tag:blogger.com,1999:blog-18675105.post8939968548136547381..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: MESSAGE TO THE MAINSTREAM MEDIA: People who have mortgages are not "homeowners". They are "homedebtors" or "people with mortgages". GET IT RIGHT!!!bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger42125tag:blogger.com,1999:blog-18675105.post-8710540393931037982008-03-24T18:12:00.000+00:002008-03-24T18:12:00.000+00:00I vote for Lunatic Fringe's "HOMEOWER".I vote for Lunatic Fringe's "HOMEOWER".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-36720759231336209832008-03-24T14:23:00.000+00:002008-03-24T14:23:00.000+00:00If I owe any amount of money on a car am I "happy ...If I owe any amount of money on a car am I "happy car debtor"? If I have a student loan am I a "happy college debtor"? If I use a credit card to pay for groceries or gas am I now a "happy grocery debtor" or "happy gas debtor"?<BR/><BR/>Fanatically giving everyone the same label rather than acknowledging the full spectrum of similarities and differences can be the sign of a weak, scared mind, desperate to create order in the chaos of life.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-33933528272662661762008-03-24T04:17:00.000+00:002008-03-24T04:17:00.000+00:00Frank, you should do more research on credit law. ...Frank, you should do more research on credit law. It is illegal to restart the 7 year credit reporting of a late payment or default, even if the debt was sold. The 7 years starts from the last missed payment. Restarting the clock is known as "re-aging" and it is illegal. Many collection agents will "re-age" defaulted loans because most people do not realize their rights. Furthermore, most states have a Statute of Limitations on collecting debt. By the time the bottom-suckers purchase old debt for pennies on the dollar, the SOL has passed. Again, the collection companies use people's ignorance to get a payment. So for most FBs they will face the problems you mentioned. Unless they live in my state where wage garnishing is limited only to repaying debts to the government.Formosanhttps://www.blogger.com/profile/11517908284207910183noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-29912641765483361212008-03-24T01:27:00.000+00:002008-03-24T01:27:00.000+00:00> And every time the notes are resold, the 7-year ...> And every time the notes are resold, the 7-year credit reporting limit gets reset, meaning you will have horrible credit for life. No more loans for you.<BR/><BR/>That is an interesting view. The only way out seems to be to seek bancruptcy protection, and with the new law, Good Luck with that. (Some zombie loan owners have even tried to collect after a bancruptcy, but got slapped on the wrist by a judge.)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-2781066078412317572008-03-24T00:47:00.000+00:002008-03-24T00:47:00.000+00:00Orwellian terminology. I think Home Leasor would b...Orwellian terminology. I think Home Leasor would be more appropriate. But then the news media feeds us lies all the time. For example, they call buying common stock "investing," when in reality it is "gambling." American's do not own their cars any more, they lease them, so the same is becoming true for their houses.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-37971862845265867982008-03-23T21:53:00.000+00:002008-03-23T21:53:00.000+00:00This is huge! The house we are looking at is askin...<I>This is huge! The house we are looking at is asking $330,000. 5% down is more than $15,000! Think about it. You can't even think about buying that house unless you got $15,000 in your bank. Now, many HPers will say, so what? But ask around your office if anyone has $15,000 sitting around doing nothing. I doubt anyone one short of upper mgt does.</I><BR/><BR/>Is this a joke? Do you really think most people don't have access to $15,000 cash? It's called <I>savings</I> and if you don't have it you sure as hell shouldn't be buying a $330,000 house.<BR/><BR/>Are most HPers this poor?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86927191860921105032008-03-23T20:07:00.000+00:002008-03-23T20:07:00.000+00:00Gary,Absentee landlords who hate us for religious ...Gary,<BR/><BR/>Absentee landlords who hate us for religious reasons is the only scenario worse than a bailout.<BR/><BR/>That is what ruined 18th century Ireland, and Saudis hate us more than the English ever hated the Irish.<BR/><BR/>I saw an analyst on TV talking about how we need rich foreigners to buy up our real estate. Just like we have illegal immigrants who do jobs Americans won't do, we need rich Arabs to buy investments Americans won't buy (according to him). Americans will do any type of work, if offered a living wage, and we will buy real estate when it is no longer overpriced.Refuse to buy overpricedhttps://www.blogger.com/profile/04529128673944692315noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-27210752339813673572008-03-23T18:44:00.000+00:002008-03-23T18:44:00.000+00:00HERALDO?? DAN?? Whatever happened to INVESTIGATIV...HERALDO?? DAN?? <BR/><BR/>Whatever happened to INVESTIGATIVE JOURNALISM IN AMERICA?!!!<BR/><BR/>I am like most people, completely outraged that our country is SO close to absolute financial ruin, and the mainstream media is still treating it like a fluff side story....afraid to ask the tough questions, and investigate how bad things are and how deep the probem goes.<BR/><BR/>Thank God for the blogs--Truly it is the only way that most people have had access to the truth and to reports of what is really happening out there.<BR/><BR/>Keep up the GREAT work Keith-- you have helped more people wake up and get their financial houses in order than you will ever know, including myself!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-40886627555181495122008-03-23T18:37:00.000+00:002008-03-23T18:37:00.000+00:00OMG!!YES-- We did see that Cheney interview with M...OMG!!<BR/><BR/>YES-- We did see that Cheney interview with Martha Radatz, and our jaws absolutely Hit the F#$ing ground when he not only turned the question on her, but then said "SO"...when she asked for a second time what he thought that 2/3 of the American public thinks the war is a losing proposition.<BR/><BR/>My husband works in WA, and is absolutely convinced that there has never been a more evil, arrogant, disconnected VP in the history of this country.<BR/><BR/>The shit that will come out on the Bush admin in the coming years will be absolutely unbelievable.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-90713851068519363192008-03-23T04:47:00.000+00:002008-03-23T04:47:00.000+00:00If you truly wish to own your "home", buy a boat f...If you truly wish to own your "home", buy a boat for cash and spend you time primarily in international waters. Under Admiralty Law you are both the owner, captain and a soveriegn lord unto your self when in such a jursidiction. You can repel trespassers with lethal force, and be fully potected under full faith and treaty as repelling pirates.<BR/><BR/>In other words, property ownership is merely a form of legal fiction, be it a house, or any other habitat one may select. I would rather be a sea gypsy on a three hundred grand sailing sloop than a stiff owned by the banks and the tax man.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-2962354094950982242008-03-23T04:45:00.000+00:002008-03-23T04:45:00.000+00:00"I had a great time, did you also have a great tim..."I had a great time, did you also have a great time HP'ers?"<BR/><BR/>Hell yeah. Saved a ton of money renting and I don't owe anyone for the shit I bought. Have fun getting credit!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82229650058280168222008-03-23T04:29:00.000+00:002008-03-23T04:29:00.000+00:00Paying off a home was the American way before the ...Paying off a home was the American way before the avent of the debt society . <BR/><BR/>New age lending promised low payments ,no equity pay down of principal ,but appreciation being the reward at the end of the tunnel .Make leverage work for you was the cattle-call of the real estate and loan business from 2000 to 2007. <BR/>While in the old days of lending a loan became more secure as time progressed , because of the pay down of the mortgage principal ,now it was a new world of adding on principal to loans and taking out all the equity .<BR/><BR/>Home ownership became a investment ,rather than just a place to live while you paid down the loan . Home ownership became the security for Wall Street to peddle investments for a global money supply to park itself .<BR/><BR/>If there ever was a God that talked ,Katrina was the symbol of houses under water .<BR/><BR/>Houses are tied to so many operations of the economy ,including property taxes ,that you just don't mess with housing .Bad bad Karma for Wall Street to mess with homes ,but they refuse to take their punishment and the Fed Chairman refuses to give the lenders the punishment . <BR/><BR/>Everybody is going to pay for the folly of the gamblers and the government and Wall Street boys would like the average citizen to believe that its in their best interest to pay for it . <BR/><BR/>If the money-changers get away with this tranfer of loss to the taxpayers ,it will be the beginning of the demise of America as we know it .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-74255116070583995292008-03-23T03:42:00.000+00:002008-03-23T03:42:00.000+00:00Considered in the extreme, no homeowner owns as lo...Considered in the extreme, no homeowner owns as long as property taxes are due - miss them and you lose "your" house. I wouldn't go the extremes: Homeowners with 50% equity have a solid standing on their plot even in trying times. Where should the public draw the line between homeowners and aspiring homeowners, aka money renters? Traditionally 20% equity has been considered a prudent behavior, and someone with 20% down is in most locations still above water (unfortunately not in all, due to other peoples making smaller downpayments, leading to a bubble). All national census statistics should be modified with two columns instead of just one for title owners: separate homeowners with 20% equity or more and the others.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30921722339971784282008-03-23T01:27:00.000+00:002008-03-23T01:27:00.000+00:00Has anyone else noticed all the media stories late...Has anyone else noticed all the media stories lately about "zombie" debt where a loan you skipped out on years ago is purchased for pennies on the dollar, and the new owner of the debt sues and aggressively enforces a judgment against you?<BR/><BR/>Morons like anon 6:19 who think they got away with fraud by skipping out on their mortgages and HELOCs don't realize that as the banks realize they'll never collect, they sell the debt notes for pennies on the dollar to these brutal guys. Anon 6:19 will be sued and judgments will be issued (default or otherwise). Then the judgment creditor gets a writ of garnishment from your local authorities - usually the Sheriff - and they seize the money in your bank accounts. Then they come to your house and a deputy serves the writ and they clean you out, taking all your big screens, towing away your cars, seizing your jewelry, etc.<BR/><BR/>You're f*cked. You and all the other fraudsters. You got lucky and won't be going to jail but you can rest assured that the vultures buying your debt notes will make the rest of your life a living hell and pursue you to your grave.<BR/><BR/>And every time the notes are resold, the 7-year credit reporting limit gets reset, meaning you will have horrible credit for life. No more loans for you. All the while, I have great credit, even though I don't need it and don't use it since I can pay cash for stuff, all because I didn't allow myself to get tricked by realtwhores into "buying" like you did.Frank Rhttps://www.blogger.com/profile/07625929422222490759noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-88558803874915279012008-03-23T01:16:00.000+00:002008-03-23T01:16:00.000+00:00"I had a great time, did you also have a great tim...<I>"I had a great time, did you also have a great time HP'ers?"</I><BR/><BR/>I sure did. I took the money that dope homedebtors wasted on mortgage, property tax, upkeep, HOA, etc., and started my business instead. Now at 35 I've been retired for over 4 years and will never have to work again.<BR/><BR/>You, according to your post, have f*cked your credit for life and have no money despite all the "stuff" you bought. Enjoy your life of slavery, sucker. I'll be enjoying my mid-morning walks on Crystal Cove beach while you sit in traffic and commute to work to pay your homedebtor mortgage for 30 years.Frank Rhttps://www.blogger.com/profile/07625929422222490759noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-22944081366780434862008-03-23T00:31:00.000+00:002008-03-23T00:31:00.000+00:00Keith,I wish you'd talk about the fact that you ca...Keith,<BR/><BR/>I wish you'd talk about the fact that you can't just mail in the keys and walk away, like most home debtors believe.<BR/><BR/>Usually, 80% of the home loan is non-recourse (they can't come after you), but 20% is recourse (they can come after you).<BR/><BR/>So the dude who bought a 499K condo will still owe 100K. Additionally, the home equity loans are recourse. No free lunch.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82633613429839564882008-03-23T00:25:00.000+00:002008-03-23T00:25:00.000+00:00ARM-ed and dangerous: mortgagees that are mad as h...ARM-ed and dangerous: mortgagees that are mad as hell and not gonna take it anymore...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-87143116731780165962008-03-23T00:05:00.000+00:002008-03-23T00:05:00.000+00:00Debtors-in-possession, maybe? ...or...Home-mo...Debtors-in-possession, maybe?<BR/><BR/> ...or...<BR/><BR/>Home-moaners?<BR/><BR/>Sub-prime snorkelers?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-10328199945383843692008-03-22T23:35:00.000+00:002008-03-22T23:35:00.000+00:00Rent from a landlord or rent from a bank.And whate...Rent from a landlord or rent from a bank.<BR/><BR/>And whatever you do don't forget your local property tax(rent).<BR/><BR/>No one owns land.<BR/><BR/>Ever.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-2049957962019053252008-03-22T22:59:00.000+00:002008-03-22T22:59:00.000+00:00actually, most are home co-owners. those who put ...actually, most are home co-owners. those who put nothing down are pure homedebtors, or nearly so.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-12180081065596714472008-03-22T22:32:00.000+00:002008-03-22T22:32:00.000+00:00anon 4:30....does it say you have to BUY IN CITY L...anon 4:30....does it say you have to BUY IN CITY LIMITS? use your head dummy and rentAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60374064712944147052008-03-22T21:20:00.000+00:002008-03-22T21:20:00.000+00:00The corrupt MSM can also call them, "Financial Sla...The corrupt MSM can also call them, "Financial Slaves of Their Masters Arab, Zionist From Wall Street, and Chinese".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-31824679804264650502008-03-22T21:17:00.000+00:002008-03-22T21:17:00.000+00:00My father's first house he had to put 20% down. T...My father's first house he had to put 20% down. That was $25K back 20 years ago. $15K in today's dollars is nothing.Unknownhttps://www.blogger.com/profile/12914729547269307520noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-37451852399721717692008-03-22T21:10:00.000+00:002008-03-22T21:10:00.000+00:00anon @ 4:30, wow....you have to put money down now...anon @ 4:30, wow....you have to put money down now! <I>What a concept.</I><BR/><BR/>Hate to break it to you, but that's the way it always was until recently. Ask your mama and your daddy if you don't believe me.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-87514558855324828722008-03-22T20:47:00.000+00:002008-03-22T20:47:00.000+00:00I wish they'd stop conflating 'Homes' with "Proper...I wish they'd stop conflating 'Homes' with "Property".Anonymousnoreply@blogger.com