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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 02/17/2010 : 10:06:05
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Living in one of the states that has been hit hardest by the real estate bust, I have seen 1st hand the real estate mess.
Many people I know are $60k, 100k, or even 200k upside down on their homes.
I know a mortgage banker who said some people are just deciding to short sale or foreclose even though they can afford the mortgage because they are so upside down.
I have a friend who said she called the bank to try to modify her loan and was getting the same run around from the bank as she did 6 months ago. Pretty much she was told she did not qualify for their modification program and would have to be behind in payments. Seems like the banks would be proactive and
To me it seems like things are getting worse than better in the mortgage/real estate market.
Maybe this is more of a rant listing. Just seems the banks were bailed out emergently but the regular Joe is left struggling. The banks were so quick to get people into these loans but now there is a 3 month wait to get a modification reviewed.
I know many people would say these people should take personal responsibility for getting themselves into a loan they can't afford. However, you could say the same thing about many of the banks that got themselves in trouble and got a bail out.
What is your guys' opinion on what will fix the mortgage market?
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 02/17/2010 : 11:11:07
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| I doubt that will ever happen |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Ponce
Penny Hoarding Member
Cuba
630 Posts |
Posted - 02/17/2010 : 12:07:25
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The housing crisis was created by the bankers in order to control you.....which to me is the real meaning of money......control.
If the banks were to leave the interest rates at, let's say, 4% then they would make a nice profit and you would have a home but they are intead pulling the trigger to make everything and everybody go belly up.......is all part of the great plan.
I just got a call from a "insvestor banker" a few minutes ago who wants my money, man oh man, did I have fun with him........you guys know how direct I am. My final words to him was "If you don't hold it, you don't own it"...Ponce............and you know what? he has already seen it on line.......nice to know that when I die I will somehow still be around. |
"If you don't hold it, you don't own it"...Ponce |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 02/17/2010 : 12:36:54
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| I've heard a couple real estate professionals say that there needs to be a reduction in principal to what the true values are in order to help the current situation. |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Alpacafarmer
Penny Pincher Member
130 Posts |
Posted - 02/17/2010 : 13:02:58
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| I own a small real estate company in SE Ohio and my business is doing great in these bad times. I sell mostly land and farms. The prices on these are going up while the house prices are going down. I'm located about 2 hours from Columbus, Pittsburgh, Akron. I see a lot of people looking for a place to run and hide if the SHTF. I also see a lot of people that are tired of the stock market lottery and want to own something they can see. Banks are being a pain but most of the people I deal with have cash. My favorite sign in a store window that I ever saw was in Columbus Ohio years ago. It said " Easy financing terms 100% down no monthly payments" |
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The Real Estate Mess
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