Another reason to vote for Obama

**vcr** · 08-25-12, 07:39 PM

the bail out was an easy way for banks to double there money
you fault out on loan they repo the house that actually repays the loan back like in a car loan minus damages
then they resale house to new owner new loan
the bail out repays original loan 200 thousand and then they get the house back
then resale house for 200 thousand new loan
to me equals 400 thousand
this is why bank didnt want to work with people with troubled loans
economics 101

**Xavsnipe** · 08-25-12, 07:52 PM

Or elementary arithmetics

**CivilWars** · 08-25-12, 08:00 PM

Except for the fact that it doesn't quite work that way. If you default on a 200k loan, and they then sell the house for 150k they only get 50k from the "insurer".

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**vcr** · 08-25-12, 08:19 PM

yes that is the way its supposed to work ( minus damages) but that would not have equaled to the amount of money they bailed them out for
and the way the economy is they have not sold the houses yet and the banks are still refusing short sales at this time because they already been paid

this fact i know i tried to buy short sale houses where i am at and there making the original borrower still pay the difference
in the loans for short sales to go threw but they have no money so no loan
and tried repos but there still at the original loan price and wont budge the most i could get was 1% of loan value
so something is a miss

**SovietDooM** · 08-27-12, 10:18 AM

Originally Posted by BigHub

I would seriously vote Ron Paul all damn day long.

I'm actually going to write his name in when I vote. Fuck Obama and fuck Romney.

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His foreign policy will get us all killed [PERIOD]

**deathgodusmc** · 08-27-12, 03:06 PM

Originally Posted by SovietDooM

His foreign policy will get us all killed [PERIOD]

yup

**-Lazarus-** · 08-27-12, 05:03 PM

Originally Posted by SovietDooM

His foreign policy will get us all killed [PERIOD]

Attachment 8694

**gehn** · 08-27-12, 05:18 PM

Short sales and foreclosures are a problem as well. People are saying they can afford a house that is $135,000. They see a house selling that is normally $250,000 being sold at 135k and say "wow, I can get that!" without realizing it they actually won't be able to afford it once everything settles down and the house goes back up in price. Then they have a harder time making payments and can't pay the bank.

All because the bank shouldn't have sold them the house in the first place.

I can afford $135k for a house, and I want to get one. But I'm going to be looking at actual value $135k homes that are being foreclosed for less.

**-Lazarus-** · 08-27-12, 06:51 PM

Originally Posted by gehn

Short sales and foreclosures are a problem as well. People are saying they can afford a house that is $135,000. They see a house selling that is normally $250,000 being sold at 135k and say "wow, I can get that!" without realizing it they actually won't be able to afford it once everything settles down and the house goes back up in price. Then they have a harder time making payments and can't pay the bank.

All because the bank shouldn't have sold them the house in the first place.

I can afford $135k for a house, and I want to get one. But I'm going to be looking at actual value $135k homes that are being foreclosed for less.

I'm not sure I understand. If you get a foreclosure home at half price at 135k or a new house worth 135k, you still have a mortgage for 135k, right? Are you talking about being able to afford the taxes when the home value goes back up? Because if you buy a home for half price, odds are its appraised value will still be up at that higher price point.

**Xavsnipe** · 08-27-12, 07:44 PM

Yea, I´m not sure I got that either gehn. What people fail to see, at least in my case, is the tax and maintenance fee on condo´s or apartments or homes depending on the area you´re buying. My parents were house hunting in Miami and they found $450 thousand apartments in Brickell or Coral Gables at half their price. The problem is that the maintenance fee for that penthouse was around $1200 a month, and the there´s the tax on top of that. The maintenance tax in many buildings have gone up not because of the area but because alot of people that thought they could afford a place there actually couldn´t...and now the building occupation is 20% down from maybe 80-90%. So that maintenance fee that was distributed with the tenants before, now has to be paid by the only 20% that are actually left in the building.