9 million homes in foreclosure?

NorthwestBuds

NorthwestBuds

Well-Known Member
max420thc said:
well..all the homeless could go start up obamavilles.
all they need is some cardboard box's a few boards
a good over pass to live under is handy also. by the looks of things under the over pass's might get little crowded with all the obama voters living there and all.
i thought obama promised to pay everyones mortgage? i guess he lied.
whats so funny about it is him and the dems spent enough money to issue every family in this country a check for about 130K dollars so far..and counting.
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You lie Max. Show me where obama promised to pay everyones mortgage. Oh I forgot, you just make your BS up.
 
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LandofZion

Well-Known Member
I know exactly what I can afford for a house loan a car loan or any other kind of debt i choose to take responsibility for. 5 years ago everyone was scratching their heads, looking at people saying damn... What the hell am I doing wrong, they have the house, the boat the lifted f-350. What I am doing wrong! Well, if you can do simple math and a simple budget you can afford what you have even if prices are dropping. Just because you qualified for a half million home doesn't mean thats a cool idea. I will buy your house at a deflated price and rent it back to you for a little more than I pay for the monthly mortgage and write all improvements off as a tax deduction. The stupid people have made me happy. I like toys. Put more toys in the paper.
I was pre approved based on limits I set not what I qualified for. I don't understand how hard that can be, with the exception of people who lost jobs etc. That can be unforseen. I feel bad for the people who have worked hard and lost because of the economy but to blame a bank or anyone else for a lack of forsight because your house and vehicle payment takes up your check! lol they saw you coming
 
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max420thc

Well-Known Member
(Newser) – A large swath of Americans will see no help under the Obama administration’s housing rescue plan, the New York Times reports. While designed to prevent 3 million to 4 million foreclosures through loan modifications, the plan doesn't cover those whose loans aren’t backed by Fannie Mae or Freddie Mac, or those who owe more than their home’s value on loans more than $729,750 through other lenders.
Around 20% of the 50 million US mortgage-holders owe more than 105% of their home’s value, another disqualifier from refinancing under the Obama plan. “The refinance portion of the plan is set up so it provides the least help for the people who need it most,” one expert said. “We’re missing an opportunity to help many more Americans.”
NorthwestBuds said:
You lie Max. Show me where obama promised to pay everyones mortgage. Oh I forgot, you just make your BS up.
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max420thc

Well-Known Member
http://business.smh.com.au/business/world-business/obama-unveils-us275b-housing-rescue-plan-20090219-8bnk.html http://www.youtube.com/results?search_type=&search_query=obama+is+going+to+pay+my+mortgage&aq=0&oq=obama+is+going+to+pay+m#Added

0:26



[TRANSLATED] Obama Is Going To Pay For My Gas And Mortgage!!!
[TRANSLATED] Obama Is Going To Pay For My Gas And Mortgage!!!

This lady, Peggy Joseph, thinks Barack Obama will pay for her gas, mortgage, and who knows what else. ...

5 months ago 1,689,494 views ChiTraderRob

i can come up with one thing after another on the obama home owners bail out schemes..like hope now..guess what retarded dummycrat. we have 9 million foreclosures in the pipe line right now..why dont you go invest into alot of real estate see what you get .you libtards should go to web sites like bloomburgs and educate yourselfs on what really goes on in the world and what is happening instead of debating subject matter you havnt got a clue about.
for christ sakes you look dummber than you already are when you do that sort of shit..other then when you libtards lose exchanges then you call names correct spelling and divert.
 
CrackerJax

CrackerJax

New Member
Here's the real clincher.....:lol:

The Obama administration has repeatedly said that it was too much lending by the banks which caused this mess. Of course they leave out the part about the govt. applying maximum pressure for the banks to lend that money.

But what is the solution for the Govt.? Why.... more of the same!! Now the lament is, "the banks aren't lending enough now. If the govt. infuses money into them (your money), they they can loan it back to the taxpayers (who provided the money in the first place) again, and we can keep on keepin on.... Congress needs to be drug tested....

out. :blsmoke:
 
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max420thc

Well-Known Member
what they are doing right now most probably will cause stagflation.
the banks have piles of money sitting in them right now with a population too broke to borrow it .
and all the equity in the economy has evaporated.
no more equity in the economy.
the government just painted a rosy picture of last months week ending unemployment rate's . it was only up about 600K and it was expected to be 640K jobs lost last month.
how is that rosey?
oh well..the stock market has made rallys on this sort of bad/good news
along with rallys for banks that have been heavy capitalized with tax payer money
also they let the banks go back to some fake ass accounting ..mark to market.
this market rally is a huge suckers rally..id be scared to be in the stock market right now.its going to fall like a brick..
the first major hickup in the world and watch what happens..all these extreme gyrations are sign's of huge weakness.
you will start seeing civil unrest grow as people start getting cut off of their unemployment checks as time runs out..
who knows maybe obongo will just pay them to be off of work FOREVER. it will only bankrupt the country faster.
 
Sunnysideup

Sunnysideup

Well-Known Member
What do you guys think the future holds as far as the housing??? Do you think it will continue to go down the downward path or do you think it will start to stabilize?
 
CrackerJax

CrackerJax

New Member
It's a long way off from stabilizing.... I think the market is still at least 20% too high. As long as the Govt. meddles in real estate the checks and balances are severed. Right now the bailouts on housing will only help to maintain high prices... and high prices doesn't encourage new housing in a battered economy.

It's a human condition that people will become thrifty in bad economic times, but Obama's plan is dependent upon the OPPOSITE. This is where the sh*t meets the shingle...:lol:


out. :blsmoke:
 
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max420thc

Well-Known Member
you have9 million homes in foreclosure..millions more already foreclosed upon.
we are losing jobs at least at a rate of 600K per month that the government admits to..i dont trust any of the governments numbers .
the is another 9 million homes going to hit the pipe line of foreclosure this year with another nine million or so hitting the pipe line again.
millions of americans unemployment is about to run out..so that means even more homes will go into foreclosure.
and civil unrest.
 
Sunnysideup

Sunnysideup

Well-Known Member
I need to stop reading this thread....It is depressing, but, I need to know...I am dropping my price another 10K today. I wish I was hunkered down in a place that is going to be a forever home, but, that is not the case. I just want to find some peace in such a bad time. Thanks for the answers guys, it is appreciated.:peace:
 
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max420thc

Well-Known Member
im sorry ..the truth really sucks right now
and obongo and the dems are doing away with mortgage interest deductions on jumbo loans.
that is going to have even a further depressing effect on all housing values...not only that but it will make large more expensive homes much less attractive to the buyer.
it is my understanding..depending on what state you live in you can get a loan on a home up to 700K in some states and 410K in other states..depending on what the government says your state is worth..as they own fannie mae and freddie mac now..
if you are over that value you are fucked to get any type of financing at all..so who ever looks at your home will have to have the cash to buy it..unless you discount your home to the level the government says in order for your buyer to obtain financing .
 
CrackerJax

CrackerJax

New Member
Sorry to tell you that Sunny. Three years ago a neighbor moved in across the street from one of my places... this guy paid asking price for a 40 year old manufactured home and had the owner carry the note (warning sign). After a brief 5 minute introduction (howdy neighbor) I realized that the bubble had burst. Now I had read all of the signs leading up to it, but this guy was a tipping point for me. Within three months I had pulled every bit of equity out of my properties at 5% interest. No need to keep equity in a vehicle going over a cliff. I put it into the market in horrible things like Oil (boo hiss) and fertilizer stocks. Made a handsome return. So while my neighbor watched his house equity value drop 50%, my equity was always rising. Uhh, we don't talk to each other anymore....I think it is too painful for him :lol:

Money is like water and the tides...you have to recognize when the tidal shift occurs and move that money into RISING tides, not lowering tides....

Of course the other option would have been to sell everything, but then you have to pay inflated prices on the new home. So while you may take a bit of a beating now on your home, you will at least not be paying top price on your new one. Consider it a lesson learned. :peace:

out. :blsmoke:
 
Sunnysideup

Sunnysideup

Well-Known Member
I really wish I would of pulled my money out of this house...It is a lesson learned, and I just want to make it out without a blemished credit report. I may lose all my money but I atleast want my fico to stay at 800 so I can start over. I am hoping to make a bad thing into a good one. My hope is to take my beating like a big girl and then go buy another property at a steal of a price to offset what has happened to me. What a vicious cycle.
 
CrackerJax

CrackerJax

New Member
When served lemons, one must make lemonade. You've got the right idea.... money is fluid and runs up and down...just keep thinking it is fluid and keep it moving up, barring that (you can't find an upward trend), keep it safe. :peace:


out. :blsmoke:
 
medicineman

medicineman

New Member
CrackerJax said:
When served lemons, one must make lemonade. You've got the right idea.... money is fluid and runs up and down...just keep thinking it is fluid and keep it moving up, barring that (you can't find an upward trend), keep it safe. :peace:


out. :blsmoke:
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Geeze, if we were only as smart as you Cracker, what say you, (180 IQ), If you only weren't such an asshole.
 
CanadianCoyote

CanadianCoyote

Well-Known Member
The house I once lived in was appraised at $160,000 about 9 years ago. Today it's for sale... and they're asking for $50,000. It's been on the market for almost two years and they'll most likely have to drop the price again if they ('they' being the bank) want to sell it.
 
CrackerJax

CrackerJax

New Member
medicineman said:
Geeze, if we were only as smart as you Cracker, what say you, (180 IQ), If you only weren't such an asshole.
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Perhaps you have it exactly backwards. That does seem to be your pattern.

CanadianCoyote said:
The house I once lived in was appraised at $160,000 about 9 years ago. Today it's for sale... and they're asking for $50,000. It's been on the market for almost two years and they'll most likely have to drop the price again if they ('they' being the bank) want to sell it.
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Yes, like any investment it is not without risks. Owning a house is a risk on many levels. One of the reasons the govt. needs to stay the heck out of the housing market.
Politicians don't have the same goals as private citizens. They are more concerned with getting votes than applying sound economic policies, which has been made totally clear by the present administration, who are hopelessly clueless.

out. :blsmoke:
 
CanadianCoyote

CanadianCoyote

Well-Known Member
The whole housing fiasco has shades of what happened in Canada during the mid to late 1980s. The same kind of shit was happening with the housing market, the big difference there is that the government is in control of all the banks. Proof positive that governments can fuck things up just as well... if not BETTER... than everyone else.
 
NorthwestBuds

NorthwestBuds

Well-Known Member
max420thc said:
well..all the homeless could go start up obamavilles.
all they need is some cardboard box's a few boards
a good over pass to live under is handy also. by the looks of things under the over pass's might get little crowded with all the obama voters living there and all.
i thought obama promised to pay everyones mortgage? i guess he lied.
whats so funny about it is him and the dems spent enough money to issue every family in this country a check for about 130K dollars so far..and counting.
Click to expand...
SHOW ME WHERE OBAMA PROMISED TO PAY EVERYONES MORTGAGE YOU UNEDUCATED MORON!!! :fire:
 
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