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Some owners may intentionally fall behind on mortgage

Discussion in 'Political Discussion' started by PatriotsReign, Dec 10, 2008.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    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."


    Some owners may intentionally fall behind on mortgage - USATODAY.com

    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: Dec 10, 2008
  2. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    I'd like to report the guys at AIG and Merrill for getting bonuses with taxpayers money.

    why do you even care anymore PR?

    they just passed a 14 billion dollar bailout for the carmakers.

    people aren't going to buy cars antime soon and how long is that money going to last seriously?

    we just got our 401ks redistributed to the ceo's. SSI aint gonna be arond by the time i retire and i'm 33.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Why do I even care anymore?...hmmm, damn good question biggles.

    I guess because I don't like the alternative.
     
  4. Real World

    Real World Moderator Staff Member

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    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.
     
  5. STFarmy

    STFarmy In the Starting Line-Up

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    I just bought a house for 300k with an ARM. And I make 30k a year, so I'm good to go!
     
  6. Real World

    Real World Moderator Staff Member

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    There, i fixed it for you. :D
     
  7. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    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?

     

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