[EasyEJL]

Originally Posted by Reaper329

I dont disagree at all, if there was a way to get it done within a year then I would be all for it. As it stands now, this will take a few years at the least, also the problem is many of the banks cant afford this many foreclosures all at once, which is another issue as well.

well, the funny thing is they loose more over time than they will by loosing it all at once. Each month that goes by with 4 or 5 that go foreclosure, comps are lower the next month, and so what they can sell the forclosures in that same neighborhood go down. Whereas if all 30 homes in the neighborhood go up the same month, they'll all be sold with the same comparables.....

[Reaper329]

Originally Posted by EasyEJL

well, the funny thing is they loose more over time than they will by loosing it all at once. Each month that goes by with 4 or 5 that go foreclosure, comps are lower the next month, and so what they can sell the forclosures in that same neighborhood go down. Whereas if all 30 homes in the neighborhood go up the same month, they'll all be sold with the same comparables.....

dont disagree, but also when you have 20-30 per month, that is a boat load of unrecouped legal fees, f/c fees, loss mit fees etc...

either which way, its bad regardless

[Palo Alto Labs]

Originally Posted by CryingEmo

It seems like if they caused the problem, then they have to fix it, no?

In any case, I wish this whole problem would get resolved. I have a mediocre mortgage. I'm not going to go under anytime soon, but If I was a risk taker, I could probably get screwed.


The thing is, the only deal I was offered was an ARM. Someone my age will not get approved for a 30 year fixed with an affordable monthly payment. The only people that can realistically afford that are either making 75k+ or will average like 35 years old and older. Exactly what age are you supposed to be able to afford a house? Weren't people buying houses back in the 50's at age 20?

Emo... not sure how old you are....
but i JUST got a 30 year fixed mortgage about 10 weeks ago and Im 24 y/o. I wont go into my salary but it came more down to credit score and having some $$ to drop on DP .. i got by with only 5% out of pocket.
Not sure when you got your mortgage.. but the reason you were probably only offered an ARM was because the bank saw that as the most profitable option for them in the long run.

[QUICKRYDE]

An "ARM" is like rolling the dice. You may win some but at the end...you're going to loose.

[Trauma1]

Originally Posted by Palo Alto Labs

Emo... not sure how old you are....
but i JUST got a 30 year fixed mortgage about 10 weeks ago and Im 24 y/o. I wont go into my salary but it came more down to credit score and having some $$ to drop on DP .. i got by with only 5% out of pocket.
Not sure when you got your mortgage.. but the reason you were probably only offered an ARM was because the bank saw that as the most profitable option for them in the long run.

Agreed dave. The wife and i just got our 30 year fixed at a good rate through a convential loan. My credit is ok, but hers is unreal.

I've just heard that they're making FHA loans even harder to obtain now. The bottom line is....unless you have a good job, good credit, and a some money to put down, it's going to be a b*tch to get a house now even though it's a buyers market. The banks are seriously tightening their boundaries due to all the foreclosures.

AM party in tampa in the near future....WOOT, WOOT!

[Reaper329]

Originally Posted by Trauma1

Agreed dave. The wife and i just got our 30 year fixed at a good rate through a convential loan. My credit is ok, but hers is unreal.

I've just heard that they're making FHA loans even harder to obtain now. The bottom line is....unless you have a good job, good credit, and a some money to put down, it's going to be a b*tch to get a house now even though it's a buyers market. The banks are seriously tightening their boundaries due to all the foreclosures.

AM party in tampa in the near future....WOOT, WOOT!

the good thing with FHA is they cannot take credit into consideration. That is what the plan has been. They are trying to get people out of certain mortgages in an attempt to get them into a fixed rate. There are so many bad mortgagbes that people signed up for, just to try to keep their house, and the problem now is, the well is drying up and values are falling to where they were 5-10 years ago. Not good!

[EasyEJL]

Originally Posted by Trauma1

The bottom line is....unless you have a good job, good credit, and a some money to put down, it's going to be a b*tch to get a house now even though it's a buyers market. The banks are seriously tightening their boundaries due to all the foreclosures.

AM party in tampa in the near future....WOOT, WOOT!

Why should it be any different? thats exactly why the foreclosures happened, because the community reinvestment act brought into being by clinton forced banks to loan money out even if people couldn't prove they had a good job, good credit and money to put down...

And party time! pity, this wekend woulda been great, theres the red bull flugtag today