Mortgage Crisis...Anyone directly effected?

[EPDC]

This August will make three years since I bought my home and I have seen all the news about this mortgage crisis going on throughout the country. I am personally not seeing any effects on this, I got a great deal on my house and my mortgage payments are less then most cats car notes. Anyone else not being effected by this, or are many home owners on the board seeing some change in what they pay?

 

[ak_rep]

Phoenix, AZ is poppin' right now for buyers.

 

[PLASMA CANNON]

Naw But Im Lookin 2 Buy Some Houses

 

[EPDC]

Phoenix, AZ is poppin' right now for buyers.

really, I love Phoenix, spent some time there a few years ago. How much are homes going for there?

 

[Mr chase]

I copped me a house this January with about 120k in equity. its bad for some ppl, but i'm living it up right now

 

[tyup333]

Where are you located cuz???!!!!! My house has depreciated almost 50,000.00 in a year n a half. Its serious around here. I had another property which I let go. Didn't get nearly what I would've two years ago but thats how it is. The DC Metro area is hurting pretty bad. Probably take 2-3 years to turn around.

 

[kurrupt]

All i know, its a buyers market right now..I seen a 5 bedroom, 3 bath, 2 garage..new crib in good neighborhood in Atlanta for 120k
I'm bout to copp in a sec.

I think them cats that got interest only,adjustable mortgage or people who weren't realistic with the monthly cost in addition to all the other bills that come along wit it got hit. Yeah there were a lot of predator lenders, but one is not forced to sign. Got to do ya homework, read everything and ask a lo tof questions..

 

[Daddy Warbuck$]

I do real estate full time, its good for me because the Markets have sooooooo much equity. I basically stack on my commision and sell the cribs to other investors. 10k a deal is great, but now your boy is pushing 30 k.

 

[EPDC]

Where are you located cuz???!!!!! My house has depreciated almost 50,000.00 in a year n a half. Its serious around here. I had another property which I let go. Didn't get nearly what I would've two years ago but thats how it is. The DC Metro area is hurting pretty bad. Probably take 2-3 years to turn around.

I'm in Upstate NY. We do pay a lot of taxes, but the cost of living is not high.

 

[Thick Johnson]

Nah but this gas shit is and is about to be ridiculous.

 

[ak_rep]

really, I love Phoenix, spent some time there a few years ago. How much are homes going for there?

Man, you got 4s going for 2s. I swear. PHX is the shit although I reside in SD, CA. I make that trek a few times a year. Tempe (ASU) nights are the shit.

SD cats are running out there though.

In PHX, everything is new: stores, houses, broads, etc. And the females are off the chain. The only thing is, it's the desert and you have no water spots. It feels like Mars at times.

 

[Mr chase]

Where are you located cuz???!!!!! My house has depreciated almost 50,000.00 in a year n a half. Its serious around here. I had another property which I let go. Didn't get nearly what I would've two years ago but thats how it is. The DC Metro area is hurting pretty bad. Probably take 2-3 years to turn around.

Metro Detroit

The house is only 3 yrs old and was bank owned

 

[EPDC]

Man, you got 4s going for 2s. I swear. PHX is the shit although I reside in SD, CA. I make that trek a few times a year. Tempe (ASU) nights are the shit.

SD cats are running out there though.

In PHX, everything is new: stores, houses, broads, etc. And the females are off the chain. The only thing is, it's the desert and you have no water spots. It feels like Mars at times.

lol when I was there, we drove down to Mexico, Rocky Point to be exact. the beaches were ok. I loved going out in Tempe. The bars and clubs were actually cool. I really loved the vibe there.

 

[TENT]

Houses in places like Buffalo cost like 30k to 100k .. if you got the good credit and you plan to stay there you are good.

In NYC alot of dudes are suffering........

 

[BDR]

Houses in places like Buffalo cost like 30k to 100k .. if you got the good credit and you plan to stay there you are good.

In NYC alot of dudes are suffering........

My moms is in NYC and she brought her house back in 1993 when it wasn't even popular to buy a home in the bronx for 150k. She living easy now and her mortgage is only 1050 a month in NYC. Do you know how many ninjas would love to spend 1000 a month on a mortgage? peeps getting rapped for 1500 on rent alone.

 

[Heist]

DC Metro:

I've lost about $220K in equity on 5 properties in less than 8 months.
I'm upside down on 2. It's fucking serious.

 

[Daddy Warbuck$]

DC Metro:

I've lost about $220K in equity on 5 properties in less than 8 months.
I'm upside down on 2. It's fucking serious.

I CAN HELP YOU

 

[DLateshow]

The folks that are really hurting are the investors and those folks who reached by getting a adjustable mortgage or an interest only loan. Those of us with conventional mortgages are still doing well. Some parts of the country are worst than others. I would suck to be in Fl,AZ,CA or NV and try to sell. If your buying life is good.

Dlateshow

 

[Tony Soprano]

I CAN HELP YOU

Is he going to have to join the republican party and support McCain? Or will you have him join Skull & Bones instead? You all seem to have a hefty price for everything you do.

Am I wrong?

 

[Heist]

I CAN HELP YOU

PM me, I'd like to hear what you have to say. But be forewarned, I'm keen to just about every fuzzy math, equity stripping, shakey financing package, quick title transfer scheme out there where a "consultant" walks away with a hefty fee and the investor/owners gets jammed in the ass a little later down the road.

If any of the above pertain, don't waste your or my time.

Sorry if I being blunt, but the vultures and shiesters are all coming out the woodwork right now because they smell blood.

 

[Daddy Warbuck$]

PM me, I'd like to hear what you have to say. But be forewarned, I'm keen to just about every fuzzy math, equity stripping, shakey financing package, quick title transfer scheme out there where a "consultant" walks away with a hefty fee and the investor/owners gets jammed in the ass a little later down the road.

If any of the above pertain, don't waste your or my time.

Sorry if I being blunt, but the vultures and shiesters are all coming out the woodwork right now because they smell blood.

I'm happy to see you know your shit, don't worry.. The money goes to you and you walk away happy and with money. I just charge 5k for my services.

 

[TENT]

God Bless her.. she is a smart hard working woman. That house is her retirement fund.. good for her. I am sure the equity right now is something serious she can sell flip move to the south and buy the next place outright!

Other people who were too young or not smart enough are bleeding in NYC.
The American Dream of house ownership is more and more overrated and unattainable for some living in key states were prices are outrageous.

The smartest move to own a owner occupied house is to really HAVE at least 20% down payment! If you ain't built for that... your ass might be fucked.\

105% funding days killed a lot of undisciplined people...

My moms is in NYC and she brought her house back in 1993 when it wasn't even popular to buy a home in the bronx for 150k. She living easy now and her mortgage is only 1050 a month in NYC. Do you know how many ninjas would love to spend 1000 a month on a mortgage? peeps getting rapped for 1500 on rent alone.

 

[BitchI'llKillYa]

I aint gonna front,

I'm one of the "ones" yall are talking about, i have always had a lil bread but never had any credit, 2 years ago i decided to try my hand in with real estate thing...to make a long story short, I got SCREWED!

i was trying to do the grown up thing and get my credit up, but i and took a short cut with an interest only loan, i trusted info from this broker that came highly recommended... and she gave it to me like R. Kelly on steroids. I didnt do my homework. the original plan was to hold it for 2 years, and flip it or re-fi...shit the first 2 months i gained 45k in equity!

Then the bottom fel out,I don't really know what to do to get out of it, my mortgage started out at 4k a month on a 700k house, now it 5800 a month.

i have been able to keep the payments but this shit is getting real, the house i bought has lost value at an alarming rate, so my re-fi options are slim.

any advice?

 

[Star]

Up till the 1940's There were three ways to own a home

1. Homestead
2. Interest Only loans
3. Pay in Full

Rewatch the Christmas film "Its a wonderful life"
That was one of the points of the movie
Interest Only loans on homes were killing people
.

 

[sirwoodz]

before I got the job I have now, I had a little brief stint working at a call center for a bank that basically just collected on home loans...

stay away from HELOC's at any cost...i'd rather take a credit score hit than take out a HELOC

 

[moblack]

The original poster said his house note costs less then most folks car notes. Where are you living a damn shack?

 

[invasor]

by my house 3 years ago 550k and had like 100k equity

now this house is wort 350k o less and keep going down whith thousand foreclosures everywhere here on bay area ca. my payment went up from 3500 to 5000 so i say fuck that shit.
plus 7000 tax propertis at year its a no no...been living free for the last 7 monts my credit went down from 710 to 535

 

[sirwoodz]

by my house 3 years ago 550k and had like 100k equity

now this house is wort 350k o less and keep going down whith thousand foreclosures everywhere here on bay area ca. my payment went up from 3500 to 5000 so i say fuck that shit.
plus 7000 tax propertis at year its a no no...been living free for the last 7 monts my credit went down from 710 to 535

- WTF!?!? maaaaaan what are they doing to people out there in california!?!

 

[EPDC]

The original poster said his house note costs less then most folks car notes. Where are you living a damn shack?

shit, I have a three bedroom with a two car garage. it aint no shack. I live in Buffalo, the houses are cheap. i got a good job so life is good here. I am paying $308 a month on my mortgage.

 

[PainInDAss]

all I can say is the Apt Building I'm in has run through three managers in the course of seven months, but I only received a five dollar increase on my rent. I can't say I'm affected

 

[BlackMike313]

Im looking at a 3 bedroom brick in Detroit. They want 10 k for it it needs about 5k in work its in a decent area too. Thats the only good thing in Detroit right now if you have the cash. that house is worth at least 70k in this economy. I own 1 already I just need a "honeycomb hideout" to get away from the fam once in a while.

 

[EPDC]

Im looking at a 3 bedroom brick in Detroit. They want 10 k for it it needs about 5k in work its in a decent area too. Thats the only good thing in Detroit right now if you have the cash. that house is worth at least 70k in this economy. I own 1 already I just need a "honeycomb hideout" to get away from the fam once in a while.

i here you, same thing with Buffalo. I bought my house for $32,000 and when I tell friends in NYC how much I paid they get sick. My home is not in a ghetto either. nice part of town, hardwood floors, copper plumbing. I am doing some home improvement on it in a few weeks, replacing all the windows, putting glass blocks in the basement.

I have heard that Detroit was similar to Buffalo as far as economy goes, but if you got a good job, you could grab a nice house on the cheap.

 

[ankhheru]

i got a similar deal in dayton ohio as well. i was able to pay cash for a 3 bed room 1.5 bath with a full basement and came out on top. everybody aint being affected harshly by the market downturn. im actually one of the few in the right place to have benefited from this.

 

[3rdfunk]

Where are you located cuz???!!!!! My house has depreciated almost 50,000.00 in a year n a half. Its serious around here. I had another property which I let go. Didn't get nearly what I would've two years ago but thats how it is. The DC Metro area is hurting pretty bad. Probably take 2-3 years to turn around.

I think as far as the DC metro area a lot of the home values were waaaaaaay overpriced. Funny thing is in Friday's Examiner there was a story saying that the home values in the city were actually up like 2% last quarter.

I live in northern Anne Arundel County. The values in this area have dropped some but nothing drastic. Homes prices are still up in the nose-bleed section.

 

[CPT Callamity]

I'm straight, although those fuckers who were jumping on the bandwagon back in 05 are regretting it. Maryland has so many for sale signs, you'd think "For Sale" was running for president. Nobody is buying anything though. Houses that were $650K a year ago are now selling for $500K and they keep building more McMansions. Lots of construction workers are feeling the pain and all those people who took real estate classes need to find another hustle until the market improves.