The "official" housing recovery thread...
06-19-2012, 02:42 PM
#241
Team Owner
There is a thread on this subject here https://acurazine.com/forums/money-investing-17/worth-stop-paying-my-mortgage-absolutely-100%25-yes-836489/
06-19-2012, 10:26 PM
#242
Senior Moderator
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Join Date: May 2000
Location: where the weather suits my clothes
Age: 55
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There is a thread on this subject here https://acurazine.com/forums/showthread.php?t=836489
06-20-2012, 01:09 AM
#244
Burning Brakes
I know I'm not exactly a financial planner but wouldn't voulntarity letting it forclose reek havoc on ur credit?i know that's the first question I get asked all the time when applying for any line of credit...
best of luck-- BOA is horrible! Before I bought this home I was looking into buying one around the corner-- a BOA short sale. The day we saw it, put an offer in for EXACTLY the asking price--cash in hand. The owners were about to be foreclosed on in 14 days, so this would be the answers to their prayers, yes? No. Frannie Mae took the offer, but then had to hear back from BOA for final approval. No word, yay or nay. Legally they didn't reject it so the owners were granted an extension on their foreclosure. Well guess what. The last day of that extension, at close of business they denied it. The next morning, bright and early- before we even heard back, the house was sold to a foreign investment group on the stairs of city hall, for half the price of our offer. Selling the house to us would have been a win win for all parties involved, kept a foreclosure off their record, as well as relieved them of other debts that they had pile up from time of listing, like the Lein that the HOA had put on the house for nonpayment of dues and the lack of landscaping maintance, which we were willing to pay. Bottom line here, DON'T trust them to do their job, you must be on their back 24/7 to do their jobs over there at BOA.
best of luck-- BOA is horrible! Before I bought this home I was looking into buying one around the corner-- a BOA short sale. The day we saw it, put an offer in for EXACTLY the asking price--cash in hand. The owners were about to be foreclosed on in 14 days, so this would be the answers to their prayers, yes? No. Frannie Mae took the offer, but then had to hear back from BOA for final approval. No word, yay or nay. Legally they didn't reject it so the owners were granted an extension on their foreclosure. Well guess what. The last day of that extension, at close of business they denied it. The next morning, bright and early- before we even heard back, the house was sold to a foreign investment group on the stairs of city hall, for half the price of our offer. Selling the house to us would have been a win win for all parties involved, kept a foreclosure off their record, as well as relieved them of other debts that they had pile up from time of listing, like the Lein that the HOA had put on the house for nonpayment of dues and the lack of landscaping maintance, which we were willing to pay. Bottom line here, DON'T trust them to do their job, you must be on their back 24/7 to do their jobs over there at BOA.
06-20-2012, 08:55 AM
#245
Are you so sure about that?
Do you want to continue to throw your money down the toilet for the next several decades until you are actually ahead and begin to rebuild equity or would you prefer to shore up your financial future now?
You are in Illinois so my experince in that thread is even more applicable to you than most others.
First of all, you DO NOT have to file bankruptcy or worry about bankruptcy at all.
Second, you DO NOT need to have any sort of hardship to force the hand of your banks and get out of this situation either through a short sale or foreclosure. Even with over 100k income, no other debt besides mortgage and no hardship, my short sale was a complete success.
Third, you CAN negotiate with your lender to get out of this but ONLY when you prove you are serious...the only way to do that is to stop making your payments.
Forth, long-term damage (hell, even severe damage) to your credit as a result of a short sale is A MYTH! my score is back over 740 within 8 months of my short sale. Yes, you WILL NOT be able to qualify for a mortgage for 24 months after a short sale or foreclosure...but do you care? Why would you want to get back into the real estate market now anyhow? especially in Illinois where values have yet to stop dropping!
Also, my credit card companies NEVER raised my rates (not that it matters as i carry no debt), my various insurance policies have renewed and none had a negative effect as a result of my "damaged" credit.
The media (and many assholes around here on high horses...and with upside down mortgages) are very good at manipulating people into beleiving certain things about mortgages, supposed moral obligations, supposed concequences, etc. This is a very personal situation and a personal decision.
First things first, get out the calculator and do some math (if you havent already). Look at the god-awful truth of your numbers on paper and then keep telling yourself you are better off continuing to pay. Not to mention the possibility of unforseen assessments? yikes, you might even be in a worse situation than i was!
Anyhow, if youd like more detailed information, feel free to PM me...that will be the easiest way to avoid all the bullshit background noise sure to start spilling out of the aforementioned high horse dwellers still around here.
Cheers
Do you want to continue to throw your money down the toilet for the next several decades until you are actually ahead and begin to rebuild equity or would you prefer to shore up your financial future now?
You are in Illinois so my experince in that thread is even more applicable to you than most others.
First of all, you DO NOT have to file bankruptcy or worry about bankruptcy at all.
Second, you DO NOT need to have any sort of hardship to force the hand of your banks and get out of this situation either through a short sale or foreclosure. Even with over 100k income, no other debt besides mortgage and no hardship, my short sale was a complete success.
Third, you CAN negotiate with your lender to get out of this but ONLY when you prove you are serious...the only way to do that is to stop making your payments.
Forth, long-term damage (hell, even severe damage) to your credit as a result of a short sale is A MYTH! my score is back over 740 within 8 months of my short sale. Yes, you WILL NOT be able to qualify for a mortgage for 24 months after a short sale or foreclosure...but do you care? Why would you want to get back into the real estate market now anyhow? especially in Illinois where values have yet to stop dropping!
Also, my credit card companies NEVER raised my rates (not that it matters as i carry no debt), my various insurance policies have renewed and none had a negative effect as a result of my "damaged" credit.
The media (and many assholes around here on high horses...and with upside down mortgages) are very good at manipulating people into beleiving certain things about mortgages, supposed moral obligations, supposed concequences, etc. This is a very personal situation and a personal decision.
First things first, get out the calculator and do some math (if you havent already). Look at the god-awful truth of your numbers on paper and then keep telling yourself you are better off continuing to pay. Not to mention the possibility of unforseen assessments? yikes, you might even be in a worse situation than i was!
Anyhow, if youd like more detailed information, feel free to PM me...that will be the easiest way to avoid all the bullshit background noise sure to start spilling out of the aforementioned high horse dwellers still around here.
Cheers
06-20-2012, 06:35 PM
#246
The sizzle in the Steak
Not again with this 
07-31-2012, 02:53 PM
#248
Senior Moderator
Bringing this back up. I've nearly exhausted my options. My building lost some drastic value over the last year, my specific condo unit dropped about 50-80K in value based on the assessment I got a couple weeks ago... 
There's talk of our condo dues going up at the end of the year to make up for the reserves being low with the ongoing masonry repairs.
BoA can't do a streamline refinance on my mortgage because its not backed by Fannie Mae or Freddie Mac. Guess its backed by ACORN. Can't do a normal refinance because there is A LOT of negative equity in the unit. I didn't qualify for a mortgage modification, BoA thought I did at first, but they've been shady in general not returning my calls or answering when I try to go this route. This leaves Short Sale, which again BoA has to work with me on and who knows how difficult they will be. Deed in Lieu of Forclosure which is bad but its better than foreclosure (from what I read). Or Foreclosure, or at the very least initial foreclosure and then try to negotiate with a lawyer on my options to force BoA to switch my loan terms to make things more affordable.
Any other options that I'm not seeing?
There's talk of our condo dues going up at the end of the year to make up for the reserves being low with the ongoing masonry repairs. BoA can't do a streamline refinance on my mortgage because its not backed by Fannie Mae or Freddie Mac. Guess its backed by ACORN. Can't do a normal refinance because there is A LOT of negative equity in the unit. I didn't qualify for a mortgage modification, BoA thought I did at first, but they've been shady in general not returning my calls or answering when I try to go this route. This leaves Short Sale, which again BoA has to work with me on and who knows how difficult they will be. Deed in Lieu of Forclosure which is bad but its better than foreclosure (from what I read). Or Foreclosure, or at the very least initial foreclosure and then try to negotiate with a lawyer on my options to force BoA to switch my loan terms to make things more affordable.
Any other options that I'm not seeing?
08-01-2012, 09:54 AM
#250
Team Owner
Those condo fees are a killer. Glad I got out of mine when I did. They go nowhere but up as the place ages and needs major repairs, it's worse than paying taxes.
08-01-2012, 12:57 PM
#252
Senior Moderator
Yup they have just gone up and up and up.
08-01-2012, 03:38 PM
#253
Enough of this already, you know what you have to do. You are exactly where i was 2 years ago....at your wits end, exhausting all your savings (which is a horrible financial mistake by the way) to prop up a terrible underwater investment with no hope for recovery.
You know your options, thats clear. The course of action is very simple.
Attempt to get a short sale to go through, be prepared for foreclosure/deed in lieu.
The only way to get a short sale approved is to make your property distressed. The only way to make your property distressed is to STOP PAYING THE MORTGAGE.
So, stop paying the mortgage (but keep paying the condo dues as they can and will hold you up at closing if you are delinquint on that).
Clean the place, purge your junk, get it ready for sale.
Hire a realtor who specializes in short sales. IF you are in Chicago, PM me, i have several sources, including the one who got mine to go through successfully even though everyone said it would never work since i still had verifiable income and no financial distress.
Get a buyer lined up with a solid offer, put it in front of your lenders.
then wait...and wait...and wait...and send paperwork...and wait...all the while, not making mortagage payments but saving every single cent of that in the event (which is likely) that you will have to contribute cash at closing to get your lenders to agree....the mortgage payments you withold, that lump sum, is your leverage for lender approval. It is your lifeline when they initially reject the short sale. Offer to contribute and negotiate from there.
Youll be out of this place in 10 months or less, youll be free and clear of the deficiency (if you negotiate properly) and youll have your LIFE and your FUTURE back in your own control.
PM me if you need connections in Chicago for realtors, short sale facilitator, short sale attorney, etc. Having the right team is critical.
You know your options, thats clear. The course of action is very simple.
Attempt to get a short sale to go through, be prepared for foreclosure/deed in lieu.
The only way to get a short sale approved is to make your property distressed. The only way to make your property distressed is to STOP PAYING THE MORTGAGE.
So, stop paying the mortgage (but keep paying the condo dues as they can and will hold you up at closing if you are delinquint on that).
Clean the place, purge your junk, get it ready for sale.
Hire a realtor who specializes in short sales. IF you are in Chicago, PM me, i have several sources, including the one who got mine to go through successfully even though everyone said it would never work since i still had verifiable income and no financial distress.
Get a buyer lined up with a solid offer, put it in front of your lenders.
then wait...and wait...and wait...and send paperwork...and wait...all the while, not making mortagage payments but saving every single cent of that in the event (which is likely) that you will have to contribute cash at closing to get your lenders to agree....the mortgage payments you withold, that lump sum, is your leverage for lender approval. It is your lifeline when they initially reject the short sale. Offer to contribute and negotiate from there.
Youll be out of this place in 10 months or less, youll be free and clear of the deficiency (if you negotiate properly) and youll have your LIFE and your FUTURE back in your own control.
PM me if you need connections in Chicago for realtors, short sale facilitator, short sale attorney, etc. Having the right team is critical.
08-02-2012, 01:32 AM
#254
05/5AT/Navi/ABP/Quartz
Sorry to say that Bubba is probably correct. Your loan type may leave you little to no other choice. Try to finds out the approximate market value based on recent sales in the complex. Assessment Value has little to do with what it will sell for. Best of luck with your difficult decisions. OTOH, if you like, can afford it and have an optimistic outlook; ride it out.
What a place for my 3000th post
What a place for my 3000th post
08-02-2012, 05:42 PM
#256
One on the right for me
They've gone up 400% since I moved in. Not to mention a huge special of 8K we had to shell out at once for building repairs. I have tried to ride it out, got a cheaper car, using up my savings, dipping into my 401K, now everything is just so costly its beyond my means. I'd eat ramen everyday if I could to eat less but I'd gain weight with that crap and die of high blood pressure
Yup they have just gone up and up and up.
Yup they have just gone up and up and up.
Deed in lieu or foreclosure...don't worry about credit impact. You can rebound and rebuild quicker than you think. Don't dip into retirement unless you are absolutely forced to.
09-17-2012, 08:03 PM
#257
I feel the need...
Thread Starter
Hamptons of Michigan Entices New Yorkers With Lower-Priced Homes
Sept. 14 (Bloomberg) -- The parking lot at Bob Sutherland’s Cherry Republic eatery and gift shop in Glen Arbor, Michigan, has been dotted in the past several months with license plates from New York, Pennsylvania and Washington, D.C.
Towns such as Glen Arbor along Michigan’s northwestern Lower Peninsula shoreline have long drawn tourists from Chicago and affluent automotive-industry executives from metropolitan Detroit, 280 miles (450 kilometers) to the southeast. The addition of New Yorkers and others from farther afield is a noticeable change, said Sutherland, who has run cherry-themed stores in the area for the past two decades.
“We really feel like there’s an influx of newbies,” he said. “It is surprising, the amount of attention we’ve gotten on the East Coast. The New York Post just did an article on us.”
A surge in tourism from visitors outside of Michigan is helping increase demand for vacation houses in the region, where the median home price is about a quarter of that in the Hamptons, the summer retreat on New York’s Long Island. Local property prices in the first half of the year rose twice as fast as in all of the state, and real estate values are propping up debt ratings for Glen Arbor, Harbor Springs and other nearby cities.....
Towns such as Glen Arbor along Michigan’s northwestern Lower Peninsula shoreline have long drawn tourists from Chicago and affluent automotive-industry executives from metropolitan Detroit, 280 miles (450 kilometers) to the southeast. The addition of New Yorkers and others from farther afield is a noticeable change, said Sutherland, who has run cherry-themed stores in the area for the past two decades.
“We really feel like there’s an influx of newbies,” he said. “It is surprising, the amount of attention we’ve gotten on the East Coast. The New York Post just did an article on us.”
A surge in tourism from visitors outside of Michigan is helping increase demand for vacation houses in the region, where the median home price is about a quarter of that in the Hamptons, the summer retreat on New York’s Long Island. Local property prices in the first half of the year rose twice as fast as in all of the state, and real estate values are propping up debt ratings for Glen Arbor, Harbor Springs and other nearby cities.....
Read more: http://www.sfgate.com/business/bloom...#ixzz26mLv3gOg
09-17-2012, 10:29 PM
#258
Drifting
While I don't think housing can truly recover until unemployment reduces, I am seeing evidence that housing is heating back up.
I have seen two houses within a block of my home that have been listed this last week and have received multiple offers. A house in my cul-de-sac received 4 offers with a couple above asking price. These are normal listings.
Admittedly, this is anecdotal evidence but seems to be confirmed in other parts of San Diego and from local realtors in my area- they are busy. I'm hearing the same thing from my family in northern California as well.
I have seen two houses within a block of my home that have been listed this last week and have received multiple offers. A house in my cul-de-sac received 4 offers with a couple above asking price. These are normal listings.
Admittedly, this is anecdotal evidence but seems to be confirmed in other parts of San Diego and from local realtors in my area- they are busy. I'm hearing the same thing from my family in northern California as well.
09-18-2012, 07:44 AM
#259
Team Owner
Houses in my area are still very slow to move. I suspect it is because of the crushing property taxes. $10k property tax on $350k house 
Last edited by doopstr; 09-18-2012 at 07:56 AM.
09-19-2012, 11:37 AM
#261
One on the right for me
While I don't think housing can truly recover until unemployment reduces, I am seeing evidence that housing is heating back up.
I have seen two houses within a block of my home that have been listed this last week and have received multiple offers. A house in my cul-de-sac received 4 offers with a couple above asking price. These are normal listings.
Admittedly, this is anecdotal evidence but seems to be confirmed in other parts of San Diego and from local realtors in my area- they are busy. I'm hearing the same thing from my family in northern California as well.
I have seen two houses within a block of my home that have been listed this last week and have received multiple offers. A house in my cul-de-sac received 4 offers with a couple above asking price. These are normal listings.
Admittedly, this is anecdotal evidence but seems to be confirmed in other parts of San Diego and from local realtors in my area- they are busy. I'm hearing the same thing from my family in northern California as well.
10-03-2012, 07:40 PM
#262
I feel the need...
Thread Starter
Landlord Gains Slow as Homebuying Tops Renting
Apartment occupancies rose in the third quarter at the slowest pace in more than two years as record low mortgage rates in the U.S. spur would-be renters to purchase homes instead.
Multifamily vacancies fell to 4.6 percent as of Sept. 30 from 4.7 percent in the second quarter, Reis Inc. (REIS) said in a report released today. The decline was the smallest since the apartment recovery began in early 2010, and landlords leased fewer units on a net basis than during the first and second quarters, according to the New York-based research firm.
“We are starting to lose renters to home purchasers,” said Matthew Gardner, principal of Seattle-based Gardner Economics LLC, a land use, real estate and economic advisory company. “As every rental project is increasing its rents and has been for a long time, ultimately it gets to the point where owning becomes cheaper than renting.”
Low borrowing costs are making home purchases more affordable, lifting demand for both existing houses and new homes from builders including Lennar Corp. (LEN), while a shrinking supply of foreclosed homes is easing downward pressure on property prices.....
Multifamily vacancies fell to 4.6 percent as of Sept. 30 from 4.7 percent in the second quarter, Reis Inc. (REIS) said in a report released today. The decline was the smallest since the apartment recovery began in early 2010, and landlords leased fewer units on a net basis than during the first and second quarters, according to the New York-based research firm.
“We are starting to lose renters to home purchasers,” said Matthew Gardner, principal of Seattle-based Gardner Economics LLC, a land use, real estate and economic advisory company. “As every rental project is increasing its rents and has been for a long time, ultimately it gets to the point where owning becomes cheaper than renting.”
Low borrowing costs are making home purchases more affordable, lifting demand for both existing houses and new homes from builders including Lennar Corp. (LEN), while a shrinking supply of foreclosed homes is easing downward pressure on property prices.....
10-20-2012, 04:34 AM
#263
I feel the need...
Thread Starter
Existing U.S. Home Sales Decline as Supply Drops
Sales of previously owned U.S. homes decreased in September from the highest level in two years, restrained by a lack of supply that may keep pushing prices up.
Purchases fell 1.7 percent to a 4.75 million annual rate, matching the median forecast of economists surveyed by Bloomberg, figures from the National Association of Realtors showed today in Washington. The median price from a year earlier jumped by the most since 2005 as inventories dwindled.
The number of existing homes for sale is drying up as demand improves, hedge funds snap up foreclosed properties to rent out and owners remain reluctant to sell until prices rise further. Mortgages rates driven to record lows by Federal Reserve stimulus, along with a falling jobless rate, indicate sales will keep improving.....
Purchases fell 1.7 percent to a 4.75 million annual rate, matching the median forecast of economists surveyed by Bloomberg, figures from the National Association of Realtors showed today in Washington. The median price from a year earlier jumped by the most since 2005 as inventories dwindled.
The number of existing homes for sale is drying up as demand improves, hedge funds snap up foreclosed properties to rent out and owners remain reluctant to sell until prices rise further. Mortgages rates driven to record lows by Federal Reserve stimulus, along with a falling jobless rate, indicate sales will keep improving.....
11-14-2012, 12:45 PM
#264
Senior Moderator
I finally got approved for my modification! However they only reduced the payment $110 a month, reduced my interest rate to 4% and forgave about 11K on the principle. Definitely not aligning my home payment within 31% of my gross income.... 
11-15-2012, 06:20 PM
#266
I feel the need...
Thread Starter
Serious Mortgage Delinquencies Fall to Lowest Since 2008
The rate of seriously delinquent U.S. mortgages, a proxy for the so-called shadow inventory of homes, fell to the lowest since 2008 as employment improved and recovering housing demand made it easier for homeowners to sell.
The percentage of home loans that were more than 90 days behind or in the foreclosure process fell to 7.03 percent in the third quarter from 7.31 percent in the previous three months, the Mortgage Bankers Association said in a report today. The rate was 7.89 percent a year earlier.
Delinquent homeowners are catching up on payments or finding alternatives to foreclosure as the economy improves. That’s helping to reduce shadow inventory -- typically defined as homes with seriously delinquent mortgages, in foreclosure or held by banks and not for sale -- and limiting the prospect that distressed properties will flood the market and depress prices.....
The percentage of home loans that were more than 90 days behind or in the foreclosure process fell to 7.03 percent in the third quarter from 7.31 percent in the previous three months, the Mortgage Bankers Association said in a report today. The rate was 7.89 percent a year earlier.
Delinquent homeowners are catching up on payments or finding alternatives to foreclosure as the economy improves. That’s helping to reduce shadow inventory -- typically defined as homes with seriously delinquent mortgages, in foreclosure or held by banks and not for sale -- and limiting the prospect that distressed properties will flood the market and depress prices.....
04-02-2013, 06:09 PM
#267
I feel the need...
Thread Starter
Immigrant Dreams to Keep Sparking U.S. Housing Recovery
Efforts to revamp U.S. immigration laws may bring at least one unintended benefit for the economy: The nascent housing recovery will probably get an added boost.
The number of foreign-born homeowners will increase by 2.8 million in the decade ending 2020, compared with a 2.4 million gain in the previous 10 years, according to a Mortgage Bankers Association study that didn’t assess the potential impact of any new legislation. Research by a group of Hispanic real-estate agents concludes the increase could be even bigger if undocumented workers were put on a path to citizenship.
Immigrants, who hold more positive views toward owning a home than native-born Americans, are increasingly likely to buy a house the longer they live in the U.S. and the more prosperous they become, the research shows. They will account for more than 50 percent of the rise in home buying in six states this decade, including California and New York, according to the report.
“We’ve probably underappreciated this powerful force that is already resident here and is so upwardly mobile that it pushes up the housing market from the bottom,” said Dowell Myers, author of the MBA study and a public policy professor at the University of Southern California in Los Angeles who studies housing demography. “There’s this incremental momentum that’s built up.....”
The number of foreign-born homeowners will increase by 2.8 million in the decade ending 2020, compared with a 2.4 million gain in the previous 10 years, according to a Mortgage Bankers Association study that didn’t assess the potential impact of any new legislation. Research by a group of Hispanic real-estate agents concludes the increase could be even bigger if undocumented workers were put on a path to citizenship.
Immigrants, who hold more positive views toward owning a home than native-born Americans, are increasingly likely to buy a house the longer they live in the U.S. and the more prosperous they become, the research shows. They will account for more than 50 percent of the rise in home buying in six states this decade, including California and New York, according to the report.
“We’ve probably underappreciated this powerful force that is already resident here and is so upwardly mobile that it pushes up the housing market from the bottom,” said Dowell Myers, author of the MBA study and a public policy professor at the University of Southern California in Los Angeles who studies housing demography. “There’s this incremental momentum that’s built up.....”
Yay America for not turning Japonaise!
08-06-2015, 05:26 PM
#269
I feel the need...
Thread Starter
I echo that thought. First time homebuyers have the opportunity of a lifetime right now. Mark my words, a five years from now many peeps will be kicking themselves for not buying a home and locking in the lowest fixed rate financing costs we'll probably ever see in our lifetimes.
08-14-2020, 08:49 AM
#271
How is everyone doing?
we are now seeing the lowest rate ever! 1.99%
(Source: https://www.housingwire.com/articles...a%20statement.)
my thoughts; low interest rates = high housing prices.
I've been saving for a down payment since 2012 in anticipation for another drop in housing prices. at this point in time; there's no way I'm dropping $40-50k DP for a house that is grossly over priced
with what looks like a repeat of 2006-2008 crash, but on a much much much larger scale.
I truly wish you all well in these weird times!
we are now seeing the lowest rate ever! 1.99%
(Source: https://www.housingwire.com/articles...a%20statement.)
my thoughts; low interest rates = high housing prices.
I've been saving for a down payment since 2012 in anticipation for another drop in housing prices. at this point in time; there's no way I'm dropping $40-50k DP for a house that is grossly over priced
with what looks like a repeat of 2006-2008 crash, but on a much much much larger scale.
I truly wish you all well in these weird times!
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