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- klarek the realist
- Contributions:7051
That's what Jim Cramer said. It sounds irresponsible, but it kind of makes sense. Why continue to invest large portions of your income into a guaranteed depreciating liability?
- !crazy guy!
- Contributions:568
What a horrible things to say. You should be banned from the forum for spreading such evil/ unpatriotic words. I'm not too worried though becuase anyone who has had a life of bad credit knows just how horrible it can screw up your lives
- Spleng
- Contributions:4629
"You should be banned from the forum for spreading such evil/ unpatriotic words."
http://www.geocities.com/Heartland/Lake/3346/lunatic.jpg
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Unpatriotic? roflmao! OMG, I think crazy doesn't know what patriotic means.
Bad credit screwing with your life? Again... roflmao! I can't think of anything as bad as being tied to ENORMOUS mortgage payments that don't give you enough room in your budget to eat on FOR 30 YEARS.
- !crazy guy!
- Contributions:568
Its the homeowners fault for buying the home. They shouldnt be allowed to just walk away. They signed the papers now they must face the consequences. Besides the housing bust would be minor if fools like Spleng and Klarek would just stop spreading fear. Many markets are already picking up and things will only get better. You pessimist are totally self serving and are only concerned about buying homes for your self as cheap as possible. Klarek for example (and Azrob) both admit that they sold recently. They have every reason to try and prove their egos correct by rooting for a housing bust. But at the cost of a general recession such statments are just plain disrespectful and unpatriotic. You all care more about your own personal interests than the nation as a whole. WHich is why you spread your propaganda
- Jacqueline Fortier, "villasforsalekissimm"
- Contributions:194
You really need to think of all the angles to this before you just jump on the band wagon and throw your home to the wind.
Is it the home you live in, investment home, or a vacation home?
Prices are at a low but things are changing slowly.
It really depends on where the home is located.
Did you get the low APR for 3-5 years when you bought the home? If you are in the middle of that 3-5 , don't throw the home away. Hold on to it for at least another year if you can and then sell. The market is ever changing.
Just my two cents.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
It is the banks fault for lending money to people that could NOT repay it year after year for 30 years. The banks deserve every single home shoved up (Oops, nevermind)
Crazy, the banks wanted to lend me money where my taxes and mortgage payment left me with $100/mo to buy gas, food, elect, etc. For some reason, it has left me with a bad taste in my mouth for the banks.
- Nic Netherton, "Colorado Lender"
- Contributions:7200
Why would you ever have a good taste in your mouth for banks?
- Jacqueline Fortier, "villasforsalekissimm"
- Contributions:194
Hmmm, why did my post , post in a single line?
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
So true, but i was taught that banks were there to help me save money... at least when I was little. :-) Now they've decided to be credit cards and money is flowing free! Rather have money under my mattress than support them... but it's so hard to pay for everything... like my electricity bill, etc.
- SoCal BubbleBrain
- Contributions:5290
I think LocoGal bought with a 60 year interest only Option ARM with a teaser rate. He gotz no skinz
in da game so he is trippin'. Time to flipz the script and be underwata'!
- Eik Group NV
- Contributions:249
I think that it is funny that people can be so short sighted and selfish.
In the contracts and loan documents that you signed when you bought your home, I guarantee that you signed a disclosure acknowledging that there was no guarantee that the investment would hold value. As many of us young'uns discovered after September 11, there are no really safe investments, no guaranteed return on your money.
At least when you invest in stocks, you are only leveraging your own assets. When you lose them, you are the only loser. When you purchase a home with a bank's money, you are signing legally binding contracts promising to pay for your ability to leverage their money.
When buyers were earning 10% to 15% each year in appreciation off of the bank's backs, no one was complaining then about blood sucking banks, were they? Now that they have made a poor decision, overbought or under sought advice, they would like the generous banks that agreed to give them leverage to be punished?!
I'll bet that these are the same people that believe that stealing something small from the store doesn't hurt anybody or that cheating on your taxes is okay if you don't get caught. I agree with CrazyGuy for a change. It is unpatriotic, selfish, rude and dishonest to walk away from a home unless you have truly experienced a hardship that forces you to.
YOU MADE YOUR BED, LIVE IN IT!!!
- Spleng
- Contributions:4629
Crazyguy: "...the housing bust would be minor if fools like Spleng and Klarek would just stop spreading fear."
My god you're right. The power is intoxicating. I shall next abolish the Federal Reserve Bank thus taking control of the money supply away from a privately held for profit corporation and return it to the people of the United States to which it lawfully belongs. Make it so!
- Nic Netherton, "Colorado Lender"
- Contributions:7200
Elk---There is no disclose that deals with the presence or lack of appreciation. I can assure you of that.
- Nic Netherton, "Colorado Lender"
- Contributions:7200
Excuse me "disclosure"
- farmd0g
- Contributions:702
<<Why would you ever have a good taste in your mouth for banks?>>
LOL! You mean "from banks" dont you?
- Eik Group NV
- Contributions:249
Contracts and docs are different in every state. In NV, you sign two disclosures--one at the lending level and one at the title/escrow level in relation to the appraisal. Also, it states so on the appraisal that you receive as part of your transaction.
Most RE companies have a similar disclosure statement. I am not defending the CYA practices of lenders, RE companies or escrow companies--just sayin.
This is a silly argument anyways, when you buy a new car, you don't go whining to the dealer when it is worth less in a year, when you buy stocks that go sour, you don't demand the money for what you thought you might make from your stockbroker or e-trade. when you bet and lose at poker, you don't whine at the casino manager about it. Investing is gambling. Anyone who doesn't like it can put their cash in the mattress of their weekly motel room and skulk away. If you don't have the breeches to play with the big boys, don't.
Once again, if you have 5k in the bank, you can invest it in a stock with an average past appreciation of 3% per year and in 10 years you could have $6720 or you could have squat. If you use it as closing costs on a 100% loan on a 250k investment property, then rent it, you reap the tax benefits of a mortgage that you are not paying and if the market does rebound, you could end up with an investment worth $336,000--a return of 80k on an investment and an average of a deduction of 168,000 from your taxable income saving you, in a 25% bracket, 42,000 in federal income taxes.
It is a ballsy game because you are putting your credit on the line, but if you want to walk away from something that you walked into with your eyes open, you suck.
- Eik Group NV
- Contributions:249
somebody plese telly me what is going on with the line breaks in my responses! I am apparently more of an idiot than I originally assumed.
- SoCal BubbleBrain
- Contributions:5290
''but if you want to walk away from something that you walked into with your eyes open, you suck. '
I can say the same for RE professionals that took the money and ran or quit when the going got tough. THEY ALSO SUCKETH
- Eik Group NV
- Contributions:249
A lot of us are still in it and working for nothing fighting to represent hurting families out of crappy short sales and pre-foreclosures. I'm sure that all lawyers are sharks and all blondes are stupid and everybody that lives in southern california is in the movie business and is a communist. If we are going to generalize for the rest of our lives without concession.
- Nic Netherton, "Colorado Lender"
- Contributions:7200
Hilary is a communist, is that the same as the commies youre talking about elk?
- !crazy guy!
- Contributions:568
when you buy a new car, you don't go whining to the dealer when it is worth less in a year, when you buy stocks that go sour, you don't demand the money for what you thought you might make from your stockbroker or e-trade.
great point
- Eik Group NV
- Contributions:249
As the wife and checking account emptier of an Air Force Pilot, I am not allowed to use that word--the "H" word in public. Sorry, can't debate that. :)
- klarek the realist
- Contributions:7051
stupidguy, I didn't sell because the market is falling apart. I had been there too long and needed a bigger place. However, the market is why I did not buy when I sold my place. I decided that paying $1400/mo was smarter than paying the $3k/mo, so I rented.
- Jacqueline Fortier, "villasforsalekissimm"
- Contributions:194
Eik, thank you for making that point.
I wasn't lisenced when the boom was on, I was an assistant.
I am a Realtor now and there are alot of us out there that work day in and day out to help others, without payment.
- Spleng
- Contributions:4629
"...when you buy a new car, you don't go whining to the dealer when it is worth less in a year,"
http://www.abandomoviez.net/db/foto/braindamage.jpg
- Eik Group NV
- Contributions:249
Spleng, I don't get it, am I brain damaged?
- Spleng
- Contributions:4629
"Spleng, I don't get it, am I brain damaged?"
I'm trying to communicate with CrazyGuy using images, language does not work.
- SoCal BubbleBrain
- Contributions:5290
I habe the perferc avatar for CRAZY GIRL...
http://www.webwiseforradio.com/site_files/148/Image/morning_show/britney-spears-bald-400a030207.jpg
- Eik Group NV
- Contributions:249
k. Well, it is 4:23 and in Realtor time, that means that it is time to put on my bathing cap and go swimming in my "uncle scrooge style" vault of gold coins and money that I surreptitiously stole from the unsuspecting public. Then, off to my riding lesson and a session of spitting out very expensive wine while I eat the eggs of ugly Russian fish and livers of French geese.
Walk Away
"If you bought a house in 2005-2006 in the affected areas of the country, you must walk away from your house and the sooner the better. Its the only sane decision you can make as a human being."
http://walkaway.blog.com/
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