Foreclosures...

[Racer X]

Black wrote:
I've kept up my payments and will probably be able to do so for at least the foreseeable near future. It's meant working 6 days a week, working extra unpaid hours to maximize my value to my employer in order to stay off the chopping block, and foregoing luxuries that many people consider basic needs these days.

What do I get?

people who do the honorable and "right" thing usually get nothing. Sucks doesn't it? I feel exactly the same way. Having good strong values is a hinderance these days.

[decocritter]

I feel that way too, and I still don't want to start seeing foreclosures in this complex...kiss of death. Values are down 20-30% now.

[vicrock]

Black wrote:
I've kept up my payments and will probably be able to do so for at least the foreseeable near future. It's meant working 6 days a week, working extra unpaid hours to maximize my value to my employer in order to stay off the chopping block, and foregoing luxuries that many people consider basic needs these days.

What do I get?

:agree:

I've said for a long time - I have sympathy for people who have lost their jobs, or have had a health crisis - but not so much for people who were STUPID and bought way more house than they could afford on an ARM.

Those of us who are making our payments on time are paying for all those who are defaulting.

[Grateful11]

One thing I don't think anyone can argue with is that home prices were way too high during the housing
boom. I saw last night on the news that one couple in Florida, the man a fireman, the woman a secretary,
had bought a $700K home and now they're being foreclosed on. They said bought it because they could.

[Rick-o]

Racer X wrote:
[quote=Black]
I've kept up my payments and will probably be able to do so for at least the foreseeable near future. It's meant working 6 days a week, working extra unpaid hours to maximize my value to my employer in order to stay off the chopping block, and foregoing luxuries that many people consider basic needs these days.

What do I get?

people who do the honorable and "right" thing usually get nothing. Sucks doesn't it? I feel exactly the same way. Having good strong values is a hinderance these days.
Agreed. I pay my own way and am responsible for my actions. It's almost like being penalized for doing the right thing.

Another question I have is why are all these vacant homes still outrageously priced? Seems like there should be bargain basement deals out there on real estate during these times. I'm not seeing any bargains in my neck of the woods.

[dmann]

My sister has been BEGGING her bank to work with her and they wouldn't. Husband lost his job in 2009, finally found one 10 months later but at a big pay cut. 2 months after that, sister lost her job. Then they got divorced. Sister found a new job, again at a big pay cut. My mom was helping her pay the mortgage and then she lost HER job.

They finally consulted with a real estate attorney who advised them to stop paying the mortgage, so they did. Last payment was in January and Tuesday, someone from the bank called my sister to "see what they could do to help her get back on track." Prior to January, they were never, ever late or short on a payment and now that they are finally 5 months in arrears, the bank wants to "talk."

Idiocy defined, IMHO.

DM

[vision63]

mrbigstuff wrote:
[quote=vision63]
Anyone you know that need help, you need to steer them to one of NACA's loan modification events. This is the only organization that has the teeth to help in some measure. There is one today in San Jose. I have many friends that have found relief. Also, buying a house through NACA is best way to buy one.

http://abclocal.go.com/kgo/story?section.../south_bay&id=8196908

https://www.naca.com/index_main.j

usually based on income maximums. many people will qualify but some who are still working will not.
Most people will qualify for "some" kind of relief. I've volunteered at some of the events (if you benefit from them (buy a house via their serve for ex) you have to volunteer to help at least one time. Working people are especially welcome. The banks can do so much more than they do and they do in these situations.

[Mac1337]

Banks have already been compensated for losses they were about to suffer. They ware keeping the money and the house. What did you think they would do? Bail out and tarp were huge wastes of money.

[Black]

Rick-o wrote:
Another question I have is why are all these vacant homes still outrageously priced? Seems like there should be bargain basement deals out there on real estate during these times. I'm not seeing any bargains in my neck of the woods.

You apparently live in an area with a hefty "safe tax."

Lots and lots (and lots) of foreclosures within a mile of me with asking prices of 50k and under.

[Fritz]

big banks are doing their best to sink the country ............. still.

From the Einhorn article linked above.

"THIS could be fixed. Congress might grant qualifying homeowners the ability to get new government loans based on the current appraised values without requiring their bank’s consent. When a corporation gets into trouble, its lenders often accept a partial payment in return for some share in any future recovery. Similarly, homeowners should be permitted to satisfy current first mortgages with a combination of the proceeds of the new government loan and a share in any future recovery from the future sale or refinancing of their homes. Lenders who issued second mortgages should be forced to release their claims on property. The important point is that homeowners, not lenders, be granted the right to obtain new government loans. To work, the program needs to be universal and should not require homeowners to file for bankruptcy."