Posted on 03/17/2015 9:38:51 PM PDT by george76
Some 5.4 million homes, or 10.4 percent of all homes with a mortgage, were still in a negative equity position, or "underwater," in the fourth quarter of 2014, according to CoreLogic, as their owners owe more on the mortgage than the home is currently worth. This is down considerably —18.9 percent, from a year ago—but it still keeps these borrowers from putting their homes on the market, because they would lose money. ..
Additionally, of the 49.9 million U.S. homes with a mortgage, approximately 10 million (20 percent) have less than 20 percent equity, and 1.4 million have less than 5 percent, according to CoreLogic. These homeowners also would have a difficult time selling because not only would they lose money in the process, but they also might not qualify for a new mortgage.
(Excerpt) Read more at cnbc.com ...
Geez, there I go being wrong again .....
I like it- Ragnar & Sarah! That would be some ass whuppin’.
Regardless of who put the weed killer on the lawn, the bank is responsible for the off-site migration of pollutants from their property. You can get a new lawn out of them.
If they balk, just ask them how much the Phase 2 site investigation is going to cost to clear it from having a chemical spill reported on it...
Ah, the new American Dream! keep in mind, there are more than a few people out there who did not bite off more than they could chew, but had their asses chewed off by a failed economy and job market.
I like the change of seasons. By the end of summer, I’m ready for the fall weather. I like winters too - as long as they aren’t from hell like the one last year.
The "Bank" doesn't own the property. It is still in the name of the deadbeat cop. The bank won't own it until they foreclose on it. They apparently are in no hurry to do it.
We have winters here. I can go surfing in the morning and skiing in the afternoon. That’s why we Californians are willing to put up with all the crap we get from Sacramento.
So? Prices go up and down. It’s the circle of life.
I agree - I am always ready for the change of seasons, especially fall, and it has been different every year since I got back to Michigan. It was quite a relief not to go through another winter like last year, however, which really was soul sucking. It got up to 50 degrees yesterday and everyone is out running around smiling, no coat, and thinking, We made it through another one - Good on us!!!
I’ve seen some high prices on houses for a long time. Whether continuing to live in the houses without paying or simply being caretakers for holding outfits, they keep property taxes high.
Many holding companies are stubbornly avoiding short sales at least in some areas. I wonder what ties some of them might have to local governments.
I DON’T care.
Seriously?
zero is 6 years into his scorched earth America project, millions are hurting, and you don’t care that people are upside down in their mortgages??
All it takes, bro, is one health crisis, one lay-off, one switch to zero care, etc., and YOU would be there.
I am not there, but I do have empathy for those who are. Sometimes, it is not 100% your fault.
speculation- maybe go after the cop, get a judgment (negligence), then use the judgment to put a lien on the property. that might get the bank’s attention, at least enough to settle out of court in your favor to some extent.
If you do 100% financing on a new Car and drive it off the Lot, you are underwater.
Does that mean you can stop making Car Payments?
I just don’t get it. When you buy a House you sign the Loan Papers and make your Mortgage Payments, right. Whether the Market goes up or goes down, your Mortgage doesn’t change.
Oh that’s right, it’s the Bank’s fault for lending you the Money.
Holding the note is enough to confer the liability (which I don’t personally agree with), that’s why they do a Phase I (research/historical and site visit as opposed to Phase II where you start sticking holes in the ground) assessment on everything they lend for commercially, and for residential probably over a certain limit or in certain areas with dubious past uses.
Same if you get cancer, right? What's all this "prayers up" BS I see all the time? Shut up and die. Circle of life.
So, this is the right time for Obama to relax lending rules?
So?
Seems like you guys cleaned up the nearly 9 million off book REO’s and now we’re down to about 1 million off book REO’s.
Seems like everything is fine...
I think that there is some sort of bail-out or insurance for the banks by the Fed government.
The subprime mortgage problem from 2008 is brought up well in this comdedy bit, beginning at about the three minute mark.
Bundling the debts and sell them.
“Why do they buy these investments?”
“Well, they have good names. Bear Stearns’s calls one of them High-Grade Structured Enhanced Credit Fund”
“Well, High Grade - I like the sound of that name!”
“But if these investments collapse, won’t it hurt the economy.”
“Oh - but they won’t collapse, as the government will step in and bail out the investment companies.”
https://www.youtube.com/watch?v=mzJmTCYmo9g
The next video had something about “We all knew it was going to collapse, but the trick is, we all ACTED like it wasn’t going to happen.”
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