Mortgage payment going up

Mortgage payment going up

There are 12 comments on the Newsday story from Dec 1, 2007, titled Mortgage payment going up. In it, Newsday reports that:

Bonnie Costa-Licker has until May to find a new mortgage or she could lose her Kings Park home.

Join the discussion below, or Read more at Newsday.

dont buy

Staten Island, NY

#1 Dec 2, 2007
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more, or a little less, but either way doesn't sound too good does it?

http://www.longislandbubble.com/

http://patrick.net/housing/crash.html

only a fool would e thinking of buying a home now on long island , be smart dont buy ,,

real estate agents all have the same story they tell everyone is a great time to buy ,, if it was such a good time to buy why then is no one buying anything , there liars there worse than used car salesmen ,, dont make the mistake and buy a home now , this market is flat , we have never seen anything like this in our life and we will never see it againg in our life , prices will decline as much as 50% in some area , a house is only worth what someone is willing to pay for it ,and people arent paying anymore , either sellers could keep there home and prey to god that the market rebounds in 10 to 15 years or they need to reduce a major reduction in price is needed , sellers are in denial, they still think in there head they can get 2005 prices ,, yea right

dont be a fool and buy a house now , you will be making a grand mistake , prices have no choice other than to drop , lots of sellers are in denial , read some on the links below and understand that if you are looking to buy a house now you are a fool ,

http://patrick.net/housing/crash.html
There is some reliable information out there on the web, but you have to search for it; any new information I come across you will find at the top of this page which I will continue to update whenever I can. The local news will not let you know the full true story about what is happening in the real world. If they're not telling you the full story than they are actually lying to you, don't trust them.

http://www.longislandbubble.com
NowInCT

United States

#2 Dec 2, 2007
She's divorced, her kids are grown, and she NEEDS a $450,000 - 4 Bedroom house ???

So... The Government is now wants to assist all these people who just HAD to live beyod their means.
Those of us who bought a modest house, and drove used cars, so that we could pay our bills (not mention actually READ the terms of the mortgage) are now expected to foot the bill for these people?

Pardon my lack of sympathy.
NowInCT

United States

#3 Dec 2, 2007
And another thing... if she lived in this house for TWENTY SEVEN YEARS... Why is it not paid for? Why did she have to take out a 450K loan to keep it?

Sounds to me like a VERY Messy Divorce. There's a LOT more to this story.

Once again, great investigative work Newsday.
Poor Long Island

AOL

#4 Dec 2, 2007
I am so tired of hearing about the "poor" people living on Long Island. Newsday, once again a mouth for the Democratic Party, tugging at our heart strings.
Last night I go to a chain restaurant in Rockville Centre. Had to wait 25 minutes for a table. Place is packed with people of all races and ethnic backgrounds. Went to Roosevelt Field Mall, couldn't find parking. Finally did and went inside. People buying in all the stores, people of all races and ethnic backgrounds. Maybe it's just me, but I'm not seeing a dire economy or the next Great Depression unfolding in front of my eyes. Maybe people are using credit cards, but Hillary and Edwards keep talking about the 2 Americas but I only see people spending money.
And I agree with Nowln from CT, I have no sympathy for anyone who buys a house they can't afford,or didn't read the terms of the mortgage closely. The Federal Government shouldn't use tax dollars to save these people. The Democrats will want to, just to get votes.
sophie

Dartford, UK

#5 Dec 2, 2007
yh
marie

Blue Ridge, VA

#6 Dec 2, 2007
So glad I moved off of Long Island to Virginia. My monthly mortgage payment is $1,200 (locked in a 5.25%) and the current appraisal on my home in $500,000. Hey, Long Island residents ... if you're struggling with adjustable mortgage rates, consider moving to VA ... sales tax is 5% and 3% on a brand new car! It's not NY but you're living in the perfect terrorist area. There are beautiful mountains down here. It just takes time to adapt to some really stupid southerners down here & there's NO road rage! We're in our low 40's and live in a 3,600 sq. foot tax ... want to know what our taxes are?$2,508 annually. Think twice about this; it could be smartest move you make. Take your proft from selling you L.I. and buy a brand new house here for $350K ... my house is all brick; there isn't one stone left unturned in my home ... tile floors, granite counters and bar top ... this house would cost $1.5M on the north shore and in the upscale areas of suffolk county. Think about it ... it's much different than NY but you can breathe down here. Good Luck!
marie

Blue Ridge, VA

#7 Dec 2, 2007
I don't live in Tanner, AL; I live in Blue Ridge, Virginia
marie

Blue Ridge, VA

#8 Dec 2, 2007
I hate to say this, but the market was primo after 9/11. That's what has to happen again in order to hike the housing market back up again. A bomb in Mexico would be great, but wouldn't do an damn thing for our economy.

Marie from Blue Ridge, VA ... moved after living on L.I. for 39 years. GET OUT IF YOU CAN!
dont buy

Staten Island, NY

#9 Dec 2, 2007
marie wrote:
So glad I moved off of Long Island to Virginia. My monthly mortgage payment is $1,200 (locked in a 5.25%) and the current appraisal on my home in $500,000. Hey, Long Island residents ... if you're struggling with adjustable mortgage rates, consider moving to VA ... sales tax is 5% and 3% on a brand new car! It's not NY but you're living in the perfect terrorist area. There are beautiful mountains down here. It just takes time to adapt to some really stupid southerners down here & there's NO road rage! We're in our low 40's and live in a 3,600 sq. foot tax ... want to know what our taxes are?$2,508 annually. Think twice about this; it could be smartest move you make. Take your proft from selling you L.I. and buy a brand new house here for $350K ... my house is all brick; there isn't one stone left unturned in my home ... tile floors, granite counters and bar top ... this house would cost $1.5M on the north shore and in the upscale areas of suffolk county. Think about it ... it's much different than NY but you can breathe down here. Good Luck!
were do you get jobs down there , those rednecks down there hate us ...
lol

Shickshinny, PA

#10 Dec 2, 2007
Some names should simply NOT be hyphanated.

roflmao
Mmmkay

West Nyack, NY

#11 Dec 2, 2007
marie wrote:
I don't live in Tanner, AL; I live in Blue Ridge, Virginia
Doesn't matter you still sound like a fool. Must be from living with all those rednecks.
Roger

Pasadena, TX

#12 Dec 2, 2007
dont buy wrote:
<quoted text>
were do you get jobs down there , those rednecks down there hate us ...
I sincerely hope you feel the same way about Texas. I relocated down here about 7 months ago and it truly brings joy to my life when I hear New Yorkers espouse to know more about the south than those who lived here all their lives. Please, keep on thinking that we all live next door to the Ziffels and they all have pigs named Arnold. At least we don't have to pay state payroll taxes, have all the amenities that NY has (including theaters, symphony hall, and ballet house that rivals anything NY has to offer). That, compiled with gas prices that are about 60 cents per gallon less than LI, an average commute to work of about 30 - 40 minutes, access to the Gulf of Mexico for my cabin cruiser from a marina that would make you drool, beautiful houses that you can have custom built for $200 -$250K. And best of all, if anyone breaks into our house, we have the LEGAL right to shoot them where they stand. The police will shake your hand for it, regardless if the intruder had a weapon or not.

Granted, no place is utopia. Tropical storms and hurricanes are something we take out extra insurance on. But with the midwest having to deal with tornados, the west coast has their earthquakes and NY goes on wondering when the next terrorist attack will take place, we all have our crosses to bear.

But at least we get to live the American Dream. Most Long Islanders have too many politicians, unions and school boards in their pockets draining their disposable income.

So, please do continue to think that living down south is nothing but redneck alley with hillbillies roasting squirrels on the bbq pits.

The last thing we want down here is for this place to even begin resembling NY. Why do you think we moved from LI?

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