June 19, 2013
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By Chris Morris, Alex Richards
Tuesday, Sept. 29, 2009 | 2 a.m.
Percentage of residences, including condos and townhomes, for which an auction notice was received or that were repossessed, Aug. 1 to Sept. 25.
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It is very Sad! Maybe it's time for first time buyer/s to keep the economy going? How about us who are casualties of economic meltdown? What's the best thing to do? Stay in our homes paying full mortgage of 2006-2007 Price? or move to the same house to rent, for a small monthly? Help I am drowning.
The banks are in possession of thousands of homes that they will not release for re-sale in an effort to keep distressed supply lower, and prices higher. It would make sense for them to consider putting occupants in those homes on lease-option contracts with reasonable monthly rents and a portion to apply to the purchase price. However, "banks" and "common sense" seem to be oxymorons.
As soon as you bailout of your existing home, you will start to pay high income taxes as you have enjoyed the mortgage interest deduction. Your best bet is to wait it out as home buying is a long term decision. If you bought in 2006 then the earliest to sell would be 2011 but probably closer to 2016.
This JUST didn't happen by chance. Fraud is involved here.
How come we are NOT SEEING arrests?
If you faked your mortgage application you need to spend time behind bars. Simple as that.
What about the mortgages that are are going to reset in 2010 and 2011?
Caroll, it is not necessarily fraud unless you are talking about the real estate agents and appraisers. There are plenty of homeowners who have purchased a home and can afford the mortgage payment. But does it make sense to continue making payments for a house whose value has dropped by more than 50 per cent? There are also plenty of homeowners who have lost theit jobs and simply cannot pay their mortgage. There were plenty of good citizens who were taken down by the lax standards the banks followed when their greed dictated to sell the home to whoever could sign the dotted line - no questions asked.
2010 and 2011 will be fun times. More Alt+A and Option ARM defaults on the way. We're about halfway through the default phase of this meltdown. After that well have a lag period of relatively little action. Then in 2012-2013 perhaps a recovery will commence.
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