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Health & Lifestyle
Submitted by Tums & Rolaids (not verified) on Tue, 10/28/2008 - 5:07pm.
What equity is there in a forced sale on the courthouse steps? Most foreclosed homes go for 75% of value. It is a forced sale, you can't sit on it for 6-12 months waiting for a buyer. And my daughter bought her first home 3 years ago, never missed a payment or was late. Her husband and her both work. They are 28 and 29 yrs old. Their combined net income is $42,000. They have $12,000 in debt, mostly school loans. The loan document was 62 pages. The attorney (who is running for office) never said a word about the loan. My daughter was told that it would be a 30 yr fixed rate. On the day of closing the terms were changed to an ARM. They signed anyway. Were told they could refinance in 2 years with a small penalty. Turned out to be a 50% penalty. As I mentioned they can't refinance. They can't sell the home. And they are stupid to pay $2000 a month for something they could rent for $900 a month. The real equity is in the repairs ($5,000 on roof), new appliances ($3,000) and a new HVAC system ($2,000). Those were paid for by me and my wife on a second mortgage on our home which pinched me and my credit pretty hard. Of course kids being kids, they never said anything about the mess they were in until 3 months ago. The only way out for them is to allow the home to go into foreclosure unless they can somehow hang on until the economy turns around and they can sell it otherwise they have 90 days and they have to find a new place. I asked some people in church to buy it and rent it back to them and so that's a possibility. I even went to my company and asked for help and was told there is no way. This foreclosure problem is effecting good people who think that people are looking out for you when they are actually taking you to the cleaners. These people knew what they were doing. they knew a large majority of their customers would default. The banks knew they could hide the problem and lobby for money from congress, 700 billion. Nobody is lazy, just trusting.
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