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You know you need to bring cash to closing to sell for a loss. How do you propose people bring cash to closing when many are barely getting by? Think about it. Try not to respond with something that sounds like a solution out of some Utopian society you've created in your head.When your mortgage price is higher that the current value of the home how do you suggest the they sell the house and buy cheaper? Seems like a real problem to me.
You sell for a loss.... simple as that. Then buy what you CAN afford.
For example you owe 100K the house will bring you 85K. You are now 15K in debt. If you are forced into the position to have to sell to survive and now add 15K to the debt you probably already piled up, how do you suggest these people will get a loan to buy a new home. They are more than likely candidates for bankruptcy.
So that would be next of prior to the forced sale of their home. You make it sound so easy. I hope you don't ever find yourself in such an easy position.
In most if not all states, the bank who loaned you the money is on the hook for the 15K, so that's a false argument. Even if you have to file for bankruptcy, are we lucky to have such provisions in the law to protect borrowers who made bad choices? Bankruptcy is not the end of the world, it's a chance at a fresh start. Lastly, rather than getting a loan to buy a new home, how about renting one? One that you can afford?
Not true the original debtor is on the hook for the difference in many if not most cases. That is why people hang onto their homes.
Why do you think the lender made a bad decision?
In most if not all states, the bank who loaned you the money is on the hook for the 15K, so that's a false argument. Even if you have to file for bankruptcy, are we lucky to have such provisions in the law to protect borrowers who made bad choices? Bankruptcy is not the end of the world, it's a chance at a fresh start. Lastly, rather than getting a loan to buy a new home, how about renting one? One that you can afford?
Wrong, if a home is foreclosed on, then resold for less than the amount owed than the original debtor still owes the difference, same as when a vehicle is repossessed.
Then try buying a home with a foreclosure and a bankruptcy on record. That will really work.
When your mortgage price is higher that the current value of the home how do you suggest the they sell the house and buy cheaper? Seems like a real problem to me.
You sell for a loss.... simple as that. Then buy what you CAN afford.
For example you owe 100K the house will bring you 85K. You are now 15K in debt. If you are forced into the position to have to sell to survive and now add 15K to the debt you probably already piled up, how do you suggest these people will get a loan to buy a new home. They are more than likely candidates for bankruptcy.
So that would be next of prior to the forced sale of their home. You make it sound so easy. I hope you don't ever find yourself in such an easy position.
Thursday, March 22, 2012
While most Americans agree now is not the best time to sell a home, they feel stronger than ever that those struggling to pay their mortgage should sell their home and buy a cheaper one rather than receive help from the government.
69% Say Those Struggling With Mortgage Should Sell, Buy Cheaper Home - Rasmussen Reports
Almost 70% think logically that DUH.. if you are living in a home you can't afford..
SELL IT!!!!!
In most if not all states, the bank who loaned you the money is on the hook for the 15K, so that's a false argument. Even if you have to file for bankruptcy, are we lucky to have such provisions in the law to protect borrowers who made bad choices? Bankruptcy is not the end of the world, it's a chance at a fresh start. Lastly, rather than getting a loan to buy a new home, how about renting one? One that you can afford?
Wrong, if a home is foreclosed on, then resold for less than the amount owed than the original debtor still owes the difference, same as when a vehicle is repossessed.
Not in California, of that I am sure. You'll have to research the laws in your own state. If if you're on the hook, that's what bankruptcy is for. Either way, not my problem.
If you have three kids and you can't make house payments who do you propose will rent to these people. Where are they going to find the money for the initial rent. People are pretty broke by the time they lose their homes. I am not saying the situation is impossible but it's not as easy as everyone seems to think it is.When your mortgage price is higher that the current value of the home how do you suggest the they sell the house and buy cheaper? Seems like a real problem to me.
When you make a bad investment choice, you lose money. While it may be unfortunate for the investor, it's not a problem to rent.
When your mortgage price is higher that the current value of the home how do you suggest the they sell the house and buy cheaper? Seems like a real problem to me.
You sell for a loss.... simple as that. Then buy what you CAN afford.
Sell to who dummy? If you suddenly see thousands of homes go on the market, it then further becomes a buyer's market and the prices slide even further. Meaning the home you owe $100K on that is currently worth $85K will only be worth about $6oK.
Who's going to take a $40K loss on a home? May as well just walk away. Then of course the banks will need further bailing out.
In most if not all states, the bank who loaned you the money is on the hook for the 15K, so that's a false argument. Even if you have to file for bankruptcy, are we lucky to have such provisions in the law to protect borrowers who made bad choices? Bankruptcy is not the end of the world, it's a chance at a fresh start. Lastly, rather than getting a loan to buy a new home, how about renting one? One that you can afford?
Not true the original debtor is on the hook for the difference in many if not most cases. That is why people hang onto their homes.
Again: Not in California, of that I am sure. You'll have to research the laws in your own state. If if you're on the hook, that's what bankruptcy is for. Either way, not my problem.
Why do you think the lender made a bad decision?
Lots of lenders (not all) made monumentally bad decisions lending money on homes and to investors they should not have. Again, not my problem. Let them eat the losses and let those banks that made smart loans take their market share.
When your mortgage price is higher that the current value of the home how do you suggest the they sell the house and buy cheaper? Seems like a real problem to me.
When you make a bad investment choice, you lose money. While it may be unfortunate for the investor, it's not a problem to rent.
What makes you think someone made a bad investment?
Say these people bought a home when both had decent jobs and a job with a very good income was lost and not able to be replaced. Their financial situation changed. Why do people think that someone had to have done something wrong? I know two families to which this happened. One survived as the job was replaced in a few months. The other one has been a nightmare. Both made good investments and could easily afford what they bought. How were they to know their world will change.
banks have been bailed out, and they will be bailed out again
You sell for a loss.... simple as that. Then buy what you CAN afford.
Sell to who dummy? If you suddenly see thousands of homes go on the market, it then further becomes a buyer's market and the prices slide even further. Meaning the home you owe $100K on that is currently worth $85K will only be worth about $6oK.
Who's going to take a $40K loss on a home? May as well just walk away. Then of course the banks will need further bailing out.
I really don't care who they sell it to idiot, or for how much. I really don't care if they take a loss or loose it totally. It is sad yes, but taking out a mortgage is a gamble that they lost.
And you never did answer on your car question.......
banks have been bailed out, and they will be bailed out again
Don't see that happening but you keep dreaming.
banks have been bailed out, and they will be bailed out again
Don't see that happening but you keep dreaming.
please tell me what you have seen that leads you to believe banks wouldn't be bailed out again in feed be.
What makes you think someone made a bad investment?
Good God, really? Okay, here we go, finance 101. When someone buys something for more money that the asset is worth when they go to sell it, they've made a bad investment.
Did we really have to spell that out?
Both made good investments and could easily afford what they bought. How were they to know their world will change
No, they made bad investments. See above. Because things change, the wise investor takes that into account when buying. The stupid investor assumes things will not change and that the value of his investment will only go up. Don't be stupid, but if you are, it's not my responsibility to bail your ass out.
Sell to who dummy? If you suddenly see thousands of homes go on the market, it then further becomes a buyer's market and the prices slide even further. Meaning the home you owe $100K on that is currently worth $85K will only be worth about $6oK.
Who's going to take a $40K loss on a home? May as well just walk away. Then of course the banks will need further bailing out.
I really don't care who they sell it to idiot, or for how much. I really don't care if they take a loss or loose it totally. It is sad yes, but taking out a mortgage is a gamble that they lost.
And you never did answer on your car question.......
I'm quite sure you've never owned a home, or tried to sell one. That's obvious by your silly belief that if you hang a for sale sign up buyers will magically appear. You do realize that if people were looking to buy, that the market would in fact be up, right?
If you can afford a mortgage and you decide to figure on all contingencies you wouldn't buy at all you'd move your family into a cardboard box under a bridge.
You know you need to bring cash to closing to sell for a loss. How do you propose people bring cash to closing when many are barely getting by? Think about it. Try not to respond with something that sounds like a solution out of some Utopian society you've created in your head.You sell for a loss.... simple as that. Then buy what you CAN afford.
Good point...so you loose loose for your investment in a home. Sorry, that that's how it works. They gambled on their future...and lost. Nothing utopian about it.
You gamble on the market staying at its level or going up
You gamble on staying healthy long enough to pay back your loan
You gamble on your income being steady.
You gamble when you sign on the dotted line that everything will work out and you, and you come out a winner.
Geezus. No wonder this country is screwed.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.
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.
