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I believe some of us on here have been saying this for the past year now. :laughing:

Hold on to your hats folks.....the economic storm is about to hit. :nuts:
 

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Our previous landlord, a very pathetic landlord I might add, is still legal owner of the house.

She has a tenant that is paying rent and has not paid the bank since December 2008.

Most unfortunate for those who live in the houses but I have no pity. The reason for this those who follow the rules of investment and don't over extend pay for these people via a tax increase.

Those who have lost their jobs due to current economic is different story.

My landlord has purposely stopped paying, she has a top job at Citibank and the house we were in is an investment for her (pure speculation). Our rent was greater than her monthly payments.

:cheers:

Fluffykins

ps: I moved after being served by the Sheriff.
 

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This is a process that will have to take place before the market corrects itself. I personally would lean towards a method of giving the homeowners the ability to re-structure the loan so they can keep the homes they bought. It seems that it would be more beneficial to the mortage holder to have some type of payments coming in verses the home sitting empty for years on end. Between the government and mortgage companies this mess was created years ago. Making loans to people that people could not make the payments with the governments wink of approval was short term big profits
but long term crisis. I'm not giving the homeowners a free ride. They should be held accountable for what they signed and agreed to. There's no easy way past this. But it's got to happen to correct things.
 

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The banks will keep fleecing, the politico's will keep emptying the treasury to satisfy their demand, and the sheeple will keep worrying about who masturbates and who doesn't.
 

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what i'd like to see is somethig like this..
If your appraised house valuation has lost between 1/3 and 1/2 or more of your original purchase price then you can split that amount as a write off with your lender. One time write off set to split over 3-7 years up say $8-10k per year.
For example if I had a $200K home and lost $60K on valuation I could claim $30k of that and my bank could also claim $30k. Refinance the mortgage cost with no points allowed and only true costs payable (those to third parties like a title service) And you and the bank split the costs as part of the total amount written off.

If you are still upside down at that point or overextended then you should be forced into foreclosure-- There might be a job loss as an exception-- but any other scenario you and the bank most likely made a huge error in valustion or overextending your credit
 

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The banks will keep fleecing, the politico's will keep emptying the treasury to satisfy their demand, and the sheeple will keep worrying about who masturbates and who doesn't.
You forgot about dancing with the stars!
 

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what i'd like to see is somethig like this..
If your appraised house valuation has lost between 1/3 and 1/2 or more of your original purchase price then you can split that amount as a write off with your lender. One time write off set to split over 3-7 years up say $8-10k per year.
For example if I had a $200K home and lost $60K on valuation I could claim $30k of that and my bank could also claim $30k. Refinance the mortgage cost with no points allowed and only true costs payable (those to third parties like a title service) And you and the bank split the costs as part of the total amount written off.

If you are still upside down at that point or overextended then you should be forced into foreclosure-- There might be a job loss as an exception-- but any other scenario you and the bank most likely made a huge error in valustion or overextending your credit
Not sure if that would work. If the market turns then the value would go up. Then the homeowner would reap the bennies of the deal and screw the lender at the same time.
 

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Not sure if that would work. If the market turns then the value would go up. Then the homeowner would reap the bennies of the deal and screw the lender at the same time.
kinda why I was looking at the 1/3 or more amounts. DOubt full a house that lost that much valuation will see it regain the amount in less than 7 years unless the market is artificially inflated or bubbles again. steady growth should be around 3-4% annually and at that rate it will take 6-7 years for me to make up even my 30K.

Plus bank's benefit is no foreclosure Cost, tax write off to offset their gains- plus the get to keep a mortgage at a higher pricing-- odds are that when they foreclose heavily in a market the overall valuation will significantly drop below what they could have gotten with a smaller adjustment or they sit on the house for several months vacant-
 

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Not sure if that would work. If the market turns then the value would go up. Then the homeowner would reap the bennies of the deal and screw the lender at the same time.
I see your point, but the idea of owning real estate as a dwelling is twofold after all. On one hand it's a personal domicile and on the other it's an investment. So, if a deal was made something like blkvette94 suggests and the value of the property increased, as it should in a health housing market, the owner would be earning money on his investment and the bank would still have the option to foreclose in the future with the added equity on top.

However, to your point, if the homeowner was overextended in the first place, no amount of restructuring will help, or is it fair.

A possible third way may be to do something like blkvette94 suggests, but somehow build in the restructuring down the road, when the owner will have more income, or extending the length of the mortgage persuant to the number of missed payments.

There are still some that should be foreclosed upon and some banks that should take the hit as a result of the mess they created. These homeowners weren't all that innocent either. There is culpability on both sides.

For instance, the house I'm living in now I purchased in 2002, at the beginning of the 'bubble'. when I purchased it the lender wanted me to take a 4 or 5 different loan products, all what would be considered as sub-prime. There was also an interest only variety floated in front of me. They were all tempting, but I felt a risk. I knew what my ability to pay was, and I insisted on a conventional 30 year fixed with standard downpayment. I wanted the security of what that type of product gave ME. It also allowed me to get a very good interest rate, which I was later able to negotiate down.

I wasn't interest in gambling with other people's money, even though the house was willing to extend me the credit.
 

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If you have seen themovie, Count of Monte Cristo, this is the part where the count tells his dealers, "Take it all". :laughing:

Hold on, the ride is about to get rougher.

 

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If you have seen themovie, Count of Monte Cristo, this is the part where the count tells his dealers, "Take it all". :laughing:

Hold on, the ride is about to get rougher.

The fourth option...
Didn't they name a sandwich after him?
 

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If you have seen themovie, Count of Monte Cristo, this is the part where the count tells his dealers, "Take it all". :laughing:

Hold on, the ride is about to get rougher.

:laughing::laughing::thumbsup:
 
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