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| | Author | Messages | |
robinlynn
Posts:134
 | | 08/14/2007 12:51 PM |
 Alert | Good Luck to you Rob. None of us can see the future. Sh## happens. Illness, divorces, layoffs , family issues, etc. If we could see ahead maybe we would make different choices. Since I don't have the "vision", I try to roll with the punches. I guess it makes some small minded people feel better to judge others as if they knew a better way. I usually find that people like that have Huge issues of their own and making others feel bad makes them feel better.. so sad.  | | | |
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| | drummer72
Posts:3616
| | 08/14/2007 12:55 PM |
Alert | | Sorry Dude! | |
"Everything for everyone and nothing for ourselves" | |
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| | MOB_Style
Posts:969
| | 08/14/2007 1:27 PM |
Alert | ****oh snap by posting****
Market sucks | |
Post count: 2273
Joined: Sun April 02, 2006 9:41 PM
Learn from your mistakes...cause the truth will come out sooner or later... | |
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| | vinny
Posts:668
| | 08/14/2007 1:41 PM |
Alert | Posted By robinlynn on 08/14/2007 12:51 PM I guess it makes some small minded people feel better to judge others as if they knew a better way. I usually find that people like that have Huge issues of their own and making others feel bad makes them feel better.. so sad.
your right, we should all have pity on the one who borrowed money from someone, made a bad investment with that money, then walks away.
got some money i can borrow? i'll buy some fruit and then when it goes bad i'll give it back to you and you can sort it out. its your fault you loaned me the money anyway.... | |
Follow your bliss. Happiness is a conscious decision | |
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| | fuego
Posts:54
| | 08/14/2007 1:55 PM |
Alert | Here are excerpts from recent article:
2007 TOP CITIES FOR BUSINESS ATTRACTION: These Communities Are Literally Magnets for Business
Expansion Management and the National Policy Research Council looked at the facility relocation activity of 19 million companies over the past eight years to determine the most popular destinations for relocating businesses.
Last year we teamed up with the National Policy Research Council and its interactive database of 19 million companies. NPRC is a non-partisan think tank dedicated to serving state and local policymakers.
The question we wanted to answer was, when businesses expanded or relocated a facility from one city to another, what were the most popular destinations. In other words, which cities were the most successful in expanding their local economy by attracting outside companies to locate there.
The result is our first annual Top Cities for Business Attraction rankings.
Topping the list among the large metro areas was Phoenix, Ariz.,
America's fastest-growing suburbs
Of the 100 suburbs most speedily spreading, California has the fastest, Arizona has the biggest and Texas has the most.
8/10/07
By Matt Woolsey, Forbes.com
The fastest-growing big suburb (with a population of 100,000 or more) is Gilbert, Ariz., outside Phoenix, which grew from 112,766 people to 191,517. The Phoenix area saw the greatest positive domestic migration of any American metro area last year, with 115,000 more people moving into town than leaving. Affordable housing and a growing economy are draws for the city.
Fastest-growing U.S. suburbs
Rank City 2000 Population 2006 Population % Growth
1 Lincoln, Calif. 11,746 39,566 236.8
2 Buckeye, Ariz. 10,147 29,615 191.9
3 Surprise, Ariz. 32,342 85,914 165.6
4 Goodyear, Ariz. 19,495 47,359 142.9
5 Plainfield, Ill. 13,666 31,968 133.9
America's next hot neighborhoods
For price-sensitive buyers, here's a look at the areas in the U.S.'s largest cities that offer the best quality of life along with strong investment potential. 8/10/07
10 up-and-coming neighborhoods
7. Phoenix Cashion $229,234
The 10 best U.S. cities to find a job
College grads often flock to New York City, San Francisco, Los Angeles and Chicago to start their careers. But they'd be far better off in Washington D.C., Phoenix and Las Vegas.
By Hannah Clark, Forbes.com
Top 10 cities for job hunting
Rank City
1 Washington D.C.
2 Phoenix
3 Las Vegas
There is a light at the end of this tunnell. The good news is that when the tide turns, it will be seemingly overnight (and it's not going to take 5 years to get there). We as a state have too much to offer for the growth and economic development not to continue.
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| | Rob
Posts:13
| | 08/14/2007 1:57 PM |
Alert | Posted By vinny on 08/14/2007 1:41 PM
your right, we should all have pity on the one who borrowed money from someone, made a bad investment with that money, then walks away.
got some money i can borrow? i'll buy some fruit and then when it goes bad i'll give it back to you and you can sort it out. its your fault you loaned me the money anyway....
Tell me what I should be doing, now that I'm in this situation? I can't afford to make the payments, and I don't have $70,000 to cover the difference between what I can get for it and what I owe. It's one thing to say I shouldn't have gotten into the situation in the first place. I agree. But now that I am, what do you propose I do? | | | |
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|  | vinny
Posts:668
| | 08/14/2007 2:14 PM |
Alert | Posted By Rob on 08/14/2007 1:57 PM Posted By vinny on 08/14/2007 1:41 PM
your right, we should all have pity on the one who borrowed money from someone, made a bad investment with that money, then walks away.
got some money i can borrow? i'll buy some fruit and then when it goes bad i'll give it back to you and you can sort it out. its your fault you loaned me the money anyway.... Tell me what I should be doing, now that I'm in this situation? I can't afford to make the payments, and I don't have $70,000 to cover the difference between what I can get for it and what I owe. It's one thing to say I shouldn't have gotten into the situation in the first place. I agree. But now that I am, what do you propose I do?
there isn't much you can do, that dig wasn't quite directed towards you.
that was directed more towards the comments that we should embrace those that make mistakes and let them know its ok. all that does is encourage them to make more mistakes.
the best you can do at this point is call you lender and let them know you can't do it anymore, and take it from there. I bet your next home purchase will be much more cautious though.
you should also be spending more time reading how to reestablish your credit than reading these forums too 
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Follow your bliss. Happiness is a conscious decision | |
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| | CrownNCoke
Posts:810
| | 08/14/2007 2:19 PM |
Alert | sale high wait wait wait wait buy LOW thats how its done newbes!!! not sell house in sellers market then go by a house in that same market wait for it to crash then.....snach But you live and learn and people who already learned take advantage... | |
The meeting of two personalities is like the contact of two chemical substances: if there is any reaction, both are transformed.
Carl Jung | |
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| | Hillarie
Posts:126
| | 08/14/2007 2:32 PM |
Alert | Rob -
Two possibilities I don't know if you've explored:
1. Get a roommate or two (charge rent and split the utilities).
2. Call your lender(s). Be brutally honest about your position and the fact that you are ready to walk away. Let them know how much you are prepared to pay as rent at the apartment in town and suggest they take that as the monthly payment for now. Most lenders would prefer to restructure your loan rather than see you walk away and have to take the house back. Look at it from their point of view. It's better to have a payment coming in - - even if it's not the full payment per the loan terms - - then to be in the position of taking the house back, having to fix it up, having to hold it and pay taxes and insurance on it, and then EVENTUALLY sell it. Trust me, they would far rather see you continue to occupy it and make a reduced payment.
I used to work for the RTC (Resolution Trust Corporation) back in the early 90s. Restructuring loans, or agreeing to work outs with borrowers, was a VERY common practice. The last thing we wanted to do was take real estate back. It meant all the associated costs I mentioned above, along with having to hold the real estate (REO - Real Estate Owned was what it was called) in a down market. Taking possession was considered the last resort.
Then, like now, there were some lenders who were making VERY questionable loans. Should people have known better? Probably. But the horse is already out of the corral. Best to find an agreeable solution between lender and borrower and move on.
Best of luck to you Rob. | |
Karma is a female dog | |
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| | Ratboy
Posts:0
| | 08/14/2007 2:45 PM |
Alert | Agreed Hillary
I can say this, call the lender and work something out, I am pretty sure that they would at least work with you on this. | | | |
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| | fragile_anatomy
Posts:214
| | 08/14/2007 2:56 PM |
Alert | | costs less to work with you than to foreclose. | | | |
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| | missMegan
Posts:84
| | 08/14/2007 3:00 PM |
Alert | | Rob, I pm'ed you. | |
I'm moving back to civilization on 9/1!! | |
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| | HiggsBoson
Posts:641
| | 08/14/2007 3:12 PM |
Alert | Posted By vinny on 08/14/2007 1:41 PM Posted By robinlynn on 08/14/2007 12:51 PM I guess it makes some small minded people feel better to judge others as if they knew a better way. I usually find that people like that have Huge issues of their own and making others feel bad makes them feel better.. so sad. your right, we should all have pity on the one who borrowed money from someone, made a bad investment with that money, then walks away. got some money i can borrow? i'll buy some fruit and then when it goes bad i'll give it back to you and you can sort it out. its your fault you loaned me the money anyway....
Vinny you're a winner. Did everyone else, before buying a home, figure out if they could still afford the home if they got divorced, housing market went to crap, and lost their job?
By that definition most of us probably made "bad investments". | |
Liberalism and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.
-- Ludwig Von Mises | |
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| | vinny
Posts:668
| | 08/14/2007 3:18 PM |
Alert | Posted By HiggsBoson on 08/14/2007 3:12 PM Posted By vinny on 08/14/2007 1:41 PM Posted By robinlynn on 08/14/2007 12:51 PM I guess it makes some small minded people feel better to judge others as if they knew a better way. I usually find that people like that have Huge issues of their own and making others feel bad makes them feel better.. so sad. your right, we should all have pity on the one who borrowed money from someone, made a bad investment with that money, then walks away. got some money i can borrow? i'll buy some fruit and then when it goes bad i'll give it back to you and you can sort it out. its your fault you loaned me the money anyway.... Vinny you're a winner. Did everyone else, before buying a home, figure out if they could still afford the home if they got divorced, housing market went to crap, and lost their job? By that definition most of us probably made "bad investments".
ya, it does. your gambling, not investing. and when you say "investing" are you included complete purchase price of your house including interest?
investing would be paying cash for a $100,000 house and watching it go up in value. not spending $400,000 on a $200,000 house and watching the value go down. financing a property is hardly investing, unless your the lender.
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Follow your bliss. Happiness is a conscious decision | |
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| | fragile_anatomy
Posts:214
| | 08/14/2007 3:24 PM |
Alert | | Higgs you and I usually dont see eye to eye but this time I totally agree with you; | | | |
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| | GilaGuy
Posts:789
| | 08/14/2007 5:30 PM |
Alert | Posted By HiggsBoson on 08/14/2007 3:12 PM
Vinny you're a winner. Did everyone else, before buying a home, figure out if they could still afford the home if they got divorced, housing market went to crap, and lost their job?
Did everybody do this? No. Did some prudent folks? Absolutely.
And that's what is at the heart of this matter. Unforeseen circumstances are called that for a reason...because they cannot be predicted. But what CAN be predicted is the fact that at some point or another, each and every one of us not born wealthy will have less cash than we thought we'd have. And so it is always wise to plan ahead, study options, and assume the worst.
After building my house, it didn't take me long to wish I'd built a bigger one. I almost let myself get talked into the notion that I'd missed a golden opportunity to stake some claim in a magical market...it was that easy to believe the slick barstool tales of so-and-so's cousin Rick who made $200,000 on his house in just two months' time, or so-and-so's nephew Gunther who sold his house and made $150,000 which he then used to buy a palace in Sweden. I mean, hearing tales of "easy money" is enough to make anyone think about it.
But as we were taught when we were young...the easy road is always fraught with peril. And so it was in this case. I consider myself fortunate that I was too conservative to do what some of my friends did, to take their advice and "cash out" invisible equity, to sell my house and build a second, far fancier one. I realize now that if I had done that, I'd be in serious trouble right now. Not because I have met any tragedies (thank heavens!), but because I would have thrown away my most valuable tool: reason.
This market, like all those before it, was doomed to the economic principle of "correcting." Those who know history and economics were warning us of this several years ago, only to be drowned out by the "why worry" investors. The folks who are sitting pretty now are the ones who applied this history, economic knowledge, and a healthy dose of reason to their purchase. The ones who acted out of haste, who chased the market "before the door closed," or who didn't plan for the inevitable family crisis are having a tough time right now.
I feel bad for the members of that latter group, the same way I feel bad for all folks who are going through tough times. But for the investors who irrationally sucked up seven houses at a time and are now up a creek? Forget it. | | | |
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| | vinny
Posts:668
| | 08/14/2007 5:48 PM |
Alert | gila guy says it perfectly. if you can't afford it when the road gets bumpy you can't afford it.
having some fancy acronym attached to your loan means your taking a risk. you get sick, die, divorced or have a change in interest rate you lose that house you were so proud of.
and then? you lose all that you worked for, creditors see you as high risk and you have at least 7 years before you can think of getting a loan for anything. is it worth it to have those walls around you? hopefully most of you considered this before you hopped on the "investment" train, and won't end up moving your family and kids to somewhere less than desireable in a hurry.
if you don't plan for the "what ifs" your already behind and should get a plan together. | |
Follow your bliss. Happiness is a conscious decision | |
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| | DingDong
Posts:259
| | 08/14/2007 5:54 PM |
Alert | Thanks GG. I am also grateful my wife was the one with reason. I would of done more to our home in regards to options, but she made the decision to draw a line and do just the bare minimums to make the house nice. It's not everything I wanted but its a nice home and I'm so happy she didn't allow me to sink another 50-100k into it.
Rob, I would recommend talking to your lender and also look into room mates as mentioned above. If that works, then the only down side would be your commute. Also make sure your ex cant come back later and claim a share on the home you struggled to keep.
Good Luck | |
DingDong
Senior Member
Joined: July 2005
" Yeah, definately yeah. " | |
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| | velazco4
Posts:0
| | 08/14/2007 6:03 PM |
Alert | Three words to help you if you decided to keep your home and protect yourself from your'e ex:
Quit Claim Deed | | | |
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| | garden glow
Posts:698
| | 08/14/2007 6:15 PM |
Alert | Yes...I have empathy for Rob and anyone else facing his situation...
Leon...I remember the great advice you gave on that old thread...and yes, I'm still renting....and not considering buying for quite awhile.
vinny...just curious...what's your stand on all the renters here in Maricopa?
Rob best of luck..the simple fact you FEEL a huge weight has already been lifted off of you tells me you're making the best decision for YOU! | |
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