I wasted $216,000 over 12 years on a mortgage! | |
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Anonymous Coward User ID: 36946570 United States 07/12/2013 10:43 PM Report Abusive Post Report Copyright Violation | Just had a VA appraisal on my home to refinance and got the shock of my life! Our last appraisal was $245,000. Quoting: KimmieAnnaJones We had a conventional loan done in 2006 at that appraisal. The VA did an appraisal last week and told us that our is only worth $184,000, which is $6k below the tax value! So I decided to see exactly how much was pissed away, since now we have no equity and it is $216,000! I am sure some of you are laughing at me right now, like where have I been.... We decided to just ride out the storm... Bad idea I guess. I'm not laughing at you. Only 16 percent of the population did not get caught up in the inflated real estate scam. I will laugh at you if you vote democrate or republican in the next election. |
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bigD111 User ID: 39191150 United States 07/12/2013 10:55 PM Report Abusive Post Report Copyright Violation | Okay, the real demon here is a 30 year mortgage. You can't begin to pay off the principal for over 10 years. The average mortgage is 7 years. It is rigged. If you are buying a house and you plan on staying in a location for your working lifetime, then no more than 15 years, or you are working for the banks! deplorably republican |
Anonymous Coward User ID: 24884600 United States 07/12/2013 11:21 PM Report Abusive Post Report Copyright Violation | Well if you have been making payments for 12 years you have equity. Quoting: Sungaze_At_Dawn Is it water damaged or some other reason? We're in the opposite boat. We're renting a run down, house that should have been condemned for 1400 a month, without much other options, for our family size, and unable to get a 900 dollar/month townhouse becaues the stairs don't work with arthritis that is bad. It was rat infested too. And the electrical went out in places due to that, but we got some cats. Now, with an inheritance, and a big downpayment, we'll be moving into our house that was dropped in price from 230 000 roughly to 190 000, what we offered. And the payments minus reduced taxes and fire will be around 230 a month. But that is due to having a good downpayment. Housing should be everyone's option. But after 12 years there should be a good portion paid down already. Don't put money down. Invest it in something that can make you money. Putting it into a house is pissing it away. Especially if banks do the same foreclosure shenanigans they did in 2009. What do you think renting is an investment? I'd rather be wasting money on something that in the end I will own. |
Anonymous Coward User ID: 13446836 United States 07/12/2013 11:29 PM Report Abusive Post Report Copyright Violation | Well if you have been making payments for 12 years you have equity. Quoting: Sungaze_At_Dawn Is it water damaged or some other reason? We're in the opposite boat. We're renting a run down, house that should have been condemned for 1400 a month, without much other options, for our family size, and unable to get a 900 dollar/month townhouse becaues the stairs don't work with arthritis that is bad. It was rat infested too. And the electrical went out in places due to that, but we got some cats. Now, with an inheritance, and a big downpayment, we'll be moving into our house that was dropped in price from 230 000 roughly to 190 000, what we offered. And the payments minus reduced taxes and fire will be around 230 a month. But that is due to having a good downpayment. Housing should be everyone's option. But after 12 years there should be a good portion paid down already. Don't put money down. Invest it in something that can make you money. Putting it into a house is pissing it away. Especially if banks do the same foreclosure shenanigans they did in 2009. What do you think renting is an investment? I'd rather be wasting money on something that in the end I will own. Own? You can't do whatever you want on the property. You are subject to zoning laws and city ordinances. You will pay "rent" to the government in the form of property tax for eternity. Oh, and don't forget: "Eminent domain (United States, the Philippines), compulsory purchase (United Kingdom, New Zealand, Ireland), resumption/compulsory acquisition (Australia), or expropriation (South Africa, Canada) is the power to take private property for public use by a state. However, it can be legislatively delegated by the state to municipalities, government subdivisions, or even private person or corporation when they are authorized to exercise functions of public character.[1]" |
Anonymous Coward User ID: 30956392 United States 07/12/2013 11:31 PM Report Abusive Post Report Copyright Violation | Yep, my grandmother's house could have sold for $460,000 5-7 years ago. Last I heard it appraised at $189,000. Quoting: Anonymous Coward 43255552 The bubble burst in 08-09 , then dived from there The bubble burst in 06. Where have you been? And the recession started in early 07. Anyone remember the 600 dollar checks that Bush sent to us in the mail? That was simply to delay the inevitable. |
Anonymous Coward User ID: 24884600 United States 07/12/2013 11:31 PM Report Abusive Post Report Copyright Violation | Well if you have been making payments for 12 years you have equity. Quoting: Sungaze_At_Dawn Is it water damaged or some other reason? We're in the opposite boat. We're renting a run down, house that should have been condemned for 1400 a month, without much other options, for our family size, and unable to get a 900 dollar/month townhouse becaues the stairs don't work with arthritis that is bad. It was rat infested too. And the electrical went out in places due to that, but we got some cats. Now, with an inheritance, and a big downpayment, we'll be moving into our house that was dropped in price from 230 000 roughly to 190 000, what we offered. And the payments minus reduced taxes and fire will be around 230 a month. But that is due to having a good downpayment. Housing should be everyone's option. But after 12 years there should be a good portion paid down already. Don't put money down. Invest it in something that can make you money. Putting it into a house is pissing it away. Especially if banks do the same foreclosure shenanigans they did in 2009. What do you think renting is an investment? I'd rather be wasting money on something that in the end I will own. Own? You can't do whatever you want on the property. You are subject to zoning laws and city ordinances. You will pay "rent" to the government in the form of property tax for eternity. Oh, and don't forget: "Eminent domain (United States, the Philippines), compulsory purchase (United Kingdom, New Zealand, Ireland), resumption/compulsory acquisition (Australia), or expropriation (South Africa, Canada) is the power to take private property for public use by a state. However, it can be legislatively delegated by the state to municipalities, government subdivisions, or even private person or corporation when they are authorized to exercise functions of public character.[1]" Would you rather help pay your Land lords taxes until forever instead? |
Anonymous Coward User ID: 8161940 Canada 07/12/2013 11:33 PM Report Abusive Post Report Copyright Violation | Renting is far worse -- landlords can inspect at will, increase rates and kick you out with very little notice. At least home ownership allows you to do what you like with the house; and so long as you pay your mortgage on time, you will never be booted out. Here in Calgary, landlords are renting places at twice the amount it would cost to buy. Only transients, trailer trash, jihads and people new to the city would choose to rent. |
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Anonymous Coward User ID: 12887248 United States 07/12/2013 11:45 PM Report Abusive Post Report Copyright Violation | I'm about 8 years in on a 20 year loan - and I'm refinancing to stretch it back out to a 30 year... It makes me sick to do it - because of what some of you have mentioned about having paid mostly interest in the beginning - and now finally getting to the part of the loan where we pay more principal... I think it's my best option though - because hubby's job status has become uncertain... May strike - working without a contract right now... (save your thoughts on unions please, in this case they are getting screwed and want nothing more than the last contract, and are even willing to take less in the form of pay cuts and health insurance changes and decreased pensions - that topic could be a whole nother thread.) If a strike happens - we won't be able to afford the higher payment we have with the 20 year loan... I figured I had to get the ball rolling - and all of the paperwork, credit check, job status checks, etc... done before the actual strike occurs... If I wait till then - it will be too late! I hate the thought that the strike may not happen - and it will all have been for naught though... nauseating. The 30 year payment will be more comparable to a low rent payment - and I'd be in my same house - so I guess it's for the best... I can certainly use the extra money in my pocket gained from the lower monthly payment amount. I'll be cutting my payment in about half... At least I was able to pay down more with the original 20 year loan than most - allowing me to even do a refinance... 30 years though... not cool at all. :( Hope it works out for both of us OP. Hang in there! |
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Anonymous Coward User ID: 25421984 United States 07/13/2013 12:03 AM Report Abusive Post Report Copyright Violation | God, what a mess. I'm still not quite understanding how that could equal 216,000 pissed away and you still have no equity? HOW? What did you put down on the house, how much of the payment was going toward the pricipal? Quoting: Super Bowl Dave Even if you paid it all off, you still don't own it. Don't pay your property taxes? Not your house anymore, it's the government's house. true dave but dont discourage people from home ownership eventually the mortgage payment goes away and that in itself is better than renting for life |
AK001 User ID: 42735382 United States 07/13/2013 12:04 AM Report Abusive Post Report Copyright Violation | So you paid about about $1486/Mo. in rent for that house if you have no equity. Was it worth it? Quoting: HundredthMonkey Heck no! You can rent the same house for about $900-1000/month. Oh, and if you rent... No property taxes, no home repairs. That is a misunderstanding, you actually pay those through your rent; the landlord just adds them into the price of the unit. Now, you don't directly pay them to the city, they do that for you. |
Anonymous Coward User ID: 43286570 Malaysia 07/13/2013 12:05 AM Report Abusive Post Report Copyright Violation | Unless someone pays cash for a house they are idiots. Don't feel bad. There's about100 million others just like you. Quoting: Anonymous Coward 20610306 I refuse to buy land because of the land tax. I'm looking to buy some homestead acreage in my home state to avoid the corrupt taxation. We'll see though. Meanwhile I cruise the Caribbean on my sailboat. Bought and paid for. Luxurious little home. Always have a million dollar view. And when I want to move I just pull anchor and go. No tax. No debt. No bullshit. Free living at its finest. Becareful of the Pirates of The Carribbean though.. |
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Anonymous Coward User ID: 30605535 United States 07/13/2013 12:22 AM Report Abusive Post Report Copyright Violation | Okay, the real demon here is a 30 year mortgage. You can't begin to pay off the principal for over 10 years. The average mortgage is 7 years. It is rigged. If you are buying a house and you plan on staying in a location for your working lifetime, then no more than 15 years, or you are working for the banks! Quoting: bigD111 This is the best advice on this thread, if you can't pay cash only buy what you can afford to buy with a 15 year note. Otherwise you are paying mostly interest and not building equity. |
Anonymous Coward User ID: 4444378 United States 07/13/2013 12:31 AM Report Abusive Post Report Copyright Violation | haha sorry I have not posted in 7 yrs on this site and I come all the time. LOL I posted about the foreclosures here seven yrs ago I was in foreclosure back then I have since won my case. I pay the tax $3800.00 per yr the loan was from Deutsche bank, a German bankster all the people on this site chased me off telling me I that this sort of thing would never happen, LOL Not paying a mortgage is the most satisfying thing ever, the statute of limitations of payment of the debt has run on the bankster. All the banks are foreign corporations LOL did we get Independence? from whom? all the land and homes belong to people in foreign lands, corporations, the Queen still owns everything and no one knows this, its not on the books yep the people here will chase me off again and I will leave for sure and come back again in seven more yrs. The homes are now worth about 50 percent of what they were purchased for in 2006. If you paid off your home after 1995 its worth half of what you paid. Squatting in FL is completely legal, very silently there are more than 5000 homes in S FL Occupied by non owners and they are just paying the tax, yep, LOL you do not have to believe me either and I will not come back to argue my ranting. I have friends who got a 2.5 acre farm for the cost of the $8000.00 yearly tax. LOL they simply moved in the cops came and did shit. good luck to you all, wake up soon. OMG I know I cannot remove this post. I do have an account but I never log on. |
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Anonymous Coward User ID: 30605535 United States 07/13/2013 12:40 AM Report Abusive Post Report Copyright Violation | For any LEO, EMT, firefighters or teachers, there is a program called Good Neighbor Next Door through HUD. You can purchase a home 50% off the list price! You have to be savvy to take advantage of this program as they don't come on the market often and are snatched up immediately if they are in good shape. You will need to go to HUDhomestore.com and sign up for e-mail notifications for GNND program homes in your area. You will need an agent that is registered with HUD/NAID and you will need to be pre-qualified with a lender that can provide you with a pre-approval letter quickly if you are not paying cash. There are a lot of restrictions and qualifications to the program and time is of the essence. It's best to research the program to make sure you qualify and that you have the funds needed ahead of time. The program is not promoted by realtors since HUD does not pay commission, but a buyer can pay a commission to their realtor and roll this cost into the loan along with the title insurance, closing costs and other fees usually. I thought I would pass this on to our GLP family. We just had a case where the home would be worth $120,000 but was listed for $87,000 and the purchaser only had to pay $43,500 plus $3,000 for closing costs, title insurance and commission. Good deal! This purchaser had been looking in this particular area and the house had just been remodeled prior to foreclosure. FYI |