Posted: 2/26/2010 5:22:32 PM EDT
Good lord.... 
We are still waiting for the bank to respond to the buyer's offer on the short sale of our condo in Sterling. It's been four months and counting, and the place originally hit the market in June last year. The buyer backed out of the offer two months after the paperwork went to the bank. I'm still surprised he stuck around that long. This place is never going to sell –– I'm almost ready to tell my Realtor to remove it from the market and tell the bank to take the keys and foreclose. I finally figured out why, despite leaving the thermostat at 55F (lowest it would go) after we left to keep the pipes from freezing, my Washington Gas bill has been around $80/month. It turns out they've been billing me for my neighbor's usage since we moved in back in April 2006. I have no idea whose she's paying. Mine, maybe, but fixing a cluster fuck with Washington Gas is hard enough when you're in the area –– try doing it from 1,800 miles away... Got two interesting pieces of mail today. The first was the HOA's bi-annual newsletter, post-marked 2/24. One of the items on the newsletter: "Be sure to remove holiday decorations by January 25." Clearly the company that manages the HOA is staffed exclusively by Ivy League MBA graduates. The second was the Loudoun County 2010 Real Property Assessment on the property. Bought it in 2006 for $324,000. County says, as of 2010, it's worth $187,900. That's a loss of $136,100, or 42% of the value at purchase. It seems everything is as I left it back in NOVA –– Situation Normal: All Fucked Up. How was your day? _MaH |
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you got me beat brother, but not by much....
a foreclosure in my neighborhood just sold 2 weeks ago, same exact floor plan, bought at the same time I did... foreclosure sold for $375,000 or thereabouts i paid $620k.... thats about a 40% loss in value... i don't see it coming back anytime soon...my wife and I are meeting with a financial planner next week to talk about short sales, etc.... the problem is...I make my mortgage payment every month....the mortgage company refuses to even talk to me unless I am 2 months behind, or if it poses a financial hardship...with my injuries and inability to work while I heal, I'm about ready to sign the affidavit.... fuck the stupid government....people like COULD SPEND MONEY if the government would stop bailing out people that bought way more house than they could afford and made banks work with honest homebuyers to readjust and refinance their homes to the real current value...but no, that would make sense there's like 3% of homeowners foreclosing or in imminent danger of foreclosure... almost 40% of homeowners in this country are "significantly upside down" on their mortgages... and its not ma and pa who have owned their houses for 30 years.... its people like me, and you, that bought their houses because, well, it was that time in life when you buy a house.... it has absolutely handicapped the intellectual property and solid work force of this country.... oh, look, new job in new area X that would help to grow the economy...but they can't get workers because no one can get out of their homes to move... until someone in power realizes that the people who grow the economy and drive it in this country (the middle class) can't spend their money because the banks hold so much sway because of the dive in value of real property, we will continue to sink deeper into depression... i must admit, I'm jealous as hell you got out...... |
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The second was the Loudoun County 2010 Real Property Assessment on the property. Bought it in 2006 for $324,000. County says, as of 2010, it's worth $187,900. That's a loss of $136,100, or 42% of the value at purchase. Looks like the RE tax rate is going up from 1.245 to around 1.40 (give or take a penny). So, your taxes are probably going up... |
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i must admit, I'm jealous as hell you got out...... When you enter into a mortgage agreement with a bank, the agreement is that "If I do not make these mortgage payments in full and on time, and this continues for a time beyond your tolerance threshold, then you initiate foreclosure proceedings, vacate me from the premises, take ownership of the house, and put a black mark on my credit report." It is an agreement that has worked for centuries, and will continue to into the future. But every man has a breaking point. A point where a home is no longer a home, nor even a house/townhome/condo/etc. - a point where it becomes an overwhelming burden. A point where this burden becomes so great that a man loses all emotional attachment he may have to the structure, and no longer cares about the consequences to his credit record. My final straw was a fire. A fire started by some careless asshole in the condo building lazily discarding a cigarette butt into fresh mulch. This smoldered, then the vinyl siding - which the firefighters that put out the fire referred to as "solid gasoline" - and the flames crawled up the building to the second story window. My 18 month old daughter was asleep in the 3rd floor room above those flames. With two jobs, I was close to keeping us above water, but credit card debt still grew. This also meant nearly zero personal/family time, which increased stress. Plus the horrors of NOVA traffic factored in, and I was at my threshold. Then some careless mother fucker almost killed my daughter. 
That does it. We're gone. There's no reason for me to stay here. No reason to endure the madness of this area's traffic. No reason for me to work two jobs just to get close to the surface, but not break it. No reason for me to spend over half my income from these two jobs on a place worth 33% less than what I bought it for. The fire was the final straw that made up our minds to leave, but to where and when was still undecided. I had done some research and really was eyeing Wyoming, but then decided to look south of that border at Colorado. Needless to say, it's obvious where we wound up, but the matter of when was still undecided. Then came a few days in late July 2009 that answered the "when" question –– the answer: ASAP. Staying in our situation at that time showed the first harrowing signs beyond simply that of stress, frustration and anger. I knew it was unloaded - no mag and I checked the chamber visually and physically three times. But, per safety reasons, it is always loaded. That still didn't stop me from standing in front of the bathroom mirror and putting it to my temple. That reflection scared me more than anything ever has before in my life. I knew I had to do something immediately. So I went to Fairfax Family Practice at Fair Oaks hospital. I talked to a doctor about what was clearly a problem with stress and depression. She prescribed me Zoloft, which I did some research on before deciding whether to fill the prescription or not. Suicide - a known side effect of Zoloft. I tore up the script on the spot. What bullshit. "Hi Doctor - I'm concerned that I have suicidal thoughts." "Here you go, a prescription for a pill that will turn those thoughts into action!" Fuck... "Do no harm" my ass; and yet I'm still here telling the Democrats to suck my dick on health care reform. It was obvious that getting out of NOVA was now a matter of improving my physical and mental health first, and my finances far behind that and other reasons. You know what? It worked. I've been out here for four months as of March 3rd. Our debt has been cut by more than half, we actually have savings again, my wife tells me she can definitely tell I'm happier, I've lost 30 pounds, making plans to start my own company, hiked more miles in the last few months than I have in the last decade, and planning to hike/climb to the summit of every mountain over 14,000 feet in elevation in Colorado, starting with Pikes Peak on March 20th. You're jealous I got out? After reading all that, are you still jealous or do you think you're actually more fortunate in some very important ways? Stop being jealous and start taking back your life. I'll be delighted to help you however I can –– if the lessons I've learned the hard way can keep someone else, anyone, just one person, from experiencing the same, it will bring me great relief. Why do you think I host the "Going Galt" segment on Radio Free ARFCOM? Because I have all the fire and reason in me to never, ever go through all that ever again, and I believe I can help others avoid it altogether. All my life, growing up, I kept hearing people say I was setting an example for others –– an example of what not to be. I guess I've finally figured out a way to make that a good thing for myself, too. Well, damn.... I just bared my soul to the ARFCOM VAHTF. I guess if you're reading this, I had the balls to press the "Submit" button on this post. Be gentle. _MaH |
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I've lost 30 pounds, , hiked more miles in the last few months than I have in the last decade, and planning to hike/climb to the summit of every mountain over 14,000 feet in elevation in Colorado, starting with Pikes Peak on March 20th. _MaH sorry Matt. I gotta call BS on this. 
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I've lost 30 pounds, , hiked more miles in the last few months than I have in the last decade, and planning to hike/climb to the summit of every mountain over 14,000 feet in elevation in Colorado, starting with Pikes Peak on March 20th. _MaH sorry Matt. I gotta call BS on this.
All right, go ahead and call it. So, still coming out here in the spring? If not, I'll see you in the summer (date TBD) _MaH |
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Quoted: Quoted: I've lost 30 pounds, , hiked more miles in the last few months than I have in the last decade, and planning to hike/climb to the summit of every mountain over 14,000 feet in elevation in Colorado, starting with Pikes Peak on March 20th. _MaH sorry Matt. I gotta call BS on this. Hell. I have the "before" picture on video somewhere......  |
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I'm not "jealous" that you got out.....any of us could do the same if we made the choice to do so.
It's obvious that you don't like it here and apparently that was taking a major toll on you in a variety of ways..... but plenty of us get along just fine. ETA: I'm glad you're doing better |
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The first was the HOA's bi-annual newsletter, post-marked 2/24. One of the items on the newsletter:
"Be sure to remove holiday decorations by January 25." By implication, they must mean 1/25/2011. Glad to hear things are on the upswing. Takes a tough guy to bare his soul.... especially to this crew. |
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unfortunately, foreclosure proceedings is NOT where it ends in Virginia...
Virginia is one of 30 odd states that allows deficiency judgments against borrowers by creditors... so, in your scenario, the bank forecloses, sells the house, and comes up with a $142,000 deficiency on the loan they can then 1) Go to court and file for a deficiency judgment against you 2) Probably get that judgment for the full amount 3) Garnish your wages, get liens, etc etc until you pay the remaining amount the likelihood, though, is that you settle the deficiency before it goes that far by agreeing to pay a sum over a course of time in satisfaction of the debt... i don't know about you, but I'm not too keen of a $250,000 (in my case) deficiency judgment against me.... thats why 1) short sales or 2) deed in lieu of foreclosure are ALWAYS preferable to foreclosure...who gives a damn about a credit hit....i don't want a court settlement telling me I owe my mortgage holder the remaining balance of my mortgage after my house has been sold EDIT: to go a little further, once the deficiency is decided, most people have little choice but to go into some form of bankruptcy....not a place I really long to be right now.....a lot of banks won't pursue a deficiency judgment against someone with, frankly, no assets....a lot of people in foreclosure are there because they are broke, plain and simple...can't get water out of a turnip.....but the people that are voluntarily allowing foreclosure....those that just stop paying...those that STILL have assets...are learning a very hard and rude lesson...THOSE people the bank or lender WILL pursue....and if you're in a state (like Virginia) where such proceedings are allowed you can easily find yourself, yes, out from under an oppressive mortgage, but then right back under an oppressive court judgment.... |
| My house was valued at 320 when we bought, the assessment is for 248, which sucks donkey balls, but damn, some of y'all are even worse. Plus the mortgage just went up by a bill cuz the taxes went up... Keep on f******' the people who actually can pay for things government! |
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Hey mhoffman...sorry you are having trouble selling your old place, but I am glad to hear that things are working out for you in CO. One poster said, and I agree, that home prices won't be coming back for a long time now. I am in the construction business, and it ain't pretty. To be honest, I don't know as there is anything that can be done to get things fixed. The government made such a major mess with their Freddie/Fannie meddling, that it might not get squared away in our lifetimes.
I have been thinking alot about this lately. I basically have a 20 year timeframe to work before I retire, and if construction is going to be like this for the next 5 or 10 years, or longer, then I seriously need to be looking at something else. I don't have any time to waste. I am sure that alot of folks are having the same thoughts as well. |
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Matt, this isn't written about you, this is 'just in general', so don't take it personally. If you want to take it personally, go for it...we can discuss it in August when I'm out visiting my brother in Denver....
[rant] What bothers me most is that most folks, when someone tells them their $100K house is 'worth' $300K, and not understanding 'real' numbers, immediately go out and refinance for the full 'value'. What do they do with their new found money? They spend it on Hardley Ablesons, Boats, RV's, PWC, ATV, TGIF's and eventually treating their STD's, PTSD, and divorces. Buying 2-3 houses, condo's, apartments, vacation homes with the 'profit' on my $100K house) Did this make sense? Nope. Did it NOT require some personal decision to do so?....or did someone force you to? Then, when the market does a correction, and they're in debt up to their eyeballs, have the gall to cry 'oh, poor me, I can't make my house payments, someone help'. While they're keeping their head above water, barely making payments on their $300K house (which they couldn't afford in the first place, that's why they bought the $100K one).....the job market goes to shit. Ooopsie! Do we start trying to sell off our 2 or 3 homes? Too late. Market is saturated with all of the 'oopsies'. Do we start selling our 'toys' we all bought with our extra cash? We try, but again, saturated market. So, what do we do? We walk away from our legal and moral obligations to repay our loans, beg Uncle Sugar for a bailout, all the time bitching to the politicians that there are no jobs, no money, no..... Jesus 4Kin Christ, you got yourself into this mess, at least have the balls to admit it....and do the right thing, pay your fucking mortgage like you promised you would. Now that you know you can't afford the house you couldn't afford X years ago, maybe the lesson will stick. No one needs a house of their own, it's not a requirement, and it damn sure shouldn't have been as easy as it was for them to get it. 7-11 night clerk buying a $600K McMansion in Ashburn? Gimme a fucking break. Bed made, you sleep in it. I was approved for a $300K loan in 99. No Fucking Way I was going in that deep. I bought my brand new $97.5K house on 3ac in 2000 with a 30yr fixed. 2 years later, I refinanced for $100K on a 15yr fixed, even though the house was 'worth' a lot more. 2 years ago, we refinanced for 10yrs, and I have about $68K left on it. (the looks of horror in the mortgage folks eyes when I didn't cash out was priceless) It was never about a smaller monthly payment or putting more toys in the garage/safe/'portfolio', or a vacation home in innercity DC...., it was always about getting out of debt as soon as I could. My increases in value only made it easier to refinance, my increases in loan amounts were only to include the costs of refinancing. I didn't finance any of my 'toys' out of my house. Burn it, walk away from it, kill yourselves in it and let your spouses reap the benefits of you being an idiot who didn't understand math...your decision. But understand it wasn't someone else that put you there but you. No one twisted your arms, only your minds. But remember, your lack of responsibility for your actions, well, I guess it's the new Americant way.... Just make sure you put big O back in office for another 4 years or you might have to be responsible for something, someday. [/rant] |
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millerized...
not a bad point, but unfortunately its an extremely myopic view of reality... reality (both from research of media sources, and from practical experience as I know several attorneys who do this for a living) is the people you describe are an EXTREMELY small portion of the homeowners fucked by the current crisis... the majority of the people fit this situation: 1) they bought a house they could afford when it was time for them to buy a house....they weren't looking for an investment property...they were just at the lifestage where it was time to stop paying rent and start building equity in property....prior to this crisis the biggest investment with the biggest return that the majority of people ever made was real property 2) they are STILL making their payments....on time....like dutiful little automatons... 3) they are in a situation now where the likelihood that their investment pays off anytime soon is very, very slim...and by soon, I mean 30 years if these people were a business they would walk away from the bad investment....do whatever they could to liquidate the asset and move on to something else it happens ALL THE TIME... this notion of dedication to a contract, especially one with a bank that artificially depresses the value of the asset you own all the while refusing to aid in negotiation to make the asset viable, is antiquated in the market system it is all about risk/reward and cost vs benefit as with any contract, there is a benefit to breaching it, and a cost associated with it... people are going to have to start looking at this from a utilitarian point of view or we will fall deeper and deeper into crisis, because the current housing crisis, and the fact that 40% of homeowners (read the true intellectual property of this country) are house poor, is the major factor driving this recession People, sooner rather than later, and its already happening, are going to look at this and realize that the penalties for breach are far outweighed by the benefits of no longer being bound by an onerous investment.....they'll realize that taking the credit hit, and facing the possibility of a deficiency judgment, even being forced into chapter 7,11, or 13, are preferable to remaining in their current homes, and literally throwing millions of dollars into a black hole with no promise of return on this investment and at some point, banks are going to have to start renegotiating loans into fixed mortgages for the value of the house as it stands right now with people, or face the possibility of losing them as customers altogether...and the damage this does is very small....banks can write off the difference of the loss, and keep good customers who can pay a viable debt over the long term.. and here's the kicker...they ARE ALREADY DOING THAT.....but only for the folks you describe in your post.....only people whose mortgages make up over 41% of their current monthly income....or people who are 2 months or more in arears....folks like me, and mhoffman, who can and still do dutifully pay their mortgages are told to pound sand when we contact our noteholders....i actually had a person at Acacia tell me to stop paying for 2 months and they would talk to me.... at some point, homeowners like you and me will realize that we're the only ones with honor in this den of thieves, and will understand that in business its about doing what makes financial sense for you and yours based on cold calculation and mathematics, not emotion |
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Matt I am glad things are looking up for you. I am really glad you were able to take action when you were in a hard place, so many people get sucked down. I really miss Colorado some days.
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the majority of the people fit this situation: 1) they bought a house they could afford when it was time for them to buy a house....they weren't looking for an investment property...they were just at the lifestage where it was time to stop paying rent and start building equity in property....prior to this crisis the biggest investment with the biggest return that the majority of people ever made was real property 2) they are STILL making their payments....on time....like dutiful little automatons... 3) they are in a situation now where the likelihood that their investment pays off anytime soon is very, very slim...and by soon, I mean 30 years This is me right now. My place was within my means and I have made every payment. I have no debt other than my mortgage. The townhouse directly next to mine has been on the market for over a year. The rental market is starting to drop too so I can't even break even if I rent the place out. I want to go to graduate school or move to NOVA (I Know... I know...) for a better paying job but am unable to without incurring big losses. |
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millerized... not a bad point, but unfortunately its an extremely myopic view of reality... My current view (out my front door)may be myopic, but it is one of reality: I see 3 houses on the court of 4 either foreclosed for the reasons I noted, or in bankruptcy. None of these houses were built later than 98. The Gumps: Minimum wage earners, high school diplomas maybe, put life savings ($38.50) into $150K house, cash out equity immediately, blew through it, then had kid, lost jobs. Neither are working (more than 6 months now). Currently in bankruptcy. I expect the house to be on the market within a year as neither have prospects for employment. Yard full of trash. The Drunks: minimum 3 mortgages on their house, invalid MIL, gay brother, 2 daughters, Mr and Mrs Drunk. 1 income out of the 6 in the house (4 of working age), local factory work. Hard to save money drinking upwards of 1cs of beer before noon. Just check the trash can...I could live off the recycled aluminum alone. These folks are only still here cause no-one wants the house. Yard full of beercans and paper plates The Scums: Foreclosed after neither decided to work when they tried to sell their $140K house for the $249K they were told it was worth. Cashed out the equity, blew through it, cried when they couldn't get the 3rd mortgage. They walked away after destroying it inside and out, bank is just now finished fixing the inside and has it on the market for $149K, but expects $125K and a long wait. They've just put $25K in "new" back into it to make it livable. Wish the fuckers had burned it to the ground. The Millerizeds: One college educated veteran, one skilled veteran. Relatively secure day jobs in medical administration and security engineering, I run small coating and fabrication business out of garage. Not afraid of polishing turds, or putting in 16hr days in the garage polishing someone else's. Have $68K left on their $100K house, no seconds, no thirds, just used common sense when purchasing and financing. Didn't want to be in debt just in case something happened, and still afford a $1K monthly mortgage. Discretionary income could be put towards mortgage reduction should we choose, but we both like our weekends away and enjoying our lives. Oh, and the cats take up a huge chunk as well. at some point, homeowners like you and me will realize that we're the only ones with honor in this den of thieves, and will understand that in business its about doing what makes financial sense for you and yours based on cold calculation and mathematics, not emotion Realized that long ago, long before I bought a house. That's why I'm the only one in my family out of 3 kids that will pay off his in his lifetime....unless I die pretty quickly....some days, tho..... |
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hahaha...i love the descriptions....
i'm the opposite....there are many, many homes in my development that are in foreclosure now, and the majority come from people who bought 5+ years ago when the economy was strong, and have since gotten RIFFED or laid off...lots of .gov folks around here that have faced hard times and are in foreclosure.... a lot of people too whose job moved and their choice was to stay here unemployed or follow the work....can't sell the house for what its worth, can't afford cost of living where they move while maintaining the mortgage here...so...viola! foreclosure.... it sounds like if I can ever get out of my house and out of NoVA, there'll be some houses available on your street :) |
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hahaha...i love the descriptions.... it sounds like if I can ever get out of my house and out of NoVA, there'll be some houses available on your street :) Here ya go: http://turningpointrealestate.com/ClientPropertyDetails?ls=MRIS&pid=BE7228906&show_virtual_tour=yes&show_description=yes&show_address=yes Price just dropped to $132K. Bit more than the $50K I offered them 6 months ago, but hey.... Those are old photo's, before the snow and before they repaired much of the missing/damaged items. Still has good bones, tho. And great neighbors 
This one too....light (no windows) and airy (again, no windows or doors) only about a mile from me: http://turningpointrealestate.com/ClientPropertyDetails?ls=MRIS&pid=BE7039431&show_virtual_tour=yes&show_description=yes&show_address=yes |
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You know what? It worked. I've been out here for four months as of March 3rd. Our debt has been cut by more than half, we actually have savings again, my wife tells me she can definitely tell I'm happier, I've lost 30 pounds, making plans to start my own company, hiked more miles in the last few months than I have in the last decade, and planning to hike/climb to the summit of every mountain over 14,000 feet in elevation in Colorado, starting with Pikes Peak on March 20th. _MaH Dude, that is really good to hear!!!!! 
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This one too....light (no windows) and airy (again, no windows or doors) only about a mile from me: http://turningpointrealestate.com/ClientPropertyDetails?ls=MRIS&pid=BE7039431&show_virtual_tour=yes&show_description=yes&show_address=yes Wow - what's up with that one? Did Joe Homeowner run out of $$ as he was building, or did the builder walk away when the market took a dive? |
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@ trio: If you are able to make payments and don't need to move, then you are getting exactly what you agreed to... If the house was desirable at the time of purchase, and you family is happy there, I am missing the disconnect. Can you clarify? @ mhoffman: I'm sorry you chose poorly on your choice of real property investments. That is not a phenomenon restricted to NOVA, and no one in NOVA made you do it. People choose investments poorly on a rather regular basis - of all types. The extremely smart people among us should be able to navigate what looks like a trap from the outset. Avoid it altogether. Everyone I talked to in the weeks running up to the home values peak, and even a few weeks into the decline, were saying, "Sell and bank it, if you can." Certainly not buy with all the available "free money", and certainly not buy a marginal investment such as a condo @ a premium. BTW, your purchase price, and your assessed value may not be a linear connection. Only a sale price can be used as a true variable in a loss calculation. Lastly, as trio pointed out, if you allow foreclosure in VA, you're likely on the hook for the delta between cash received by the bank on the sale and the balance of your note. People still need to rent in this area, have you considered that option to smooth over until the market rebounds, or simply to build equity against the note? |
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for shivan....
for us its more that we really could stand to move closer to my wife's work... she is a pediatrician, and when she is on call has to take hospital and emergent delivery call that requires her to be w/in 30 minutes of the hospital unfortunately, we live further away from the hospital than that, so she has to stay there... this has become a hardship for a variety of reasons 1) its hard on my kids...they miss their mom...staying in a hotel is expensive...she ended up on call near Christmas and I spent $800 in Holiday Inn bills so my kids could be with mom (they are 8 and 4 now, 7 and 3 then...its an important time to be with mom) 2) I've now had 3 major orthopedic surgeries in 3 years,,,,there are times when her not being here to help me out has been more than an inconvenience, its put me in situations where if something happened, I probably would not have been able to handle it 3) and lastly, and more nebulous, one of the things that makes an investment in real property desirable is the ability to build equity over time...clearly that isn't happening, so it makes the house less desirable... for me, the cost of "walking away" is way, way more than the hardship imposed with keeping my current home... i find it unfortunate, though, that people bring emotion into a transaction that should not have it there is nothing in a contract about "honor" or "doing the right thing"...there are simply terms...terms for compliance, and terms for breach....when compliance becomes more onerous and more of a hardship than breach does, then the person SHOULD breach the contract...the market takes these into account all the time...its just the way of the world it is a shame that people who SHOULD default and don't because they don't feel "like its the right thing to do" what's worse, though, is what Millerized describes...the system doesn't work if you remove the stigma and penalties for breach....even worse, the current administration has removed those penalties for the worst kinds of investors...the ones who SHOULD be punished for making bad investment choices what SHOULD have happened (instead of the bailouts) is the government should have given the tax breaks to banks to renegotiate with borrowers in good standing their loans into more favorable terms over a long course....what people fail to realize is that the ARMS WERE good financial sense for a lot of people when they were entered into.... as it stands now, the banks are reimbursed and subsidized for helping BAD borrowers...those that default instead, they should have been told to renegotiate with the people that ARE paying...for example, if you have an ARM, and have been current on it for the life of the note, the Obama administration could have offered subsidizes to banks to refinance those people into 30 year fixed mortgages...people stay in their homes, they are rewarded for good behavior (paying) and it prevents further crisis when those ARMs balloon when they reach the 5 or 10 year point i could go on and on...but the problem is we are essentially rewarding bad money sense....while the people who entered into the investment in good faith are getting screwed... and its not over yet.....over the next 3-5 years there are going to be a ton of adjustable rate mortgages that balloon...the holders of those notes, although current on their mortgages, will not be able to refinance them when they balloon because the banks are unwilling to allow refinancing for the value of the note because the value of the home has decreased so much and no longer can secure the mortgage...what they should allow is people who are current on their mortgages to refinance for the value of their loan based on the value of the property when it was first bought....as it is, all of these loans are unsecured now anyway...the collateral (the house) is nowhere near the value of the note...but they could stave off another (and much worse) round of housing foreclosures and crisis by allowing good faith borrowers to refinance into better terms...but they won't do it..cause that's not the way administration thinks...instead though, when this happens, people will be saddled with onerous terms and then it really WILL become a financial burden to people who, until that point, had never missed a payment, and you will see a whole new definition of "house poor"... |
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This one too....light (no windows) and airy (again, no windows or doors) only about a mile from me: http://turningpointrealestate.com/ClientPropertyDetails?ls=MRIS&pid=BE7039431&show_virtual_tour=yes&show_description=yes&show_address=yes Wow - what's up with that one? Did Joe Homeowner run out of $$ as he was building, or did the builder walk away when the market took a dive? Guessing a little bit of both. It didn't have windows in it for the longest time, then they showed up one weekend. The roof was half shingled at one time, but only tar papered up until that point. It was part of a 5 or 6 house development that got 2 built on it. This one never got finished (as you can see). I'm guessing folks figured $300K for a $150K house and a 1/3rd acre was too much? It's rotting from the inside out and way too close to sulphur springs road (maybe 30-40' from the edge). Not a foreclosure per the ad, but who knows. Guessing someone lost interest in finishing it? Not the only one like this I've seen in the area either. Practice for the local FD would be best....the FD would get the practice, and the owner would get his hole back. |
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matt if you are still bummed i can tell you that your election night pics have made it to ehowa.com. you are the 4th in-text link on the march 2 entry. Interesting. I know it found its way onto reddit earlier last week, so it might have come from there. That thing has a life of its own.... What have I started? 
_MaH |