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Buying a home...What options are there?
07-01-2010, 10:29 AM,
RE: Buying a home...What options are there?
I don't know if this has been covered, but there are plenty of homes in and around the Detroit area that can be picked up for $1...

Fuck it, right Obama? It ain't Illinois, it's Michigan!
[Image: conspiracy_theory.jpg]
07-02-2010, 01:25 AM,
Exclamation  RE: Buying a home...What options are there?
Great info, FastTadpole ...

... thanks for posting this !! Smile
07-02-2010, 07:25 PM,
RE: Buying a home...What options are there?
(07-02-2010, 01:25 AM)solar Wrote: Great info, FastTadpole ...

... thanks for posting this !! Smile

you ALWAYS show up.... within a 24 hour period... from when I was thinking about you!! Shocked Dazed Crazy

Stop that ! Grin J/K Laugh
07-11-2010, 08:08 AM,
RE: Buying a home...What options are there?
Homes are gonna a be a bit cheaper since we are facing a deflationary curve. The housing market has always been the best indicator of this. The banks are taking in the real wealth of Americans and everyone else that inhabits, what they perceive, their Earth.

Based on March 2010 Compiled US Real Estate and Banking Stats
There are no others, there is only us.
07-12-2010, 04:52 AM,
RE: Buying a home...What options are there?
Excellent chart. From the data that Fannie Mae told me about they look for have foreclosures until 2011, maybe 2012.

If I were buying these days I would buy a foreclosure, there are some in nice areas and it gets more and more each day. When you hear them say sales are up, it's mostly foreclosures, They sell usually for a fraction of the cost to build them, and not all are trashed out.

Me personally, if I couldn't pay cash I would get a smaller house that I could get a bank loan of not more than 15 years, 20 if you really needed to. You will be amazed how much you will save in the long run. Make sure though hat your loan will allow early pay-off and extra towards the principle.

The land taxes are a pain but you get them back each year as credit paid on tax forms.

I'd still avoid short sales... the contract language is very shady.
07-14-2010, 04:10 PM,
RE: Buying a home...What options are there?
A tad off topic, but seems that private banks and governments are getting more powers (and public funding for lawsuits) to assure their potential income streams from their asset loans created from thin air don't walk away. In this article the LA times is doing it's bestest to spread the word so your fear and comply.

Expect to walk away from an underwater mortgage? Expect to get sued.

Quote:Fannie Mae gets tough on homeowners who walk away
The mortgage giant plans to go to court against those who can afford to make their payments but decide it's not worth it. It also will limit their access to future loans.
June 24, 2010|By E. Scott Reckard, Los Angeles Times

Taking aim at homeowners who are able to pay their mortgage but decide it's not worth it, Fannie Mae plans to go after them in court and to limit their access to home loans for seven years.

The government-controlled mortgage giant said Wednesday that it would instruct the companies servicing its loans to recommend when it should pursue a so-called deficiency judgment — a court order requiring a defaulting borrower to pay any remaining unpaid portion of the loan after a seized home is sold.

Lenders rarely employ court proceedings to pursue foreclosures in California, nearly always opting instead for a streamlined procedure involving a trustee's sale of the home. Under state law, however, lenders who opt for court proceedings can obtain a deficiency judgment if the mortgage was used to refinance a home, but not if it was used to finance a purchase.

"It's not a hollow threat," said Alex Creel, chief Sacramento lobbyist for the California Assn. of Realtors, which has called for legislation that would ban deficiency judgments in many cases of refinanced mortgages.

Fannie Mae also said it would make new mortgages harder to obtain for borrowers if it can be proved that they engaged in a "strategic default" — abandoning a home to foreclosure not because the required payments are unaffordable but because the mortgage is larger than the value of the residence. For such a borrower, Fannie said it would not buy or guarantee another home loan for seven years.

Borrowers who worked in good faith with their loan servicers to try to stay in their homes would be barred from Fannie loans for only two or three years, even if they eventually lost their homes after attempts at loan modifications failed.

The ban on getting a new Fannie loan is significant because home buyers have little choice these days for financing except for mortgages bought or backed by Fannie, its sister company Freddie Mac or the Federal Housing Administration. The three government-run entities financed 95% of new U.S. home loans last year.

Freddie Mac, which already blacklists strategic defaulters for five years, said it would study Fannie's changes and "consider additional changes to our polices as needed to responsibly manage risks."

Borrowers who default on FHA loans for any reason currently can't get another loan insured by the agency for three years. Legislation pending in Congress would impose a lifetime ban on FHA loans to borrowers determined to have made a strategic default.

Fannie Mae's get-tough policy on so-called walkaways is the latest fallout from the housing meltdown, which has eroded the once widely held belief in homeownership as the path to household wealth.

Foreclosures continue at a rate of 2.5 million a year, Federal Deposit Insurance Corp. Chairwoman Sheila Bair said, and some 11 million households owe more on their mortgage than their home is worth.

Fannie Mae's new policies are designed to prod borrowers into pursuing alternatives to foreclosure, including short sales — transactions in which lenders allow a home to be sold and cancel the debt while accepting less than full payoff of the mortgage.

Borrowers who are slightly underwater — owing just a little more than their homes are worth — are unlikely to stop paying their mortgages if they have the resources, according to studies by research firm CoreLogic. But if the home's value is at least 25% less than the loan amount, borrowers are far more likely then to walk away.

In the fourth quarter of 2008, strategic defaulters accounted for 18% of all borrowers who were 60 days past due on their loans, according a study by credit-data giant Experian and consulting firm Oliver Wyman.

Last March, 31% of foreclosures were described as strategic by the borrowers themselves, compared with 22% in March 2009, researchers at the University of Chicago and Northwestern University reported.
There are no others, there is only us.
07-14-2010, 07:02 PM,
RE: Buying a home...What options are there?
Good find but it gets even better. On "short sales", buyer, seller, and lender must all 3 agree to accept an agreed price which is usually quite a bit lower than owed on the property. A good example was one in Gatlinburg, Tn last year that was financed and actually appraised at 840,000.00. They all 3 agreed on 367,000.00 fully furnished. That should be it, property sold, but in the fine print the lender can for an unlimited time, should they decide to, come back on the seller and collect the difference. Although I never checked into it I was told that the lender could even come back on the buyer, or both.

Many people finance and go subprime which means that they will have MPI payments in addition or tacked on to their payment. This Mortgage Insurance Premium is suppose to cover the difference should the borrower default. It covers the difference the property sells for versus owed and all expenses incurred by the lender to resale property. It also insures that the Borrower does not have to pay the difference. If however they can prove that the Borrower fraudulently defaulted the Borrower could be made to pay the difference. Caution on this because language and laws can change and differ from state to state. One of the weirdest things is "Cash For Keys". When I was doing realestate, there at the last I worked primarily with Fannie Mae. I had several companies that government and private lenders farm the work out to call for me to do Cash For Keys, which I declined to do after reading on how they can come back on both buyer and seller in some cases and buyer on all cases.

When you work with foreclosures usually you have no direct contact with the lender but rather a company called the asset manager. So there is another cost. Chase was different, I dealt with just them.

On foreclosures, the borrower has (in TN) up to 1 year they can come back and reclaim property and any work done paying only for the actual material provided receipts are kept.

More but I ahve to go right now.
07-15-2010, 03:35 PM,
RE: Buying a home...What options are there?
Thanks for your experience and insights hilly7.

Here is a tale of a man standing his ground on his rights to that ground in the face of the Chinese communist government / banking cartel. Not that I encourage it, but I totally respect where he's coming from. A modern day David and Goliath story but I doubt this will have an ending in which the 'little guy' is ultimately victorious.

Quote:Cannon-Wielding Farmer Wards off Eviction
By V Saxena on 18-06-2010

A cannon-wielding farmer from central China has transformed his home into a fortress of sorts to fend off government agents bent on taking control of his property.


Hostile evictions are nothing new in China. Several months ago, for instance, we spoke about Wang Cayun, an elderly woman who was literally buried alive by greedy property developers intent on bulldozing her home.

Yang Youde, 56, doesn’t plan on going out like Miss Cayun, which is why he has armed himself with 2,000 yuan (300 USD) worth of fireworks, and a makeshift cannon built from old stove pipes and capable of firing shells up to 100 yards into the fields that surround his home.

His intent is to scare away demolition crews. “I’m a farmer. My whole life depends on farming. If I surrender, I have nowhere to go,” he told the Agence France-Presse (AFP) news agency.

Surprisingly enough, Yang’s plan seemed to be working quite well. The NY Daily News reports that he has twice warded off demolition crews by blasting them with fireworks and cannon shells.

According to AFP, however, Yang ran out of fireworks during his last confrontation in May. The demolition agents then surrounded him and proceeded to beat him up. Curiously, though, they left him alone afterward.

Nonetheless, demolition crews are likely to soon return, which is why Yang is busy working hard so that can afford more ammunition.


Here is the less glorious story of the Chinese Grandma, Wang Cayun.

Quote:Property Developers Bury Defiant Grandma Alive
By V Saxena on 17-03-2010

Wang was a quaint grandmother from Hubei Province, China. She lived a fairly peaceful life up until March 3, 2010, when a raucous band of property developers, accompanied by three police officers, confronted Wang. They were intent on evicting the poor lady so they could bulldoze her property.

During a frantic struggle to thwart the greedy goons, Wang was struck repeatedly with a wooden stick and then shoved into a drainage ditch. The property developers then ordered one of their thugs to bulldoze dirt into the ditch in an attempt to bury the defiant granny alive. Unfortunately, the plan worked.

By the time that Wang’s son discovered what had happened and pulled her out of the ditch, she was already dead. As for the police offers present, bystanders reported to Hubei Television that they “stood around acting like it was none of their business.”

Overcome with grief, Wang’s son dragged her frail body along on a main room, where he and thousands of local residents then staged a protest for two whole days.

The local government soon after confirmed her death on its website: “Wang Cayun, 70, a villager from Maodian, received an accidental injury at a local demolition site on March 3.” One wonders how exactly the government defines ‘accidental’!? Regardless, all Internet news stories related to Wang’s death have since been censored as of Friday, March 5. This comes as no surprise.

What is shocking, however, is that hostile evictions are nothing new to China. All across China, corrupt officials and property developers are teaming together to illegally secure potentially profitable real estate from China’s innocent citizens. For more information on the epidemic, please visit China View | Forced Evictions or watch the video below, which speaks about the evictions that occurred as a result of the 2008 Olympics in Beijing.

There are no others, there is only us.
07-16-2010, 03:45 AM,
RE: Buying a home...What options are there?
The guy has my respect. It would work if enough people stood up. Nice find.

On foreclosures, before surrendering the property, make them show you the papers entitling them the property through default. It has to be the actual signed papers, not copies. Loans were rolled up and passed along in financial instruments more that a 2.00 prostitute at a preacher's convention. Many were lost and the borrower has the right to request verification by viewing the actual ink signed papers be presented.

On yea, run from anything called "Creative Financing", most of which were at one time called Teaser rates, ARMs, Balloon Loans, and Negative Amortization Loans. Bad stuff. Also make sure that if you are borrowing in and become subprime that the MIP payments will end when you reach a predetermined date or amount. That anything over the monthly payment goes towards the principle and that there are no penalties for paying off the mortgage early. Never assume anything in real estate.

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