Comments on: The Foreclosure Story: What does the Process Look Like? http://www.doctorhousingbubble.com/the-foreclosure-story-what-does-the-process-look-like/ How I Learned to Love Southern California and Forget the Housing Bubble Sun, 05 Jul 2009 01:54:25 +0000 http://wordpress.org/?v=2.7 hourly 1 By: tracey http://www.doctorhousingbubble.com/the-foreclosure-story-what-does-the-process-look-like/comment-page-8/#comment-28584 tracey Sat, 06 Dec 2008 23:36:44 +0000 http://www.doctorhousingbubble.com/?p=121#comment-28584 I blame HGTV and all those flipping shows, home improvment. I blame HGTV and all those flipping shows, home improvment.

]]> By: Pam http://www.doctorhousingbubble.com/the-foreclosure-story-what-does-the-process-look-like/comment-page-7/#comment-24401 Pam Mon, 15 Sep 2008 21:32:05 +0000 http://www.doctorhousingbubble.com/?p=121#comment-24401 I too am in a very similar situation to this couple. Except I don't have an expensive car nor a 6 figure salary. But I was young and uninformed and trusted the professionals I was referred to to assist me with my first home purchase. I was 26, bought a condo in downtown San Diego in 2005 for $389K. At that time, that was the least expensive property in the entire city proper by $20K. I bought from my neighbor, a person who I knew and trusted. He paid all closing costs. I bought with a boyfriend that I thought I was going to marry. (Big mistake, I know, I don't need anyone telling me what an awful mistake that was. I'm well aware. lesson learned) I calculated and figured that I could afford half or the mortgage + taxes etc. plus all of my other expenses. A little over a year later the relationship ended due to his abuse and now I am left with the payment solo. I moved out because I made more money having it as a rental than living in it myself. I now live in Seattle - moved for a job and I rent the condo. I can't rent the condo for the full mortgage amount of $2165, so I have to pay $334 to cover the mortgage, $396 for taxes and $295 for HOA dues. I'm loosing almost $1K per month. I have $20K in CC debt. Now many of you will judge and say that I am a credit junkie so I deserve it - as you have commented about the example couple, but almost all of my debt is due to financial issues relating to the condo, not unnecessary purchases. I've had to put 2 years of property taxes ($4K) on my CC because I couldn't afford it by myself, $8K in loss on a vehicle I had to sell when he moved out so I could pay for his portion. Since I sold after only owning it for 6 months I lost money. I did have roommates furing the time I was living there. But I still had to work 2 jobs to make all my payments. Now, I can't sell because the condo has dropped in value over 100K, I can't refinance because I don't have any equity and it's lowered in value. If I continue renting, I continue paying $1K.month to a property that will never make me any money nor will I be able to sell an break even. I'm in a loose/loose situation So I'm considering walking. Which is an extremely tough decision because it goes against how I was raised. I think I'm a woman of integrity. You give your word. You keep it. I gave my word to pay X amount for X amount of time. But it has become a loosing battle for me. I made a bad purchase. I was given a loan I never should of had. I was only making $50K and my partner was making $60K. How in the hell did we get approved for a loan for $389K?!!! Why did we think we could afford it? Seems silly now and many people reading this would say the same thing. But as many have written, it was common at the time for many people to get loans with 0% down. I had never bought property before, so I looked to professionals to help me with my first home purchase. I trusted these professionals - naive!! But I don't think that I was alone. But I do feel like a sucker and a fool. The mortgage and title were put in my name because I had better credit. Up until this point I have had a stellar credit score. It would fluctate between upper 700s and 800s. I still have the same score. Althought if I leave the place now my credit will be ruined. I'm curious what you all think about the FICO score issue. That has not been address by anyone thus far. Would it be worth it to risk your credit score to get out of a bad investment? I appreciate this posting and everyone's comments. formul8 your post was extremely interesting. i embarrassingly admit that I was one of those people. And to all of you who have posted that this couple deserved it, well maybe they did. I made the choice to by too, so I do deserve to be in this horrible situation, no one forced me into it. But let's not forget that the lenders also have some responsibility. I never should have been approved. I too am in a very similar situation to this couple. Except I don’t have an expensive car nor a 6 figure salary. But I was young and uninformed and trusted the professionals I was referred to to assist me with my first home purchase. I was 26, bought a condo in downtown San Diego in 2005 for $389K. At that time, that was the least expensive property in the entire city proper by $20K. I bought from my neighbor, a person who I knew and trusted. He paid all closing costs. I bought with a boyfriend that I thought I was going to marry. (Big mistake, I know, I don’t need anyone telling me what an awful mistake that was. I’m well aware. lesson learned) I calculated and figured that I could afford half or the mortgage + taxes etc. plus all of my other expenses. A little over a year later the relationship ended due to his abuse and now I am left with the payment solo. I moved out because I made more money having it as a rental than living in it myself. I now live in Seattle - moved for a job and I rent the condo.
I can’t rent the condo for the full mortgage amount of $2165, so I have to pay $334 to cover the mortgage, $396 for taxes and $295 for HOA dues. I’m loosing almost $1K per month. I have $20K in CC debt. Now many of you will judge and say that I am a credit junkie so I deserve it - as you have commented about the example couple, but almost all of my debt is due to financial issues relating to the condo, not unnecessary purchases. I’ve had to put 2 years of property taxes ($4K) on my CC because I couldn’t afford it by myself, $8K in loss on a vehicle I had to sell when he moved out so I could pay for his portion. Since I sold after only owning it for 6 months I lost money. I did have roommates furing the time I was living there. But I still had to work 2 jobs to make all my payments.
Now, I can’t sell because the condo has dropped in value over 100K, I can’t refinance because I don’t have any equity and it’s lowered in value. If I continue renting, I continue paying $1K.month to a property that will never make me any money nor will I be able to sell an break even. I’m in a loose/loose situation
So I’m considering walking. Which is an extremely tough decision because it goes against how I was raised. I think I’m a woman of integrity. You give your word. You keep it. I gave my word to pay X amount for X amount of time. But it has become a loosing battle for me. I made a bad purchase. I was given a loan I never should of had. I was only making $50K and my partner was making $60K. How in the hell did we get approved for a loan for $389K?!!! Why did we think we could afford it? Seems silly now and many people reading this would say the same thing. But as many have written, it was common at the time for many people to get loans with 0% down. I had never bought property before, so I looked to professionals to help me with my first home purchase. I trusted these professionals - naive!! But I don’t think that I was alone. But I do feel like a sucker and a fool.
The mortgage and title were put in my name because I had better credit. Up until this point I have had a stellar credit score. It would fluctate between upper 700s and 800s. I still have the same score. Althought if I leave the place now my credit will be ruined. I’m curious what you all think about the FICO score issue. That has not been address by anyone thus far. Would it be worth it to risk your credit score to get out of a bad investment?
I appreciate this posting and everyone’s comments. formul8 your post was extremely interesting. i embarrassingly admit that I was one of those people.
And to all of you who have posted that this couple deserved it, well maybe they did. I made the choice to by too, so I do deserve to be in this horrible situation, no one forced me into it. But let’s not forget that the lenders also have some responsibility. I never should have been approved.

]]> By: YGMMLMM http://www.doctorhousingbubble.com/the-foreclosure-story-what-does-the-process-look-like/comment-page-7/#comment-23777 YGMMLMM Sat, 06 Sep 2008 09:13:43 +0000 http://www.doctorhousingbubble.com/?p=121#comment-23777 That's reason we're in this housing mess. These folks help create the bubble so me and my family are priced out from buying a home. That’s reason we’re in this housing mess. These folks help create the bubble so me and my family are priced out from buying a home.

]]> By: Ehawk http://www.doctorhousingbubble.com/the-foreclosure-story-what-does-the-process-look-like/comment-page-7/#comment-23557 Ehawk Wed, 03 Sep 2008 19:39:50 +0000 http://www.doctorhousingbubble.com/?p=121#comment-23557 That couple got what they deserve. I am sure that they were loving life when they had money coming in. sipping on $$$ wine and fancy clothes and their fancy cars. Fu@^K them. No sympathy here. They were living @ 28 years old, the life of 45-55 year life of Doctors. WTF. They probably didn't even go to college. real estate A$$ clowns with their fancy clothes and fake smiles. Entitlement........... LandingThere = sorry about your misfortune, but life is tough. You should've never bought a house, because you job foundation was not solid. when thing were good you should've saved as much as possible to ride out the bad times. My single mom raised me, with no child support or any kind of help from anybody. living in a 1br app. I had to sleep in a pull out sofa bed in the Living room for many years. I took the bus and rode my bike bicycle for miles to get to places. Our eating out was, Jack in Box or Burritos after church on sundays and occacional pizza ordering. I went to college and work hard, I'm 27 years old and make 80K/year for the last 4 years and still drive my piss of sh!!t 10 year old car, and the supposed car payment of a new car I instead give to my mother every month. I have 20% downpayment for a house in CA. but Fu2@ck that... Do you THINK I have sympathy for cry me a river stories of bad luck or whatever?? No, NOPE. I am tired of the sense of Entitlement from people. This is AMERICA. If you work hard and make some sacrifices you'll do very well for your family. keywords = hard work & sacrifices. forget entitlement and keepin up the Joneses and the facades and charades. That couple got what they deserve. I am sure that they were loving life when they had money coming in. sipping on $$$ wine and fancy clothes and their fancy cars. Fu@^K them. No sympathy here.

They were living @ 28 years old, the life of 45-55 year life of Doctors. WTF. They probably didn’t even go to college. real estate A$$ clowns with their fancy clothes and fake smiles. Entitlement………..

LandingThere = sorry about your misfortune, but life is tough. You should’ve never bought a house, because you job foundation was not solid. when thing were good you should’ve saved as much as possible to ride out the bad times.

My single mom raised me, with no child support or any kind of help from anybody. living in a 1br app. I had to sleep in a pull out sofa bed in the Living room for many years. I took the bus and rode my bike bicycle for miles to get to places. Our eating out was, Jack in Box or Burritos after church on sundays and occacional pizza ordering.

I went to college and work hard, I’m 27 years old and make 80K/year for the last 4 years and still drive my piss of sh!!t 10 year old car, and the supposed car payment of a new car I instead give to my mother every month. I have 20% downpayment for a house in CA. but Fu2@ck that…

Do you THINK I have sympathy for cry me a river stories of bad luck or whatever?? No, NOPE. I am tired of the sense of Entitlement from people.

This is AMERICA. If you work hard and make some sacrifices you’ll do very well for your family. keywords = hard work & sacrifices. forget entitlement and keepin up the Joneses and the facades and charades.

]]> By: Live Life http://www.doctorhousingbubble.com/the-foreclosure-story-what-does-the-process-look-like/comment-page-7/#comment-20268 Live Life Fri, 18 Jul 2008 05:43:21 +0000 http://www.doctorhousingbubble.com/?p=121#comment-20268 I wish the couple coud have been a little more versatile in their career choices. That may have made all the difference. While people are pointing fingers and snickering, no one is safe in this economy. You may think you have the bull by the tail but we are all on catasrophic event or pay check away from being in the same boat. So get of you high horses and look at things for what they really are. I say hats off for trying to live the life they wanted rather California or Maine, that should not matter. Some of your comments sound a little jelous or even envious. The top 1% income wise got there by doing the unconventional. I say " LIFE COMES AT YOU FAST, LIVE IT WITH NO REGRETS." :0) I wish the couple coud have been a little more versatile in their career choices. That may have made all the difference. While people are pointing fingers and snickering, no one is safe in this economy. You may think you have the bull by the tail but we are all on catasrophic event or pay check away from being in the same boat. So get of you high horses and look at things for what they really are. I say hats off for trying to live the life they wanted rather California or Maine, that should not matter. Some of your comments sound a little jelous or even envious. The top 1% income wise got there by doing the unconventional. I say ” LIFE COMES AT YOU FAST, LIVE IT WITH NO REGRETS.” :0)

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