Posted on 03/26/2012 8:14:34 AM PDT by reaganaut1
While most Americans agree now is not the best time to sell a home, they feel stronger than ever that those struggling to pay their mortgage should sell their home and buy a cheaper one rather than receive help from the government.
The latest Rasmussen Reports national telephone survey of American Adults shows that just 19% believe the government should assist those struggling homeowners in making their mortgage payments. Sixty-nine percent (69%) think someone who can’t afford to make increased mortgage payments should sell their home and find a less expensive one. That’s up three points from January and the highest finding in nearly two years of regular tracking. Thirteen percent (13%) are undecided.
(Excerpt) Read more at rasmussenreports.com ...
“Of course, I would have preferred not doing that(!) although I am happy, in today’s environment, to be renting instead of owning.”
Anytime you have to ‘pay out’ to close a mortgage has got to be somewhat painful.
As it stands right now, I’m still able to make my payments (but just barely).
I haven’t had a raise in the past few years.
I basically agreed not to take one to be able to keep working and help the company from going under.
As it stands, things are ‘tight’,but hopefully, after November, things will pickup up and give me some breathing room.
My mortgage is low enough that renting, for me, would not be an option.
I wouldn’t be able to find an apartment for the price I pay for my house and I’m in a ‘low tax’ district, which helps too.
“You should not factor in what you are losing in your decision, only in the impact of cash flow going forward.”
The problem is, many of them have no ‘cash flow’ to begin with, hence the ‘loss’ of selling the house.
How do you qualify for a lower mortgage if you can’t meet your current one?
My wife and I have even discussed selling and moving to another area. But with the housing market being as week as it is, we wouldn’t have any money left over to buy another house. We would just about break even.
week = weak
:(
But hardly anyone’s buying, believing the asking price will drop even more. There’s quite a few empty houses around here that have been that way for a year or more. I hear banks are sitting on their foreclosures, waiting for the economy to pick up so they can ask for a higher price (and get it).
Well that would be great except that a good percentage of people struggling to make mortgage payments have a house that is not going to sell for what’s owed on it. If they could they probably would sell.
I think 69% are idiots that have no idea that most people are under water on their mortgage and selling isn’t so simple as saying so. Maybe they should move out of their apartments and parent’s basments and show the rest of America how its done.
Some people who are not the straw man bad credit types who bought above their means are in trouble due to job loss and non-existent recovery. Renting, even downsizing to a smaller place like a 2 bedroom duplex, will be no less expensive than the mortgage payments they struggle to keep up with while looking for work.
In their local area they can't even sell because homes aren't moving, listings sit for months while some foreclosures are being held by banks for the market to recover.
My co-workers (mostly younger)told me to buy as much house as the bank will loan you because the price of houses would go up and your salary would go up. I bought a house that was half of what the bank would loan me. My youthful co-workers are in trouble now. There’s lots of people who intentionally overbought. Now, they want somebody else to bail them out. I would have liked to have that mansion overlooking the valley and then have someone else pay for it. What happens when you reward poor decision-making?
My wife and I were pre-approved for something like $250,000 when we went shopping for our first home some 20 years ago. We ended up finding a three-bedroom ranch for $92,500 that was a real fixer-upper. But we were overjoyed to have a home that actually cost us less in monthly mortgage payments then what we were previously paying for rent and didn't mind at all that everything needed updating.
Over the next five years, we did landscaping, windows, doors, siding, roofing and a whole lot of painting and remodeling on the inside and had that house looking like new. I mean, we did EVERYTHING to that house. It ended up being a great experience because we got a real education on how to fix things around the house and that served us well in future years. We ended up selling that home at a nice profit and got a much larger home with a very affordable mortgage that we are just about done paying off.
Young couples should always get a fixer-upper as opposed to a home where everything is updated and brand new. You can afford much more house that way and it is better to fix things when you are young and still have the energy.
WOW what a concept! Actually owning what you can afford.....LOL I am sill trying to figure out how all of these idiots slept through the part where they told them after the first year the interest rate went up and how much higher it could go than prime?
30-35% of Americans are outright socialists or are socialist supporters, even if unwittingly or passively.
Yes, I’m sure that 30% of Americans feel that the rich should just support everybody from the money that grows on the trees in their yards, and when that money is gone, then just use the money that flows up from government wells.
Yes. 30% are that dellusional, dumb, or socialist. Yes.
“69% Say Those Struggling With Mortgage Should Sell, Buy Cheaper Home”
Wow, such naivety.
Anybody paying attention with half their brain would also notice that the home values have dropped and most houses are underwater. On top of that NOBODY IS BUYING!
JB
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