foreclosure? prove it bitch!!(good read)

[joepro]

You have no choice but to facter in resale value when buying a home.
Highly unlikely, but ok, you have just saved enough money to flat out buy a house, this is a business discussion now.
It's highly unlikey you will only live in one place the rest of your life.
You don't buy stock in a cookie co because you like the cookies.
This is a huge choice and depends on alot more then it's feels homie or you like it.

lol home buying 101... location location location.

 

[TheBrutalTruth]

You have no choice but to facter in resale value when buying a home.
Highly unlikely, but ok, you have just saved enough money to flat out buy a house, this is a business discussion now.
It's highly unlikey you will only live in one place the rest of your life.
You don't buy stock in a cookie co because you like the cookies.
This is a huge choice and depends on alot more then it's feels homie or you like it.

lol home buying 101... location location location.

Could care less. Obviously I'm not going to buy a house in West Dayton, but at the same time, if the area where I buy the house is fine, and in 40 years (now there's the bigger if, assuming that I'll be at the same company in 40 years.) if I'm retired, what do I care about the school system?

I might care about the tax burden, but not the school system.

And actually, you know, based on some of the other reasons I bought stocks buying a cookie company, because I liked the cookies, probably wouldn't be the stupidest decision I've made regarding why I'm investing in a company. Of course, I'd also look at the books, capitalization, and so on, but if the cookies are good enough to get me to look at the company's books, then it has to be some damn good cookies that they're making.

Oh well, plenty of time ahead of me to learn from these mistakes. I'm just glad I'm not the kind of dumb ass that used leverage to magnify my potential gains, and ended up amplifying my losses.

 

[misshestermoffitt]

Don't forget TBT, once you buy a house the county will run right out and recalculate it for taxes then the property tax will climb up on you each year until it's double what it was when you bought. I know that from experience.

 

[TheBrutalTruth]

Don't forget TBT, once you buy a house the county will run right out and recalculate it for taxes then the property tax will climb up on you each year until it's double what it was when you bought. I know that from experience.

Yeah, there's also the taxes. Personally, I think property taxes on primary residences, and apartment complexes is immoral. People should not have to pay for property that is not generating income.

And of course, if you were farming, then you're going to pay taxes on the income you get from selling the food. Or, you're just going to be doing subsistence farming which generates no income, and thus shouldn't be taxed.

I think we should not be surprised that between the Federal and the State governments the small farmer has been destroyed. Just our tax policies make subsistence farming non-economical. How can you pay taxes if you're just producing enough for yourself and not generating income?

 

[medicineman]

Yeah, there's also the taxes. Personally, I think property taxes on primary residences, and apartment complexes is immoral. People should not have to pay for property that is not generating income.

And of course, if you were farming, then you're going to pay taxes on the income you get from selling the food. Or, you're just going to be doing subsistence farming which generates no income, and thus shouldn't be taxed.

I think we should not be surprised that between the Federal and the State governments the small farmer has been destroyed. Just our tax policies make subsistence farming non-economical. How can you pay taxes if you're just producing enough for yourself and not generating income?

The loss of property tax revenues is what put our state into this depression. Nevada has the highest vacanct house rate per capita in the union I see 4-5 just driving into my tract from the main road. My tract houses used to sell within days, you'd see a sign go up and within a few days there'd be a sold sign. No more. I wonder if our taxes will go down? Our house has gone from 300K+ to 120K or less.

 

[TheBrutalTruth]

The loss of property tax revenues is what put our state into this depression. Nevada has the highest vacanct house rate per capita in the union I see 4-5 just driving into my tract from the main road. My tract houses used to sell within days, you'd see a sign go up and within a few days there'd be a sold sign. No more. I wonder if our taxes will go down? Our house has gone from 300K+ to 120K or less.

Actually, a more relevant argument would be that the politicians idiotic belief in the hype surrounding the inflating home prices is what lead to the deficits.

One would think that our unenlightened leaders would be intelligent enough to determine that housing was in a unsustainable bubble. Or at least not buy the hype of the people selling mortgages, and building homes that were claiming that house prices do nothing but go up.

 

[110100100]

Asking to see the paperwork is not only your right its a smart thing to do in many cases. I'm not just talking about mortgage debt either. If you're in collections or being hounded by bill collectors you have the right to make them prove they "own" the debt. Even if all it does it give you some more time to get the money together that may be all you need.

I was threatened to be sued by a debt collection company for a debt that had already been paid in full to the original company. When I told the debt collection agency that I had paid the bill already they said they'd "look in to it" but called me back about a month later claiming that the original company had no record of being paid and I owed. So I asked them to provide proof that they owned the debt which naturally they could not do. It's your RIGHT to ask for proof and they legally obligated to provide it. Debts get shopped around and sold left and right. There have been instances of companies who already sold a debt to another company still trying to collect on it.

Hell of a lot better than me having to go to court and prove that I paid already.

I know someone who went through a bankruptcy and over a year after the discharge received a letter from a mortgage company saying they had just bought his mortgage and he would be receiving a new payment book in the mail soon. Turns out the original lender KNOWINGLY wrapped up a shit load of charged off loans with a bunch of good mortgages and sold them all to another company.

So yeah they might damn well know they owe a debt but if they are smart they will damn well make sure the people claiming they owe them are really the ones they owe. Even if it IS only a stall tactic god forbid people exercise their rights...

 

[joepro]

Here in IL our property taxes in based on a two or three yr cycle. So I'm being taxed based on the old market intill next year. ..but it's just not that easy! then it will depend on what the fire/police/schools need in the next property tax cycle. It's doubtful my taxes will go down much next yr.
My home is worth 8% less then when I bought it and not one single family home is being foreclosed on in my area. Infact homes/ condos are still selling in chicagos northside like hot cakes. The issue here is the southside and westside, blocks and blocks of foreclosed homes, looks like a ghost town in alot of the minority neighborhoods. It's a common formula across america that I believe makes up most of the %9 of people in foreclosure.
I'm apart of the 90% who can make their mortgage while the media has made it appear that were the minorities and it's 90% of people in trouble.

TBT... If you can get a loan for a house, do it now buddy! you can get locked in a 4% and buy a house at half it's value.
Me and my brothers are looking to buy a few houses and rent'em out to the state as half-way houses for the Indiana d.o.c.

 

[TheBrutalTruth]

Here in IL our property taxes in based on a two or three yr cycle. So I'm being taxed based on the old market intill next year. ..but it's just not that easy! then it will depend on what the fire/police/schools need in the next property tax cycle. It's doubtful my taxes will go down much next yr.
My home is worth 8% less then when I bought it and not one single family home is being foreclosed on in my area. Infact homes/ condos are still selling in chicagos northside like hot cakes. The issue here is the southside and westside, blocks and blocks of foreclosed homes, looks like a ghost town in alot of the minority neighborhoods. It's a common formula across america that I believe makes up most of the %9 of people in foreclosure.
I'm apart of the 90% who can make their mortgage while the media has made it appear that were the minorities and it's 90% of people in trouble.

TBT... If you can get a loan for a house, do it now buddy! you can get locked in a 4% and buy a house at half it's value.
Me and my brothers are looking to buy a few houses and rent'em out to the state as half-way houses for the Indiana d.o.c.

I've looked at the numbers, paying 200% of the value over the course of the mortgage is a bad policy. Especially when it would lead to me not being capable of saving for retirement.

In ten years, I'll be 35, in 30 years (the time the mortgage is paid off) I'll be 65. It makes sense to do it this way. Why give the bankers more money than I have to. Besides, I think this mess is going to last for a while longer. Plenty of time to make up my mind, and see if I can't generate more income for myself (which will speed up the entire process.)

Patience is a virtue... besides, I haven't found a house that I want yet.