Upside Down Mortgage

Archive for March, 2009

Housing Bubble Yet To Burst

Question: Why is the media reporting a.rise in house prices and say next year we will be back at the 2007 levels soon?

I thought thats what caused the bubble to burst,inflated house prices and now they are saying we are getting back to expensive houses,yet there is unemployment,banks not giving morgages and low wages,especially in northern ireland.
What the hell is going on??????????
The people that prediced the "housing bubble" bursting when it did also predict another 20% drop in northern ireland next year.

Answer: They are simply trying to talk up prices to another bubble. Like you said, there is unemployment and uncertainty in the jobs market. The so called ' experts' are saying that this recession is going to be a W shaped one. We dip into a recession, we start to climb out and then dip again.

The last property boom was built on funny money, fairy dust money, it was money that we hadn't earned. It was debt.

The only property that is selling at premiums is multi £million houses in London that are bought by foreigners who use off shore companies to buy them and save on stamp duty. London is the world's capital for money laundering by the super rich.

I should imagine that house prices in Northern Ireland are going to stagnate for years to come. Certainly until the country has paid off some of its debt and the £ has recovered from terminal decline. The country is in a very different position today than it was in 2007.

Australian housing bubble about to burst

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Loan Modification Hardship Letter Sample

This is just an example of hardship letter to perform Short Sale. Sellers should explain their own situation in their own words.

RE: John Doe

Property: 123 Main Street

Anytown, FL 12345

Phone: 888-555-1212

Email: [email protected]

Loan #: 123456789

To Whom It May Concern:

It is with great regret that I am in the position of writing this letter. Through years of success in my career, I never expected the market to do what it has done over the past year, and unfortunately, I find myself in a position with no way out. My situation has become deeply misfortunate through a combination of the failing health of family members, the loss of 70% of my income, and the total decline of the existing real estate market.

Health issues with family members have created a situation where my wife is unable to work. The company where I worked for 6 years has closed. And, in finding a new job in the industry that I am in, I find it difficult to continue on the same level that I was accustomed to in years past.

I spent the last year going through all of my savings in am attempt to remain afloat, and finally reached the point where the bills could no longer be sustained on my current level of income. I have made every attempt to sell the property that I own, and have been unsuccessful at selling at a price that will cover the existing debt on the property.

Through my painful education that I have received over the last year, I have come to terms with the fact that I may have to file personal bankruptcy in the very near future. It is my desire not to take this step, but there may be no way to avoid it given the extent of my financial problems.

I would like to thank you in advance for your consideration in this short sale request. I hope that it is in the best interest of all parties involved if we can avoid a foreclosure through a short sale.

Sincerely,

John Doe.

About the Author:

Igor Mosyak holds the MBA and BS in International Business and Marketing from University of Maryland at College Park. Igor has an extensive knowledge in marketing and advertising from his previous experience and current career in the world of International and Domestic Real Estate activities. Igor Mosyak is founder of www.StopForeclosureHelpToday.com an organization dedicated to helping homeowners facing foreclosure. We offer a wealth of information on the whole foreclosure process and provide visitors of our website with FREE e-Book on "Stopping Foreclosure-Understanding Your Options".

Article Source: ArticlesBase.com - Free Sample of Hardship Letter: Example of How to Write a Detail Hardship Letter

India Subprime Crisis

Question: how does subprime crisis is effecting india?

please explain what is subprime lending, subprime market, and how does subprime crisis in america affecting indian economy

Answer: It is the same money flowing ! Thus what affects US will affect us !

The Renegade Economist Press Conference