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Many selling at loss to avoid foreclosure
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Anonymous | 12:24 p.m. Oct. 13, 2008
If we can't buy land or property in Mexico and they can buy here then soon
they will own all of Mexico and half of the U.S.
K | 12:27 p.m. Oct. 13, 2008
Having a house worth less than a few years ago doesn't get the house in
forclosure. Not being able to make the monthly payment you agreed to. Everyone
she
Some complain their payment went up. That is what an adjustable mortgage means. It adjusts.
Some complain their payment went up. That is what an adjustable mortgage means. It adjusts.
Comments continue below
Helen Waite | 12:43 p.m. Oct. 13, 2008
Cougar Keith,
Every blog comment I have ever read of yours, seems like you are one of those negative people always looking for peoples faults and justifying it with your vast self rightouse knowledge, give me a break just once I would like to hear somthing positive out of your comments, not why you and your family are always right and everyone on the down and out deserve it.......Lighten up
Every blog comment I have ever read of yours, seems like you are one of those negative people always looking for peoples faults and justifying it with your vast self rightouse knowledge, give me a break just once I would like to hear somthing positive out of your comments, not why you and your family are always right and everyone on the down and out deserve it.......Lighten up
Broke and happy. | 12:46 p.m. Oct. 13, 2008
One thing that should be mentioned here is the amount of lobbying that is done
by the real estate industry.
They are good and no one seems to notice them as they go about their work and taking care of themselves.
I think we would be better off if the price of oil would go way up and the government would stay out of the free market and let the price of homes fall.
Lets see a person graduating from college with an income of $40,000 maybe able to buy a house in 4 years after paying off the student loan.
Crash, crash, crash.
It is nice to see things go down for a change.
Keep it up.
They are good and no one seems to notice them as they go about their work and taking care of themselves.
I think we would be better off if the price of oil would go way up and the government would stay out of the free market and let the price of homes fall.
Lets see a person graduating from college with an income of $40,000 maybe able to buy a house in 4 years after paying off the student loan.
Crash, crash, crash.
It is nice to see things go down for a change.
Keep it up.
wondering? | 1:35 p.m. Oct. 13, 2008
I am not going to get into bashing a poor SL home owner.
But I do appreciate Deseret News telling me what a 'short sell' is.
Thank You
for such a great paper and discussion board.
But I do appreciate Deseret News telling me what a 'short sell' is.
Thank You
for such a great paper and discussion board.
well said! | 1:56 p.m. Oct. 13, 2008
Helen Waite | 12:43 p.m. Oct. 13, 2008
Cougar Keith,
Every blog comment I have ever read of yours, seems like you are one of those negative people always looking for peoples faults and justifying it with your vast self righteous knowledge, give me a break just once I would like to hear something positive out of your comments, not why you and your family are always right and everyone on the down and out deserve it.......Lighten up.
GREAT COMMENT
nona | 2:47 p.m. Oct. 13, 2008
So now we are the only country in the world whose houses are depreciating in
value? I have a friend in South Africa who is shocked at this. They are better
off than we are.
Re: Clueless Realtors | 2:47 p.m. Oct. 13, 2008
Thank you for the lesson on how to know when the market has bottomed out. Many
of the state's most brilliant economists don't claim to know when the
bottom is. I've heard some say that in their opinion, we've hit the
bottom, but that they don't know for sure. I've heard others opine
that the housing market is done losing steam on its own. From here, if there are
decreases, it will be due to other factors (ie. job loss) and not housing
factors (ie. mortgage guidelines and regulations). But here are some realities:
1) Information lags behind reality, and 2) while home prices may continue to
drop, rates won't stay in the 6% area forever. As rates increase, buyer
power decreases, so unless you're a cash buyer, waiting may not be the
right answer.
In short, Mr. "Clueless" claims to know when in reality, no one does. But what we can glean from this is that it's important to make a wise/informed decision and take responsibility for that decision.
In short, Mr. "Clueless" claims to know when in reality, no one does. But what we can glean from this is that it's important to make a wise/informed decision and take responsibility for that decision.
Utah not the real test | 3:08 p.m. Oct. 13, 2008
while I do have some empathy for this lady it is funny how perspective changes.
I moved here about two weeks ago from Las Vegas. Before that we were in Arizona.
We purchased a house we could afford in AZ but due to a job change had to move.
In the meantime we have been renting our house in AZ at a 500.00 per month loss
vs. the mortgage. On top of that the house has went down about 75-100 thousand.
Seeing the Utah situation almost makes me laugh a bit as we had friends in Las
Vegas who were under 170,000 on their house they purchased three years ago. So
while it is getting tougher here be thankful you are not there:)
As far as all those passing judgment they should withhold their judgement. Mistakes happen, for us it wasn't even a mistake just a change of jobs. At the time we thought we were bring prudent by rolling our money we made when we moved from Utah into our house in AZ, turns out that money is gone plus another 50 or so. With that said their is a difference in our situation to those who outspent themselves.
As far as all those passing judgment they should withhold their judgement. Mistakes happen, for us it wasn't even a mistake just a change of jobs. At the time we thought we were bring prudent by rolling our money we made when we moved from Utah into our house in AZ, turns out that money is gone plus another 50 or so. With that said their is a difference in our situation to those who outspent themselves.
Home Values | 3:16 p.m. Oct. 13, 2008
Are the Materials to build a house declining?
No
As a matter of fact Materials are going up in cost
The FUEL COST ya know
The Banks are responcible for this CAPER
Not the PEOPLE
This was for seeable when the Banks did what THEY DID
Let the Banks take the fall
How stupid some of you are not to see the real truth
and the responcible Party
No
As a matter of fact Materials are going up in cost
The FUEL COST ya know
The Banks are responcible for this CAPER
Not the PEOPLE
This was for seeable when the Banks did what THEY DID
Let the Banks take the fall
How stupid some of you are not to see the real truth
and the responcible Party
Jeffrey | 3:24 p.m. Oct. 13, 2008
Nobody forces people to buy homes they can't afford.
Yes, the banks are predatory in their lending, and yes, creditors perpetuate the dangerous advice of buying what you can't afford, but ultimately the responsibility lies with the person making the purchase.
Unfortunately, the American Dream has come to mean possessing everything that your neighbors do in order to be considered successful or "happy".
A 15-year-old car that still works fine is not good enough, so people buy/lease the latest SUV that gets them to the same places, at the same speed. A simple phone to make necessary calls is insufficient, so hundreds of dollars are spent on the latest gadgets. It is the same with homes.
Long-term renting is not a good idea, because you are spending money on what you do not own, but having a goal of living low and saving money until you can afford to move up is the best financial success plan.
If people could just have the self control to not buy what they can't afford, then this current "housing crisis" wouldn't be a crisis at all.
People like the subject of this article have my sympathy, but not my pity.
Yes, the banks are predatory in their lending, and yes, creditors perpetuate the dangerous advice of buying what you can't afford, but ultimately the responsibility lies with the person making the purchase.
Unfortunately, the American Dream has come to mean possessing everything that your neighbors do in order to be considered successful or "happy".
A 15-year-old car that still works fine is not good enough, so people buy/lease the latest SUV that gets them to the same places, at the same speed. A simple phone to make necessary calls is insufficient, so hundreds of dollars are spent on the latest gadgets. It is the same with homes.
Long-term renting is not a good idea, because you are spending money on what you do not own, but having a goal of living low and saving money until you can afford to move up is the best financial success plan.
If people could just have the self control to not buy what they can't afford, then this current "housing crisis" wouldn't be a crisis at all.
People like the subject of this article have my sympathy, but not my pity.
re; Wondering? 5:35 | 4:24 p.m. Oct. 13, 2008
They only touched on what a short sale is. Here is better information for you. A
short sale is when a house sells short of what is owed to the bank. The bank
approves it and charges the balance to the original owner in the form of
"income". The lendee (original owner) has to pay income tax on the
difference that the home sold for and what is originally owed. That income tax
can be as high as 28%. That is something the lendee will have to work out with
the IRS in payments.
The other statment the bank made was that they don't allow the home to be sold to a friend or relative. However, they never check into it so the lendee can actually buy the home back in a short period of time (3 months) for half the price and only pay the taxes on the difference. This is criminal if you ask me but it's being done.
I work as a part-time Realtor. I have homes listed that are short sale homes but I refuse to sell to a friend clients friend. My short sale homes are vacant so they people are already out.
The other statment the bank made was that they don't allow the home to be sold to a friend or relative. However, they never check into it so the lendee can actually buy the home back in a short period of time (3 months) for half the price and only pay the taxes on the difference. This is criminal if you ask me but it's being done.
I work as a part-time Realtor. I have homes listed that are short sale homes but I refuse to sell to a friend clients friend. My short sale homes are vacant so they people are already out.
Anonymous | 4:28 p.m. Oct. 13, 2008
Nowhere in this article does it state that she's here illegally. I
can't believe people are on here calling her a "lawbreaker" and
telling her to "go home." Just because someone has a spanish name
DOES NOT mean they're illegal.
She should have walked away when the inspection came in, yes. It should have been contingent on the inspection, yes. Can she sue her realtor? Probably. I would imagine she has a good case.
But SHOULD HAVE doesn't matter anymore, unfortunately. She is where she is, and has to do what she has to do. I'll bet large amounts of money she doesn't buy again without an inspection report.
She should have walked away when the inspection came in, yes. It should have been contingent on the inspection, yes. Can she sue her realtor? Probably. I would imagine she has a good case.
But SHOULD HAVE doesn't matter anymore, unfortunately. She is where she is, and has to do what she has to do. I'll bet large amounts of money she doesn't buy again without an inspection report.
Anonymous | 5:36 p.m. Oct. 13, 2008
How could you possibly own a home in Utah for the past 13 years and be upside
down in it? The market is flat now, but it hasn't been for the past 13
years.
Anonymous | 5:59 p.m. Oct. 13, 2008
Did anyone do their homework? Signed the paperwork BEFORE the results of the
inspection. How dumb is that! Hope they don't plan on having many
children!
The agent should have made sure the results were back before they signed.
But that is not the worst part. They defaulted after only 3 months. Someone did not do their homework!
Shame on everyone involved.
The agent should have made sure the results were back before they signed.
But that is not the worst part. They defaulted after only 3 months. Someone did not do their homework!
Shame on everyone involved.
McCain said it so well | 6:02 p.m. Oct. 13, 2008
about the pres...what we expected to do stand around the next fours hoping that
things get better just like the last eight years! Utah you got duped with a
loser of a leader now even his backers aren't getting any help off his
washed up legacy he left behind!
and so.. | 7:39 p.m. Oct. 13, 2008
Better to have never bought the house, but who is the criminal? The house was
probably at a fixed rate for a few years and maybe interest only for that
period. But when it went variable, and the house didn't appreciate, she
couldn't sell it for profit, nor make the large payments.
For those homeowners not in it for investment purposes, this is a sad story that I believe is 80 percent the guilt of an aggressive, misleading, and in some cases outright lying real estate agent or banker. "the house will appreciate, so don't worry, you can refinance to a new, lower fixed rate" ... etc. etc.
I don't believe we should be bailing out these people with tax payer money, but the lender and agent should be held partially responsible. The question is, how to do that. In the future, we need tighter controls, but do these crooks just get off scott free? It makes me sick and I'm sure we have no Solomon to help us figure out the just thing to do. Maybe we should just cut all these fools in half and let people choose which half they want to keep...
For those homeowners not in it for investment purposes, this is a sad story that I believe is 80 percent the guilt of an aggressive, misleading, and in some cases outright lying real estate agent or banker. "the house will appreciate, so don't worry, you can refinance to a new, lower fixed rate" ... etc. etc.
I don't believe we should be bailing out these people with tax payer money, but the lender and agent should be held partially responsible. The question is, how to do that. In the future, we need tighter controls, but do these crooks just get off scott free? It makes me sick and I'm sure we have no Solomon to help us figure out the just thing to do. Maybe we should just cut all these fools in half and let people choose which half they want to keep...
Misquote | 9:26 p.m. Oct. 13, 2008
The modern philosophy seems to be:
"Ask not what you can do for your country, but ask what your country can do for you."
"Ask not what you can do for your country, but ask what your country can do for you."
Henry Drummond | 9:49 p.m. Oct. 13, 2008
I think its time to recognize those people who didn't make foolish
investments in inflated real estate. They put money in the bank to save up for
college, or a mission, or retirement. The banks then lent that money to people
who made foolish investments in inflated real estate who promptly lost much of
it in foreclosure or short sells. If we do nothing those prudent people who put
money away for college, or a mission, or for retirement will find that their
savings have disappeared. That's who is being bailed out.
Amazed | 10:30 p.m. Oct. 13, 2008
I sit here reading these comments, and I can't help but think what Christ
would be saying to these families. Somehow, I don't think he would say a
single thing about how foolish they had been. It's a sad commentary on our
society that they have lost all sense of compassion. I agree that bad decisions
were made all around by buyers, lenders and realtors. I agreed that personal
and corporate greed were the root (The love of money??--Hmmm). But I am
dismayed at how virtually all of the posters of comments were so quick to judge,
eager to offer their vitriolic commentary. As a community, I think we have lost
all sense of what is most important in life.
MAJ MLL
Baghdad
MAJ MLL
Baghdad
re Home Values | 10:35 p.m. Oct. 13, 2008
A couple of misconceptions to clear up for those who actually speak without ever
doing any research.
Land prices are drastically depressed.
Lumber is at 20 year lows.
Sheetrock and electrical are well below boom prices.
Copper etc is significantly down.
Fuel heading below $3.
Labor heading down (hungry contractors).
This is deflation...the greatest asset bubble of all time has popped. You will be surprised how much.
Interesting how those being foreclosed on have become victims....
Just saw Obama wants a 90 day moratorium on foreclosures....this is effectively free rent at tax payer expense.
Gov't intervention is out of control.
Land prices are drastically depressed.
Lumber is at 20 year lows.
Sheetrock and electrical are well below boom prices.
Copper etc is significantly down.
Fuel heading below $3.
Labor heading down (hungry contractors).
This is deflation...the greatest asset bubble of all time has popped. You will be surprised how much.
Interesting how those being foreclosed on have become victims....
Just saw Obama wants a 90 day moratorium on foreclosures....this is effectively free rent at tax payer expense.
Gov't intervention is out of control.
So illegals are responsible | 10:42 p.m. Oct. 13, 2008
for how much of the sub-prime mortgage mess?
Were they forced to come here illegally, take out big loans they couldn't pay for, and then sell low when they were upside-down in a English-speaking mortgage they couldn't understand?
Were they forced to come here illegally, take out big loans they couldn't pay for, and then sell low when they were upside-down in a English-speaking mortgage they couldn't understand?
Jason1 | 6:54 a.m. Oct. 14, 2008
THE ULUAVE DOCTRINE: "To accommodate is to be abused". Balance my
friends.
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Lilian Hernandez, a loan counselor with NeighborWorks Salt Lake, and Evelia Castrejon stand outside Castrejon's house in the Rose Park neighborhood.
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People whine about how "greedy" the lenders are, but how about the even more fundamental greed of people who want to have something that they can't every pay for?