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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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19 comments:
You should have included C. the 10 dollar hooker in Las Vegas!
Boy this is shaping up to be pretty friggin interesting:
Banks more than willing to help homeowners avoid foreclosures:
But the good news is that banks don't want to take your home back. There's no money in it for them.
A letter from the bank threatening repossession can instill fear in many homeowners, who worry they'll be tossed out of their homes in short order. But actually there's a lot distressed borrowers can do to save their houses.
Banks lose money when they foreclose on homes, which means it's in their self-interest to work with borrowers who are in trouble.
"I don't care what people think -- we don't want your house," said Bob Caruso, national servicing executive at Bank of America.
http://tinyurl.com/wcr2n
"Boy this is shaping up to be pretty friggin interesting".
Yes, agree Bork. Whats interesting, is that banks want the homeowner to borrow against their 401K or sell personal items to current their mortgage. As per the rest of the article. Banks know homeowners are mincemeat when they have to borrow against their 401k, they just want to drain them as much as possible before BK.
Maybe this is why homeowners dont want to tell banks ahead of time that they can't make their payments?
I'm just assuming-I never have been in this position, but know alot of homeowners will be dealing with this issue soon.
I guess it only becomes a problem when I can buy the house next door for less of a payment than the bank is willing to take on mine.
Banks will do anythings - I predicted here months ago that Banks will stretch payments out 50 -60 years, take "gold watches" ANYTHING to prop up their balance sheets. . .as long as people make a payment on the loan, the loan is considered an asset. . .in the end, the homedebtor who empties his/her 401 will be living on welfare.
Already many areas in San Diego have seen 10% or greater housing drops!
A great blog on the San Diego market is:
http://www.brokerforyou.com/brokerforyou/
Yup and my neighbors who just bought a $499,000 home, aremoving in her mother in the inlaw area, so she can help out with things...i said to him ..good luck, I also said with all due respect..what are you going to do if something happens to her mother, where are you going to comeup with the extra monet need to help pay the mortgage?..his answer, oh ill just hook up with another builder for work..i smerked and walked away..again good luck I said.
Maybe couple "b" is psyched because they finally unloaded their home
Found a great website similar to zillow.com. This one gives you statistics for the area also:
www.trulia.com
Problem is 12 months, 18 months, the person's cash flow cannot support the loan no matter what.
Banks are just going to dig themselves in deeper and receive an asset worth 20% less had they foreclosed a year earlier.
Any bank cutting people slack is going to have to answer to their stockholders about why their profits are down.
Listen up folks- Do not borrow against your 401K to pay your mortgage. The only reason banks suggest this is that they can't tuch this money in BK. So be smart enough to protect the only thing you have left.
I meant to say listen up folks - Borrow against your 401K to pay your mortgage. Your house is the most important thing you have.
No I did nomean to say this- Don'tlet this troll trick you at of your last dollars.You scummy troll, Mcdonalds is hiring go get a job.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
TROLLS ARE LOW LIFE SCUM !!!!!
bork:
more than likely, i think banks will have to charge rent, until things gets better and then foreclose, and credit rents paid before.
10% drops in San Diego?
Where?
...and Big Deal, considering the inflated values!
10% off a 2.4mil house thats only worth $875
Golly!
"Maybe couple "b" is psyched because they finally unloaded their home "
Nahhh... it looks like the typically dumb couple -- a spoiled brrat wife and a typical p*ssywhipped husband.
Halloween tomorrow night.
Dude, there are a lot of "for sales" signs in my neighborhood (OC California).
Can we expect these home sellers to even be offering candy to children for Halloween?
Or should we avoid these homes altogether because the sellers, still harbouring the expectation of selling their oatmeal cement shitboxes for $700K, could go postal on door bell ringers at any second?
i think i see his testicles in the grass there on the lawn.
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