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Some owners may intentionally fall behind on mortgage
As reported in today's USA Today;
Some owners may intentionally fall behind on mortgage
There are no statistics or surveys that track how many homeowners might deliberately be putting off mortgage payments, but dozens of economists and other lending experts say it's a risk. Lenders trying to prevent such abuses are carefully reviewing homeowners' financial pictures to determine that they really need a loan modification to avoid foreclosure
"We speak with homeowners every day that have few qualms about walking away from their mortgage or missing payments as a way to 'get in on' loan modifications and low house prices," says Jeremy Brandt, CEO of 1-800-CashOffer, which buys homes. "The attitude is starting to move toward, 'How can the government help me,' " says Chad Olivier, a certified financial planner in Baton Rouge. "We are seeing it on Wall Street, and now we are seeing it with the public."
Do your civic duty...if you know someone trying to cheat the system...REPORT THEM! The last thing we need is people who don't need help, getting our tax dollars.
This is also a good reason why no mortgage holder should be bailed out. Home values are going to find their own bottom regardless of any policy, so why bail them out with more tax dollars? It's a waste of money.
I'd challenge anyone to respond with a rational theory as to how any mortgage bailout policy will stop home values from declining. The only thing that can stop declining values is getting more people to buy homes. With unemployment increasing every month, who want to buy a house in this climate? I've been planning on buying for 18 months now but I haven't pulled the trigger because I currently rent. Why take the risk when I could lose my job? I'll buy when I feel confident in the economy...and so will most people.
Last edited by PatriotsReign; 12-10-2008 at 06:35 PM..
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Re: Some owners may intentionally fall behind on mortgage
I'm 34, so I hear your concerns Biggs.
I've advised a buddy of mine to walk away from his home. He won't though. He's too principled to do it. I've also told him to find out about the modification options being offered, and he said he's been on time with all his payments, so he doesn't qualify for any. Anyone who has ZERO money invested in their home (no money down), and is at 60% value (or less) to purchased price, should walk away. Paying rent will be cheaper for starters( by a lot), and in the time it takes for their credit to recover, the market will still be lower than it was when they originally bought. The recent highs in home values will not be seen for a minimum of ten years.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Some owners may intentionally fall behind on mortgage
Quote:
Originally Posted by Real World
I'm 34, so I hear your concerns Biggs.
I've advised a buddy of mine to walk away from his home. He won't though. He's too principled to do it. I've also told him to find out about the modification options being offered, and he said he's been on time with all his payments, so he doesn't qualify for any. Anyone who has ZERO money invested in their home (no money down), and is at 60% value (or less) to purchased price, should walk away. Paying rent will be cheaper for starters( by a lot), and in the time it takes for their credit to recover, the market will still be lower than it was when they originally bought. The recent highs in home values will not be seen for a minimum of ten years.
I just bought a house for 300k with an ARM. And I make 30k a year, so I'm good to go!
Re: Some owners may intentionally fall behind on mortgage
Quote:
Originally Posted by STFarmy
I just bought a house for 300k with an ARM. And I make 30k a year, so I'm good to go!
There, i fixed it for you.
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To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Some owners may intentionally fall behind on mortgage
Quote:
Originally Posted by Real World
I'm 34, so I hear your concerns Biggs.
I've advised a buddy of mine to walk away from his home. He won't though. He's too principled to do it. I've also told him to find out about the modification options being offered, and he said he's been on time with all his payments, so he doesn't qualify for any. Anyone who has ZERO money invested in their home (no money down), and is at 60% value (or less) to purchased price, should walk away. Paying rent will be cheaper for starters( by a lot), and in the time it takes for their credit to recover, the market will still be lower than it was when they originally bought. The recent highs in home values will not be seen for a minimum of ten years.
things are going to get alot worst when the second wave of foreclosures hit. people are really in denial.
have you heard much about rates being lowered to 4%? how easy will it be for everyone to refinance?
Many of the most problematic loans — those sold with a two- or three-year low “teaser” rates — have already reset to higher levels. Those resets have been a major force in the first wave of foreclosures, which rose from 953,000 in 2006 to nearly 1.8 million last year and are on track to hit 3.1 million this year, according to First American CoreLogic, which tracks real estate data.
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Some owners may intentionally fall behind on mortgage
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