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Reply #12: Excellent analysis & here'are the 4th & 5th ways you'll be screwed. [View All]

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Divernan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-17-08 05:58 PM
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12. Excellent analysis & here'are the 4th & 5th ways you'll be screwed.
If you reach any of those points in life where you,(the sensibly mortgaged, made a big down payment, got a 30 year fixed mortgage, and were not flipping for profit homeowner) have to SELL your house, here are TWO MORE ways, you will be economically screwed, if not destroyed.

I'm talking about, for example, someone who loses their job and has to move to a new community to find employment. I'm talking about someone whose employer closes down your office and will continue to employ you only if you move to a different location. I'm talking about someone whose job is downsized and you can no longer make your mortgage payments so you HAVE to sell ASAP. I'm talking about a family where an elderly parent dies and the house/condo they lived in has to be sold. These are all examples of homeowners who have no choice but to move, and therefore MUST sell their homes.

(1) In many communities you may find that the plummeting "fair market value" has left you with a mortgage balance far exceeding any price for which you could sell your house. And of course you would also have to factor in that 7 percent realtor's fee and some closing costs.

(2) Your house may be in a neighborhood where houses have already been abandoned, or at best are sitting empty with For Sale signs in the overgrown yards. (Many suburbs of Cleveland come to mind, as well as all the condo developments in Florida.) There are NO buyers for these homes. Who wants to move onto a block with abandoned houses?
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  -Prudent homebuyers are getting hit 3 times. SoCalDem  Feb-17-08 05:41 PM   #0 
  - All brought to you by Bushco  Hydra   Feb-17-08 05:44 PM   #1 
  - The thing that really pisses me off it this..  SoCalDem   Feb-17-08 05:48 PM   #6 
  - Yup  Hydra   Feb-17-08 05:56 PM   #9 
  - You're right about the bankruptcy option.  Divernan   Feb-17-08 06:15 PM   #20 
     - Why doesn't she rent her condo?  riderinthestorm   Feb-17-08 07:57 PM   #33 
  - 1980's... Red Hill Financial, Silverado, Topsail Hill, St. Joe, Emerald  tsuki   Feb-17-08 06:32 PM   #27 
  - The TRUTH is:  bvar22   Feb-17-08 06:32 PM   #28 
  - Thom Hartmann explained the entire thing recently.  CANDO   Feb-17-08 10:23 PM   #40 
  - Well, it's not all brought by BushCo.  krkaufman   Feb-18-08 02:44 PM   #50 
  - And completely preventable  sandnsea   Feb-17-08 05:46 PM   #2 
  - I also hear, those in an HOA will probably pay more HOA fees  itsrobert   Feb-17-08 05:46 PM   #3 
  - It is already happening - Associations are already a year into a real problem.  DURHAM D   Feb-17-08 06:12 PM   #17 
  - "You will also pay when the tax base of your county/city-town/state shrink dramatically"  canoeist52   Feb-17-08 05:47 PM   #4 
  - #41 gave us the savings & loan scandal costing taxpayers perhaps $700 billion, #43 has outdone papa.  jody   Feb-17-08 05:48 PM   #5 
  - as a long-time renter in my local housing market I'm feeling like...  mike_c   Feb-17-08 05:53 PM   #7 
  - Yep.. in your case, you are in a good place..  SoCalDem   Feb-17-08 05:57 PM   #11 
  - I think the fed and the government are going to try to fix the housing market  penguin7   Feb-17-08 09:53 PM   #37 
  - i have a foreclosure literally right next door, i sweep the driveway and sometimes cut the lawn  chimpsrsmarter   Feb-17-08 05:55 PM   #8 
  - We have one next door too.. Boarded up(finally) but badly vandalized  SoCalDem   Feb-17-08 05:59 PM   #13 
  - gawd that sucks and blows. This one next door is ok right now but i think it's  chimpsrsmarter   Feb-17-08 06:04 PM   #16 
     - When a house is not even worth resale...  and-justice-for-all   Feb-17-08 06:24 PM   #25 
  - When the house next door to us was forclosed...  and-justice-for-all   Feb-17-08 06:22 PM   #23 
  - Nailed it again, SCD.  BushDespiser12   Feb-17-08 05:56 PM   #10 
  - Excellent analysis & here'are the 4th & 5th ways you'll be screwed.  Divernan   Feb-17-08 05:58 PM   #12 
  - We are woefully aware of that scenario.. We have bought two houses  SoCalDem   Feb-17-08 06:03 PM   #15 
     - Way back in my youth (my 20's) I bought 2 house in California sellers' markets  Divernan   Feb-17-08 06:22 PM   #24 
     - Self edit, misread your statement.  sarcasmo   Feb-18-08 08:23 AM   #48 
  - Good point  proud2Blib   Feb-17-08 06:00 PM   #14 
  - Bad idea.  smoogatz   Feb-17-08 06:18 PM   #21 
     - If the market bounces back, yes  proud2Blib   Feb-17-08 06:46 PM   #30 
  - It will all work out---it always does.  Fed_Up_Grammy   Feb-17-08 06:13 PM   #18 
  - You wouldn't be saying that if the housing crisis had kicked you in the a$$.  TheGoldenRule   Feb-17-08 07:00 PM   #32 
  - I disagree....  mike_c   Feb-17-08 10:47 PM   #41 
  - no it does NOT always work out  Skittles   Feb-17-08 09:43 PM   #36 
  - It's wrong to tell these other companies how to do things.  HypnoToad   Feb-17-08 06:14 PM   #19 
  - Companies are not people and should be regulated...  and-justice-for-all   Feb-17-08 06:26 PM   #26 
  - I know, they could just erase all the mortgage debt!!  and-justice-for-all   Feb-17-08 06:19 PM   #22 
  - meh  InsultComicDog   Feb-17-08 06:34 PM   #29 
  - I own mine free and clear too, but I worry about friends, neighbors, relatives  troubleinwinter   Feb-17-08 09:35 PM   #34 
     - sorry, didn't mean to be smug  InsultComicDog   Feb-17-08 09:41 PM   #35 
  - Top-down class warfare, redux.  DemoTex   Feb-17-08 06:55 PM   #31 
  - You're right about the taxes, wrong about the "lost equity"  El Pinko   Feb-17-08 10:03 PM   #38 
  - "We" are just fine.. (we bought in '82)..Sorry if you thought I was "whining".  SoCalDem   Feb-18-08 05:41 AM   #42 
     - Sorry, I don't mean to be belligerent, and yes, everyone is going to be affected by this...  El Pinko   Feb-18-08 06:31 AM   #47 
  - We've managed to avoid the foreclosure debacle here so far  smoogatz   Feb-17-08 10:05 PM   #39 
  - Personally, we are fine.. We have a 30-yr fixed at 5.25  SoCalDem   Feb-18-08 05:44 AM   #43 
  - Here's another way I'm getting squeezed ...  lpbk2713   Feb-18-08 05:57 AM   #44 
  - Yup.. there's that too.. As the "pool" shrinks, we all pay more  SoCalDem   Feb-18-08 06:01 AM   #45 
  - That Sucks So Bad  Crisco   Feb-18-08 06:27 AM   #46 
  - I call BS. Explain to me, with concrete examples how this works:  TalkingDog   Feb-18-08 01:04 PM   #49 
     - arf  SoCalDem   Feb-18-08 05:40 PM   #51 

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