 How much does a condo unit cost in California???...? |
at least in a safe and healthy community..thanks..I was wondering if I can afford to move out...
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I would want to live somewhere near the beach..but i'm also ... |
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 How do I find a good relator? |
| I am getting ready to sell my house and I don't know where to begin as far as selecting a relator. Are there any criteria I should look for when selecting a relator?... |
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 Mice in flat? |
There is a girl at work, who says she has mice in her flat, is that anything to do with cleanliness? She is on the top floor.
Plus she has threatened to call the environmental health on ... |
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 Question about Interest only mortgage.? |
| There some lenders that offer a fixed rate mortgage that only requires the interest payment for, lets say, first 10 years of the loan. Now, with this type of loan, does the borrower have the option ... |
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 Is this the right time to buy a house? Should I wait some more? |
| I have some money to invest in it. Some folks say "yes" some are on the other side. I want to buy a property in South Florida and make it my primary residence.... |
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 Why are fixed mortgage rates and adjustable rates different? |
| I just saw that a 30 year fixed mortgage is 6.07% and a 5/1 ARM is 5.91%. What are the reasons why these rates differ by nearly .2%?... |
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 I am purchasing a property and my buying broker wants to charge administrative fee of $400? Is this common? |
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its a 250K condo and he wants to charge an admin fee and says it happens in every borkerage firm. on top of that, he gets to split the commission with the selling ... |
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 First time buyer with no deposit? |
| I'm considering buying my first property soon and have no deposit to speak of, only a bit of money to spend on moving/furniture/fees etc. I earn an ok salary but how would having no deposit ... |
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 IS this legal...? |
| My friend told me, if ppl in her apartment don't pay rent on time, the management crew go into people apartments and take valuable items "hostage" untill they pay..like laptops, tv, ... |
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 My rent is to high in my council house how can i get it reduced.? |
| Im living with my partner and 5 year old son. We are paying 85 euro per week even thoe only one of us is in part time employment. 3 days a week. how could ipossibly get my rent reduced as we are ... |
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| RENTING or BUYING? |
which would be my best choice? I have 35k saved up and I am either going to buy a house/townhouse/dueplex and rent it out, or I am going to buy a house that is a fixer upper and resale.
I ... |
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 Should I invest in real estate or pay off my mortgage or my primary home? |
| I was thinking about buying a piece of property to rent as an investment but now I am second guessing myself. Should I pay off my primary home's mortgage early instead?... |
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 Need legal help / knowledge? |
Landlord / Tenant situation. My owner / landlord quit paying his mortgage, maybe even skipped town, can't get him.
I've paid him ahead of time for 2 yrs. over $1,000 per mo.
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 Is it legal for my landlord to shut off my water because my rent is late? |
| I live in Texas. My water bill isn't even due yet and my rent was only 10 days late when he threatened to shut off my water. I paid him some of the rent and he is coming for the rest in a few ... |
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| My apartment lease starts on the 1st management says I cant move in before 9th is there anything I could do? |
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Yes it is as they say because of someone not vacating the apartment on expected time.
I told them I have to move in on the 1st and they are violating the ... |
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 My landlord wont install water heater, what can I do? |
| I went through a lot of trouble with this particular apartment I was planning on moving into but I went tthrough it and I moved in on New year's eve. Now, I'm finding out that the shower ... |
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 How much above appraised value can I sell my house for? what is the norm? |
| My house was appraised at 233,000.00 in March of 2006 and now in Nov. of 2006 was reappraised at 204,000.00 in Port St. Lucie, FL 34952 it does have 3 bedrooms and 2 baths and a 14 x 30 screend in ... |
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 How many houses did you see before you bought one?? |
| how did you know it was the right house for you?... |
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 My rights as a tenant? |
| My wife and I recently moved into our first house with our 6 month old daughter. It's a house owned by another person whom we are to pay rent to. When we first moved in, the land-lady had told ... |
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cinderella | "Forgiving" Mortgage defaults? |
From what I understand, a couple of years ago, people were buying houses, paying their mortgages, everything was "fine"...
Now suddenly we have this mortgage crisis-thing. Why is it that people "out of the blue" can't afford to pay their stinkin house payment? Weren't they there, at the lender's office, when they agreed to commit to their new mortgage? Didn't they know what they could or could not afford? Why were they relying on some lender to TELL them what they were agreeing to (re their mortgage) pay every month?
This is the dumbest thing I've ever heard. I'm not a homeowner. I have to rent. Why? BECAUSE IT'S WHAT I CAN AFFORD. If I don't pay my rent, I'll get a big fat eviction notice, and I'll be fully responsible for my personal credit's destruction in the aftermath, thus, ruining my FICO, etc.
I'm disgusted by these ignorant people who can't handle their own finances and now expect to be bailed out. They can just rent and share the laundry room. |
 |
 
emland
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Many people went down the path of the ARM or Adjustable Rate Mortgage and borrowed more than they really should have. When rates are low ARMs are a wonderful tool, when rates start creeping up - you can get yourself into a lot of trouble. A raise in the interest rate of 1 or 2 % can mean $100s of dollars.
Add to that mix a hot real estate market where homes are selling well above what they really should. People are bidding above the asking price because there aren't enough homes to go around. A few years of this kind of market and builders are on overdrive to take advantage of the market. Now there are many homes and not so many buyers - some homes have negative equity now or have so little equity they can't qualify to refinance to a fixed rate.
I don't believe it is the governments responsibility to bail these people out - but you kow it will happen. More tax dollars down the toilet. |
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D
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I completely agree with you. Many people were too anxious to sign their lives away and not read the fine print. Too many predatory lenders who made terrible loans and sold them to unsuspecting investors, who were lied too, being told these are AAA investments and left holding the bag. The only way to remedy this is to unfortunately bailout the mortgage insurers, who cannot pay the bad loans, this would make them solvent and more importantly keep the banks solvent and prevent a national economic crisis. I don't see the govt. even addressing this issue. But for the homeowner, they will also be left holding the bag. |
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dkrg04
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Unfortunately there is more to the story....fraud, adjustable rate mortgages and the list goes on.
I feel in most cases, the homeowner could realistically at the time afford the mortgage until something in their life took a turn in which they had no control over...loss of income, death of a spouse, illness etc...OR their rate adjusted making their mortgage payment unaffordable! Never did like that loan product and never offered it either....I only used it as a tool for comparison purposes to a Fixed Rate Mortgage.
Also, I think the consumer has a misconception about the foreclosure process. They really need to educate themselves on this issue. We, as loan officers, can only do so much. After all is said and done, it is their responsibilty but things change that make other things happen. Avoiding your lender if you get behind will make matters worse. The lender doesn't want their house and if they'd call their lender, they may just find out the lender may have a solution. The lender isn't going to call every customer who is in default and say, "hey,we have a solution"...it is the responsibilty of every homeowner to take action and not avoid their lender even as hard as that maybe......
FHA has a program in place that can help but you have to meet the criteria to qualify.
It's not the fact of ignorance that did all of this...the consumer wasn't the only one at closing...they were only one of the many spokes in the wheel.
On the other side of the wheel...with the default rate being what it is today this does increase rental payments to go up due to supply and demand. Probably a landlord's dream....so I hope your rent is affordable now and doesn't go up. |
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thinking-guru
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This issue has numerous facets. For some people, they borrowed more than they could afford - they were stupid. For others, they purchased a home that was over priced and now they find out they are in an upsidedown home loan. Not necessarily their fault as the majority of people who buy homes know almost nothing about the process...and trust me the process can be daunting. Others lost their job or have an income redution which causes them to be unable to make payments. Again, not necessarily their fault.
Those that claim they were unaware of the mortgage being an ARM are either lying or stupid. At closing they would have signed several documents stating they are entering into an adjustable rate mortgage - and by signing they agreed to it. Too bad for them.
Their are bad apples in every occupation and the mortgage industry has had its' share. The current housing market will eliminate most of these jackass brokers who dealt in shady lending practices that did cause some of the foreclosures. |
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boohoo1964
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Damn your nothing but a dumb a$$!!!!
FYI, the preditory lenders are mostly to blame and then lets not forget to mention the appraisers and banks for inflating properties. People want to have the American Dream of owning a home! Sorry your not one of them! Also, the ARM, have you heard of that?? Alot of lenders like mine promised oh do this and with the real estate market like it is you will be able to refi in 6 months. So a lot of us were lied to.. Go in a hole!! You seriously belong there.... |
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chatsplas
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You have some valid points. Don't buy more home than you can afford. Read all the loan docs, don't just sign where they point. Understand if it's an ARM that your payments can go up or down, and read about how much. Right now ARMS are going down, but some had "extra" terms.
Frequently when people want something really badly, they are unreasonably optimistic about their repayment capabilities. The economy is bad. Some people lost their jobs, or their partner did. Some are poor money managers, some had their car die, had an operation, etc. MOST could have save their house by going to lender and working something out.
The ones who won't take calls from lender and stop paying are the ones acting most ignorantly. |
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Franco
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Do not be so harsh. Where is your compassion?
A couple can afford to buy their house and go ahead. It seems very wise and profitable, as houses prices have been rising for the last 15 rears and those who bought have become rich.
Then one of them loses his/her job, house prices crush and they are shtuck. Who will pay your rent if you lose your job, or run under a bus? |
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Veritas et Aequitas ()
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What about people who can afford it but suddenly get sick or the bread winner of the family gets sick or even worse dies?
I get your point but this sounds like a rant. Yes, there are some people who were over their head but a lot were not. There were also old people who got suckered into those loans on a FIXED income. There are some people who knew better and some who didn't but I don't think you really have a right to bash everyone who is going through that situation. |
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godged
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People jumped on the bandwagon of a magical program to help them buy a house, typically way more house than they could ever afford. The catch was that house values had to keep going up so they could refinance to a fixed rate mortgage when the interest only period was over, only that didn't happen.
These people didn't know what they were doing, and were sold a big fat loan they had no hope of affording. Some of these people had a bad credit history and were a bad risk to start with. Lenders were out there handing out loans, while smiling all the way to the bank.
Those subprime lenders have been chlorinated out of the lending pool, and that really needed to happen.
I agree that there should not be a government bail out for those that got into trouble, the taxpayers shouldn't pay one dime to salvage problems driven by ignorance and greed.
Love the "share the laundry room" remark.
Best of luck to you in your future endeavors. |
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Christopher B
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A lot of people were sold on the American Dream of owning land. It takes people years to get experienced enough to understand the housing market, much less how all of those different alternative loans work. And there were record numbers of first time homebuyers. The majority of all of the foreclosures are from loans that originated after 2001.
I have met people who have been foreclosed upon who can't even read, much less understand how their ARM worked. I have read of a strawberry picker who was talked into buying (and approved for a loan for) a $700,000 house. Now tell me who is conning who there??? Even our administrators like Alan Greenspan were telling people that ARMs were good, and that there was no housing bubble, that prices were going to continue to rise. There are a lot of people responsible, and it goes beyond just the buyers.
When was the last time you heard someone educating buyers on what they could afford instead of just saying "now is the time to buy"? |
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*Yawn*
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Some people were using arms to gain profit for the properties. they would buy a house and pay the low teaser rate for 2 years, probably lower than they deserved, but, then they could turn around and sell the place for a very nice profit especially those people that had an interest only arm so they were paying only interest nothing on principal for 2 years...but this time... they got stuck with the joint as values have fallen tremendously! |
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