 Should i have the home I'm purchasing inspected before I make my first offer? |
| I'm buying a new home and need to know if I should have it appraised before I make my first offer.... |
|
 If a dead tree falls over from the property next door, are they liable? |
| Ok so I am a college student subleasing a room in a house for the summer from a company. There is a parking lot behind the houses which all the tenants use. There is an adjacent property next door ... |
|
 If you rent...........? |
what is the rent on your home? how many bedrooms and what area do you live in?? do you think its to much or cheap?
Additional Details
i live in a 3 bed cottage (south england) ÂŁ600 per ... |
|
 What does it mean when the company that you pay your home mortgage files for bankruptcy? |
| I pay my home mortgage to American Home Mortgage and I just saw online today that they are filing for bankruptcy.... |
|
 Where would you move to? |
| Im considering moving to these areas but cant decide, San Diego CA, San Antonio TX, Fort Lauderdale FL, or Scottsdale AZ?? I eveantually want to by a house.... |
|
 My wife and i have been looking at a home (asking price 155000)? |
| this house has been on the market for145 days . we put in an offer at 145000 because most of the other homes in area sold for less the seller counterofferd back 153000 . can someone tell me what'... |
|
| Is it against the law for the rental office to place an exposed late notice on your door? |
| Someone saw my late notice for rent and said that the late notice must be inside an envelope or at least presented in a way that is discreet and not so easy for anyone to read. Please advise.... |
|
 If I give a landlord a deposit to hold an apartment and decide 8 days later not to take it, can she keep money |
| My brother gave a landlord a $200. deposit to hold an apartment and 8 days later after the landlord dragged her feet doing a background check and credit check, I found another apt. She now says that ... |
|
 Under what circumstances can a landlord change the terms on the lease? |
| My landlord stopped by earlier this week to let us know that the "owner drove by this weekend and was disappointed with the yard"---uhh, well yeah! It's a total mess of weeds and it�... |
|
 Can she kick this lady out - they never signed anything? |
| My best friend posted an ad on Craigslist searching for a roommate. The deal was 1/2 hourse share for $550 a month. Well, things have gotten pretty bad lately. She's only lived there for a ... |
|
 Is it possible to find a decent home for 150,000? |
I live in the Twin Cities and would be looking at surrounding areas.
I would prefer 3 bed 2 bath but will take 2 bed 1 bath if I can add to it a den and another bathroom.
Also, ... |
|
 Can I transfer title in my sons name without spending on refinancing? |
| We wanted to buy the house in our son's name, but since he did not have enough credit history in USA, we applied for the loan in my and my wife's name. So the house is obviously in my and ... |
|
 Can I borrow money against my house? |
| I have a house that I own with the mortgage paid off. My Mum lives in it. I want to borrow ÂŁ30k to use as a deposit for my own flat. Can I borrow against the house that I own that is paid off?... |
|
 What's the price range of house I can afford? |
| I'm the first time home buyer with under 20% to put down on a house. I make about $70,000 annually (before tax). I have no debt at all , my car is paid off in full and I'm a single parent ... |
|
 Non-refundable pet deposit? |
| I have 2 dogs and i had to pay a $250 non-refundable pet fee for each dog. I have recently moved out of that house because of water problems and mold problems the landlord refused to fix. I also paid ... |
|
| We went into foreclosure...? |
| does anyone know what kind of financial issues we're facing?... |
|
|  |
Steven | What is the real reason people are not paying their mortgages? Why such an increase in delinquency & forclose? |
Is it because people were not making enough money at the time of purchase to make future payments on the mortgage when rates adjust up? In essence expecting to make more money in the future to be able to make payment? Also if rates on all these mortgages adjust up, please explain, I do not have a full understanding. If someone said it is because of a downturn in the economy...I don't understand why a 1% uptick in unemployment would result in all of this. Also, it would assume that everyone of the mortgage defaults where owned by the 1% that made up the unemployment uptick. I don't think so. I doubt everyone who cannot pay their mortgage has taken a paycut or lost their job. If that is true, why cannot they pay their mortgages? I am sincere with these questions, please no one take offense just help me to understand. Respectfully, Thank you. |
 |
 
Marysue
 |
Some people did lose their jobs or have to take pay cuts. However, I believe the greatest number of affected homeowners made one or a combination of these mistakes:
-bought homes at the top end of what they could afford - so increases in food & fuel cost pushed them over their limits.
- took out interest only mortgages, literally meaning they only paid the interest on their loans so when they went to sell, they hadn’t paid off a single dime of principal, i.e. no equity cushion. Also, these interest only payments usually only last for a couple of years before you have to make “real” (interest + principal) payments. So when the real payments came due, they couldn’t make them. Big problem if the interest only payment was a stretch for you.
-took out adjustable rate mortgages (ARMs). They got a low interest rate in the beginning, say 4% for example, but after a couple of years it reset to say 11%. On a $100K mortgage, that’s the difference between $477/mo and $952/mo. Big jump!
-They cashed out equity. I still see people wanting to do this and I just don’t understand why. Let’s say you’ve owned a house for five years. You still owe $100K, and it’s currently was worth $150,000. You should leave that $50K alone, but some people think that money is there for the taking. So you take $50K out and then two years later the home that was worth $150K is now only worth $135K. If you need to sell, you’re screwed unless you have the cash to make up the difference. It’s not uncommon for these second loans to be ARMs or interest only, which means those people were eventually faced with higher payments that they couldn’t mange and no equity cushion that would allow them to sell.
I’m not 100% blaming borrowers. There were lenders who convinced people to stretch themselves too far, who approved people who shouldn’t have qualified, and pushed people into high risk loans. It’s just not completely the fault of either side. Poor judgment was used on both ends. |
|
comusbassington
|
I think part of it has to do with what you said first - people were not making enough money at the time of purchase to make future payments when their interest rates rose. Loans were being given to people who just did not have the financial basis to support them. The other part is that a lot of people were speculating on the market - hoping housing prices would continue to rise so that a few years down the road, they'd still be at the top of a bull housing market and be able to sell for a nice profit. When the housing market fell, they still had a mortgage to pay and no one to sell to. |
|
Ed Atun
|
In my city a schoolteacher was approved for a $320,000 loan even tho her salary was $40,000 per year. By choosing an "Option ARM" she was able to choose her payment for the first year. She chose $800 a month. The true payment was $2,500 but she only had to pay the $800. The missing $1,700 was added to her mortgage balance each month. On month 13, she had to start to pay the $2,500. She tried but the original plan counted on her being able to refinance into another OPtion ARM after 12 months. That loan no longer exists for her to choose because so many people stopped paying them when they adjusted up. |
|
golferwhoworks
 |
Real simple ---in order to get their dream home or in some cases any home --most over bought and over paid. So in order to meet underwriting guidelines they took mortgages that once adjusted or recast they could not afford to pay or they were expecting to make more $$ and didn't or life just happened to them and they experienced bad credit issues in the fixed period before the adjustments were coming due and could not refinance and in 1 large city Detroit many lost their jobs when the auto industry moved to Mexico for cheap labor and the list can go on and on and every one situation is different |
|
Leaf
 |
You seem to lack a deep understanding of the economy. The reason people cant pay their mortgages is because they were allowed to take out loans that were risky. They were allowed to take out mortgages that were too much for them to pay back, that had too low of a debt to income ratio or that were over 80% loan to value OR ARM loans that adjust to high. Because of all that and the fact that there is inflation due to the dropping dollar and the rising price of oil and gas, and unemployment is up. Also the looming threat of US bank collapses and possible war with Iran. Plus all the money being spent in Iraq and the rest of the sand pit we like to bomb so much.
Read a bit more and you will see that the reason behind everything is that the richest people in the world and alot of world leaders want to be just a tiny bit richer in relation to everyone else. Even if they have to take from those who have nothing. |
|
Lisa L
|
Stu is correct but I can say the people asking for those exotic loans were just as at fault as the lending institutions. The whole concept of buying your way up seems to have flown out the window. 20 (probably even 10) years ago, first homes were modest. Live there a few years, take the equity & move up to a little bit bigger home. Now, people want to start out with a home bigger & more expensive than Mom & Dad's. Mom & Dad more than likely spent years to get that house. Why is today everyone wants instant gratification? People need to get back to grass roots & not be so materialistic & self-centered.
I can proudly say I never did any of those loans. I was educated on them & in turn educated my clients. It has paid off for me in a big way, which I know because of my referral business. I am trusted. And I can sleep at night knowing my clients are also (& in the home I helped them finance). |
|
Don
|
Many folks got led into Adjustable rate mortgages, that way they could qualify for a higher mortgage than they normally could. The problem is that the rate goes up in a few years. Often folks believe that their income will also being going up or that certainly the house will increase and value and if push came to shove they could sell the house and still make money. Unfortunately in tough economic times their salaries may not have gone up and their house may not have appreciated. So when the mortgage went up they were stuck.
Also, for a while mortgage companies had dropped the financial requirements to buy a house so low that folks were buying houses they simply could not afford. Often the upkeep, utilities, taxes, insurance etc were more than they had bargained for. If something went wrong like say the air conditioner goes out, the only way to get it fixed would be to skip a mortgage payment now and again and very soon they are facing foreclosure.
Then during tough times what if one of them lost their job? Suddenly there is not enough money to go around so the house payment gets skipped. Foreclosure can happen in as little as two missed payments. |
|
bonsai
 |
Unemployment
Under Bush, the USA has lost over 20 Million jobs and gained just 5 Million.
That's net 15 Million jobs.
Government reports only unemployed for the first 6 month, so the 5% unemployment number is hogwash.
My guess is, we have about 12% real unemployment, up from Clintons 4%. |
|
Stu
|
There is not one single answer to this question. People in adjustable rate mortgages who shouldn't be is one reason. "Loose" lending is one reason. The aging population is a reason. The economy is one reason with a bunch of it's own causes wrapped up in it. Uninformed purchasers are a reason. Again, there's no single reason. It's a culmination of a multitude of factors. |
|
Jonathan R
|
The reason people cannot pay their mortgages is because they simply cannot afford the monthly payments. Many people bought too much house by taking on more debt than they could afford. Too many people believe that living the life style of being rich is more important than actually being rich. Too many people would rather gamble in a red hot housing bubble than save their money. Too many people aren't educated about their finances and money management.
It is not unemployment, George Bush, Iraq, Oil prices, or any of the plenty excuses out there. The real reason for the housing crisis is that people do not value money management. It is more important to most Americans to go shopping than to put money aside for an emergency. Americans who do not save for a rainy day and americans who do not live at a level that they can truly afford are the true reasons why we are in a housing crisis.
If this country saved there money instead of spending it all and then borrowing to spend more this country would not be in the situation it is now. If Americans had a savings they would be more adept to handle market fluctuations such as high oil and unemployment... but then again if Americans saved there wouldn't be many market fluctuations now would there. I don't believe there would even be a housing crisis because the people who saved properly and could truly afford a house would own one and the rest wouldn't be dragging the market down.
Thats what " I " have to say... if you like it good.. If you don't then I really don't care. |
|
Gefilte Girl
|
Since it is apparent that you don't read the news, far more than 1% have lost their jobs, at least in California. The rest have received cuts, or cuts of bonuses, benefits, etc. resulting in their own expenses rising. Buying gas to get to work has become a serious issue for most. Those who bought a home before the downturn were not only led astray, they weren't educated as to how an Adjustable Rate Mortgage, or ARM, works. They pay a low rate today, then it goes up with the Prime Rate or Libor or whatever it's based on. When that rate went up, sometimes mortgage payments doubled. How are you going to pay that? |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 11 minutes(s) ago
| | | |
11 | 12 minutes(s) ago
| | | |
11 | 33 minutes(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 7 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
11 | 2 week(s) ago
| | | |
11 | 3 week(s) ago
| | | |
11 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
