Posted: 10/11/2008 3:27:39 PM EDT
| andrewsullivan.theatlantic.com/the_daily_dish/2008/10/memories.html |
Kind of what I was thinking. Like that television left behind.  you'd think the bank would want that to be thrown in with the house or something.
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The computer made me laugh though......looked like it was a Packard Bell from the early 90s. Yeah, I can see why that one was left behind....lol. |
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I'd put a post on Craigslist... "Everything must go! Come on by!" Either as the foreclosed-upon owner, the lender, or the cleanup guy. Tell people to start coming by at 7AM, and have my crew ready to trash what's left at 4PM. Heck, have them dragging away the obvious junk while I took what I could get for TVs, computers, pots and pans, bunk beds, desks, couches, kitchen ware... I could fill my pockets with a few hundred in small bills in pretty short order 
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Well I could be in a hateful rage, I could even "fix" the problems, but people will jail me for my solutions |
Alot of those electronics appliances and furniture probaly is not paid for either |
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If I worked cleaning those homes for that company, I would 1. Rent a storage unit 2. Hold a yard sale every weekend What a shame to throw all that stuff away.  There's good people out there that could use that stuff. I know what they mean about charities not showing up for perfectly good items. Contractually, they are held to cleaning those homes for immediate sale.that's some messed up shit. |
You arn't going to fix the problem. You probably don't even know what the problem is. Don't get me wrong, I am sure you think you know what the problem is, but based on a lot of previous threads on the subject I am pretty sure your knee jerk response isn't the problem or the solution. |
You over extended yourself, you didnt pay attention, you didnt plan. You lose everything, oh well your fault. No more simple credit, its like being 18 again. Good luck make sure to tell everyone how you messed up maybe they will learn from your misfortune. |
You walked right into the stereotype AR15.com response. You don't know your ass from a hole in the ground. Just like I thought. Since you addressed this to me: I didn't overextend myself. In fact, I could probably afford this house no matter what happened. Nor did I lose everything. In fact, I lost nothing. The fact is that most of these people are walking away from the loan. They make more than enough to afford the house. They just don't see the point in paying it. They will never recover their investment. Making the payments is throwing good money after bad. So, the walk away. They didn't spend more than they could afford. They didn't buy more houe than they could afford. Their payment wasn't more than they could afford. They simply realized that when the value of their house dropped by 75% or so, that they couldn't revover the cost in any reasonable length of time. 15 or 20 years isn't a reasonable length of time. |
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So what the hell really did happen to cause this bubble to burst all at once? My wife and I are in the process of trying to buy a house that is in a short sale. We went by today to show some visiting familly where it is at and the people had pretty well moved out of it already. I do hope they leave the shed though it is a nice shed. |
Its OK our tax dollars will take care of their poor decision making in picking the correct loan and make good investments 
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You borrowed the money and promised to pay it back. You used the money to buy a house that is now worth less money. The fact that the house is worth less money has nothing to do with the simple fact you owe the bank the amount you promised to repay. If you refuse to pay the amount you owe, when you can afford to, that makes you a thief. |
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greed. on both the lendor and the lendie. plane and simple. My Brother was one. His wife couldn't drive a used car. they tried to keep up with people who had saved up 10 years or more. I had a decent used Astro Van that I would have sold them for a song, nope gotta get a 28k brand new car to haul the kids with (yes, I bought the car new but with a gmc discount and could have paid it off @ the time of sale) They didn't live within their means. Bought the house with zero down, and with an emediate 2nd mortgage to qualify. ( but spent 40k on a wedding the week before) they gave the house back to the bank and it was upside down around 100k our kids, and grandkids will be paying for this. And yes, some guys are going to get wealthy on this. |
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You know what would have fixed this shit? I will tell you, you probably won't like it, you probably won't agree, but this is how I see it. The fixes are simple, require 25% cash down payments. Do not make euity loans more than maybe 5% of a homes actual equity, verify an applicants ability to repay a loan now and in the future (if the applicant changes jobs every six months they probably aren't a good risk). Home buyers should be aware that is what they are, when every single idiot who fills out a loan application is being led to believe they are the next real estate tycoon bad things are going to happen. The most important thing is to try and understand what a house is worth. you only need to know three things to know what a house is worth. The value of the land the house is built in, the current cost for the materials to build the house, and the cost of the labor to build the house. That is all, add up those three numbers and that is the value of a house, if you see value in anything else you are spending money foolishly, and paying more than what it is worth. These things were considered standards once upon a time. Of course that was back in the days when the common wisdom was that a person who only makes $3000 bring home can't afford a $3500 mortgage payment, how silly people were back then. |
That may be, but that is another issue all together. The point is that what causes many people to not pay back the money isn't quite as simple as many people want to make it out. It sounds easy to simply say people overextended themselves and all that. The truth often isn't that simple. Again, many of these people didn't buy more house than they could afford. Many of these people didn't buy their home as an investment. Many of these people didn't buy their home with the intention of turning it over for a profit. Many of these people didn't get into this because they were wild and loose with their money. They simply bought a reasonable home for a reasonable price. BUT, when the value of their home fell by 25 - 50 % they see no hope of ever recovering and then started questioning the idea of throwing good money after bad. As has been said in many of these threads previously, it is one thing to owe somebody a few hundred dollars or even a few thousand dollars. But when you owe someone several hundred thousand dollars and you have no hope of ever getting it back, people start to question the whole process. People on these threads tend to focus on the people who bought houses they couldn't afford to begin with. Based on the people I talk to about this who either have walked away or are considering walking away, none of them did this. All the people I personally know who did this (6-8 people) did so simply because the value of their home fell by such a huge amount that they couldn't see it ever coming back to what they paid for it; so they bailed. And I fully understand because the value of my house did the same thing. Based on a real estate flyer I got in the mail two days ago, I am guessing my house is now worth about 1/2 what I paid for it. I don't think I did anything irresponsible. It is just the market right now. |
I think the fact that is was an all-new subdivision has a lot to do with it. In my neighborhood, the houses are from 10-25 years old, and the owners have had time to build equity. These people in the video didn't even have equity in a TV set. Sad. When all this passes, and it will, it's going to be a lot harder to buy a house. Kind of contraproductive to what Clinton was going for, isn't it? |
| I've visited many of foreclosed houses in the Foreclosure Alley. Some houses were so new they still haven't landscaped the yard, removed stickers from some appliances, or even take off instruction sheets stuck on thermostats. Kid stuffs are always the saddest. I have seen a girl's letter from an out-of-state friend that was still sitting on a desk. |
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To add a little bit to my previous post: We had a conversation at work about this whole thing the first time this video was posted. Among the people we know personally who either walked away or were talking about walking away we came up with a number of different reasons why. FWIW: according to our local news, Las Vegas leads the nation in foreclosures, so this is effecting everybody here. Pretty much everybody knows someone who walked away or is thinking about walking away. Pretty much everybody has houses in their neighborhood that are abandoned. So, this topic comes up fairly often. The first reason is the one I already gave. People looked at what their house was worth now compared to what they owe on it. When you are making a substantial house payment and instead of building equity in the house you lose more and more every day, it is real hard to keep making the payment. You are basically renting the house for a lot more than it would cost to really rent the house. You pay someone to live there, and you get no equity = renting. Another reason people are walking is because they bought a really nice new house in a new neighborhood only to discover after they move in that all the other houses in the neighborhood are owned by investors who are renting them out. The other people in the neighborhood don't keep the houses up, they don't follow the rules of the HOA, and within six months of cutting the ribbon, the neighborhood turns into a shit hole. Keep in mind that in the days of zero down loans, interest only loans, stated income loans etc. these people who are renting were such losers that they couldn't buy their own home, so you can imagine the neighborhood after a few months. It was pristine and brand new when you bought. But after everybody moved in, watch out. So, combined with the fall of real estate values in general, yours is falling even more because the neighborhood/surrounding houses are dragging yours down with them. Yet another reason people are walking away is because a few people in the neighborhood walk away and it creates a chain reaction. Once a couple people walk away and there houses are sitting there abadoned with the lawn dead, etc. Once again, this accellerates the fall of your house's value. Once the whole neighborhood becomes abadoned, there is less and less incentive for you to try to stick it out. Of course there are people who bought more house than they could afford on a zero down, interest only, ARM or what have you, but I don't personally know any of them who are walking away. But keep in mind that in any individual neighborhood, you are going to get a combination of these factors. One of the guys I was working with the other day bought a real nice house. He makes good money and so does his wife. He didn't get any kind of crazy loan, he has a conventional loan. He and his wife have lived there for about 4-5 years and poured as much extra money as they could onto the prinicipal. He lives in a cul de sac with like eight houses. He told me that three people have walked away and the houses on either side of his are rentals. Both rentals make no attempt to keep the houses up, have junk cars sitting around, don't take in the garbage cans............. So, my buddy is now thinking about the option of walking away. He definitely dosn't fit the AR15.com profile. He is a responsible guy who made a reasonable purchase. Due to external factors, his best business option might be to walk away. |
I expect even when they didnt have money to pay for the house they had money to eat out and have new clothes and a TV right |
How very sad and depressing. |
For some reason this doesnt bother me, I was told by someone Id make a good repo man |
Tough shit! YOU bought the fucking house. YOU borrowed the fucking money. YOU pay it back. It think these people should be held accountable for their actions....like NEVER being able to get another loan again and some prison time. 15-20 years not a reasonable length of time  Serves people right to get fucked if they think they are going to double their money every two years by buying a fucking house. |
I'd like to go through these homes first and get some new furnature and TVs. All this stuff was purchased with mortgage money |