Not to be a proliferator of doom and gloom, but the big headline this morning was: Foreclosure Rates Surge, Biggest Jump in 5 Years and that the banks are on track of taking back 1,000,000 homes this year alone. That's unbelievable. 1 in every 138 homes received a foreclosure notice.
Look, I wish the economy to get better and soon, but I don't see how that's possible with all of this stuff still going on.
Whatever the case, there ARE ways people can save their homes, they just don't want to do it. All well and fine, but still, if you lose your home and don't exhaust your options, I don't want to hear about it. Not to be cold, but this foreclosure business is what started the tanking of the U.S. economy to begin with. It had a cascading effect that started affecting industries that catered to the building of new homes and it spread out from there.
Just because everyone else is doing it does not make it right. If you CAN'T make your payment and have tried everything, then great. I know I'm struggling - greatly - but I'm still there. As I have said before, I will move out of my master bedroom and into a TENT out back if I have to, renting out that room with it's own bathroom and walk-in closet for $500 minimum per month and - not be happy about it, but still have my place. Alright, no tent. A wood structure, about 15X15 with it's own facilities.
You don't think I would do that? Lol. You don't know me. Simply because I don't want to go under again, ever again, in my lifetime, I am willing to go to great lengths to try and keep what I have. Going under means going bankrupt, avoiding that at ALL costs is worth doing whatever I can to make it through. Which reminds me, I keep forgetting to send out that letter requesting a reduction in the loan to reflect the value of the home to my lender. I have a great excuse, though: yesterday was that physical and my mind was not going anywhere else until I got that nonsense OVER with, thank you very much. Physicals are a good thing to do, especially when you break the 40 mark, but it ain't no fun.
I'm sure somebody wants to slam me for my statements about walking from a house. Don't care, really. People got into loans that they knew they would not be able to afford with the interest rate was going to adjust in 5 years or whatever on those ARM's. People expected the housing market to continually go up. Buy a house, wait for it to increase in value, sell it, start over. People were doing that, great - but - as we all now see - it can't go on forever. I have no expectation that I will be able to sell my home for a long, long time. That's because the mortgage is higher than the market value. Which is why I am continuing on with projects. Might as well do what I can to make it a very sellable place whenever that magical day appears when I can get out of it.
Oh yes, I could walk like everyone else is doing - and if I were FORCED to, ie: lose my job and simply have no means to make the payments - then I would. But, I have an ethical problem with walking, dumping it onto the bank and making them pay for it when I still have options open to stay in it.
Anyway, the work day is here and I must be offa here.
G'day.
ben
5 comments:
Holy smokes. That foreclosure rate is insane. I've managed to keep my rental home and boy has it been difficult. But honestly the bank has helped me again and again and again. Sure, I have to pay the note, but they sure have been helpful.
While undeniably a lot of stupid and greedy people got in over their heads, spare some pity for those who just lost good jobs which they had held for long periods of time through absolutely no fault of their own. Their lives have been torn apart totally apart from any misbehavior on their part.
I think the bankers bear alot of responsibility as well for various reasons.
The housing market down here is finally improving. The Dow just broke 11,000, up from it's low of 6,600, and the job situation is slowly improving. I'm optimistic. Finally. Pretty rough since the meltdown. Was painful to see my home's value plummet so much.
Here's something you might find interesting Ben. It's a website that gives you a rough estimate of your home's value.
http://www.cyberhomes.com/
-Puma
That's an unusaly story - a bank actually HELPING someone. Amazing
Fin - yes, people who lose their jobs through now fault of their own will get a pass. Although, I have contingency even if that happens to me - though I'm not sure it will work.
Puma - just read about WaMu execs being grilled in searing heat a senate hearing. Apparently, that bank was one of the worst out there in terms of filling the basin with toxic loans.
I don't yet share the same optimism you have, but I hope it gets there someday soon.
I went to that site - it only listed houses that had been recently sold in my area.
ben
Did you type in your address at the top? Sometimes it doesn't work I guess.
-P
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