 Is It ok to Tag Along With a House Inspector While He/She Is Inspecting Your Future House? |
Buying a house and need an inspection. (Cincinnati, Ohio) A friend said that their house inspector did not want them to be there because he might get distracted.
Is that the norm.? Or ... |
|
 A subprime borrower preparing for refinance? |
| When I bought my house a year ago I was a subprime borrower. I have a mortgage through Option One a known predatory lender. However I have made all my payments on time and havnt had one problem. In ... |
|
 How much rent should this family pay? |
How much rent should this family of 7 pay?
Here's the family:
- A couple in their early 40s
- 4 kids (aged 4 - 13)
- 1 baby (5 months)
They're ... |
|
 Want to put in a back up offer on a house that is pending sale now? |
| We found a house that we like, but someone else put an offer on it last week (almost 2 weeks ago) Is it too late for us to put up a back up offer?... |
|
 Should i withdraw money from my 401k for closong costs? |
i need to come up with $4500 for closing costs and my only resource is my 401k. is it wise to do this and just deal with the penalties and fees that come along with it?
Additional Details<... |
|
 Should I move? |
| I am fed up with the way my landlord talks to me. I am moving. The rent here is cheep. I have a one bedroom for $750/mo- which is cheep in New York. I think she has a screw loose and I dont feel ... |
|
 I private rent a house which I have lived in with present landlords for 2.5 years? |
| They have recently issued me with a new type of contract which lists all the things that I am responsible for. This includes keeping the guttering clear! (I did see them prior to receiving the new ... |
|
 Can the landlord come in and show your apartment to someone without you being there ? |
Hi there,
I just got a call from my landlord. He said someone is interested in buying the apartment/condo and they will be coming to check it out. I told him sure, I am avaialble after ... |
|
 Where do I find people that share same interes with me? |
| How do I know to know people that share the same interes with me. That like to socialize, come to my house, that accept my invitations, that love food, that is willing to share. I have come to the ... |
|
 How do I get out of this home before I lose it and buy cheaper one? |
| I just did a so called mortgage modification and payment went up from $2400 to $3100. We were already having trouble, how can we pay more. Can we get out before foreclosure and find someting else? W... |
|
 Can a Realtor lower commission because of his error? |
| Here's the deal... we have "sold" our condo and we are closing at the end of the month. The buyers just did an inspection which turned out to be very unannounced- the buyer's ... |
|
 Legal Advisers only! !! pLEASE ANSWER VERY IMPORTANT!? |
| Me and my 2 friends leased an apartment together, broke the lease and now owe the company 2,500. Its now preventing myself from leasing my own apartment, and they dont even plan on paying it because ... |
|
 Ok im a first time home buyer? |
| here is the deal me and my husband have put a offer on the house for 150,000 when the orginal price is 144,900 we have to beat out 5 people on the deal i will admit all the walls have to be torn down ... |
|
 How do I find out who owns a piece of land? |
| In the republic of Ireland. A field next to a house that I am looking at, nobody seems to know who owns it.... |
|
 How much monthly income do you have to make to try to get a home loan on a 485000. home? |
| i noticed a forclosure in my area and called on it they said 485000.dolars , i said thanks and hung up discouraged ,and i got to wondering ,what the calculations on that amount would be ,concitering ... |
|
 Why is good credit so necessary to buy a home? |
| My husband and I are trying to buy a home. Someone beat us to the offer by a day. However, the single lady has bad credit and needed a co-signer which is her father. But then we found out that dad ... |
|
|  |
Obamawan Nairobi | Why is it that 96% all mortgages are still being paid on time? |
Yet America hating liberals focus only on the 4% of scumbags that should have never qualified for a mortgage in the first place?! |
 |
 
Amelia J
 |
The idea is to screw with the American Psyche. I just purchased a home last month. 500 freaking people were like, "It's a buyers market, you are really lucky!" WHAT BS! Good homes in good neighborhoods will sell fast! The media is spinning this mortgage crisis thing just like they do everything else. DO NOT BELIEVE THE HYPE! |
|
MortgageGuy
|
YOU HAVE ALOT OF INCORRECT INFORMATION!!!!
Look at this website:
http://ml-implode.com/
Since the end of 2006, when the MORTGAGE CRISIS really started taking effect, 249 LARGE BANKING INSTITUTIONS HAVE GONE BANKRUPT!!!
That means thousands of employees have lost their jobs, pension plans, etc.
On top of that, have you seen the stock market lately? Its been plummeting, why??? Again because the mortgage crisis is effecting many aspects of our economy besides jsut mortgages.
Now, why is this happening? Because of the fact that so many foreclosures are happening on a DAILY basis!
96%????????????????
Where in the world did you get that figure???
Your figure is correct if you are ONLY looking at conforming mortgage loans. Even the people with good income, credit, assets, etc. have a 4% delinquency rating..
But, if you take a look at subprime mortgaes, over 15% of all subprime mortgages are seriously delinquent, and even more are delinquent but havnt entered the foreclosure process.
Now, you are right in the fact that most of the people out there shouldnt have qualified for the mortgages in the first place, but that cannot be all put on the banks and lending institutions.
Homeowners need to take a little responsibility.
So you want that large house with the extra room, the pool, etc. If you cant afford it, DONT BUY IT!!
If you approach a bank and say i want to buy this house, its the banks job to get you approved. If they do their job, get you the loan that YOU ASKED FOR, and you go default, tis their fault?? How much sense does that make??
Homeowners need to really take the time to look over theeir finances and take out loans accordingly. A bank is simply qualify you based on what you are asking them for.
And last but not least, "AMERICA HATING LIBERALS"
So your telling me John F Kennedy, Bill Clinton, Franklin D Roosevelt, Harry Truman, Lyndon Johnson, Jimmy Carter, are all Un American???????????????
Really???
But Richard Nixon, George Bush jr. & sr., these guys are american.. The crooks are american??
I think you need to do some research both on current events, and on history of america..
I think it will enlighten you.. |
|
chatsplas
|
Because it's causing shock waves through the economy.
Check the numbers, they're creeping down, as more and more of these adjustables change. We're all interconnected. Certainly, many of these people should NEVER have qualified for mortgages as they had lousy credit and a history of making poor financial decisions, and they didn't magically become financially prudent when they became homoeowners. Others who could have qualified where pushed into these subprime products by greedy loan brokers, and can't meet the adjusting mortgages, particularly when homoe prices are declining. Generally those who need 100% financing shouldn't have been given mortgages, as the slightest life setback can push them off the edge.
It was greed all around. People Wanting to own a home and not willing to make fiscally prudent lifestyle choices, feeling that because I want it, I should have a home, no matter that I'm already in debt, have lousy credit, etc. And greedy brokers selling loan after loan. And those creating these products of bundled loans, without any underwriting standards.
EDIT: And it is a buyer's market, and homes are a glut on the market, and prices are declining even in solid, desirable communities with excellent schools. Even with declining prices, homes aren't selling. People can't sell their starter home, so they can't afford to buy their moving-up home, and it's dominoes. Loans a harder for everyone to get now. |
|
2 Happily Married Americans
|
Hey, thats great to hear! The media blows things completely out of proportion on everything, so that is probably where the problem really lies.
Did you have to call people who cannot pay their mortgages scumbags, though? They are people too. People get into situations....all kinds of people. The bigger problem is that so many wanted MCMansions instead of a realistic house, and banks loosened up requirements for lending, so it was pretty easy for people to get sucked up into bad situations.
What we really need is a return to common sense in housing and the rest of life. Your house payment should be able to be paid by one person, and people need to figure all the utilities, taxes and other expenses before they buy a house. Then, cut up the credit cards, and earn the stuff to fill it. Worked for generations before us. |
|
Mr Realty Advisor
 |
96% of mortgages are being paid on time because 96% of people still have enough cash flow to pay. People usually assign a high priority to paying rent or mortgages because they don't want to wind up on the street through eviction or foreclosure.
The problem is, people don't have any money left to buy luxury items -- discretionary spending is down. That's because people use to use their homes like ATMs, they would get and equity line of credit and then use the cash to buy a jetski, condo in Vail, or just eat out all the time. Today, home values have fallen and that money is no longer available to them.
When consumers don't spend, retailers don't sell, headquarters lay off workers, unemployment rises and there is less money in the economy for spending -- so a vicious cycle begins.
Fortunately, its not that bad yet. With unemployment of 4 to 5 percent, most people still have jobs, earn the same rate of pay, and give priority to making that monthly payment -- on time.
Looking forward, it's a cycle not a trend. Home values will eventually rebound, homeowners will get new equity lines and borrow cheaper money to pay off high interest rate credit cards. This will increase their monthly cash flow and they will start spending more again. Corporate profits will rise until there is nothing but sweetness and light... (OK, OK, I've been up all night, cut me some slack) |
|
Brian A
|
Because even if 4% is a small fraction of homeowners, if all those houses went into foreclosure it would cause a HUGE glut in the real estate market. The real estate boom and bust has been pretty much avoided in my market but homes are still taking 2-3 times longer on average to sell. |
|
TheMom
|
Actually it is less then 3% of Americans who are in process of defaulting on their loans. |
|
Don Syndrome
|
Don't know if Liberals or Conservatives are to blame. Blame it more on greedy lenders, convoluted debt instruments and financial engineering, a glut of money in the debt securities market. You can also blame it on a lack of regulation.
That 4% is "artificial" demand created by people who bought houses they shouldn't have, which has driven up prices causing the boom. "But it's only 4%", you say. House prices are very elastic against demand, given the slow reaction time for suppliers. So a small increase in demand can really drive up prices. There is also an irrational "buzz" effect... just like the tech-boom. Now, it's harder for the average American to own a house, because median prices versus median incomes is at an inreasonable level.
In the next 3 to 4 years, that 4% will likely grow -- there will be more defaults and foreclosures due to the fact that many of the 5/1 loans out there will be resetting to higher rates, and that's when those owners will get hit.
Also, the respondant above gave a good point in that, this has caused many people to cut down drastically on their discretionary spending which is having a ripple effect throughout the economy.
On top of that, there is a well-known paper written by a notable Harvard economist, Gregory Mankiw, 19 years ago, who predicts that in the near future baby-boomers will be retiring and down-sizing their houses, and this will flood the market with houses, and drive down prices even further.
This could be just the tip of the iceburg. |
|
Sahara
 |
Why are you putting down your fellow citizen? Why are you so full of hate? 96% is wrong by the way. It has a margin of error associated with it. Where did you get this information from? How about the banks and mortgage companies that allowed this to happen? They didn't have to lend to these people. They should have to take the fall because they were in a power position. Greed and speculation are to blame. Housing appraisals are total balogney. They are inflated and done so purposely. It's such a scam. I lay the blame with the people that should have known better.
edit: The only new houses being built in my state are McMansions. Hello! It's because land is so expensive. It's the only way homebuilders can make money. They won't make money on building smaller homes. That's part of the problem. If you want to buy a small home then you need to buy an older home. That can come with a whole lot of problems. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 18 minutes(s) ago
| | | |
9 | 21 minutes(s) ago
| | | |
9 | 29 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 3 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
