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Mortgage-laden homeowners would be wise to refinance to a shorter-term note whenever possible, then pay extra.

We switched to a 15. Then we switched to a 10 and finished it off in 4.5 years.

Now the value of our paid-off home is going up about $20k per year due to rapid growth in the county. Hopefully next year we can sell to a rising code writer escaping from the Bay Area and downscale. Simplifying.

They are talking about getting rid of Dodd-Frank legislation to get the economy moving.

Uh, that didn’t end well 2002-2007, did it?

Meanwhile, families here in Orange County, CA still have not recovered from 2003-2007 excesses.

We really need regulation to save people and institutions from harming themselves. Ultimately the sensible majority pay for the financial implosions.

Why should my neighbor take out $200,000; spend it extravagantly then default? I have to bail out the bank and never got to enjoy the $200,000 party.

Liar loans,brought on by threats made to mortgage lenders by Attorney Corporal Reno in the 90's,are what brought us the crash of 2008.

I've had three mortgages in my life...the last of which was applied for in the early 80's and paid off in the early 90's.They all required 20% down,a confirmation of my credit score (which has always been excellent) and a written confirmation of my income from my employer.

Never missed a payment...never late with a payment...paid off all three early (a philosophy I learned from my Dad,a child of the Depression).

But I guess times have changed.

This doesn’t always be legit when they say more equity to your home.

I’m in Washington State and we just sold a house to buy a new one free and clear. The adjusters up here have a wide open opportunity to do almost anything they like. When he came in to set the number, he walked into a home built in 1993, we bought in 1995. We added in the 20 or so years: storage shed 8X12, covered deck, new 25 year guaranteed flooring and carpet throughout, repainted every room at least twice, remodeled both bathrooms, added a fireplace hearth, new air conditioner, new heating system, an air flow through system with an ion filter in it, landscaped the entire back yard, painted the exterior twice, new double paned windows, new gutter system, all new appliances less than a year old........there’s more, but here’s the point. A comparable home down the road with the same footage but no sliding door to their smaller deck or any of the extras I mentioned, but they had better carpet in their living room even though ours was newer and almost as good, was assessed at exactly the same price as ours. Our realtor was so mad he called the guy and tried to get him to reconsider his error which he refused. His answer was, “No house in this tract can be better than that number.” And that is even with all the extras he identified on ours.

They are just crooked but it changes the worth of the housing market if it is done all over. And they are independently hired, seems to be the same ones, by the auditor’s department and they do whatever they want with no responsibility or recourse against them.

rwood

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