Welcome to PatsFans.com

30% of Loans in Foreclosure haven't made a single payment in 2 years!

Discussion in 'Political Discussion' started by PatriotsReign, Mar 29, 2011.

  1. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,620
    Likes Received:
    73
    Ratings:
    +149 / 1 / -9

    "30% of loans in foreclosure have not made a payment for at least two years. 47% of those in foreclosure have not made a payment for at least 18 months." LPS Mortgage Monitor

    Well, then kick them out! No one deserves to remain in a home if they refuse to pay anything towards it. Especially those who haven't made a single payment in 2 years.

    No wonder our real estate markets seem to go no where. I believe our (Real) employment numbers won't improve until homes start selling at a healthy rate. To me, that is the key to get our economy back on track. Now our "Official unemployment" numbers have improved, but they're not accurate, so we can't believe them. When people "fall out of the labor force" that doesn't make unemployment go down, but that's what our gov't does anyway.

    Here's some good & bad news on the real estate situation;

    February Month-End Data: Conclusions


    -Delinquency rates resumed their decline after an increase in January and foreclosure inventories remain stable, slightly below historic highs.

    -Delinquencies continue to improve as new problem loan rates decline and cure rates increase.

    -Foreclosure start declines and foreclosure suspensions are reducing the upward pressure on inventories caused by foreclosure sale moratoria.

    -An enormous backlog of foreclosures still exists with overhang at every level:

    -There are three times the number of loans deteriorating greater than 90+ days delinquent as compared to foreclosure starts.

    -There are also three times the number foreclosure starts vs. foreclosure sales.

    -Foreclosure inventory levels are over 30 times monthly foreclosure sale volume.

    http://www.lpsvcs.com/NewsRoom/Indu...ge Monitor/LPSMortgageMonitorFebruary2011.pdf

    All comments on the thread topic, NOT the thread author!
    Last edited: Mar 29, 2011
  2. The Brandon Five

    The Brandon Five Rookie

    Joined:
    Aug 21, 2010
    Messages:
    6,238
    Likes Received:
    39
    Ratings:
    +87 / 0 / -1

    #75 Jersey

    How rude of the mortgage company to expect to be repaid. I mean, whose house do they think it is?
  3. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,620
    Likes Received:
    73
    Ratings:
    +149 / 1 / -9

    Some would say loans are backed by our gov't (fanny & freddie), so these homes are really owned by our society...but you & I know that's a crock of sh1t B5. If I had someone living beside me who hadn't made a payment in over a year, I'd ask him why he's still there.
  4. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 7, 2009
    Messages:
    15,227
    Likes Received:
    225
    Ratings:
    +315 / 7 / -3

    #12 Jersey

    And what would your response be when he tells you his home value dropped 25% since he bought it a few years ago and he "thinks I'll just walk away and buy another house for way less money," and he's already figured out how to do so even though he's ruined his own credit. He's simply going to lie and buy his next home in his parent's name.

    Would you think he was irresponsible for doing so or would you clap him on the back and buy him a beer because you and he agree it is "the right thing to do" in that situation?

    Oh heck, never mind, you don't have to answer. I already know the answer.

    Unless you hold your neighbor to higher standards than you hold yourself.

    Which is entirely possible.

    http://www.patsfans.com/new-england...reclosures-plunge-27-biggest-drop-record.html
    Last edited: Apr 3, 2011
  5. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    40,840
    Likes Received:
    90
    Ratings:
    +151 / 3 / -19

    All through this wall street profits have increased 700% and home values have decreased by 35%.. many of us grew up with the belief to invest in real estate it was a sure bet.
  6. sdaniels7114

    sdaniels7114 Rookie

    Joined:
    Jan 2, 2006
    Messages:
    5,742
    Likes Received:
    7
    Ratings:
    +7 / 0 / -0

    Its a good thing that Obama's UHC includes dental. You'll need it after sticking your nose into your neighbor's business. Be sure and point out any flaws you've come across in his child rearing skills while you're at it.
  7. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,620
    Likes Received:
    73
    Ratings:
    +149 / 1 / -9

    Sweet lady MrsP, this isn't a personal topic, go play with MrP and wear someone else out. How anyone could have some childish grudge against me (the nicest member we have)is unfathomable!:eek:

    What are your thoughts on the THREAD TOPIC? I'm very excited to read them!
    Last edited: Apr 3, 2011
  8. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,620
    Likes Received:
    73
    Ratings:
    +149 / 1 / -9

    Good morning sdaniels old bud! So, what are YOUR thoughts on the thread topic? Or did you stop by just to be a douche?
    Last edited: Apr 3, 2011
  9. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 7, 2009
    Messages:
    15,227
    Likes Received:
    225
    Ratings:
    +315 / 7 / -3

    #12 Jersey

    Since you've previously admitted that you have no problem becoming a part of the foreclosure problem, not through job loss or personal misfortune but simply because you'd have a personal problem with being 25% underwater, your thread topic is fatally flawed.

    My thoughts on the flaw in the topic?

    We are never going to solve the problem of foreclosure or the length of time a home owner remains in his/her foreclosed home as long as people keep planning ahead of time on being part of the problem.
  10. sdaniels7114

    sdaniels7114 Rookie

    Joined:
    Jan 2, 2006
    Messages:
    5,742
    Likes Received:
    7
    Ratings:
    +7 / 0 / -0

    Douche?
    You really are incapable of putting your own actions into the context of everyone else's aren't You?

    Hint: not everyone can slease off of a family member's good credit like you.
  11. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,620
    Likes Received:
    73
    Ratings:
    +149 / 1 / -9

    ??? My credit rating is 780...pretty cool, huh sd?

    If you want to comment on the topic, feel free.
    Last edited: Apr 3, 2011
  12. Nikolai

    Nikolai Football Atheist PatsFans.com Supporter

    Joined:
    Sep 17, 2009
    Messages:
    5,729
    Likes Received:
    147
    Ratings:
    +291 / 0 / -1

    #54 Jersey

    I think that's the key to getting our economy back to what it was in 2002-2007, but I'm not so sure that's where we want to go. We need to move away from relying on home sales to jump start our economy. It's bad form to expect people to continue buying homes if they're not rising in value, and it's bad form to expect homes to continue increasing in value. In the end, homes are for living, which drives the values down as investment becomes less important in a bare bones economy.

    I personally think the very high home prices, combined with stagnating salaries has played an enormous role in the reduced spending power of the American consumer, and as long as home prices remain too high, you won't be seeing consumers bail out this economy with more discretionary spending, i.e. I'm saying the home values in this country have not yet hit rock bottom. Bad news for real estate investors, a minor niggle for people who buy homes to live in, and good news for high school students who might be planning to buy a home in the next ten years.

    EDIT - Spot the awesome run on sentence.
    Last edited: Apr 3, 2011

Share This Page

unset ($sidebar_block_show); ?>