Dear folks who wish you owned your own home

[somdrenter]

You know... We bought our house in 2004 after selling our house in Waldorf.

That Waldorf home sold for 300K (June 2004), paid 164K for it in 1997. It sold 1 more time after we moved (May 2006). Apparently the jerk we sold the house to couldn't get along with the neighbors And it was sold for $409K. The 'new' people told an old neighbor of ours that according to a market analysis that old house of ours is only worth $262K now, so they have decided that they have to stay put.

Could that be possible to have a house loose $147K from 2006 to now?

Yep.
http://www.mris.com/reports/stats/
FranklyMLS.com Virginia & DC MLS via Keyword Search & Wiki. Homes for Sale

 

[somdrenter]

Mortgage payments: Record number are late

Efforts to combat foreclosure plague are falling short as the total number of delinquent mortgage loans hits 9.64%.

NEW YORK (CNNMoney.com) -- Mortgage borrowers are still falling behind on their payments in record numbers, despite the many foreclosure prevention efforts initiated by the government and nonprofts.
In the third quarter, 9.64% of all mortgage loans were delinquent, according to a report released Thursday by Mortgage Bankers Association. That represents 4.5 million borrowers and is an increase from 9.24% in the prior three months.
"Despite the recession ending in mid-summer, the decline in mortgage performance continues," said Jay Brinkmann, MBA's chief economist. "Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP."

Record number of mortgage loans are delinquent - Nov. 19, 2009

 

[Vince]

"Despite the recession ending in mid-summer, the decline in mortgage performance continues," said Jay Brinkmann,

I didn't know that. Glad someone told me because I sure couldn't tell by the price of everything.

 

[somdrenter]

1 in 4 mortgages 'underwater'

Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe.

NEW YORK (CNNMoney.com) -- In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.

Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic.

Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.

Negative equity, also called an "underwater" or "upside down" mortgage, has become more common as home values plummet. The report is closely watched because borrowers who are underwater are more likely to be foreclosed.

Underwater mortgages: 1 in 4 in negative equity - Nov. 24, 2009

 

[somdrenter]

Record 3 million households hit with foreclosure in 2009

NEW YORK (CNNMoney.com) -- Almost 3 million homeowners received at least one foreclosure filing during 2009, setting a new record for the number of people falling behind on their mortgage payments.

RealtyTrac, the online marketer of foreclosed homes, reported that one in 45 households -- or 2,824,674 properties nationwide -- were in default last year. That's 21% more than in 2008, and more than double 2007's total.

Foreclosures hit record high in 2009 - Jan. 14, 2010

 

[somdrenter]

Harder to get an Uncle Sam mortgage

NEW YORK (CNNMoney.com) -- It's going to be harder to get a government-backed mortgage from now on.
Looking to shore up its weakening finances, the Federal Housing Administration is set to announce stricter standards on Wednesday

The agency, which insured nearly a third of new mortgages in 2009, will increase the premium it charges for its mortgage insurance and require those with weaker credit scores to come up with larger downpayments.
The FHA will also reduce the amount of money a seller can provide a homebuyer for closing costs, as well as tighten its enforcement of lenders.

…..The agency will increase its up-front mortgage insurance premium to 2.25%, from 1.75%. It will also ask Congress for the right to hike its ongoing premium, currently as much as .55% monthly. Once it gets permission, the agency will shift some of the up-front premium to the ongoing charge, which will have less of an impact on borrowers…..

FHA loan requirements will make it harder to get mortgage - Jan. 19, 2010

 

[TrueSOMDGirl]

I have tons of money saved up, but I prefer to throw it all away by renting

Actually, I do rent. I rent because I am constantly being sent to different locations due to job. While I might not own the house in the end, I am fine with paying for the home I currently reside in.

 

[Baja28]

FHA loan requirements will make it harder to get mortgage - Jan. 19, 2010

Awwww......

I just did a refi and got 3.75% interest to buy a nice toy for the summer. AND I get the tax write off. AND it'll be paid off in 5 years. Too bad you renters can't do that huh?

 

[somdrenter]

Too bad you renters can't do that huh?

Can't? We can do it right now (at ~2005 prices).

 

[TrueSOMDGirl]

Can't? We can do it right now (at ~2005 prices).

By reading the posts in here, I think it is none of their business if you rent or buy, that is your personal choice. I think that it is also strange that they seem to think they are a better person, simply because they brought a house as opposed to you renting. Without knowing everyone's reasoning (and quite frankly again it should be none of their concern) as to why certain people choose to buy and certain people choose not to buy.

I think it is a waste of time trying to reason with people who call others names, or feel they can judge people they do not even know solely based on home ownership and more to the point, who cares what they think? It is your life and your choice.

 

[somdrenter]

It is your life and your choice.

I tend to agree and that used to be the case. These bailouts prove differently.

 

[TrueSOMDGirl]

I tend to agree and that used to be the case. These bailouts prove differently.

True

 

[Baja28]

Can't? We can do it right now (at ~2005 prices).

No you can't!!! You have no home with equity! All you have is the payment of your landlords mortgage.

 

[somdrenter]

Equity? Is that what this is about? Heck, if I purchased in 2005, there's a good chance I'd have no equity.

 

[TrueSOMDGirl]

Equity? Is that what this is about? Heck, if I purchased in 2005, there's a good chance I'd have no equity.

Pffft why argue anymore about it? Who cares what anyone else thinks about what you do with your life?

You have nothing to prove to anyone on here.

 

[somdrenter]

Pffft why argue anymore about it? Who cares what anyone else thinks about what you do with your life?

You have nothing to prove to anyone on here.

I agree. At this point, this thread only serves as historical documentation. I believe this is/was the first economic disaster that the Joe on the street had enough information at his fingertips to see it coming. But, history repeats itself and all, and this thread could serve as a link someday.

 

[aps45819]

By reading the posts in here, I think it is none of their business if you rent or buy, that is your personal choice. I think that it is also strange that they seem to think they are a better person, simply because they brought a house as opposed to you renting.

you must be a renter

 

[morningbell]

you must be a renter

my son laughed today as we passed an old guy on a cycle..... he said, "HA! Look , an old man on a motorcycle". Where you out riding today?

 

[somdrenter]

450,000 at risk in foreclosure-prevention program

NEW YORK (CNNMoney.com) -- Hundreds of thousands of troubled homeowners who are making lower mortgage payments on a trial basis are at risk of being kicked out of President Obama's foreclosure-prevention program.

Companies that service the mortgages have until Jan. 31 to review all trial modifications that have been underway for several months under the Home Affordable Modification Program (HAMP), according to a Treasury Department guideline issued late last month. The Treasury Dept. said it would issue new guidelines next week, but wouldn't give any details.

Get your documents in, if you are in trial loan modification - Jan. 23, 2010

 

[aps45819]

my son laughed today as we passed an old guy on a cycle..... he said, "HA! Look , an old man on a motorcycle". Where you out riding today?

Wasn't me, I jammed a knife in my hand on Friday so it's uncomfortable the hold on.
Must have been GWguy, he looks really old