foreclosure article...

That was a good article, Marci. It is so funny (Ironic) how things go in cycles.

 

Good article, marci. I have been telling a friend that this was going to happen. I just sent him the article signed "Miss Cleo". Lenders have been lowering their standards to make their upfront cash with people that have marginal credit, at best. If they have just a little bump in the road they lose it all. Austin is a prime example. It was extremely high tech and homes 2 years ago were sold the same day that they were put on the market and even sold more than the asking price. Now, I know of a few people that have to come up with $20-40k to sell their homes. I know that there are other places that are probably even worse off. Charlie

 

Great article

 

There is another way this could happen in the future.

 

Enlighten us, LB59! Charlie

 

Re: foreclosure article...

charlieslex | 1580 posts since Nov 2001 63.173.188.201 | 11.24.2002 @ 21:07



Enlighten us, LB59! Charlie
quote:
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Originally posted by lbrown59
There is another way this could happen in the future.
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=======================
I may have stated it wrong it may be happening now.






LB 59

 

LB,
i liked you better when you were a woman! LOL
No seriously, what do you mean?
What's the other way?
Please explain in detail.

 

1*I liked you better when you were a woman! LOL
2*What's the other way?
3*Please explain in detail.
humblemarc
==============================
1*What were you before the change? Another LOL
2*The banks are putting to much money into homes.
3*I would love to,but Sorry I can't squeeze 29 years experence of owning a housing Co. into a post on on the board.Not enough time or space to do it.

LB 59

 

Believe it or not. my signature would have the exact same lines---just not as long as 18 years.
so just give me the cliffnotes version. I'm pretty sure i can figure out the rest.

 

Are you saying you have owned and operated a housing company for 18 years?

 

I've done/do all of these, just NOT as long as 18 years.

 

A--Say a bank loans 80% to ten people on ten $300,000 homes and 4 of them default.
B--Now suppose the bank had loaned 80% to these same ten people on ten $100,000 homes. This being the case the defaults in this case would probably drop well below the 4 as in A above.
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Some years back home values were deprecating at up to 5% a year.
In such a situation who's better off with defaulted loans the bank with $300,000 in a home or the one with $100,000?


LB 59