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  Topic Review (Newest First)
05-13-2010 03:16 PM
BH
Quote:
Originally Posted by jrock View Post
I don't understand. If you are not on an ARM and you are employed and you can afford your payment, keep paying. You don't loose until you sell. Homes will start appreciating again. And if you can't get a lower rate, well that sucks, but if it is fixed you aren't any worse off. Just keeping paying.
+1
I'm upside down on two houses between 20-40%
my wife and parents think we should sell now and eat the loss but they're effing nuts!

we'll pay both of them down to the point where we can turn them into profitable rentals, and then let someone else pay the mortgage over the next 20 years while the value rebounds and then some.
05-13-2010 03:08 PM
Ryan
Quote:
Originally Posted by eE jeremy View Post
Unless you want to move,

For example, my girl friend and I each own condo's for what we pay into our two mortgages we could get a very nice house together, or atleast just pay into one mortgage since we pretty much spend all our time at one place anyways, but both our places are underwater so we're stuck until the market picks up, maybe 2 years maybe 5 years, who knows.
My girlfriend and I are in the same situation. I have a house and she has a townhouse. Her townhome is very nice and in a very desirable area. She planned to sell it and move in with me. After having it on the market for about 8 months and only having 2 people come look at it she has decided to rent it. The rent she will get will not even cover the whole mortgage but it still makes more sense financially than keeping 2 separate homes. Hopefully the market will turn around in a few years and she can put it back up for sale then.
05-13-2010 02:24 PM
Chicago Performance
Quote:
Originally Posted by Chunk View Post
I wouldn't say moron. Just ignorant to the fact that 900RRs are unrideable.
True dat. Most people don't know.
05-13-2010 02:23 PM
Chunk
Quote:
Originally Posted by Chicago Performance View Post
Only a complete moron would do that.
I wouldn't say moron. Just ignorant to the fact that 900RRs are unrideable.
05-13-2010 02:21 PM
Chicago Performance
Quote:
Originally Posted by Chunk View Post
I see the loss as the price to pay for some good times that is unless you buy a 900rr with your house down payment money and destroy it at Daytona.


Only a complete moron would do that.
05-13-2010 01:31 PM
HDTony
Re: Housing price drop, new trend

Quote:
Originally Posted by Kruz

See there's your problem. Stop looking at CL, our FS forum, bigmams.com, and gunbroker.
Pfff I can look I'm just not buyin



05-13-2010 12:58 PM
Kruz
Quote:
Originally Posted by HDTony View Post
hey there mr. for sale forum mod, look in your forum, they've been forsale since last summer. and currently on craigslist in 3 different cities across the country.
See there's your problem. Stop looking at CL, our FS forum, bigmams.com, and gunbroker.
05-13-2010 12:56 PM
ENutz I hope Poncho chimes in with some financial advice. Dude is always got money even with no J-O-B. He must not be hurting if he's able to put a flat-screen TV in every room of the house, buy multiple expensive ass firearms, granite counter tops, remodeled basement, corvette, rolex watch, and to top it off - champagne cola. motherfuckers can't even put cheese on their whopper and here he is drinking champagne cola. straight baller yo!
05-13-2010 12:40 PM
Nexus
Quote:
Originally Posted by Chunk View Post
have you kids tested for the CPS regional gifted/classical schools. You can stay where you are at and still give your child a quality education where their peers will be children of like minded parents.
This is happening soon for kid #1

Luckily I live in the Northwest side where just about all of the public grade schools are very good



We should combine the sump pump thread and this falling housing value thread LOL
05-13-2010 12:18 PM
Chunk
Quote:
Originally Posted by ENutz View Post
shit if you're financing you're losing more money than what you initially put in. but even if you paid cash for your bike, trailer, etc, you're not earning interest on it. you may be able to sell it for what you got for it but most of the time you will be selling it for less.



watch yo back son!
I see the loss as the price to pay for some good times that is unless you buy a 900rr with your house down payment money and destroy it at Daytona.
05-13-2010 12:07 PM
elroy121
Quote:
Originally Posted by Arch View Post
Because it was never really 'worth' 400K in the first place. There is this old trick called the 'pump and dump'.... and it doesn't have to involve women...
ding ding ding , we have a winner
05-13-2010 12:01 PM
HDTony
Quote:
Originally Posted by Kruz View Post
Come on T...you have at least 3 down payments sitting in your garage.
hey there mr. for sale forum mod, look in your forum, they've been forsale since last summer. and currently on craigslist in 3 different cities across the country.



05-13-2010 11:58 AM
ENutz
Quote:
Originally Posted by Chunk View Post
only if you have to finance it.
shit if you're financing you're losing more money than what you initially put in. but even if you paid cash for your bike, trailer, etc, you're not earning interest on it. you may be able to sell it for what you got for it but most of the time you will be selling it for less.

Quote:
Originally Posted by Noodles View Post
Thanks. I'm not worried about it, more just worried about getting stabbed when crossing into Hoodridge
watch yo back son!
05-13-2010 11:50 AM
dub shih
Quote:
Originally Posted by uicsux View Post
it is all invested in guns, ammo, and bikes
And Macbooks, Ipads and Iphones with $100/month plans. lol
05-13-2010 11:39 AM
Noodles
Quote:
Originally Posted by ENutz View Post
Hope it all works out for you brotha man.
Thanks. I'm not worried about it, more just worried about getting stabbed when crossing into Hoodridge
05-13-2010 11:39 AM
Chunk
Quote:
Originally Posted by Nexus View Post
Yep.

Every situation is different.

My wife and I both have about 800 scores, zero debt except 1 car payment. We want to move to get in a different school for our kids...sucks that we will in theory lose probably 60,00-70,000 because home values have dropped. While our mortgage is not upside down it still sucks.
have you kids tested for the CPS regional gifted/classical schools. You can stay where you are at and still give your child a quality education where their peers will be children of like minded parents.
05-13-2010 11:38 AM
Cerk
Quote:
Originally Posted by Nexus View Post
Yep.



Banks have been walking away from loans for years with little to no repercussion. So all these people walking about from there houses is no different than what banks have been doing.
^^Except that the banks will certainly be recouping their losses at some point. Rest assured of that.

It's the same thing with people that bail on credit debt. We all pay for that in the end.
05-13-2010 11:38 AM
Kruz Come on T...you have at least 3 down payments sitting in your garage.
05-13-2010 11:37 AM
ENutz
Quote:
Originally Posted by Noodles View Post
My bad
Hope it all works out for you brotha man.
05-13-2010 11:36 AM
Nexus
Quote:
Originally Posted by ENutz View Post
I know that buying a motorcycle is not financially responsible. Everything we do for this hobby of ours is done at a loss. That's why I said I wasn't surprised when I heard how many people are underwater on their mortgages. I can go on about this but I'm not going to preach.
Yep.

Every situation is different.

My wife and I both have about 800 scores, zero debt except 1 car payment. We want to move to get in a different school for our kids...sucks that we will in theory lose probably 60,00-70,000 because home values have dropped. While our mortgage is not upside down it still sucks.

But like most have said if you never move it's not an issue. But it still can be when your mortgage payment is based on the loan of say 400K and you know your house won't even be worth 400K for another 20 years.

Banks have been walking away from loans for years with little to no repercussion. So all these people walking about from there houses is no different than what banks have been doing.
05-13-2010 11:35 AM
Chunk
Quote:
Originally Posted by ENutz View Post
I know that buying a motorcycle is not financially responsible. Everything we do for this hobby of ours is done at a loss. That's why I said I wasn't surprised when I heard how many people are underwater on their mortgages. I can go on about this but I'm not going to preach.
only if you have to finance it.
05-13-2010 11:31 AM
ENutz
Quote:
Originally Posted by Nexus View Post
You are posting that in a motorcycle forum?? Sportbikes especially lose 99% value once you buy them LOL :P
I know that buying a motorcycle is not financially responsible. Everything we do for this hobby of ours is done at a loss. That's why I said I wasn't surprised when I heard how many people are underwater on their mortgages. I can go on about this but I'm not going to preach.
05-13-2010 11:30 AM
Chicago Performance
Quote:
Originally Posted by HDTony View Post
we got ours lowered. the issue is the rate is is adjusted off of an average of the previous 3 years value. so we are just coming into, the crash of the market values on our tax bills. also they are very secretive about when you can appeal. you have to watch the dates carefully. it's usually in the fall long before the tax bills come out. once you get the bill it's waaaaay to late.
They are not stupid. If they see the values falling they just up the tax rate. I just escaped an ass raping on both my house and shop, appealed and they stayed the same. Lowering the taxes for me was a dream, not a reality.
05-13-2010 11:27 AM
Noodles
Quote:
Originally Posted by ENutz View Post
And if you ever talk about Hoodridge like that again I'll shank yo cracka ass next time you come to Sams Club!
My bad
05-13-2010 11:27 AM
HDTony
Quote:
Originally Posted by G2G View Post
I think Jrock appealed his taxes and won recently. Maybe get a hold of him.
we got ours lowered. the issue is the rate is is adjusted off of an average of the previous 3 years value. so we are just coming into, the crash of the market values on our tax bills. also they are very secretive about when you can appeal. you have to watch the dates carefully. it's usually in the fall long before the tax bills come out. once you get the bill it's waaaaay to late.



05-13-2010 11:26 AM
Chunk we'z in some difficult times yall.
05-13-2010 11:22 AM
G2G I think Jrock appealed his taxes and won recently. Maybe get a hold of him.
05-13-2010 11:22 AM
Nexus
Quote:
Originally Posted by ENutz View Post


Seriously though, in some ways I am shocked to find out the number of people on here who are underwater on their mortgages and at the same time I am not. I think some people just got put in a shitty situation like buying when the market was grossly over inflated while others were just financially irresponsible and had poor spending habits.
You are posting that in a motorcycle forum?? Sportbikes especially lose 99% value once you buy them LOL :P
05-13-2010 11:22 AM
ENutz
Quote:
Originally Posted by Noodles View Post
I'm underwater on mine because I bought towards the bottom for a good price, but then 2 houses on my street foreclosed and 1 sold with fire damage, so it brought the entire neighborhood down. And because it seems like the type of house I live in rarely goes up for sale, it's hard to have everything balance out.

Never thought this shit would happen in DG, sounds more like something that would happen in Hoodridge
Like I said, some people got put in a shitty situation while others put themselves there.

And if you ever talk about Hoodridge like that again I'll shank yo cracka ass next time you come to Sams Club!

Quote:
Originally Posted by uicsux View Post
it is all invested in guns, ammo, and bikes
05-13-2010 11:20 AM
Grasshopper
Quote:
Originally Posted by eE jeremy View Post
Exact same thing happened to me, called the bank, explained I wanted to take advantage of lower rates, they said no problem, they can streamline my current mortgage (basically just apply the rate i'd qualify for today). They sent out an appraiser, the place appraised for 20k less than I paid, they kept my application fee and said goodluck. What's frustrating is there is no more risk for them, they already hold the damn mortgage on my house! I got my tax bill the same week, THEY appraised it for 10k MORE than I paid. Funny how that works, $30k spread. Now I'm trying to figure out how to appeal the tax appraisal since I JUST had my unit appraised for much less. Somebodies appraisal is wrong and I'm getting screwed coming and going...
Appealing property taxes is kind of a waste because it evens out when you file your income taxes and get your return.
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