News Forclosures

Forclosures

What do you guys think about the current housing market? Do you think the banks or the government should bail out those who are about to loose everything? We have all seen the government bail out the Airline business here in the past few years. So do you think the people deserve a second shot? Also do you think people should be charged when they forced to leave and they end up destroying the entire home. GO GO GO

i don't know about all of that...BUT all i know is that i'm getting me a house in a couple of weeks because of it.

Now is a great time to buy.. thinking about actually seeing if we can get a lower rate then what we have now

Forclosures are only going to get worse. Housing is dropping daily.:twocents:

It is hard to say if we should bail out people for what is happening. I think alot of people were pretty dumb for getting into the loans that they got into but no one knew that this market would have shifted like it has. And I also think everyone deserves a second chance. I know, I personally dont take pleasure in other peoples pain and financial hardships. We need to do something before every thing gets worse meat prices, milk prices, eggs and everything. Our generation has never expierienced what is going on with the market today. I hope if the government does step in that it helps. I hope all that money that bush gave us on a tax rebate helps the economy as well.

I think people should be held responsible for the damages that they do to their homes when they forclose.

the tax rebates will not help people are just using them to pay down debt so that was a stupid move.. also the lenders i think are the major problem here. almost forcing people into adjustable rates that just kept going up and up

Forclosures

Why should the Government bail out the housing industry. It was greed on both Lenders/ buying public it's there problem our taxes are spread thin as it is and it would just give government an excuse to raise and philfer us some more.
Plus for the smart consumer a great time to buy

I agree that lenders are part to blame if not mostly...that is why i think people do deserve a second chance to a certain degree. I think that there are enough people out there that spent that money and not just payin off debt.

people who couldn't afford to pay a mortgage shouldn't have brought a house in the first place. They only have themselves to blame.

Put wants before needs, add in greedy agents, originators, appraisers and underwriters ad what you get is the market we have now.

I've watched this building since 2002.....I'm not surprised the shit finally hit the fan.

If someone decided to bail out folks who screwed up and let greed get the best of them...what about people like me who bought during the same time, got what i could afford and haven't missed a single payment? You cannot condone or reward bad behavior. The ONLY people who should be considering a bailout or assistance plan are the subprime lenders themselves. They can either play ball to stop the massive default rates or they can go bankrupt. The problem with that is, most of the folks in ARMs who are losing their homes, couldn't afford a fixed rate note either.

Not everyone is in this position. There are many who think they can do it but find themselves having a hard time. Others know they can do it and they can, but run into unexpected events (death in the family, medical bills, etc). This can cause them to have even less money and put them in a spot where they can lose their home.

So I agree to a point. But not all situations are like that.

And as far as charging someone for damage to a house. Its techinally that persons house. so if they wanted to break down a wall or take their favorite PVC piping with them, thats on them. Is it wrong to do? I can't say yes or no. I have mixed feelings on it. But what can you do. Thats like saying you buy a car from toyota but decide to put 6 holes in the hood thinking it'll create 200hp. you car gets repoed. do u think it would be fair for toyota to charge you to fix those 6 holes? I mean its your car and you do what you want to it. it'll just bring the value of the property down. But thats just the way I think.

the problem being is the house is not yours.. its the banks untill you pay it off same goes with the car

no one was forced to get into a ARM. while it wasn't the best thing for lenders to do, people are told what they are getting into and if they were not told then they need to review all documents. While i don't think anything should be done to those that are in the position, doing something may help the dropping prices. prices are dropping because the foreclosure sell for a lot less. i think the people that should be helped out are the ones that were not late on payments and have been laid off or have a true hardship.

and technically the house isnt yours any more. I can garentee that no one buys a house and decides instead of remodleing they damage the hell out of their house. No once they lose their home they are angry at the situation and what has happened and they take it out on the house. they should be held responsible.

There is also a growing problem of people getting advice from their lawyers to just walk away from their home because the value has gone to crap. These people can make the payments and havent been late but because their house is no longer worth more than they owe then the bail out on it.

I think that there are alot of people that were greedy with the houses they bought and got into these stupid homes. But i also think that there were alot of people that were getting homes that they could afford and with the adjustable rates can no longer afford. No one could ever have expected that the rates would have climbed as high as they are and for the marked to crash as much as it has.

article i read on yahoo yesterday. very interesting.

http://online.wsj.com/article/SB121314811278463077.html?mod=yhoofront

I know a few people who've done that. only 1 never went thru with it. I never saw the purpose of that cause eventually, it would catch up to you.