01-18-2009, 04:28 PM
Kathy,
I wasn't saying you had been looking for a get rich quick deal, or used your house as an ATM, but many, many people did, and now those properties are becoming REO properties and reducing the value of homes like yours, which is grossly unfair to you. Dealing with banks to buy from is an absolute nightmare, and if we could have found anything close to what we wanted, at a price we could afford, being sold by a person instead of a bank, we would have bought it with great pleasure.
The following is not addressed to anyone personally but are general observations:
I have looked up virtually every single house being listed for sale in Puna for less than $300,000 for the last 3 years; most houses put on the market, and especially the vast majority of the repos and short sales were off island owners who bought in 2004, 2005, or 2006 during the big run up in prices. People who can afford to stick tight and wait are waiting, so not many owner occupied homes are on the market. We had already made the decision to move to Puna and I was dismayed to watch prices skyrocket beyond the prices people like us could pay, but came anyway and waited out the insanity.
I lived in my last house for 20+ years, my children grew up in it, and we poured money and sweat into that funky little 850 sq. ft. bungalow the whole time. The new owners were delighted to buy a house in its price range that didn't come on wheels (manufactured home) and they were a young couple a lot like I was when I first bought it. I was happy to sell it to them. We plan to grow old in this house for the next 20-30 years, so I don't really care if we didn't wait for the bottom. I hate living in a tiny apartment under the thumb of a condo board, and I want a yard, a garden, a couple of dogs and to be able to have my daughters visit without having to sleep on the living room floor when I get up at 5:15 to go to work. Now we will have a house and our payment is something we can afford, when it is paid off, I will be able to retire.
You only have lost money on the value of your home if you are selling it. The people who are really getting hammered in this are people like Kathy who did buy their house to live in, but have had major life changes which altered their plans and now can't sell their homes for what they need to move on with their lives. It is grossly unfair that people who were not trying to game the system and make huge profits are paying for the sins of those who did. Its also unfair that my retirement accounts are now greatly reduced, but there are no sure things in life and I am hoping things go back up before I get too old to keep up with teenagers all day long, but I don't expect anyone to bail me out either if they don't. (Damon please raise your son to be someone Auntie Carol can teach when she is old, but wise.)
Radioguy,
Talk to your lender using the tips others here have given you. Lenders are listening, a friend just was able to avoid foreclosure because her lender agreed to 5 years at interest only. She did have to show a change in situation since the loan was approved and her loan hadn't been chopped up and resold which made it easier.
Carol
I wasn't saying you had been looking for a get rich quick deal, or used your house as an ATM, but many, many people did, and now those properties are becoming REO properties and reducing the value of homes like yours, which is grossly unfair to you. Dealing with banks to buy from is an absolute nightmare, and if we could have found anything close to what we wanted, at a price we could afford, being sold by a person instead of a bank, we would have bought it with great pleasure.
The following is not addressed to anyone personally but are general observations:
I have looked up virtually every single house being listed for sale in Puna for less than $300,000 for the last 3 years; most houses put on the market, and especially the vast majority of the repos and short sales were off island owners who bought in 2004, 2005, or 2006 during the big run up in prices. People who can afford to stick tight and wait are waiting, so not many owner occupied homes are on the market. We had already made the decision to move to Puna and I was dismayed to watch prices skyrocket beyond the prices people like us could pay, but came anyway and waited out the insanity.
I lived in my last house for 20+ years, my children grew up in it, and we poured money and sweat into that funky little 850 sq. ft. bungalow the whole time. The new owners were delighted to buy a house in its price range that didn't come on wheels (manufactured home) and they were a young couple a lot like I was when I first bought it. I was happy to sell it to them. We plan to grow old in this house for the next 20-30 years, so I don't really care if we didn't wait for the bottom. I hate living in a tiny apartment under the thumb of a condo board, and I want a yard, a garden, a couple of dogs and to be able to have my daughters visit without having to sleep on the living room floor when I get up at 5:15 to go to work. Now we will have a house and our payment is something we can afford, when it is paid off, I will be able to retire.
You only have lost money on the value of your home if you are selling it. The people who are really getting hammered in this are people like Kathy who did buy their house to live in, but have had major life changes which altered their plans and now can't sell their homes for what they need to move on with their lives. It is grossly unfair that people who were not trying to game the system and make huge profits are paying for the sins of those who did. Its also unfair that my retirement accounts are now greatly reduced, but there are no sure things in life and I am hoping things go back up before I get too old to keep up with teenagers all day long, but I don't expect anyone to bail me out either if they don't. (Damon please raise your son to be someone Auntie Carol can teach when she is old, but wise.)
Radioguy,
Talk to your lender using the tips others here have given you. Lenders are listening, a friend just was able to avoid foreclosure because her lender agreed to 5 years at interest only. She did have to show a change in situation since the loan was approved and her loan hadn't been chopped up and resold which made it easier.
Carol
Carol
Every time you feel yourself getting pulled into other people's nonsense, repeat these words: Not my circus, not my monkeys.
Polish Proverb
Every time you feel yourself getting pulled into other people's nonsense, repeat these words: Not my circus, not my monkeys.
Polish Proverb