Post #221,589
8/30/05 10:55:10 AM
8/30/05 10:55:37 AM
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No more 'walking away' from your debts
[link|http://www.latimes.com/classified/realestate/news/la-re-bankrupt28aug28,0,7747419.story?coll=la-home-realestate|http://www.latimes.c...a-home-realestate]
"Under the new bankruptcy regulations, homeowners will no longer necessarily be able to hand the keys to the bank and move on. Lenders will, in many cases, have the option of coming after them for virtually everything else they've got \ufffd income, money in bank accounts and other assets.
Homeowners who have refinanced may have unwittingly put themselves at the greatest risk."
No more Mr. Nice Guy (if it ever was that to begin with.)
Edit: typo.
Edited by dmcarls
Aug. 30, 2005, 10:55:37 AM EDT
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Post #221,598
8/30/05 11:15:10 AM
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Don't have huge sympathy
I don't have huge sympathy for the guy they talk to in the article. Somebody that owns a house in a disaster prone area and doesn't have the insurance to cover it is not exactly a poster child for fiscal soundness. But yes, a lot of people are going to end up getting screwed over this.
My real worries go to people that are hit by truely unexpected bills, such as medical, and people that get screwed over by finance rules that let companies tack fees onto the debt before collecting.
Jay
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Post #221,613
8/30/05 12:30:15 PM
8/21/07 5:52:04 AM
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Takeaway - buy premium real estate that sells easy and fast
So you can liquidate before the foreclosure if you have to.
"Whenever you find you are on the side of the majority, it is time to pause and reflect" --Mark Twain
"The significant problems we face cannot be solved at the same level of thinking we were at when we created them." --Albert Einstein
"This is still a dangerous world. It's a world of madmen and uncertainty and potential mental losses." --George W. Bush
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Post #221,615
8/30/05 12:31:55 PM
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and watch out for that bubble
this time it will not only burst it will fester and ooze.
thanx,
bill
"the reason people don't buy conspiracy theories is that they think conspiracy means everyone is on the same program. Thats not how it works. Everybody has a different program. They just all want the same guy dead. Socrates was a gadfly, but I bet he took time out to screw somebodies wife" Gus Vitelli
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 49 years. meep
questions, help? [link|mailto:pappas@catholic.org|email pappas at catholic.org]
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Post #221,618
8/30/05 12:38:45 PM
8/21/07 5:52:08 AM
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Premium real estate is generally burst resistant
it will be the very last thing to pop because it is so highly desired.
Suburban tract homes and condos will be the first to go.
"Whenever you find you are on the side of the majority, it is time to pause and reflect" --Mark Twain
"The significant problems we face cannot be solved at the same level of thinking we were at when we created them." --Albert Einstein
"This is still a dangerous world. It's a world of madmen and uncertainty and potential mental losses." --George W. Bush
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Post #221,621
8/30/05 12:53:05 PM
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Remember Rockefeller Center?
Of course, I guess it depends on your definition of premium. ;-)
Cheers,
Scott.
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Post #221,641
8/30/05 1:48:19 PM
8/21/07 5:52:26 AM
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Residential different from commercial
people wanna live where they wanna live.
"Whenever you find you are on the side of the majority, it is time to pause and reflect" --Mark Twain
"The significant problems we face cannot be solved at the same level of thinking we were at when we created them." --Albert Einstein
"This is still a dangerous world. It's a world of madmen and uncertainty and potential mental losses." --George W. Bush
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Post #221,633
8/30/05 1:34:05 PM
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highend first to pop
it is the second home middleclass that is most resistant. tract homes and condos drop pretty quick but they are not that high to begin with.
thanx,
bill
"the reason people don't buy conspiracy theories is that they think conspiracy means everyone is on the same program. Thats not how it works. Everybody has a different program. They just all want the same guy dead. Socrates was a gadfly, but I bet he took time out to screw somebodies wife" Gus Vitelli
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 49 years. meep
questions, help? [link|mailto:pappas@catholic.org|email pappas at catholic.org]
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Post #221,637
8/30/05 1:41:24 PM
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You might be surprised...
tract homes and condos drop pretty quick but they are not that high to begin with. [link|http://www.englishrows.com/residential/overview/|http://www.englishro...dential/overview/] The above are row homes being built "in the English style" here in Naperville...About 5 miles away from my house (since you've been here, Box, you have a decent idea of what I'm talking about...) Starting at $419k. -YendorMike
"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety."
- Benjamin Franklin, 1759 Historical Review of Pennsylvania
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Post #221,643
8/30/05 2:01:10 PM
8/21/07 5:52:30 AM
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We'll see
The wonderpad I just sold in CO was first tier. It did fine (sold to second viewer for full asking price) while all the second tier stuff around it was starting to drag due to oversupply.
Last stuff to drop will be view/waterfront/urban/rural. There's just not enough of it to go around. Suburban new construction will get hit first. For instance, Pulte just lowered prices of new homes across the board.
"Whenever you find you are on the side of the majority, it is time to pause and reflect" --Mark Twain
"The significant problems we face cannot be solved at the same level of thinking we were at when we created them." --Albert Einstein
"This is still a dangerous world. It's a world of madmen and uncertainty and potential mental losses." --George W. Bush
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Post #221,670
8/30/05 4:01:22 PM
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Oh man, you sold it??
I was hoping you'd come back to town someday and have a party at the wonderpad. :)
--
Steve
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Post #221,694
8/30/05 5:55:09 PM
8/21/07 5:53:49 AM
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Yep :-(
"Whenever you find you are on the side of the majority, it is time to pause and reflect" --Mark Twain
"The significant problems we face cannot be solved at the same level of thinking we were at when we created them." --Albert Einstein
"This is still a dangerous world. It's a world of madmen and uncertainty and potential mental losses." --George W. Bush
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