Upside Down Mortgage

Posts Tagged ‘assets’

Loan Modification Assets

Question: I am thinking of short selling a home that I paid 300k for it is now only worth 150k. I need to find a lawyer?

I live in Miami Florida area. Also note that this is an investment home - speculation that went bad. The builders and the bank were the ones that really ripped me off in the first place. But I do not want that bank to be able to put a lean on my other main home which does have some positive equity. I want a Lawyer who can tell me what types of accounts or assets that I should protect of pay off prior to doing this Short sale of my other house. Also what is the best case senario on how bad my credit will get ruined. I currently have a 750 score. But this is 150k loss. There is no way that this house will go back up in value that fast. Credit is important but I cannot afford to loose $150 K and I cannot afford to keep making payment to this house anymore. I already work 2 jobs and I cannot make enough money so it is either a Short Sale, Loan Modification or a Walk away foreclosure that I am having to pick from.

Answer: David, this is an investment property. You can short sale it, but you will still owe the rest of the money. The only way to not pay them back is to file bankruptcy, which will not likely be possible since you own other assets that can cover your loss.

This is not your primary residence, you will receive no special treatment.

Loan Modification Software: Video SX3 Default Assets Liabil

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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

Subprime Assets

Question: Politicians in Washington to prevent current economic crisis ?

Now that President Bush has proposed to buy 700 billion in bad assets, what should have the politicians in DC as well as Wall Street, done to prevent this current economic mess? What were the causes? Was it mainly because of Fannie Mae and Freddie Mac involvement to give mortgage loans to people with either poor credit, little or $0 money down, subprime lenders, etc?

Answer: It was the lack of regulation that caused this nightmare.

Al Gore on sub-prime carbon assets