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5 months ago
in Finally, a Bailout for Homeowners? on The Washington Independent
"Christopher Whalen, an investment banker and research analyst ...it’s time to get the foreclosure over with and get that property back on the market, as a first step toward stemming falling home values."
How, exactly, is this the best course of action? The house will then be on the market appraised for the same reduced value as could have been offered to the homeowner if a modification had been pursued.
I.e. say my circumstances are such that I can't afford a loan for $300K but the current appraised value is $200K which I can afford. If the Mr. Potter's of the world skip to the chase and foreclose, the lender would then be trying to sell the house in an already flooded market for the same $200K.
There are a whole lot more stories in the housing debachle other than the subprimes. Between health issues and a new baby my wife hasn't worked in 3 years. We tried to sell just before this whole thing started and we watched our asking price follow the market down...trailing just behind. We went from hoping to come away with a modest down on something much smaller, to hoping we could break even, to being deeply indebted to family for the past year which will shortly run out.
I have similar urges like 'mad and angry' below but intentionally defaulting is a bad decision...like the ones that led people into the subprime web in the first place. I have to believe the system will open to those like me who have tried desperatly to be responsible. I just hope it happens in time.
How, exactly, is this the best course of action? The house will then be on the market appraised for the same reduced value as could have been offered to the homeowner if a modification had been pursued.
I.e. say my circumstances are such that I can't afford a loan for $300K but the current appraised value is $200K which I can afford. If the Mr. Potter's of the world skip to the chase and foreclose, the lender would then be trying to sell the house in an already flooded market for the same $200K.
There are a whole lot more stories in the housing debachle other than the subprimes. Between health issues and a new baby my wife hasn't worked in 3 years. We tried to sell just before this whole thing started and we watched our asking price follow the market down...trailing just behind. We went from hoping to come away with a modest down on something much smaller, to hoping we could break even, to being deeply indebted to family for the past year which will shortly run out.
I have similar urges like 'mad and angry' below but intentionally defaulting is a bad decision...like the ones that led people into the subprime web in the first place. I have to believe the system will open to those like me who have tried desperatly to be responsible. I just hope it happens in time.
1 reply
ur lame ;D u think all cuz u make a lot of money u can talk down 2 us liltle people... DUDE>.>
u need a life cuz u are probably a middle age dude sitting at the computer playin World of Warcraft of some stupid, immature, pointless game to chat to your nerdy buddies. So there :P . And u know what, u shouldn't even be on this site cuz u prob. some rich, snobby person and your home or house may not even be up for sale, foreclosure SO THERE... AGAIN *_*