Upside Down Mortgage

Archive for October, 2009

Mortgage Default Rate History

Question: Is the US heading for another great depression?

The avalanche of bankruptcies has begun. Six US companies of substance have defaulted on bonds over the past fortnight, against 17 for the whole of last year. Diane Vazza, S&P's credit chief, says defaults are rising at almost twice the rate of past downturns. Some 174 US companies are trading at "distress levels".

The California city of Vallejo (117,000 inhabitants) has just made history by opting for Chapter 9 bankruptcy, the result of tax erosion from a 26pc fall in local house prices. Half Moon Bay may be next.

Talk that the worst is already behind America seems to just be wishful thinking. In addition, forecasts indicate that the level of mortgage defaults will increase in 2008/2009 as a new range of non sub-prime mortgages ratchet up their interest rates.

How bad do you think this crisis will get?

Answer: I don't believe the worst is over yet. It may turn around after a new president gets elected and that will take some time.<<<<<<<<<<

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When Did The Housing Bubble Start

Question: paint bubbling on walls?

we are painting the walls in our house with valspar satin paint and right after we put the paint down and it starts to dry, bubbles start to appear. why is this?
we painted over already painted walls that had a flat finish on it.
what type of primer? and would we need to repaint?

Answer: This could be the result of moisture under the paint. (Did you paint a second coat before the first coat had a chance to dry?)

Whatever the cause, the likeliest solution is to sand the bubbles down until you reach the paint that is adhering properly. Be sure to get rid of the sanding dust (tack cloth, damp rag, etc.). If you use a damp rag, be sure that the area is completely dry before proceeding. Use a primer (like "Kilz" brand) on the sanded areas. Allow to dry. Apply the finish paint, blending out from the bubbled area into the adhered paint area a few inches.

Note: Some paints (inexpensive, or certain colors) may require the entire wall to be finish coated again to avoid lap lines (areas where brush/roller marks are visible even after paint has dried).

Hope this helps you.

Financial Derivatives: What are They? - Housing Bubble Collapse - Unregulated Insurance

Subprime Cards

Question: How Many Months of Not Paying Mortgage Until Mortgage Banks Foreclose in California?

My brother has been unemployed for a long time, has a Subprime Loan, has No Equity Left, and up until now has made every payment.
"Loans" (in reality gifts) from friends and relatives and a maxed out Credit Card have kept him from being homeless.
It seems we are throwing money down the drain.

How quickly would he be Foreclosed On and evicted if he stopped paying?

Answer: Ok, technically it goes like this, after 90 days they send out a Notice of default and if he does not bring payment current/workout something with lender, they'll file a Trustee Sale date and he receives a Letter stating the date the property is going for auction. Therefore due to the mess there are some "lucky" people that don't received this Notice of Default months and months into not paying their mortgages. i definitely suggest he short sales his property rather than just "let it go". letting it go = foreclosure and that ruins his credit. Having a short sale processed will not affect his credit as bad, and if he can show the lender9s) he used to have money etc and not now there's not a reason they would not allow a short sale.

House Of Cards - P2