As of 10.14.2009,a … As of 10.14.2009,a lot of what you spoke about in 2008 has come about,except for the implosion perhaps that is next.
Where have you gone,great vids?
you know its … you know its dirtbags like tonmagicwon that has driven this economy down since they take out loans they cant obviously afford. why scam another mortgage company? if you want the american dream theres a price that has to be paid. stop being irresponsible and pay the bills and quit advocating for bag tactics…remember anyone can buy a house, it takes responsibility to make it a home. THE IDIOTS who don’t know what they are getting themselves into.
you forgot the … you forgot the biggest thing buddy ,defaults! and negative equity, why stay in your home and pay 2700$ a month to buy a house ,when its only going to be worth 25% of what you paid 4 it after 5years of paying 4 it ,the key is finding some body to get/ you another loan?after forclosure,mother ,sis,uncle, inlaws i dont know
loan mods are a … loan mods are a joke ! the best thing 4 you to do is ether,sue your lender and stay in your home 2 years free like we did ,and rent it out .get your wife, or husband ,mother,or father to get the new home in there name 4 pennys on the dollar!get out of your 500tho$ house and buy the 1 next door for 186tho$ simply put or ,rent [and save your money,]
Mr. Mortgage, what … Mr. Mortgage, what is your take on the bad bank scheme they have cooked up. Is it really the salvation of the banking system that the markets are responding to?? Need some insight
doofus…THIS IS … doofus…THIS IS THE MARKET CORRECTING. negotiating with a private sector lender to reach an agreeable contract that shares some of the asset deflation, that’s a beautiful, moral, good capitalist thing. what’s “morally despicable” is if the government was coming in to pay down a few people’s mortgages using other people’s tax money…that’s subsidizing.
I have a question … I have a question I checked the top ten foreclosure states and averaging the foreclosure rate of the ten you get about 1 in every 300 homes is in foreclosure. Thats still 299 homeowners out of 300 is good in the worst markets, How is this a crisis of the proportions the media is talking about?
This creates more … This creates more foreclosures, which creates more supply, which pushed home prices down further. This exponentially increases likelihood of loan default, creates more foreclosures, which creates more supply, which pushes home prices down further and so on and so on. It is amazing nobody understands how devastating this negative feedback loop is. It is great that all of you do.
1) When one person … 1) When one person gets a great deal on a foreclosure in a neighborhood all similar homes within the appraisal zone (one mile radius) lose value. This puts everyone closer to or deeper into a negative equity position exponentially increasing their likelihood of loan default. This creates more foreclosures, which creates more supply, which pushed home prices down further.
I am aware of what … I am aware of what bidding wars do, and I didn’t have to bid–when I bought the price was the price. I understand your disbelief–believe me, I am in disbelief also that my house is worth less than I paid in late 2002. Mr. Mortgage just came out with a good explanation, in his latest blog post. One paragraph answers your question why prices are going down (see following post). I guess when lenders decide to dump property(s), they don’t check to see pre-bubble prices. . .they just want it gone.
Because if you got … Because if you got into a bidding war, you would have overpaid. People who overpaid, are underwater. Purchase price is everything, which people are finally starting to realize.
But even though you didn’t get into a bidding war, it seems you still overpaid. How can foreclosures cause ‘market values’ in your area to roll back 10+ years? They should roll prices back to pre-bubble years (2002 or 2003) give or take a few percent, not 10+ years.
Nope, I bought it … Nope, I bought it at $325 from a builder, and it is now worth somewhere in the $250-$300 range if I’m lucky. . . Why would you assume a bidding war caused it to be under water?? I have foreclosures all around me affecting my value.
Mr Mortgage on Loan Mods, TARP & Home Sales
May 25th, 2010 at 4:07 pm
As of 10.14.2009,a …
As of 10.14.2009,a lot of what you spoke about in 2008 has come about,except for the implosion perhaps that is next.
Where have you gone,great vids?
May 25th, 2010 at 4:07 pm
Maybe he was paid …
Maybe he was paid to shut the up.
May 25th, 2010 at 4:07 pm
What happened to …
What happened to this guy? Did someone tell him to shut up and go away? He just dropped off the face of the Earth.
May 25th, 2010 at 4:07 pm
you know its …
you know its dirtbags like tonmagicwon that has driven this economy down since they take out loans they cant obviously afford. why scam another mortgage company? if you want the american dream theres a price that has to be paid. stop being irresponsible and pay the bills and quit advocating for bag tactics…remember anyone can buy a house, it takes responsibility to make it a home. THE IDIOTS who don’t know what they are getting themselves into.
May 25th, 2010 at 4:07 pm
you forgot the …
you forgot the biggest thing buddy ,defaults! and negative equity, why stay in your home and pay 2700$ a month to buy a house ,when its only going to be worth 25% of what you paid 4 it after 5years of paying 4 it ,the key is finding some body to get/ you another loan?after forclosure,mother ,sis,uncle, inlaws i dont know
May 25th, 2010 at 4:07 pm
loan mods are a …
loan mods are a joke ! the best thing 4 you to do is ether,sue your lender and stay in your home 2 years free like we did ,and rent it out .get your wife, or husband ,mother,or father to get the new home in there name 4 pennys on the dollar!get out of your 500tho$ house and buy the 1 next door for 186tho$ simply put or ,rent [and save your money,]
May 25th, 2010 at 4:07 pm
Mr. Mortgage, what …
Mr. Mortgage, what is your take on the bad bank scheme they have cooked up. Is it really the salvation of the banking system that the markets are responding to?? Need some insight
May 25th, 2010 at 4:07 pm
Great information! …
Great information! Thank you for helpinf educate people. Here’s another resource to consider. FederalHomeLoanMods(dot)com
May 25th, 2010 at 4:07 pm
CNBC just mentioned …
CNBC just mentioned you
May 25th, 2010 at 4:07 pm
If your house is …
If your house is worth less than you owe, too bad you up.
May 25th, 2010 at 4:07 pm
Don’t Get …
Don’t Get Foreclosed On Modify Your Loan go to homesaver(DOT)tk
May 25th, 2010 at 4:07 pm
2-3 TRILLION …
2-3 TRILLION dollars to fix house prices? WTF. Where does that money come from?
May 25th, 2010 at 4:07 pm
Did Mr Mortgage get …
Did Mr Mortgage get foreclosed on?
May 25th, 2010 at 4:07 pm
thehelpfund.blogspot
thehelpfund.blogspot
May 25th, 2010 at 4:07 pm
doofus…THIS IS …
doofus…THIS IS THE MARKET CORRECTING. negotiating with a private sector lender to reach an agreeable contract that shares some of the asset deflation, that’s a beautiful, moral, good capitalist thing. what’s “morally despicable” is if the government was coming in to pay down a few people’s mortgages using other people’s tax money…that’s subsidizing.
May 25th, 2010 at 4:07 pm
That depends. On …
That depends. On the coasts, it’s way higher. In Utah, not so much.
May 25th, 2010 at 4:07 pm
I have a question …
I have a question I checked the top ten foreclosure states and averaging the foreclosure rate of the ten you get about 1 in every 300 homes is in foreclosure. Thats still 299 homeowners out of 300 is good in the worst markets, How is this a crisis of the proportions the media is talking about?
May 25th, 2010 at 4:07 pm
You can see his …
You can see his full explanation at his website and it’s titled “No-Spin – OCT Existing Home Sales”.
May 25th, 2010 at 4:07 pm
This creates more …
This creates more foreclosures, which creates more supply, which pushed home prices down further. This exponentially increases likelihood of loan default, creates more foreclosures, which creates more supply, which pushes home prices down further and so on and so on. It is amazing nobody understands how devastating this negative feedback loop is. It is great that all of you do.
May 25th, 2010 at 4:07 pm
1) When one person …
1) When one person gets a great deal on a foreclosure in a neighborhood all similar homes within the appraisal zone (one mile radius) lose value. This puts everyone closer to or deeper into a negative equity position exponentially increasing their likelihood of loan default. This creates more foreclosures, which creates more supply, which pushed home prices down further.
May 25th, 2010 at 4:07 pm
I am aware of what …
I am aware of what bidding wars do, and I didn’t have to bid–when I bought the price was the price. I understand your disbelief–believe me, I am in disbelief also that my house is worth less than I paid in late 2002. Mr. Mortgage just came out with a good explanation, in his latest blog post. One paragraph answers your question why prices are going down (see following post). I guess when lenders decide to dump property(s), they don’t check to see pre-bubble prices. . .they just want it gone.
May 25th, 2010 at 4:07 pm
Because if you got …
Because if you got into a bidding war, you would have overpaid. People who overpaid, are underwater. Purchase price is everything, which people are finally starting to realize.
But even though you didn’t get into a bidding war, it seems you still overpaid. How can foreclosures cause ‘market values’ in your area to roll back 10+ years? They should roll prices back to pre-bubble years (2002 or 2003) give or take a few percent, not 10+ years.
May 25th, 2010 at 4:07 pm
Bidding wars …
Bidding wars weren’t even around at that time. . .
May 25th, 2010 at 4:07 pm
In addition, I have …
In addition, I have property that I bought 3 and 5 years ago with a 10% and 20% down payment that is also underwater as well.
May 25th, 2010 at 4:07 pm
Nope, I bought it …
Nope, I bought it at $325 from a builder, and it is now worth somewhere in the $250-$300 range if I’m lucky. . . Why would you assume a bidding war caused it to be under water?? I have foreclosures all around me affecting my value.