coolhand's Account Talk

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coolhand said:
For some, I suppose that could be true. But if one wants the flexibility to move to another home for whatever reason, this is a major issue. And I would seriously consider moving if I thought it wouldn't negatively affect my financial situation. I darn sure don't want to take a huge loss over it. But I also feel trapped. This is yet another unfortunate aspect of this housing bust.

I'll be talking to a lawyer sometime down the road to get a better handle on what my options may be.
Click to expand...

Yes, I must agree this is the key fallout of the whole mess.

Keep us posted with the options if you find any, but I would bet that this will be a hot topic to resolve.
People despise being stuck, and tolerate it even less.
This summer will be very telling.
 
Even though Zillow shows my estimated value to be $151K, I'm seeing most homes selling under $140K. Some even under $100K! I'd doubt I could sell my house for even the current "fair" value. I'm seeing folks deliberately listing their home prices well under market value because they want to make sure it sells and sells fast. That's what my neighbor across the street just did. And they're sick about it, but they reached a threshold of pain they could no longer tolerate.

I'm not in a situation where I have to sell. In fact, I could stick it out for some years to come yet, but if I had the option I'd like to move somewhere else.

crws said:
Yes, I must agree this is the key fallout of the whole mess.

Keep us posted with the options if you find any, but I would bet that this will be a hot topic to resolve.
People despise being stuck, and tolerate it even less.
This summer will be very telling.
Click to expand...
 
My mom and stepdad bought a condo in Fort Myers in 1998. My mom passed away a few months after buying the condo. My stepdad passed away in 2006 just as the housing bubble burst. We finally sold the condo in 2010 after dropping the price 60K over the 4 years. We sold the condo for less than what they bought it for. Of course for those 4 years we had to pay taxes, condo fees, utilities and replace the A/C unit.
 
Yep. The crooks made their money and got out of Dodge. And who went to jail? :suspicious:

nasa1974 said:
My mom and stepdad bought a condo in Fort Myers in 1998. My mom passed away a few months after buying the condo. My stepdad passed away in 2006 just as the housing bubble burst. We finally sold the condo in 2010 after dropping the price 60K over the 4 years. We sold the condo for less than what they bought it for. Of course for those 4 years we had to pay taxes, condo fees, utilities and replace the A/C unit.
Click to expand...
 
Same boat up here in Michigan. We bought our house at the crest of the Bubble for a little under $400k. Just went to Zillow and they say my house is worth between $150k -250k, with a recommended value of $245k. That's actually up about $20k from when I had it appraised about two years back just to see where it's value was. I agree with you, I feel trapped by my house. I'd love to move away from MI should the opportunity present itself... But I don't know that I could afford it. :worried:
 
Bought my house in 1995, paid it off January last year, I'm not moving so I don't care what it's appraised at!:D
 
It doesn't look like we're going to get any sympathy from nnutt, does it? :rolleyes::)

DakotaKid said:
Same boat up here in Michigan. We bought our house at the crest of the Bubble for a little under $400k. Just went to Zillow and they say my house is worth between $150k -250k, with a recommended value of $245k. That's actually up about $20k from when I had it appraised about two years back just to see where it's value was. I agree with you, I feel trapped by my house. I'd love to move away from MI should the opportunity present itself... But I don't know that I could afford it. :worried:
Click to expand...
 
nnuut said:
Bought my house in 1995, paid it off January last year, I'm not moving so I don't care what it's appraised at!:D
Click to expand...
Almost a `ditto' :
I bought this place in Aug '92, paid it off last summer ...
-and my car the year before.
Thank you, Dave Ramsey - and all the posters here for their comments, directly or indirectly...:D
-so now I get to use my FERS and part of my TSP deposits to fund my health & LTC insurances !!! :(
 
Markmars, you're trying to use an age old adage that died more than 20 years ago. It could be true if our equity was portable the way it used to be, but it's not. And never it the history of real estate have so many been set back so many years.

Let's put this in perspective. At my current mortgage payment rate, I would not even break even until my 20th year into my mortgage. That is not normal, nor should it be!

Not to mention that today's work environment requires many people to be mobile. People transfer jobs. Ever hear about the book "Who Moved My Cheese"?

Folks, this problem affects people in more ways than you may realize. And anecdotes are poor substitutes for justice when people have been cheated. Please don't make believe this is a non-problem. I spent 25 years in the military making paltry wages and was never able to afford a house. Then my wife divorces me as I get set to retire, which reduced my retirement by half. Now I buy my first house and I'm forced to sit on it for an indeterminate period of time because it's value is crashing. I have other reasons why I need to move, such as paying $1,400 last year in toll charges so my wife could get to work. And my HOA is talking about hitting us with special assessments to pay the bills. Many folks are already withholding their dues and about 25% of the homes in my neighborhood sit empty. There's few receipts to pay those bills, and now I'm going to get hit with special assessments???

If you were fortunate enough to not be affected by this housing debacle, count your blessings. Not all of us deserve what we got.

markmars said:
Real estate is a long term investment. As the saying goes there not making any more land, wait it will come back.
Click to expand...
 
coolhand said:
Markmars, you're trying to use an age old adage that died more than 20 years ago. It could be true if our equity was portable the way it used to be, but it's not. And never it the history of real estate have so many been set back so many years.

Let's put this in perspective. At my current mortgage payment rate, I would not even break even until my 20th year into my mortgage. That is not normal, nor should it be!

Not to mention that today's work environment requires many people to be mobile. People transfer jobs. Ever hear about the book "Who Moved My Cheese"?

Folks, this problem affects people in more ways than you may realize. And anecdotes are poor substitutes for justice when people have been cheated. Please don't make believe this is a non-problem. I spent 25 years in the military making paltry wages and was never able to afford a house. Then my wife divorces me as I get set to retire, which reduced my retirement by half. Now I buy my first house and I'm forced to sit on it for an indeterminate period of time because it's value is crashing. I have other reasons why I need to move, such as paying $1,400 last year in toll charges so my wife could get to work. And my HOA is talking about hitting us with special assessments to pay the bills. Many folks are already withholding their dues and about 25% of the homes in my neighborhood sit empty. There's few receipts to pay those bills, and now I'm going to get hit with special assessments???

If you were fortunate enough to not be affected by this housing debacle, count your blessings. Not all of us deserve what we got.
Click to expand...

All this talk about housing cements the fact that the fed will continue easing the money supply. Good for the market. By the way my house is payed off. No worries, for me anyway.
 
I can easily see that logic and it's crossed my mind numerous times, but every bubble they've blown has had a negative effect somewhere at some point and this will be no different. But I gave up long ago trying to predict how long these smoke and mirror events can play out.

mayday said:
All this talk about housing cements the fact that the fed will continue easing the money supply. Good for the market. By the way my house is payed off. No worries, for me anyway.
Click to expand...
 
Good luck CH. Just when we think we've paid our dues we get hit up for more.
The ferris wheel, sure wish I could make it stop to enjoy the view but no way do I want off.
 
It certainly feels that way.

Hey folks, I just want to say that I'm sorry if I seem a bit testy about this. I didn't expect to describe my situation when I posted those articles about the state of the mortgage market, but it's not just a story to me. I'm living it and it's a stress factor for me.

WorkFE said:
Good luck CH. Just when we think we've paid our dues we get hit up for more.
The ferris wheel, sure wish I could make it stop to enjoy the view but no way do I want off.
Click to expand...
 
coolhand said:
Yep. The crooks made their money and got out of Dodge. And who went to jail? :suspicious:
Click to expand...

that's right, and the fact of the matter is, that the way the market was rigged they never held any liability, because it was all "subject to risk",
while the pension fund managers scrambled to gather AAA backed securities to satisfy demand and competition from other fund management institutions while providing competitive returns so they could keep their jobs, now the states are liable because of negotiated contracts with the foresight to protect workers' pension contributions in case of state or pension fund mgr fraud.

This has 1/2, ONE HALF! of the US supporting this heist by going after the very taxpayer that bailed out all these institutions,
demanding they take a wage and benefit haircut because the states are broke (read- unwilling to take down the big financial companies that perpetrated this fraud).

It is sickening.
But, CH- what will make you feel an eeensy- weeensy bit more in control is to ditch all the mega bank accounts that you have, credit, checking, ALL,
and transfer to local institutions that don't participate in MBNA programs, or sub out financial mgmnt to 3rd parties, I'm talking primarily credit unions.
You're ex-Navy, look- credit unions are owned by members, and are activists! (if you weren't aware of that already)
And by the way-
When I called to cancel our accounts with big banks, when they gave me the "but why" I told them exactly.
I'm going local because I want my money to work in my local community instead of being used for fraudulent purposes like your company did,
and then failing the country to which you owe your success.
Shame on your company.
I made sure to emphasize to the person on the other end of the phone I had no personal issue with them.
Try it. You'll feel better- I promise.




​

A hastily-added provision in the Dodd-Frank financial reform bill will take money your credit union uses to cover costs of debit card programs
and place it in the hands of giant retailers with no guarantee that it will be passed along to consumers.
This will be bad for credit unions and their members, as well as U.S. consumers in general.

Elected representatives from both sides of the aisle have recognized the unintended consequences of this legislation and are working together to delay its implementation
to be able to do a thorough study of its impact on consumers, especially those of modest means or serving in the armed forces.

You can help. Tell Congress to stop and study the Debit Card rule.
Latest News

* Save My Debit Card May 6, 2011 – Don't Make Us Pay
* EPC Ad – Domino Effect May 6, 2011 – EPC
* Curbing fees could backfire May 5, 2011 – Monroe News Star
* The Democrats’ Last, Best Hope May 5, 2011 – Newsweek
* Viewpoint: Debit card fee legislation must be delayed May 5, 2011 – The Muskegon Chronicle
* Read more...

 
I'm very well aware of what the crooks did, of course. Although thanks for the bringing up the pension aspect. Amazing how tangled this thing is. I don't have any ties to banks. And I've belonged to NFCU since 1980.

And you hit the crux of what upsets me the most. The fact that they refuse to go after the crooks and instead go after the taxpayer. George Carlin had it right.

George has a potty mouth folks, so if you don't like potty mouths you may not want to watch this.

http://www.ebaumsworld.com/video/watch/894932/


crws said:
that's right, and the fact of the matter is, that the way the market was rigged they never held any liability, because it was all "subject to risk",
while the pension fund managers scrambled to gather AAA backed securities to satisfy demand and competition from other fund management institutions while providing competitive returns so they could keep their jobs, now the states are liable because of negotiated contracts with the foresight to protect workers' pension contributions in case of state or pension fund mgr fraud.

This has 1/2, ONE HALF! of the US supporting this heist by going after very taxpayer that bailed out all these institutions,
demanding they take a wage and benefit haircut because the states are broke (read- unwilling to take down the big financial companies that perpetrated this fraud).

It is sickening.
But, CH- what will make you feel an eeensy- weeensy bit more in control is to ditch all the mega bank accounts that you have, credit, checking, ALL,
and transfer to local institutions that don't participate in MBNA programs, or sub out financial mgmnt to 3rd parties, I'm talking primarily credit unions.
You're ex-Navy, look- credit unions are owned by members, and are activists! (if you weren't aware of that already)
And by the way-
When I called to cancel our accounts with big banks, when they gave me the "but why" I told them exactly.
I'm going local because I want my money to work in my local community instead of being used for fraudulent purposes like your company did,
and then failing the country to which you owe your success.
Shame on your company.
I made sure to emphasize to the person on the other end of the phone I had no personal issue with them.
Try it. You'll feel better- I promise.




​

A hastily-added provision in the Dodd-Frank financial reform bill will take money your credit union uses to cover costs of debit card programs
and place it in the hands of giant retailers with no guarantee that it will be passed along to consumers.
This will be bad for credit unions and their members, as well as U.S. consumers in general.

Elected representatives from both sides of the aisle have recognized the unintended consequences of this legislation and are working together to delay its implementation
to be able to do a thorough study of its impact on consumers, especially those of modest means or serving in the armed forces.

You can help. Tell Congress to stop and study the Debit Card rule.
Latest News

* Save My Debit Card May 6, 2011 – Don't Make Us Pay
* EPC Ad – Domino Effect May 6, 2011 – EPC
* Curbing fees could backfire May 5, 2011 – Monroe News Star
* The Democrats’ Last, Best Hope May 5, 2011 – Newsweek
* Viewpoint: Debit card fee legislation must be delayed May 5, 2011 – The Muskegon Chronicle
* Read more...
Click to expand...
 
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