DUH!!..69% Say Those Struggling With Mortgage Should Sell, Buy Cheaper Home

Discussion in 'Economy' started by healthmyths, Mar 23, 2012.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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  2. Old Rocks
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    Old Rocks Diamond Member

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    Oh Lordy, again, someone with absolutely no knowledge of the current situation in the housing market. Most of the homes that people can no longer afford because of one or both of the homeowners losing their jobs, cannot be sold for what is owed against them. So they will not be buying another home, they will be trying to find something cheap to rent.

    The number of people going from homeowners to renters in this market is a sad reflection on who pays the price for the greed of the very wealthy.
     
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  3. iamwhatiseem
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    iamwhatiseem Gold Member

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    It is not that simple.
    Many of those people are underwater in their mortgage.
    Many of these folks were stupid enough to take out 2nd mortgages to put in a pool, or build a super deck or turn the basement into a very expensive home theater.
    They may owe $375k but the value is $280k...where the heck are these people going to get $10,000's to pay the difference? Many of them are only paying interest payments.
     
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  4. The Rabbi
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    The Rabbi Diamond Member

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    Geezus. No wonder this country is screwed.
    It's called bankruptcy. You can't pay your debts, you bankrupt. In some states even that isn't necessary. Just send the keys to the lender (jingle mail) and you're done. Most people end up renting as nice houses for less money than they were paying in mortgage payments.
    Another example of a wasteful governmental program.
     
  5. Old Rocks
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    Old Rocks Diamond Member

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    The properties I own have dropped in value significantly. While I am not underwater, I have lost 50% of the equity than I had in 2007. Those that borrowed against their property in the first years of this century are definately in a hurting position.
     
  6. Old Rocks
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    Old Rocks Diamond Member

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    Attitudes like that are why the blue states have a much better credit rating than the red states. You 'Conservatives' preach accountability, but do not practice it. Yep, just run out on your debts. Whether or not you still have a job. Makes perfect sense. To a 'Conservative'.
     
  7. Grampa Murked U
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    Grampa Murked U Diamond Member

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    My partners ex girlfriend is upsidedown in her house. Can't sell it and is struggling to stay in it. Selling isn't an option.

    It's easy to judge someone else's bad scenario when were not experiencing it.
     
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  8. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    you can not sell it if no one is willing to buy it, genius
     
  9. naturegirl
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    naturegirl Silver Member

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    I know lots of folks that have bought a second home because they couldn't afford the first one. The buy before the foreclosure is on their record.

    Guess what, they are lefties and rights alike..........they could still be held responsible for the difference in the mortgage and the selling prices, thus the bankruptcy.

    The government programs are a waste of time and money, few qualify and if they do, they have to jump through hoops to save a couple of dollars a month.

    The American people are not as stupid as our Chief Blamer thinks. :D
     
  10. Old Rocks
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    Old Rocks Diamond Member

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    I am shopping for a home where I will retire. I am seeing homes that were built in the 80's going for less than the cost of building them at that time. Many good people are taking a real bath on a situation they did not create. Really, really sad.
     

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