Housing market - foreclosures up over 70% to last year

[Etoille]

Homes in foreclosure rose 79% in '07 - USATODAY.com

yeah.....a big thanks to people in the DC area who bought houses that shouldnt have that are getting a bailout on their mortgages AND a check from the govt this summer having paid zero federal income taxes, net, over the last year. who also caused the value of my home to decrease. ./smooch

love ya!

[Sunder]

Where are you getting this idea of a bailout for foreclosed homes? Stop making shit up because you're unhappy someone might get $600 in the mail.

[Etoille]

Originally Posted by Sunder

Where are you getting this idea of a bailout for foreclosed homes? Stop making shit up because you're unhappy someone might get $600 in the mail.

Ahh sunder my favorite troll. What would you call the rewriting of thousands of mortgages to extend introductory rates?

Id call it first, contrary to contract law b/c its not being done by a judge nor is it being done on the basis of unconscionability.

I'd call it second, a bailout.

I'd call it third, what bush & congress are already doing!

I'm not making anything up my friend . I said they were getting bailed out of their mortgages (which they are dude, I'm sorry but they are) AND a check!

[Etoille]

You know honey I was really bitter about the mortgage bailout before the economic relief package was an idea in someones brain :P Do yer research! (read the zulu thread)

[Hatorade]

Friend of mine just stopped making payments on his house because went from 1500 to 3000 a month...He is trying to sell it but yeah its not worth 3k a month. Truely is a shitty time for home owners...Hey lets spend BILLIONS on the war and fuck americans...

[Soriak]

You can change a contract at any time if both parties agree to it. Giving people more time to pay up is also in the interest of banks - they don't want the house that is worth less than the debt. Not to mention they can't even sell the house quickly at this point.

[Vinen]

Originally Posted by Hatorade

Friend of mine just stopped making payments on his house because went from 1500 to 3000 a month...He is trying to sell it but yeah its not worth 3k a month. Truely is a shitty time for home owners...Hey lets spend BILLIONS on the war and fuck americans...

His fault for going with a adjustable rate morgage.

I'm hoping to snap up a forclosed home in my area as soon as I see some auctions going on. I have no moral objections to buying the home of someone who was stupid enough to not think ahead.

[Soriak]

Originally Posted by Hatorade

Hey lets spend BILLIONS on the war and fuck americans...

Can't blame the Iraq war for people being unable to make their payments.

[Lyrical]

Originally Posted by Hatorade

Friend of mine just stopped making payments on his house because went from 1500 to 3000 a month...He is trying to sell it but yeah its not worth 3k a month. Truely is a shitty time for home owners...Hey lets spend BILLIONS on the war and fuck americans...

Yay, let's blame the government because your friend signed up for a variable rate mortgage. Where's the personal responsiblity? No one forced him to sign up for an ARM.

[Vinen]

Originally Posted by Soriak

Can't blame the Iraq war for people being unable to make their payments.

So happy Soriak of all people was to say this.

[Tristinn]

Technically these people were used by the banks and told everything would be a-ok..

So you are feeding off the suffering of people who were taken advantage of by corporate America. wtg.

[Vinen]

Originally Posted by Tristinn

Technically these people were used by the banks and told everything would be a-ok..

So you are feeding off the suffering of people who were taken advantage of by corporate America. wtg.

They were used rofl?

[Etoille]

Originally Posted by Soriak

You can change a contract at any time if both parties agree to it. Giving people more time to pay up is also in the interest of banks - they don't want the house that is worth less than the debt. Not to mention they can't even sell the house quickly at this point.

Yo uh Soriak thanks for the lesson from contracts I but - since when did the legislature become a party to the contract?

If the banks want to renegotiate terms with those theyve lent money to, thats just fine but uh wtf is the government doing in the mix?

That was my point hon.

[Etoille]

Originally Posted by Soriak

Can't blame the Iraq war for people being unable to make their payments.

Agree.

The economy is not solely (or even in majority) an Iraq issue. See what I said in the thread on this board about africa. The issue is americans refusing to take personal responsibility for decisions they made with regard to credit and borrowing money.

[Hatorade]

Wasn't blaming the war I am merely saying the government is glady spending billions for a war that most protest but won't alliveate some of the taxes on gas to maybe boost the economy. They sure as hell won't spend billions to maybe help the working class. They sure as hell won't up the maximum amount a person can make to be elligible for WIC or other programs made to help people that want to help themselves. I can go on and on about what all those billions can do to help americans.

Yes he got an adjustable rate..yes he didn't read all the contract. No he didn't hire a lawyer to help him understand what he was getting into. He trusted what the bank told him. That here is a loan you can afford to payback. Not here is a loan that you can afford to payback, but only if your rates don't go sky high because of such and such.