Posted on 01/30/2008 3:45:42 PM PST by Lorianne
Edited on 01/30/2008 3:49:56 PM PST by Admin Moderator. [history]
I don't feel sorry for Michiganistan one bit. I was raised there...
For years they elected 'rat bastard Democrats who were stooges of the union thugs. They nearly put their own employers out of business and built lousy cars.
The auto companies and others helped them by giving money to the 'rat bastard politicians and lavishing every pervert leftist cause they could find.
Circular firing squad... glad I left...
Indeed the rats. I’m glad you got out of there. I feel sorry for the non-rats who are still there. I’m next door in Ohio.
Supply and demand. It works. You can't fight it.
Equity is the value of the property minus what you owe. If the value of the property declines faster than you pay off the loan principal, you end up with negative equity.
Their income 75,000.00 gross, the bank deserves that one back, tell them to draw up a deed and have an attorney deliver it. Two hundred thousand would be high for a home on their income.
I know a few non-rats still there. They are not happy campers.
Im next door in Ohio.
Well, for you it is a possible plus. When the U of M football team starts getting bad recruits because nobody wants to live there, at least the Ohio State Buckeyes might win more often because the better players will got to school there instead!
Serfs didn't elect the Lord of the Manor. I don't enjoy paying taxes any more than anyone else, but I sure do like all of these roads, schools, parks, cops and firefighters.
Albuquerque’s forclosure rate was down 26% last year.
Actually you’re incorrect. The property tax and the loan are liens. If you’re on the title, you own the house. Here’s a little test. Make your payments and see if the county or the bank can sell your home. Can’t do it.
The key to your question is the adjustable loan, the index it is tied to and the term of the loan.
The people who are in trouble are people who ignored the adjustable rate part or who were mislead by a corrupt loan officer.
There are some sound investment strategies based upon interest only payments.
Wow, that list of counties shows the central valley of CA is getting crushed. Also FL.
The guy simply bought at the wrong time.
“There are some sound investment strategies based upon interest only payments.”
Ding Ding Ding, we have a winner!
Also known as being upside down.
“At one time in England, there were Freemen whose property belonged to them.”
Not if you are referring to any time after 1066, when William the Conqueror took England from Harold. William, who consequently owned all the land, parcelled it out to his friends ON THE CONDITION that they provide him with personal loyalty and manpower and supplies to fight wars. These friends subsequently gave land to their subordinates, requiring similar duties in exchange. Later, that obligation of personal service was transformed into a system of taxation and obligations in kind. If a landowner did not meet his obligations to his lord, he not only lost his land but, frequently, his life too as forfeit for his disloyalty.
So far, I’ve never needed a cop or a firefighter. So I’m not getting my money’s worth there. I’ve no use for schools and parks. That leaves roads. I’d say I’m paying too much.
I know a couple that took out a home equity loan to pay the downpayment on a house. I scratched my head when they told me that. I guess they’re idiots. :-0
Have I wondered into some kind of financial twilight zone on this thread?
What is the strategy? To use the money they would have put into the downpayment for buying stocks or something? I’m not well-versed on this. I thought it was just a way for people to buy a house that’s bigger than they can afford.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.