you have never had a full year with mortgage tax savings, this february is the first time you will have a full year and be able run both scenarios.

Your interest rates don’t actually suck, libor spreads are getting worse and should stay there through the recession, 6.75 was todays’s average 30 year fixed with 20% down.

Another thing, it isn’t going to take ten years to return to your price, you didn’t buy at peak, you bought too early but you bought a year or two into the decline about 25% off peak. In nominal terms it should take just a few years for you to get back above water since inflation is how they are going to save the market ultimately, it will take a couple of years but inflation will come, too much money is being printed right now. Inflation may also affect rents in that ten years. It’s a bet either way, but right now you have a recession proof job and a mortgage that can’t go up and it’s less than 28% of your income. The only thing driving you is your equity but you said it isn’t an investment, it is a place to live, so treat it like one. Hunker down, if it gets too much worse, buy a rental and reduce your base through dollar cost averaging.

Lastly, your house isn’t worth 180k, more like 250-275k, don’t exaggerate the numbers to talk yourself into something, works both ways, you talked yourself into buying and now you are talking yourself into walking. Doubtful you can sell short, you can’t show hardship and doubtful you’ll get much relief from in a workout for the same reasons. The reality is that you can afford it, you just want something extra, they are keen to that play, just like they are about the buy a second home and plan to rent then walk from first, it can be done but they are watching for it. Be wary of seeing the comps without seeing the actual deal, there are a lot of listings that are priced very low to get multiple bids, I’ve been one of the bidders three times this month alone, standing there with cash in hand, willing to pay full price and getting shut out by 3, 4, and even 8 others who made offers within 3 hours of the sign going up. It primarily happens in the premium areas, which harveston is one of. Another reason to keep paying and wait, you have no idea what the recent events will end up once the rubber hits the road, who knows what tax advantages or save the homeowner programs will show up in the next six months, you already spilled the milk, hang out and see what free towels they start giving out.

I’ll say it again, I doubt this or any other advice will resonate because your wife wants a bigger place and in the end the numbers will crunch into what she wants.

[temeculaguy]

You tax savings are over $800/mo The only true way to calculate them is to do your own taxes and use the same numbers from your return, backing out the mortgage in a second scenario. You bought mid 2007 so you have never had a full year with mortgage tax savings, this february is the first time you will have a full year and be able run both scenarios.

Your interest rates don’t actually suck, libor spreads are getting worse and should stay there through the recession, 6.75 was todays’s average 30 year fixed with 20% down.

Another thing, it isn’t going to take ten years to return to your price, you didn’t buy at peak, you bought too early but you bought a year or two into the decline about 25% off peak. In nominal terms it should take just a few years for you to get back above water since inflation is how they are going to save the market ultimately, it will take a couple of years but inflation will come, too much money is being printed right now. Inflation may also affect rents in that ten years. It’s a bet either way, but right now you have a recession proof job and a mortgage that can’t go up and it’s less than 28% of your income. The only thing driving you is your equity but you said it isn’t an investment, it is a place to live, so treat it like one. Hunker down, if it gets too much worse, buy a rental and reduce your base through dollar cost averaging.

Lastly, your house isn’t worth 180k, more like 250-275k, don’t exaggerate the numbers to talk yourself into something, works both ways, you talked yourself into buying and now you are talking yourself into walking. Doubtful you can sell short, you can’t show hardship and doubtful you’ll get much relief from in a workout for the same reasons. The reality is that you can afford it, you just want something extra, they are keen to that play, just like they are about the buy a second home and plan to rent then walk from first, it can be done but they are watching for it. Be wary of seeing the comps without seeing the actual deal, there are a lot of listings that are priced very low to get multiple bids, I’ve been one of the bidders three times this month alone, standing there with cash in hand, willing to pay full price and getting shut out by 3, 4, and even 8 others who made offers within 3 hours of the sign going up. It primarily happens in the premium areas, which harveston is one of. Another reason to keep paying and wait, you have no idea what the recent events will end up once the rubber hits the road, who knows what tax advantages or save the homeowner programs will show up in the next six months, you already spilled the milk, hang out and see what free towels they start giving out.

I’ll say it again, I doubt this or any other advice will resonate because your wife wants a bigger place and in the end the numbers will crunch into what she wants.

[temeculaguy]

You tax savings are over $800/mo The only true way to calculate them is to do your own taxes and use the same numbers from your return, backing out the mortgage in a second scenario. You bought mid 2007 so you have never had a full year with mortgage tax savings, this february is the first time you will have a full year and be able run both scenarios.

Your interest rates don’t actually suck, libor spreads are getting worse and should stay there through the recession, 6.75 was todays’s average 30 year fixed with 20% down.

Another thing, it isn’t going to take ten years to return to your price, you didn’t buy at peak, you bought too early but you bought a year or two into the decline about 25% off peak. In nominal terms it should take just a few years for you to get back above water since inflation is how they are going to save the market ultimately, it will take a couple of years but inflation will come, too much money is being printed right now. Inflation may also affect rents in that ten years. It’s a bet either way, but right now you have a recession proof job and a mortgage that can’t go up and it’s less than 28% of your income. The only thing driving you is your equity but you said it isn’t an investment, it is a place to live, so treat it like one. Hunker down, if it gets too much worse, buy a rental and reduce your base through dollar cost averaging.

Lastly, your house isn’t worth 180k, more like 250-275k, don’t exaggerate the numbers to talk yourself into something, works both ways, you talked yourself into buying and now you are talking yourself into walking. Doubtful you can sell short, you can’t show hardship and doubtful you’ll get much relief from in a workout for the same reasons. The reality is that you can afford it, you just want something extra, they are keen to that play, just like they are about the buy a second home and plan to rent then walk from first, it can be done but they are watching for it. Be wary of seeing the comps without seeing the actual deal, there are a lot of listings that are priced very low to get multiple bids, I’ve been one of the bidders three times this month alone, standing there with cash in hand, willing to pay full price and getting shut out by 3, 4, and even 8 others who made offers within 3 hours of the sign going up. It primarily happens in the premium areas, which harveston is one of. Another reason to keep paying and wait, you have no idea what the recent events will end up once the rubber hits the road, who knows what tax advantages or save the homeowner programs will show up in the next six months, you already spilled the milk, hang out and see what free towels they start giving out.

I’ll say it again, I doubt this or any other advice will resonate because your wife wants a bigger place and in the end the numbers will crunch into what she wants.

[temeculaguy]

You tax savings are over $800/mo The only true way to calculate them is to do your own taxes and use the same numbers from your return, backing out the mortgage in a second scenario. You bought mid 2007 so you have never had a full year with mortgage tax savings, this february is the first time you will have a full year and be able run both scenarios.

Your interest rates don’t actually suck, libor spreads are getting worse and should stay there through the recession, 6.75 was todays’s average 30 year fixed with 20% down.

Another thing, it isn’t going to take ten years to return to your price, you didn’t buy at peak, you bought too early but you bought a year or two into the decline about 25% off peak. In nominal terms it should take just a few years for you to get back above water since inflation is how they are going to save the market ultimately, it will take a couple of years but inflation will come, too much money is being printed right now. Inflation may also affect rents in that ten years. It’s a bet either way, but right now you have a recession proof job and a mortgage that can’t go up and it’s less than 28% of your income. The only thing driving you is your equity but you said it isn’t an investment, it is a place to live, so treat it like one. Hunker down, if it gets too much worse, buy a rental and reduce your base through dollar cost averaging.

Lastly, your house isn’t worth 180k, more like 250-275k, don’t exaggerate the numbers to talk yourself into something, works both ways, you talked yourself into buying and now you are talking yourself into walking. Doubtful you can sell short, you can’t show hardship and doubtful you’ll get much relief from in a workout for the same reasons. The reality is that you can afford it, you just want something extra, they are keen to that play, just like they are about the buy a second home and plan to rent then walk from first, it can be done but they are watching for it. Be wary of seeing the comps without seeing the actual deal, there are a lot of listings that are priced very low to get multiple bids, I’ve been one of the bidders three times this month alone, standing there with cash in hand, willing to pay full price and getting shut out by 3, 4, and even 8 others who made offers within 3 hours of the sign going up. It primarily happens in the premium areas, which harveston is one of. Another reason to keep paying and wait, you have no idea what the recent events will end up once the rubber hits the road, who knows what tax advantages or save the homeowner programs will show up in the next six months, you already spilled the milk, hang out and see what free towels they start giving out.

I’ll say it again, I doubt this or any other advice will resonate because your wife wants a bigger place and in the end the numbers will crunch into what she wants.

[temeculaguy]

djc, i sent you an e-mail.

23109, when you talk yourself into something there’s no talking you out of it so just walk away after your free rent period. Your wife wants a bigger house, if you recall i hounded you about resisting her urge to buy because you were planning/expecting more kids and would outgrow the place, now you have. I remember writing extensively on the psychological influence of female nesting, those were good times.

Most of us, self included, have been upside down on houses before. I made a down payment in 1991 and was still underwater until about 1998. It didn’t hurt too bad, my payment was managable and I survived because i didn’t sell while I was underwater, I just had too small of a house. The one regret i have about that house is that i sold it, I really wish i had kept it as a rental, even in this market it would have equity and the rent is double what the payment was. You might think about getting the bigger house and keeping the current one, renting it out. It might sting for a few years but in time it will work out and you have the income to support it. R/E is funny like that, this last cycle twisted people’s mind thinking it goes up quickly, prior to this bubble, if you stayed in a house less than 3 years you lost money, keep it 20 years, you make money, those rules still apply today.

[temeculaguy]

djc, i sent you an e-mail.

23109, when you talk yourself into something there’s no talking you out of it so just walk away after your free rent period. Your wife wants a bigger house, if you recall i hounded you about resisting her urge to buy because you were planning/expecting more kids and would outgrow the place, now you have. I remember writing extensively on the psychological influence of female nesting, those were good times.

Most of us, self included, have been upside down on houses before. I made a down payment in 1991 and was still underwater until about 1998. It didn’t hurt too bad, my payment was managable and I survived because i didn’t sell while I was underwater, I just had too small of a house. The one regret i have about that house is that i sold it, I really wish i had kept it as a rental, even in this market it would have equity and the rent is double what the payment was. You might think about getting the bigger house and keeping the current one, renting it out. It might sting for a few years but in time it will work out and you have the income to support it. R/E is funny like that, this last cycle twisted people’s mind thinking it goes up quickly, prior to this bubble, if you stayed in a house less than 3 years you lost money, keep it 20 years, you make money, those rules still apply today.

[temeculaguy]

djc, i sent you an e-mail.

23109, when you talk yourself into something there’s no talking you out of it so just walk away after your free rent period. Your wife wants a bigger house, if you recall i hounded you about resisting her urge to buy because you were planning/expecting more kids and would outgrow the place, now you have. I remember writing extensively on the psychological influence of female nesting, those were good times.

Most of us, self included, have been upside down on houses before. I made a down payment in 1991 and was still underwater until about 1998. It didn’t hurt too bad, my payment was managable and I survived because i didn’t sell while I was underwater, I just had too small of a house. The one regret i have about that house is that i sold it, I really wish i had kept it as a rental, even in this market it would have equity and the rent is double what the payment was. You might think about getting the bigger house and keeping the current one, renting it out. It might sting for a few years but in time it will work out and you have the income to support it. R/E is funny like that, this last cycle twisted people’s mind thinking it goes up quickly, prior to this bubble, if you stayed in a house less than 3 years you lost money, keep it 20 years, you make money, those rules still apply today.

[temeculaguy]

djc, i sent you an e-mail.

23109, when you talk yourself into something there’s no talking you out of it so just walk away after your free rent period. Your wife wants a bigger house, if you recall i hounded you about resisting her urge to buy because you were planning/expecting more kids and would outgrow the place, now you have. I remember writing extensively on the psychological influence of female nesting, those were good times.

Most of us, self included, have been upside down on houses before. I made a down payment in 1991 and was still underwater until about 1998. It didn’t hurt too bad, my payment was managable and I survived because i didn’t sell while I was underwater, I just had too small of a house. The one regret i have about that house is that i sold it, I really wish i had kept it as a rental, even in this market it would have equity and the rent is double what the payment was. You might think about getting the bigger house and keeping the current one, renting it out. It might sting for a few years but in time it will work out and you have the income to support it. R/E is funny like that, this last cycle twisted people’s mind thinking it goes up quickly, prior to this bubble, if you stayed in a house less than 3 years you lost money, keep it 20 years, you make money, those rules still apply today.

[temeculaguy]

djc, i sent you an e-mail.

23109, when you talk yourself into something there’s no talking you out of it so just walk away after your free rent period. Your wife wants a bigger house, if you recall i hounded you about resisting her urge to buy because you were planning/expecting more kids and would outgrow the place, now you have. I remember writing extensively on the psychological influence of female nesting, those were good times.

Most of us, self included, have been upside down on houses before. I made a down payment in 1991 and was still underwater until about 1998. It didn’t hurt too bad, my payment was managable and I survived because i didn’t sell while I was underwater, I just had too small of a house. The one regret i have about that house is that i sold it, I really wish i had kept it as a rental, even in this market it would have equity and the rent is double what the payment was. You might think about getting the bigger house and keeping the current one, renting it out. It might sting for a few years but in time it will work out and you have the income to support it. R/E is funny like that, this last cycle twisted people’s mind thinking it goes up quickly, prior to this bubble, if you stayed in a house less than 3 years you lost money, keep it 20 years, you make money, those rules still apply today.

[temeculaguy]

23109, you made your own bed, now you have to sleep on it. We spent months trying to talk you out of it, but you didn’t listen then and you aren’t listening now.

The question on the table is why would the bank choose to lose money on the loans they are making money on, why would they solicit a loss on their entire portfolio? My personal question is why would anyone who didn;t need a rework, take one, they are bad for the owner if you have other alternatives.

The other statement that has yet to be refuted is what is so cool about wrecking your credit and then getting a recourse loan and entering into a rework that is designed to never build equity. The same people on here that wouldn’t dream of an I/O loan are jealous that reworks are getting what amounts to a deal with the devil and a lifetime I/O loan, yet the reworks sell half of their future appreciation in addition to a lifetime I/O. People hear the words “principal reduction” and lose their minds, I repeat, that principal amount never goes away, they just reduce it for purposes of determining payment, they still owe it. It’s like taking on a partner, like going halfsies on a house with a relative.

They never reduce your balance, they just base the payment on a reduced amount, so you pay less per month but the original loan amount haunts you forever. You can never take out a heloc, refi, sell or do anything without settling the original debt, fees, etc. It’s just renting with a lifetime overpriced lease.

The system doesn’t drive anyone anywhere, it fools them, just like teaser rates and 0 down fooled them into thinking they could afford more than they could, this fools them into thinking they can keep what they can’t afford, they can live there but they keep nothing when the ride is over. Look at 10 years from now, they will essentially have nothing after they sell, that is not how I define home ownership.

You may feel like the good guy 23109, and you have the opportunity to be that guy, by paying your mortgage and paying for the mistake that YOU made, not the guy across the street, not the government, not the bank, but the mistake that YOU made. Your eyes were wide open, you knew the risks, no unscrupulous lender lied to you.

It’s not the end of the world, people make worse mistakes all the time. How we behave after we make mistakes is what defines us, I’ve screwed up before and I will again but it will be my fault and I will make amends, you need to as well.

BTW-they wont renegotiate with you, you have an “over the table” job with all your income reported. The best they will do is make your payment .37 of your gross income, if you gross 10k a month, that is 3700, and I believe it is P&I, not inclusive of hoa, tax and ins., so unless you are paying more than 4k, they wont help. From memory, you didn’t put 20% down and I can’t remember if you took a fixed rate fully amortized 30 yr. If you have an adjustable or an I/O you can probably get it switched into a 30 yr fixed for nothing, that is where you can negotiate, however, the payment goes up, not down.

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