Latest Episode
Play

Go Back   Keith and The Girl Forums Keith and The Girl Forums Talk Shite

Talk Shite General discussion

Reply
 
Thread Tools Display Modes
Old 02-09-2010, 07:45 AM   #11 (permalink)
Senior Member
 
EastTexas's Avatar
 
Join Date: Sep 2005
Location: Omaha, NE
Posts: 1,259
Quote:
Originally Posted by adrianl View Post
Naah, get a new job, pay your mortage,
Not always possible. A lot of jobs pay 25-30% less than they did a year and a half ago. You may not be able to pay your mortgage with the new jobs pay rate.
Assuming you are even the 1 person selected out of the hundreds of applicants out of work applying for the job.
(Offline)   Reply With Quote
Old 02-09-2010, 08:34 AM   #12 (permalink)
Senior Member
 
Ansur's Avatar
 
Join Date: Mar 2009
Posts: 292
Quote:
Originally Posted by EastTexas View Post
Not always possible. A lot of jobs pay 25-30% less than they did a year and a half ago. You may not be able to pay your mortgage with the new jobs pay rate.
Assuming you are even the 1 person selected out of the hundreds of applicants out of work applying for the job.
Which is why we have people doing the "strategic defaults." Even though they can make the payment, they decide it's not worth it to make payments on a home that will still be in the negative for longer than it would take to repair their credit after a default. Or, they do get the pay cut and the house is the easiest thing to let go for the same reason.

They get all the time while the lender goes through the eviction process, then get an apartment. Since the original lender sells the loan almost instantly, they don't lose a dime. The mortgage that bought the loan winds up with the home that they have to sell for less than they paid for it. The original company is still free to make all the loans they want as long as they can find other companies to keep buying them. Their ONLY incentive to act at all responsibly is to make it look good enough to package and sell.

Maybe if the original lending companies had to take the risk, they wouldn't make ARMs and other bullshit loans to people they know can't really afford the house and we wouldn't have this mess again.
(Offline)   Reply With Quote
Old 02-09-2010, 02:33 PM   #13 (permalink)
Senior Member
 
Saint Marcos's Avatar
 
Join Date: Aug 2006
Location: Michigan
Posts: 425
This thread is derailed -- Spooky was talking about people in equity, and a distressed rural (or metro) area that was close enough to drive to a new job.

I live just outside of Detroit. I've had serious conversations with friends and neighbors about buying a literal neighborhood down there, or at least a street or two. And make no mistake, there are many shitholes down there (last Friday I saw a 15 story building that was literally torn in half, like the Fed building in Oklahoma), but there are very affordable, reasonably-nice homes with curb appeal even in downtown Detroit (Click Here For nice Example at $17,500)

The problem isn't price or economy, its that these aren't good places to live. Could Spooky live there? sure, if he can find his buried knife so he has some protection, but most people with big mortgages have families and my wife & 6yo daughter don't really have a place in downtown Detroit, even if me & the neighbors did go buy a whole city block.

In the end, you have to go rural w/your idea -- and depending on where, I think people would rather rent than move away from schools & friends that they're comfortable with.
__________________
[SIGPIC]

"Hahaha too easy" -- Trent said in the thread about the story about Trent
(Offline)   Reply With Quote
Old 02-09-2010, 04:54 PM   #14 (permalink)
Senior Member
54-hour Marathon 2013 Kickstarter Backer
 
John Galt's Avatar
 
Join Date: Mar 2009
Location: Nude Hampster
Posts: 1,971
The Cancer and Slavery of Debt | The Survival Podcast

There is a kernel of great idea in your concept, Spooky. I think you might enjoy the podcast linked to above.
(Offline)   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -5. The time now is 05:51 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
Keith and The GirlAd Management plugin by RedTyger