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curiousgeorge_tx | Are the many mortgage forclosures from people who bought too much house for their income or people losin jobs? |
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Big Deal Maker
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Most purchased the homes with a low interest rate.
Where talked into a home that they could not afford if the interest rate increased. But a lot of these folks where lied to from the lenders by telling them that by the time the loan will increase you could refinance the home and get a better rate.
These where all lies and are still being practiced today.
Most homes lost where because the loans matured and the interest rates increased and people could not afford that increase. Then the homes started to decrease in value making it so you could not refinance the loan. So everyone has decided to walk away from a home that is worth less than what they owe.
Making the homes values drop even farther because of the foreclosures. Then you add the country falling into a recession on top of that.
If our government had step-ed in a year and a half ago and offered a better interest rate on the loans. This country would not be in the recession it is in today.
Just my opinion |
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chatsplas
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Mostly the first, people buying more home than they could afford. And loans being made to people who weren't ready to be homeowners. And buyers NOT reading their loan documents and thinking about what they would do when their ARM adjusted. People who have bad credit, have it because they have a pattern of making bad choices, and they aren't good at managing their finances. Getting a home doesn't change that, and then they make more poor choices, and then they stop paying and then they're in foreclosure.
Certainly some are due to people losing their jobs, and the poor housing market with declining home values makes things worse as it's hard to sell a house. |
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MzLeen
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Both.
In many instances the lender let the people to put a low down payment (or no money down) and had a variable interest rate. The rate went up and the people could no longer afford the payments.
The unemployment rate also continues to rise and when people get laid off or lose their job they can no longer afford the payments as well. |
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justme
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I think more of the first than the second! |
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Steve M
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it's the fact that people were given sub-prime loans when they purchased their home. And at the same time they were allowed to purchase homes that were way out of their price range in hopes that their home's value would increase and they would be able to refinance their loan into something more manageable. |
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donfletcheryh
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Many foreclosures are a result of buying a house to get into the rising housing market, by people who could barely afford to pay interest.
Lenders began to ask for higher quality mortgages or much higher interest rates. These buyers had no way to quickly increase their equity in the house, so were faced with steep interest jumps.
But as mentioned, they had been barely able to cover lower interest, so their gamble failed. |
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estielmo
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And don't forget people who maxed-out a loan on a variable rate, somehow believing it would never go higher.
Then there are those who signed papers prepared by unscrupulous guys without reading or understanding them. |
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SuziQu
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Third person in the equation is the lender..institutions that financed with 'no down' and ARM loans at the top of the market. This is know as 'set up to fail'.
People want the American Dream of home ownership and when it's offered on a silver platter, they take the chance without being realistic about the 'what ifs'.
Combining that with the 'recession' it makes for a disaster.
In my CA newspaper, the are three and four pages of foreclosure notices and two columns of employment ads. |
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Ross V
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Like others said more of the first....wonder where all those who told me I was stupid to rent went off to?? |
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kingadroc
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Both, but the market crumb is really do to investors without hold capital getting to greedy and buying a bunch of "flips" and then not having the means to carry. Also, many people got into option arms that have a minimum payment they could afford but didn't even cover the interest payment(called a negative am), so the bank would just tack on the rest to the principle(i guess this would fall into your first category). before you know it, you owe way more that it's worth and to make matters worse, everyone and there brother(literally)did the same thing, so now market is reacting to it......home loans were meant to be long term, not short term and sell or refinance. |
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Bruce T
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You have very good and true answers. I can also help on "buying too much house". In the North Atlanta area and north, upper middle class to the wealthy in home ownership. Many upper middle class optioned for "Interest Only" loans for various time periods up to 10 years to acquire BIG homes. Two years to current most of these started to adjust to the agreed contract terms of a "Fixed Rate". Many monthly payments tripled and no longer able to make payments.
Job "layoffs" have had a tremendous effect, i.e., Delta pilots, Bell South due to AT & T acquisition, and the list goes on.
Good Luck, stay positive. |
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