 How can I sale my 3 bedroom home fast? |
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Additional Details
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bishopdon7 | Just who are all of the people defaulting on their home loans in America.? |
These people made false statements on their applications, and some unscrupulous lenders aided these home buyers.
What is the demographic on these people? |
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Etta P
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The real estate market was hot, hot, hot...people were qualified for these loans using programs such as "stated income, stated assets" or "no ratio" or "no doc" , when American home mortgage announced in 2006 that they were the 10th largest in the nation their portfolio was largest these types of loans. People with good credit did not have to verify income or assets, however, they were not told about the sometimes costly responsibilities of home ownership. When repairs were needed they could not call the landlord, they had to get their check book out. Then when they had enough and wanted to sell they couldn't because the market is now in a depressed status, depreciation and lower fair market values. Rather then bring more money to closing to sell the property, they walked away. Some new homeowners took ARM loans that started low and are increasing by leap and bounds, they cant afford it now. New construction added fuel to the flame when after the first year the property taxes skyrocketed when the property was assessed, which also cause a hefty increase. Some states like Minnesota, now do not allow those "stated" programs. Florida and Ohio are 2 of the most distressed areas of the nation. I would like to believe that these consumers were honest, just not educated properly on the what to expect. The below website offers some additional information. Hope it helps |
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FaZizzle
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No, it's not a false statment. It has nothing to do with anything other than people who were told that they could afford between $X and $Y and they maxed out.
They bought too high and guess what? Maybe a job was lost or someone was ill. Or maybe they couldn't afford it to begin with because their debts and bills were too high.
The demographics are gears towards the middle class families who thought they could afford more than they really could. It's no one's fault but their own. |
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ohgorsh
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Not everyone had bad credit ,but when the sub-prime rate went up ,they payed alot more for the monthly mortgage ,and some were tricked and not told about sub prime rates at time of signing, Not saying some didn't have credit over their heads but with a almost double house payment ,things got ruff for most people ,,In 2008 there will be another trillion dollars lost to for closures ,,
2009 same thing ,,,,The gov ,,instead of helping people , made it even harder to get help to fix the mortgage problems ,its even worse today to get a stable loan ,,,,,,,So with that said ,,,,,most will lose their homes ,and the ones that sold the loans ,to litton ,,,,,,,,are just vultures waiting to take more homes away ,and they are doing it at a steady pace ,,,,,,,,,,,, |
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Ken
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The numbers aren't as high as the media makes them out to be. Yes, foreclosures are up, but there are no foreclosures on my block! One expert I read recently pointed out that foreclosures are still below 1% of all mortgages. Those getting foreclosed are often those who took on foolish loans. Some are victims of quickly rising local taxes and still others, as always, have just fallen on hard times due to illness or job loss. |
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greffy
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People from all economic strata got caught in this vise.
I know a doctor whose mortgage jumped from $4,000 to $8,000. He is scrambling now.
My son bought a California home 4 years about. He is scrambling.
People became complacent. You never believe that something bad can happen to you until it does. Then it hits you like, as we used to say, a Mack truck.
Be wise. Don't be greedy.
Curious about discount brokers?
http://www.flatfeerealestateguide.com |
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jakedog
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that isnt true at all.
The people defaulting on these loans are "Non" prime borrowers. They got 2 or 3 years ARMS because there was something in the loan application that prevented them from getting a "conforming" loan. Such as inability to document income or credit problems. These loans were not meant to be kept for 30 years. The borrowers were suppose to fix whatever the problem was during the 2 or 3 year "fixed rate" period but they didnt. The loans became adjustables and their rates went through the roof which meant that they could no longer afford the house payment. They no longer had the option to refi beacuse of the collapse on the subprime market. This is the reason for all the foreclosures. |
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bob1442
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your neighbor and mine......could be just about anyone |
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kthor101
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the poor, the bad credit people, people who can't afford loans, people who are affluent, big spenders from every walks of life foreclosure have hit them...but ya it's mostly people who cant afford the home in the first place .. |
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jenniferjohnson2008
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It's not because they made false statements. It's because they are too stupid to read the fine print, and too stupid to ask questions like "What happens when my interest rate goes up?" It's also because nasty lenders were willing to do ANYTHING to get them to sign on the line. |
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