3 Comments to “What are major consumer concerns about the nationwide foreclosure crisis?”
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brittme said:
On April 26th, 2008 at 10:40 am
If I am hearing things correctly then its a buyers market right now. I think that most people had a false sense of security and got mortgages that were a little bit out of range and then started adding credit card debt, equity loans, second mortgages, etc. Now that the economy is unsteady, banks aren’t letting people slack off and interest rates are going up and if they had variable rates or ARM’s then the payment will go up as well. Yeah investors will take advantage of people in situations, not that its bad, but when someone is offered say $90,000 for a loan that is going to be taken, and they owe $100,000, that $10,000 loss doesn’t look so bad in the end.
godged said:
On April 29th, 2008 at 4:48 pm
Homeowners avoid foreclosure by keeping their payments current or communicating with their lender to reach payment terms they can abide by.
Investors are capitalizing by snapping up distressed properties, they fix and flip or rent them out. With people losing homes, they need some place to live, so I have investors constantly looking for potential rentals.
Tom said:
On April 30th, 2008 at 3:24 am
It is very hard for investors to take advantage today. They say sell when everyone is buying and buy when everyone is selling. No doubt there are some deals to be had. But you may not see the profit for years to come. Just because you bought at 60% does not mean you can sell for 100%. With so many houses on the market you may not be able to sell for full potential for many years. So, the key is to look for properties that you can buy that havepositve cash flow after paying all exspenses. These properties that after paying principal, Interest, Taxes and Insurance, you sill have more money left over= positive cash flow. However you can run into problems if the proeprty is vacant and keeping 100% occupancy is difficult. This is why some investors only buy multi unit buildings. Hope this helps
On April 26th, 2008 at 10:40 am
If I am hearing things correctly then its a buyers market right now. I think that most people had a false sense of security and got mortgages that were a little bit out of range and then started adding credit card debt, equity loans, second mortgages, etc. Now that the economy is unsteady, banks aren’t letting people slack off and interest rates are going up and if they had variable rates or ARM’s then the payment will go up as well. Yeah investors will take advantage of people in situations, not that its bad, but when someone is offered say $90,000 for a loan that is going to be taken, and they owe $100,000, that $10,000 loss doesn’t look so bad in the end.
On April 29th, 2008 at 4:48 pm
Homeowners avoid foreclosure by keeping their payments current or communicating with their lender to reach payment terms they can abide by.
Investors are capitalizing by snapping up distressed properties, they fix and flip or rent them out. With people losing homes, they need some place to live, so I have investors constantly looking for potential rentals.
On April 30th, 2008 at 3:24 am
It is very hard for investors to take advantage today. They say sell when everyone is buying and buy when everyone is selling. No doubt there are some deals to be had. But you may not see the profit for years to come. Just because you bought at 60% does not mean you can sell for 100%. With so many houses on the market you may not be able to sell for full potential for many years. So, the key is to look for properties that you can buy that havepositve cash flow after paying all exspenses. These properties that after paying principal, Interest, Taxes and Insurance, you sill have more money left over= positive cash flow. However you can run into problems if the proeprty is vacant and keeping 100% occupancy is difficult. This is why some investors only buy multi unit buildings. Hope this helps