... the lender held a gun to your head and forced you to take a pick a pay mortgage ...












nope didn't think so ...








you did it willing with dollar signs in your eyes ... and greedy anticipation of how much money you were going to make when you sold ...

lol

where are ALL you greedy bastards ... whining how the bank screwed you over ...


and your predicament is ALL someone else's fault

It is their fault.....I may never always be right, but I'm never wrong......got a nice ring to it, don't ya think?......lol.

Have you ever said anything positive in your life "Bonehead"?

I bet if you did sell real estate when all of the creative financing was being offered you did not discuss it with your clients like a good agent would. Fiduciary duty is part of being a real estate agent; I think you may have been more into being a "greedy [censored]" and doing what ever it took to close a transaction.
Yes this is directed at you, get a life and move on.

So in your small mind anyone who did not get a 30 year fixed rate conventional loan is greedy and was looking to make money.

Are you directing this post at me?

no

The only reason I asked was at the top of your post said RE: CandyMan.......Carry on...I getting my popcorn now.......

The Blame Someone Else theory started years ago --

Remember Flip Wilson's "The Devil Made Me Do It"?

How about the guy who killed the mayor in SF with the "Twinkie Defense"?

Or the Menendez brothers with the "Abuse Excuse"?

It's hard to find anyone today who just says "I screwed Up".

I stopped working with buyers at the height of the craziness...They would ask me what it would take to buy a house...and I would say a minimum $5000 in your check book for misc. expenses ie...inspections, closing cost...or... at the very least window treatment when you move in...they would say... but I dont have that kind of money...then I would say ....sorry I cannot help you...

I remember the peak. I represented a few buyers at the time. Luckily none are in trouble now. Fortunately they were financial sound otherwise.

Buyers were so impatient. Looking for a house was literally looking for a house. There was no inventory. A listing would hit and if it had not been presold the contracts piled up rapidly and only the most conciliatory and qualified buyers were successful.

To make their offers more attractive, buyers were foregoing home inspections, striking appraisal clauses (appraisals were coming in low since the market was going up so quickly), and they were putting in silly escalation clauses. Home warranties were used and likely abused to cover the lack of due diligence.

I recall most agents advising against these strategies in most instances. But buyers were SO fearful of missing the boat. If they did not get into the game now, they might never have a chance in the future (boy was that psycology proven wrong).

I am waiting for the opposite of that now. I think we are close, where sellers will do almost anything to sell...fearful if they do not sell now, then they may never be able to sell. I think we are close.

It is all about human psycology and sociology. Everyone knows it is smart to buy low and sell high. Then why did the opposite happen?

dear fiddybpo ... your dead wrong




but then again is that really a surprise

The fear of loss overides the common sense. That is what drove buyers a few years ago. "prices are going up, and I'll miss out when I flip in a few months" Even the tv shows gave the false impression that anyone could make a mint flipping properties, so people took the risky mortgages because they didn't intend to hold the property that long. When the bottom fell out folks acted as if it was a complete surprise, but the signs were there. In 2006 if you told a seller that housing prices were dropping, they'd just call someone else who told them what they wanted to hear. They'd list at a higher price and after six months, would be chasing the prices down.

Ditty, you appear to be someone with integrity. That is a good quality in any aspect of life.
At the height of the market everyone wanted to get a real estate license to make easy money, where are they now?
Bonehead you are making a generalization that anyone who is losing there home for what ever reason was greedy. Each case is different.

I know your post was just your opinion, but you know “opinion are like as****es everyone has one”

Side note to this thread, my censored word was the same word “bonehead” used in his second post.

This attitude is corrupting our nation. Stereotypes and generalizations are very important and have their place. They can be used without ignoring the fact of individual case anomolies.

Next time you think twice about walking through a dark alley, take your generalization and bark at the moon, then head into the dark alley---otherwise use it as it was intended--as a warning to you, some might call it a gift from above.

I totally agree that during the peak years, everyone seemed to have their RE license. As a matter of fact the saying back then was, "The first thing someone does when they come to Florida is get their drivers license. The second thing is their real estate license." That felt so true back then. My local board of Realtors played into the whole scenario. They declined to renew their yearly lease in an older building, bought land, and built a large state of the art new building. Now they have declining membership, and I am sure they regret their decision.

Yes, every case of foreclosure is different. However it has been my experience that many of these foreclosures are equity lines of credit, 125% LTVs, second and third mortgages, etc. When they "cashed out", they sold their home IMO and now have to either pay that money back or get foreclosed on. It's kind of like maxing out a credit card and then complaining you have to make payments to pay it back.

I don't think anyone finds fault with someone who has a sudden health problem that keeps them from working, or someone who has loss their job to the economy. I am in an area of 12% unemployment, so I highly sympathize with those people. Yet again from my experience from looking at a lot of the tax record data of the BPOs that I do, most of these properties took out mortgages past the initial purchase.

If you look at Bonefish's post history, you'll see he adds a lot of levity to the MB. That is something I really appreciate. I find his humor often refreshing and funny. He is now making a serious point that I generally agree with. When you borrow something, you need to pay it back. I don't see what is complicated with that concept, with certain exceptions that I just mentioned being understandable.