Mortgage lenders pursue homeowners even after foreclosure
02-12-2010, 11:27 PM
#41
Safety Car
Yup. It's complete bullshit. And until they change that they will continue to see foreclosures. I don't agree that people should just walk away b/c they are suddenly underwater. I mean in a few years they'll be back ahead since the market is cyclical. On the other hand I completely understand their frustration and why they would consider it. If it was us I'd be pissed that John Doe living beyond his means can get help, but I did everything right and can't get any assistance.
As for foreclosures... they expect this year to be as bad, or worse then last year.
http://money.cnn.com/2010/02/11/real...21105&hpt=Sbin
As for foreclosures... they expect this year to be as bad, or worse then last year.
http://money.cnn.com/2010/02/11/real...21105&hpt=Sbin
Last edited by ThermonMermon; 02-12-2010 at 11:30 PM.
02-13-2010, 08:56 AM
#42
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Here lies the problem. People are considering their home an "investment" (we won't get into that debate again). When their "investment" is not worth at least what they've put into it, they want to cry foul and beg for help.
Well you can't have your cake and eat it too.
1) Don't take out an adjustable rate mortgage if you aren't willing to deal with the consequences
2) Just like the stock market, if your investment is losing money, do you sell it? Hell no, you sit on it and wait. Could take 5 years, could take 10 years. If you want to sell, YOU, not anyone else has to deal with the consequences
Unless you are absolutely forced to sell, DO NOT SELL!!! It's as simple as that.
Everyone sees that they can get a better house for less money...Well guess what....TOOO F'IN BAD. You already made your decision.
Well you can't have your cake and eat it too.
1) Don't take out an adjustable rate mortgage if you aren't willing to deal with the consequences
2) Just like the stock market, if your investment is losing money, do you sell it? Hell no, you sit on it and wait. Could take 5 years, could take 10 years. If you want to sell, YOU, not anyone else has to deal with the consequences
Unless you are absolutely forced to sell, DO NOT SELL!!! It's as simple as that.
Everyone sees that they can get a better house for less money...Well guess what....TOOO F'IN BAD. You already made your decision.
02-13-2010, 10:27 AM
#43
Safety Car
Here lies the problem. People are considering their home an "investment" (we won't get into that debate again). When their "investment" is not worth at least what they've put into it, they want to cry foul and beg for help.
Well you can't have your cake and eat it too.
1) Don't take out an adjustable rate mortgage if you aren't willing to deal with the consequences
2) Just like the stock market, if your investment is losing money, do you sell it? Hell no, you sit on it and wait. Could take 5 years, could take 10 years. If you want to sell, YOU, not anyone else has to deal with the consequences
Unless you are absolutely forced to sell, DO NOT SELL!!! It's as simple as that.
Everyone sees that they can get a better house for less money...Well guess what....TOOO F'IN BAD. You already made your decision.
Well you can't have your cake and eat it too.
1) Don't take out an adjustable rate mortgage if you aren't willing to deal with the consequences
2) Just like the stock market, if your investment is losing money, do you sell it? Hell no, you sit on it and wait. Could take 5 years, could take 10 years. If you want to sell, YOU, not anyone else has to deal with the consequences
Unless you are absolutely forced to sell, DO NOT SELL!!! It's as simple as that.
Everyone sees that they can get a better house for less money...Well guess what....TOOO F'IN BAD. You already made your decision.
Last edited by ThermonMermon; 02-13-2010 at 10:31 AM.
02-15-2010, 09:40 AM
#44
^ Our house should be on the market by the end of next week 
Have our eye on a bunch of others, so hopefully we'll sell quickly so we can make a move quickly 
Oh and for the record, I agree with everything NSXNEXT said except the last sentence. It's not really "too bad" if you can sell and buy something else. If you are underwater... then yes, it sucks for you.
Have our eye on a bunch of others, so hopefully we'll sell quickly so we can make a move quickly Oh and for the record, I agree with everything NSXNEXT said except the last sentence. It's not really "too bad" if you can sell and buy something else. If you are underwater... then yes, it sucks for you.
02-15-2010, 08:53 PM
#45
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