October 29, 2006

Pick the sucker




Metroplexual said...
This comment has been removed by a blog administrator.
Metroplexual said...

You should have included C. the 10 dollar hooker in Las Vegas!

SeattleMoose said...

I wonder how many women have left their husbands over the past couple of years because the husband refused to buy a bubble home?

The "nesting" instinct is strong and many women "just want a home". It is an emotional thing.

This has been a point of contention the last year with my wife as she only saw increasing prices and started to buy into the "prices only go up" bullshit.

Luckily all the recent bad news is vindicating me and now she "gets it". But it has been a bumpy ride.

borkafatty said...

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.


LauraVella said...

"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.

Anonymous said...

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.

Mark in San Diego said...

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.

San Diego Lasik said...

Already many areas in San Diego have seen 10% or greater housing drops!

A great blog on the San Diego market is:

borkafatty said...

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.

Westchesterchick said...

Maybe couple "b" is psyched because they finally unloaded their home

Guadalupe Hidalgo, 1848 said...

I agree with Westchesterchick. I see a couple that is extremely relieved and happy that they sold at near the top.

Anonymous said...

Found a great website similar to zillow.com. This one gives you statistics for the area also:


Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

I meant to say listen up folks - Borrow against your 401K to pay your mortgage. Your house is the most important thing you have.

Anonymous said...

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.

Anonymous said...


more than likely, i think banks will have to charge rent, until things gets better and then foreclose, and credit rents paid before.

Anonymous said...

10% drops in San Diego?


...and Big Deal, considering the inflated values!

10% off a 2.4mil house thats only worth $875


Anonymous said...

"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.

Markus Arelius said...

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?

Anonymous said...

i think i see his testicles in the grass there on the lawn.