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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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lots of foreclosure listings...
popping up on craigslist, not sure if they are scams.
northport
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Posted 11/29/06 9:36 AM  |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: lots of foreclosure listings...
my broker swears that they will become much more common again over the next 18 months.
I closed yesterday, and my lawyer quoted a published statistic that of those who purchased homes last year, 20% of buyers now have mortgages that exceed the current market value of their home. This all thanks to 100% financing, and the dipping of the market. IMO, this supports the thought that foreclosures could become more prevalent.
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| Posted 11/29/06 2:17 PM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: lots of foreclosure listings...
Posted by LMFitz
my broker swears that they will become much more common again over the next 18 months.
I closed yesterday, and my lawyer quoted a published statistic that of those who purchased homes last year, 20% of buyers now have mortgages that exceed the current market value of their home. This all thanks to 100% financing, and the dipping of the market. IMO, this supports the thought that foreclosures could become more prevalent.
I bet he is right.
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| Posted 11/29/06 2:22 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: lots of foreclosure listings...
I read an article somewhere last week....I'll try to find it...stating that foreclosures have gone up considerably and are likely to go up even more. Many people took out interest only mortgages that now have to be refinanced and can't afford the new payments. I bet the list of foreclosures is going to keep growing in the next few months. Sad but unfortunately I saw it coming. Too many people over paying for houses that they can't afford and too many mortgage brokers doing unconventional loans and approving them = foreclosure.
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| Posted 11/29/06 3:43 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: lots of foreclosure listings...
the #1 reason why I wouldnt do an ARM or an I/O...
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| Posted 11/29/06 3:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: lots of foreclosure listings...
Posted by jacquig
Too many people over paying for houses that they can't afford and too many mortgage brokers doing unconventional loans and approving them = foreclosure.
banks approve lenders- not mortgage brokers
I feel bad for people- but you have to use common sense
like I said on the other post- you have to take some responsiblity for yourself
if you only make $50K a year- chances are you can't afford a super expensive house
alot of Americans refuse to live with in their means-
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| Posted 11/29/06 4:51 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: lots of foreclosure listings...
I totally hear ya. We got pre-approved for 325K. Who are they kidding!! We can really only afford 250ish. Its insane....
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| Posted 11/29/06 4:52 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: lots of foreclosure listings...
Posted by kerrycec03
I totally hear ya. We got pre-approved for 325K. Who are they kidding!! We can really only afford 250ish. Its insane....
when i was purchasing my first home, i was also approved for over 300 and there was NO WAY we could afford it! we ended up purchasing something for 269 with 10% down.
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| Posted 11/29/06 4:55 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: lots of foreclosure listings...
Posted by LMFitz
my broker swears that they will become much more common again over the next 18 months.
I heard on CNN from an Analyst who said 2007 will be the year of foreclosures. Sad
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| Posted 11/29/06 4:56 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: lots of foreclosure listings...
I make less then six figures and Jake said I could get approved for a $1M loan
(alone- with out his reported income- which by the time we write things off- isn't much)
I want to spend 1/2 that
it's nuts! I can't see how they think I could make the payment- it's more then my take home pay!
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| Posted 11/29/06 4:58 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: lots of foreclosure listings...
I got "pre approved" for about $150K more than we think we could afford. its disgusting. If you have good credit, they will give you anything, bc they figure you would eat ramen noodles and sell a kidney on the black market to make a mortgage payment
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| Posted 11/29/06 7:52 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: lots of foreclosure listings...
we got approved for double what we actually spent....and we did a stated asset, no income loan.
really we could have been unemployed & there were lenders that would give us nearly 1/2 million because we had a little money in the bank.
Its just like 0% credits cards & furniture/electronics & so on....around LIF we assume that nobody would be foolish enough to let the 0% window expire & start paying some crazy rate, BUT THEY DO! That's how those companies make money....if everyone paid it off the smart way they'd stop offereing those programs.
People are sadly tricked by the idea of living like a rock star.
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| Posted 11/29/06 8:25 PM |
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