Judge it!Would the rent payments cover the cost of the loan payments? If not, then the rent is too low and the tenants got a sweet deal. At least until their lease runs out.The HOMEOWNERS haven't been paying the mortgage. The tenants have been paying the rent and can afford to stay.
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2 Yeh, I know a coupla proud chest-thumpin' AMURRICANS with screaming eagle decals on their truck bumpers who did the same thing. Why be a sucker, is pretty much the mindframe? And I don't put 'em down, either of them. The loans that allowed a lot of people to buy homes should never have been made, would never have been made even 15 years ago. The financial industry chose to go HOG WILD and fund these bad mortgages because _they_ had found a way to sell them at a profit to big investors and banks and wouldn't be holding them when they went bust. They kicked the can down the road. And guess what? The people at the end of the road are kickin' in back? Why shouldn't they? THEY didn't get rich ruining the nation's economy, why should _they_ bear all the load on a bad loan that, yeh, they never should have had but the nice man in the neat suit and $300 haircut assured them would all work out when housing prices kept going up and up and up... Kudos again for the illegal alien model. Like the way your hate keeps seeping through on other issues while you miss the REAL point of what's going on. |
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1 Go ask your local realtor to tell you what ethnic group has the highest number of short sales, defaults and bankruptcy sales in Watsonville! Then ask him to tell you which mortgage companies are listed! |
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Not paying the subs for the work they completed is just plain wrong.
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This is a huge problem. If you want to get a sense of how big a problem it can be, Google "California Sold Out Junior Lienor". The basically worthless second often becomes a newly enforceable unsecured claim after the first lien is foreclosed. This is a problem that the California legislature should probably find a fix for. |
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Editorial: Pardon us while we throw up
Published: November 6, 2009 THE VOTE was overwhelming: The people of Carmel-by-the-Sea want to sell Flanders Mansion. This fact was already obvious, since the issue had been extensively debated in numerous municipal elections, with the pro-sale candidates always triumphing over those who wanted to keep the old place. But now that voters have directly stated their will to free up the money invested in the mansion and use it for some other worthy purpose, there should be no further delay in putting Flanders Mansion on the market. The sale would come, of course, with all the necessary restrictions on the mansion's use, along with requirements that it be preserved; the controversy was never about whether it was an historic building and deserved protection. The only question was whether the city should continue to own it. Unfortunately for the people of Carmel, the principal of majority rule doesn't apply in the State of California anymore. At least, where local issues are concerned, it barely matters. And that's because a variety of state laws strip duly elected city councils and boards of supervisors of much of their authority and, as in the case of Flanders Mansion, can even negate ballot measures. Instead, the power to decide critical local issues is handed to activists, who can exert influence far beyond their numbers by invoking laws such as the California Environmental Quality Act. And, of course, that's how the Flanders Mansion ballot measure will be challenged. When they voted for Measure I the people of Carmel violated CEQA, and a judge therefore has to stop them from putting the measure into effect. Don't you see? We have regularly called for CEQA reform, to limit the scope of this bizarre law to truly significant projects, and to stop it from being used to thwart majority rule. But this state's controlling special interests -- especially lawyers and environmental groups -- love CEQA and the power it gives them. So CEQA remains. But wait. This week we learned that the California Legislature and the governor have finally awakened to the problems CEQA can cause. Yes! They stepped in and passed a special law to prevent CEQA from getting in the way of something one of California's cities wants to do. The City of Industry plans to build a 75,000-seat,$800 million NFL stadium. An adjacent city sued, claiming the stadium's environmental impact report wasn't detailed enough. As with thousands of other cases each year throughout the state, this CEQA-based lawsuit threatened to stop the stadium project in its tracks. But the governor and Legislature like the stadium and don't want CEQA being used to prevent it from being built. So they passed a special law exempting the monster project from CEQA, and the governor signed it Oct. 22. We kid you not. It is truly nauseating to think that phony, trumped-up concern for the environment and the mighty power of the State of California (or GovGuam) can be invoked to stand in the way of converting a small, historic home in the City of Carmel-by-the-Sea from public ownership to private, but a huge stadium can be built in Southern California, environment be damned. |
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This was the whole reason for the option ARM, pick a payment mortgage. Most people making 200k a year could only afford this when they paid interest only (no principle) or negative amortized payments. Also lets get real, people/couples making 200k a yr did not get the 700k home they got 1.3 million dollar home. |
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Gary and Peter Boutell, please guide us! As you have taught us, this place should be going for more then $700,000 plus cost of living, as real estate only goes up! Buy now or be priced out forever!
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The goverment wanted everyone to be able to own a home. Therefore the government let banks know it is OK to loan 100% of the value. This of course created huge demand for housing and thereby drove up the prices. Now that prices are more afforadable there's no money to buy them.
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“Been called that before :):):)” Joined: Sep 30, 2009 Comments: 782 Carmel Valley , Santa Cruz |
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1 __________ Hey Cruzer , Not to shoot down your whining and complaining but did ya skip the 5th and 6th paragraph or something ?>??? Here it is for ya :):):),,,, The couple talked about buying but the timing wasn't right with the pullback on credit and Angel's changing fields to work in real estate. Rent is $2,100 a month. Thayer-Garcia said she and her husband asked before signing the lease if the homeowners were financially stable and discovered their predicament when the default notices appeared in the county records and "for sale" signs were posted on the property in October. Again that is the 5th and 6th paragraph respectfully , out of 15 paragraphs , Just trying to help ya out there , No more whining now ???? |
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1 Who did you think would have the most distressed sales in a town that's majority Latino? The Japanese? If I could find you a mainly white town with mainly white lower-class walkaways and mainly-white crooked mortgage brokers -- what would that prove? And I could. But only if it was important. And you're not. |
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"Would the rent payments cover the cost of the loan payments? If not, then the rent is too low and the tenants got a sweet deal. At least until their lease runs out."
I really disagree with this. The rental market is driven by prevailing wages and local employment. If people purchase houses to use as rentals, they should take this into account, and shouldn't bid so high if there is a shortage of high income renters. Secondly, the owner gets to keep the value of the house after it is paid off. It is irrational for renters to rent if a mortgage+insurance-tax deductions is the same or cheaper. |
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1 Did you read the article? If so you would know that the couple who have children are renters and not the owners. It was the owners, not renters who defaulted and yet still collected $2,100 rent from this family. |
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1 "The couple talked about buying but the timing was'nt right". And you are saying it had nothing to do with having another kid? |
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“Been called that before :):):)” Joined: Sep 30, 2009 Comments: 782 Carmel Valley , Santa Cruz |
__________ Uh Duh .... For what reason ??? Let me see since Watsonville has a majority Hispanic population and working class ,,, Hmmm That would be real hard to figure out. Ok its the Hispanics then ,, Now are you happy ?? Let the hate comments begin ????Geez dude give it rest already . |
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“Been called that before :):):)” Joined: Sep 30, 2009 Comments: 782 Carmel Valley , Santa Cruz |
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1 __________ Oh boy now you did it , Though I sympathize with the whole story and situation , Your comment will no doubt bring the rude and nasty judgmental idiots out who will probably attack you and your husband as well as your beautiful child . Please know not everyone here agrees with the "know it all pigs" that would be that rude to ya Ok ???? Best wishes to you , your husband and your babys :):):) |
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1 Especially if he doesn't have any income. Real estate isn't a hot market right now. Talk about out of the frying pan and into the fire! |
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Libra
You're ready to put a lot of energy and drive into the day, but you'll prefer it if you're doing things that have meaning and emotional significance for you. There's a chance that you could get quite heated over anything that strikes you as important now, and others could be taken aback by your vehemence. There might also be a minor dust-up over a financial matter.
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