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thebazman
Participant[quote=macromaniac]Urban,
…edited…When you default and have no job….there IS NO MODIFICATION SOLUTION and YOU WALK.
The next wave down will be due to unemployment and this will take us down further….
If your buyer’s are comfortable with these things and still want to pull the trigger for whatever reason then that is there decision.
[/quote]
Yes, true, without any income you can’t pay the mortgage, but can you pay rent either?
If someone gets a place for $536/month as in Urban Realtor’s example, wouldn’t that be pretty close to rent, even with HOA and property tax?
Maybe the one big thing is the level of commitment and penalties. If you walk out of a lease and move in with folks, the credit hit is not as bad as if you move into foreclosure.
(I’m just trying to explain this to myself out loud. ) 🙂
–Baz
ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
ParticipantI have a friend who is “upside down” on his mortgage by about $150K, and still paying 6.5% rate on 10-year interest-only loan! He would like to be able to refinance to the lower rate…it would help with payments, that’s for sure.
However, and I think most people who bought when prices were high would agree, a reduction in principal would help them more.
But how far do we carry this idea? Should someone who bought stocks at a high price on the market be reimbursed when the stock market crashes?
ParticipantI have a friend who is “upside down” on his mortgage by about $150K, and still paying 6.5% rate on 10-year interest-only loan! He would like to be able to refinance to the lower rate…it would help with payments, that’s for sure.
However, and I think most people who bought when prices were high would agree, a reduction in principal would help them more.
But how far do we carry this idea? Should someone who bought stocks at a high price on the market be reimbursed when the stock market crashes?
ParticipantI have a friend who is “upside down” on his mortgage by about $150K, and still paying 6.5% rate on 10-year interest-only loan! He would like to be able to refinance to the lower rate…it would help with payments, that’s for sure.
However, and I think most people who bought when prices were high would agree, a reduction in principal would help them more.
But how far do we carry this idea? Should someone who bought stocks at a high price on the market be reimbursed when the stock market crashes?
ParticipantI have a friend who is “upside down” on his mortgage by about $150K, and still paying 6.5% rate on 10-year interest-only loan! He would like to be able to refinance to the lower rate…it would help with payments, that’s for sure.
However, and I think most people who bought when prices were high would agree, a reduction in principal would help them more.
But how far do we carry this idea? Should someone who bought stocks at a high price on the market be reimbursed when the stock market crashes?
ParticipantI have a friend who is “upside down” on his mortgage by about $150K, and still paying 6.5% rate on 10-year interest-only loan! He would like to be able to refinance to the lower rate…it would help with payments, that’s for sure.
However, and I think most people who bought when prices were high would agree, a reduction in principal would help them more.
But how far do we carry this idea? Should someone who bought stocks at a high price on the market be reimbursed when the stock market crashes?
ParticipantSouth San Diego? Are we talking South Bay? Curious about which complex it is…there seem to be a lot of deals down in that area.
ParticipantSouth San Diego? Are we talking South Bay? Curious about which complex it is…there seem to be a lot of deals down in that area.
ParticipantSouth San Diego? Are we talking South Bay? Curious about which complex it is…there seem to be a lot of deals down in that area.
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