The Glade 4.0 :: View topic - So, that Housing Market ...

According to LPS, 9.27 percent of mortgages are delinquent, and another 3.84 are in the foreclosure process for a total of 13.11 percent. It breaks down as:

• 2.64 million loans less than 90 days delinquent.

• 2.32 million loans 90+ days delinquent.

• 2.05 million loans in foreclosure process.

But... the Fed made $36.9 billions off the Mae securities, treasuries and mortgage backed securities!

I was outraged to learn that I need to be delinquent on my mortgage to sell my house.

Currently, it is worth about $10,000 less than what we owe on it.

We have never been so much as a day late on a payment in the 5 years since we bought it.

The only way we can sell it right now is on short sale, which would require us to be behind on the damn mortage, and we aren't.

I'm looking into the possibility of either rolling the difference between what we get for the house and what we owe into the mortgage on a new house, or simply paying the bank the difference rather than take the credit hit.

I don't intend to start missing payments, on purpose or otherwise because that's just not how I do business. Still, I'm appalled to learn that the bank would rather deal with a short sale or foreclosure than let someone just sell the house for as much as they can get, give it to the bank, and then work out some equitable arrangment to deal with the difference. It seems that they're actually encouraging people who need to move to lapse in their obligations.

You can always hire a property management company to rent your property.

Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it.

Müs wrote:

Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it.

Really? I thought Obama's priority was to stop foreclosures, not encourage them.

Müs wrote:

Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it.

Really? I thought Obama's priority was to stop foreclosures, not encourage them.

http://gladerebooted.org/viewtopic.php?p=94257#p94257

That house is not an asset.

Arathain:

I'm not saying anything to be a prick; I'm pointing out you need to find an exit strategy on that piece of property given recent legislation and continued government policy.

Author:	Khross [ Wed Nov 03, 2010 10:10 am ]
Post subject:	So, that Housing Market ...
http://www.calculatedriskblog.com/2010/ ... or-in.html Quote: According to LPS, 9.27 percent of mortgages are delinquent, and another 3.84 are in the foreclosure process for a total of 13.11 percent. It breaks down as: • 2.64 million loans less than 90 days delinquent. • 2.32 million loans 90+ days delinquent. • 2.05 million loans in foreclosure process. So, we've been talking about Quantitative Easing, and I decided to post some serious numbers, because most of you aren't keeping up with the specifics. The current housing market is already in a double dip. Reasonable estimates have a shadow inventory and stationary inventory in housing equal total national demand. However, the official government position is to push more and more bad debt onto the consumer. Quantitative Easing, credit freedom, and non-solvent policies aren't going to help here. Also, look for Q1 2011 to double those foreclosure numbers.

Author:	Ladas [ Wed Nov 03, 2010 10:20 am ]
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But... the Fed made $36.9 billions off the Mae securities, treasuries and mortgage backed securities!

Author:	Khross [ Wed Nov 03, 2010 10:21 am ]
Post subject:	Re:
Ladas wrote: But... the Fed made $36.9 billions off the Mae securities, treasuries and mortgage backed securities! That's actually kind of funny, because Mae and Mac Securities are currently more value in minimum expectation default: measures in the Health Care bill raised their insured value to 95% of principle and to date interest.

Author:	Elmarnieh [ Wed Nov 03, 2010 11:25 am ]
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http://www.telegraph.co.uk/finance/curr ... emony.html

Author:	Hopwin [ Wed Nov 03, 2010 1:51 pm ]
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Fannie lost what 4.3 Billion this quarter alone? It was just published today.

The Glade 4.0 https://gladerebooted.net/

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Author:	Diamondeye [ Wed Nov 03, 2010 4:37 pm ]
Post subject:	Re: So, that Housing Market ...
I was outraged to learn that I need to be delinquent on my mortgage to sell my house. Currently, it is worth about $10,000 less than what we owe on it. We have never been so much as a day late on a payment in the 5 years since we bought it. The only way we can sell it right now is on short sale, which would require us to be behind on the damn mortage, and we aren't. I'm looking into the possibility of either rolling the difference between what we get for the house and what we owe into the mortgage on a new house, or simply paying the bank the difference rather than take the credit hit. I don't intend to start missing payments, on purpose or otherwise because that's just not how I do business. Still, I'm appalled to learn that the bank would rather deal with a short sale or foreclosure than let someone just sell the house for as much as they can get, give it to the bank, and then work out some equitable arrangment to deal with the difference. It seems that they're actually encouraging people who need to move to lapse in their obligations.

Author:	Müs [ Wed Nov 03, 2010 5:45 pm ]
Post subject:	Re: So, that Housing Market ...
Diamondeye wrote: I was outraged to learn that I need to be delinquent on my mortgage to sell my house. Currently, it is worth about $10,000 less than what we owe on it. We have never been so much as a day late on a payment in the 5 years since we bought it. The only way we can sell it right now is on short sale, which would require us to be behind on the damn mortage, and we aren't. I'm looking into the possibility of either rolling the difference between what we get for the house and what we owe into the mortgage on a new house, or simply paying the bank the difference rather than take the credit hit. I don't intend to start missing payments, on purpose or otherwise because that's just not how I do business. Still, I'm appalled to learn that the bank would rather deal with a short sale or foreclosure than let someone just sell the house for as much as they can get, give it to the bank, and then work out some equitable arrangment to deal with the difference. It seems that they're actually encouraging people who need to move to lapse in their obligations. Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it.

Author:	Diamondeye [ Wed Nov 03, 2010 6:35 pm ]
Post subject:	Re: So, that Housing Market ...
Wow, talk about a moral hazard.

Author:	Taskiss [ Wed Nov 03, 2010 6:55 pm ]
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I'm still shiny side up on my home purchase. At the time my wife was a bit upset with me on how hard a deal I was insisting on... but she's happier with me these days. A couple more percent and I'll just be breaking even. I expect to be underwater this time next year, given the way the wind is blowing, and probably 2-3 years after that before there's a recovery, long as the creek don't rise. Thing to remember is, you will only lose if you sell. Hold on to your property and you're good. I'm looking at land now...I'd like to have a couple hundred acres an hour away.

Author:	Diamondeye [ Wed Nov 03, 2010 7:18 pm ]
Post subject:	Re: So, that Housing Market ...
If I had an option, I wouldn't sell. I'm starting a new job close to 2000 miles away from where I am now though, and I'm not doing the geographic bachelor thing any longer than the end of this school year when my older one graduates and the little one will be done with preschool.

Author:	Taskiss [ Wed Nov 03, 2010 7:22 pm ]
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You can always hire a property management company to rent your property.

Author:	Aizle [ Wed Nov 03, 2010 7:25 pm ]
Post subject:
I figure I've got 2-3 years of weathering the storm before I'm right side up thanks to all the forclosures.

Author:	Micheal [ Wed Nov 03, 2010 7:38 pm ]
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Good luck folks.

Author:	Diamondeye [ Wed Nov 03, 2010 7:55 pm ]
Post subject:	Re:
Taskiss wrote: You can always hire a property management company to rent your property. I considered that, but there are 2 problems: My VA loan is tied up in it. I don't even know if you can rent a home you bought with a VA-backed loan, and I need the backing freed up for a new home anyhow. I'm **** if I end up with a renter that doesn't make his payments. I can't afford to pay for a house we're not living in, nor to deal with an eviction. I also don't think I can charge enough rent to cover the mortgage plus the maintenance and what the manager would cost. A guy at my church that I trust said he would do it inexpensively but I still don't think I could get enough.

Author:	Kirra [ Thu Nov 04, 2010 3:33 am ]
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I had to come to closing with ~26k when I sold my house.. I had no offers, then finally got one that lowballed. I countered but they only agreed to small concessions. If I hadn't been so desparate to sell, maybe I could have waited it out. But, my credit score is intact so I can buy another house eventually. My 403b looked pretty bad though, replenishing that ATM.

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Author:	Xequecal [ Wed Nov 03, 2010 8:36 pm ]
Post subject:	Re: So, that Housing Market ...
Müs wrote: Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it. Really? I thought Obama's priority was to stop foreclosures, not encourage them.

Author:	DFK! [ Wed Nov 03, 2010 10:09 pm ]
Post subject:	Re: So, that Housing Market ...
Xequecal wrote: Müs wrote: Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it. Really? I thought Obama's priority was to stop foreclosures, not encourage them. ... Why, besides taking him at his word, would you believe this?

Author:	Midgen [ Thu Nov 04, 2010 3:00 am ]
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lol, that was funny...

Author:	Khross [ Thu Nov 04, 2010 7:03 am ]
Post subject:	Re: So, that Housing Market ...
Xequecal wrote: Müs wrote: Because if they foreclose or short sale, the bank gets the balance of the money from the government. If you just sell it, they have to eat it. Really? I thought Obama's priority was to stop foreclosures, not encourage them. You're one of those people who keeps smacking themselves in the face with a hammer and hoping the result will change, aren't you?

Author:	Arathain Kelvar [ Thu Nov 04, 2010 10:16 am ]
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I put $32k down on a $386k house in August 2007. So... yeah. It's ugly. I knew it would be, but I was hoping it wouldn't get that bad. I'm at 6.5%, and I'd like to get one of those shiny 4.5%s. Actually, they have 15 years in the 3's. A couple of hundred more a month and I could save 15 years of mortgage payments. Regardless, though, I doubt seriously that I can refinance. I could maybe come up with 20k, but I suspect I'm further under than that.

Author:	Khross [ Thu Nov 04, 2010 11:11 am ]
Post subject:	Re: So, that Housing Market ...
viewtopic.php?p=94257#p94257 That house is not an asset.

Author:	Khross [ Thu Nov 04, 2010 11:27 am ]
Post subject:	Re: So, that Housing Market ...
Arathain: I'm not saying anything to be a prick; I'm pointing out you need to find an exit strategy on that piece of property given recent legislation and continued government policy.

Author:	Vindicarre [ Thu Nov 04, 2010 11:38 am ]
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My CA mortgage just reset at 3.00%; I'm officially making money on the property (as long as the renters stay!).