tag:blogger.com,1999:blog-5181366.post3432077556665024412..comments2024-03-08T13:49:02.231-08:00Comments on Menifee 24/7: Foreclosure FeverAnonymoushttp://www.blogger.com/profile/04404091189792961642noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-5181366.post-32027968361804952672009-02-03T23:55:00.000-08:002009-02-03T23:55:00.000-08:00Friendly Advice for my Menifee neighbors in troubl...Friendly Advice for my Menifee neighbors in troublesome times:<BR/><BR/>Everyone in America, especially the State and Federal government, would do well to live by this one financial rule: LIVE WITHIN YOUR MEANS. That means don't spend more than you have: if you use credit cards, you pay them off at the end of the month, and don't buy anything if you can't pay for it. Excepting large purchases like Real Estate or Student Loans and maybe a car loan, you shouldn't owe any money to anyone that you can't pay off at the end of the month. Does this sound reasonable?<BR/><BR/>The problem is most people have gotten so used to buying on credit, they don't have any idea how or if this could work. My family and I have been doing it for 17 years, and we have excellent credit, our mortgage almost paid off, and all of our NEEDS are met daily. I suppose the downside is I don't have a big screen TV or an IPod or any of that kind of stuff, but I'd rather do without that than be in foreclosure or homeless.<BR/><BR/>In this financial environment, there is little chance of increasing your revenue (income) because businesses are in the same predicament we are as homeowners and families. So, what is left to us is the responsibility to cut our spending. This also goes for the government. Government gets money through taxes. People will be making less money this year, so there will be less tax revenue, and so the Government cannot afford to increase spending, just as we cannot.<BR/><BR/>I have heard in the news that the next thing to blow up may be the Credit Card industry. For anyone who has ever heard of the Parable of Jesus about the "Prodigal Son", the word 'Prodigal' means extravagant and irresponsible. Think about it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-22370116655447879602008-12-03T14:37:00.000-08:002008-12-03T14:37:00.000-08:00Call me old school, but i still believe in good ol...Call me old school, but i still believe in good old fashioned american resilience. Things are going to get better, but while things are hard, we need to all pull together and figure out how were going to sustain ourselves. And i dont mean how were going to ride our motorcycles at the track every weekend (as fun as that is for me and the kids) but how are we going to keep our fridges full and job markets going. So im saying lets all pull together to make sure these big budget supermarket tycoons dont gain any more ground in our beautiful neighborhoods.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-59821624694602749562008-12-03T14:32:00.000-08:002008-12-03T14:32:00.000-08:00The basic outline of the situation is this: starti...The basic outline of the situation is this: starting in the mid-1990’s, the American government began deregulating the banking industry, repealing laws that had governed the terms of credit and investment since the Great Depression, due in large part to the money-soaked lobbying of commercial banks. Simultaneously, it created institutional and consumer incentives for home buying, motivated in part by statistical evidence that home ownership was the single greatest determinate of a family’s financial success. At the same time, the dot-com boom was putting (fake) money into consumers’ and bankers’ pockets, and although that bubble burst in 2001, it was quickly replaced by a new bubble in real estate.<BR/><BR/>Thus began a massive surge in home buying. Part of this up-tick in buying was made possible by “sub-prime mortgages”: loans with adjustable interest rates given to people who probably can’t afford to buy a house in the first place. They function much like credit cards: if homebuyers miss a payment, which they are likely to do, the interest rate doubles or even triples, dramatically increasing the cost of their monthly payments. These were attractive loans for banks to make since they assumed that all but a few homeowners would continue making payments after the upward adjustment of their interest rates.<BR/><BR/>The scheme seems idiotic in hindsight. A huge rise in demand for homes led to rapidly rising real estate values. To keep the market booming, less qualified buyers were found and given sub-prime mortgages to buy houses at inflated prices. Because prices were rising and wages were stagnant, lots of people with sub-prime mortgages were unable to keep up with payments. Their interest rates rose, but instead of paying banks a premium, many of them had to stop paying entirely. Now, at least two million of the seven million sub-prime mortgages used to buy homes since 1998 are expected to default.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-78772593238836707062008-09-22T11:13:00.000-07:002008-09-22T11:13:00.000-07:00Got an idea... Let's teach our kids some community...Got an idea... Let's teach our kids some community responibility and make a kid club for community service to maintain those lawns. Buy the way the morgage companies should fund it. Another thought.. Beware of unmaintained pools they can cause an increase in west nile virus.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-18781785424883737172008-09-22T10:54:00.000-07:002008-09-22T10:54:00.000-07:00I am aware that this message does not apply to eve...I am aware that this message does not apply to everyone who were "forced" to foreclose on a home. There are some hardworking responsible citizens who just fell on hard times due to many different circumstances. However, I would like to know why do people rely on a morgage company who profits off of giving loans to tell them what they can afford? That is like trusting a thief to tell you it's ok to go on vacation and leave the door unlocked. Our society has suffered from a culture the is dillusional when it comes to the concept of ownership and fiscal responsibility. Just because you can buy things on credit does not mean that you should and it the case of a house does not mean that you own it. They still teach math at school. What about working the numbers and weighing the risk before you buy in making sure you can afford payments even if the what if's (interest rate increase)happen. Everyone needs to take responsibility for the collasp in the real estate market including the little guy buying what he/she could not afford. The lenders are suffering the consequences of their actions.They are going BK. If government continues to bail/ buy them out... The financial lending and investment companies will be government owned and controlled which in essence so will our businesses and homes. Does this sound a little like socialism ??? Who really made the profit from all this.. the developers who got inflated payment for the homes and property, and the CEOs who still get to lead the BK'd morgage companies. Some reform is needed, but it should begin with holding ourselves and financial leaders accountable. <BR/>anonymousAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-75322445034394622502008-09-05T09:14:00.000-07:002008-09-05T09:14:00.000-07:00we live next door to a foreclosure, house looks ho...we live next door to a foreclosure, house looks horrible. I struggle enough to keep our house and yard clean as it is; I've got young kids and DH isn't much help. If I could afford to hire a gardener, I would. We don't water our lawn as much as our neighbors do because CA is in a major drought. Why waste water on a lawn when we could save it to drink?? Yes, I keep it alive but not sparkling green<BR/><BR/>We bought in '06. Put 20% down--$80K that we got from selling our old house. We got an ARM with the intention of getting out in 12 months, when the prepay penalty left. DH got 2 raises by that point. The market dropped. We couldn't refi at that point, we certainly can't refi now. We're upside down 185, loan will adjust in 2010. We're not scum. We did what we thought we needed to do at the time and we had a plan to refi ASAP. The market didn't let us. We lost all that money, that would have paid for my son's college if we had just chosen the 100% financing we were offered and saved it. :(Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-19840145114491469312008-09-05T02:15:00.000-07:002008-09-05T02:15:00.000-07:00My problem with some of the foreclosures is that t...My problem with some of the foreclosures is that they were just walked away from. The owners put No money down and the market dropped so since they had nothing invested they just walked away from it. Then they turn around and purchase another bigger home for less money and maybe put some money down. I hate to say it but a foreclosure does not prevent you from buying another home. The worse it does it drops your credit score maybe 100 points. All that does is make the lender require you to put a certain percentage down and you'll get a higher interest rate. It sucks for the rest of us because these people do this over and over. I've spoken to at least three in the past 6 months that have done just that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-62022191022275888482008-09-03T21:21:00.000-07:002008-09-03T21:21:00.000-07:00I think instead of calling them deadbeats we shoul...I think instead of calling them deadbeats we should call them "debt-beats" hahaha Just wanted to get a laugh!ChattyCathyhttps://www.blogger.com/profile/02175929231937123237noreply@blogger.comtag:blogger.com,1999:blog-5181366.post-13519029434630536542008-09-02T18:57:00.000-07:002008-09-02T18:57:00.000-07:00We're upside down in our house - as are a ton of o...We're upside down in our house - as are a ton of other people right now! So what! "No Worries", take pride in home ownership - after all, didn't you buy that home to actually live in it? Or are you one of those "spec" buyers whose intent was to sell it anyway after it rose a few thousand bucks? For shame!<BR/><BR/>Our story: My mother-in-law lived in her Menifee home for 15 years. She became gravely ill, was hospitalized and discovered that she has lung cancer. She could no longer live alone and required an assisted living facility. There was absolutely no way my husband and I could afford 2 mortgages plus the assisted living expenses. Her social security didn't cover all of the monthly fee. <BR/><BR/>Our real estate agent told us the best way out was to "let it go". That home still sits empty; no For Sale sign, nobody taking care of the lawn. This was over a year ago. <BR/><BR/>My mother-in-law is constantly saying she needs to go back home and get her things out of the house (the house is empty; she has dementia) and how she misses taking care of her roses. It's sad. <BR/><BR/>Across the street from us is a scenario like what another poster said. The neighbors bought a cheaper home down the street they picked up in a Foreclosure auction and are letting the house across the street go back to the bank. It disgusts me to even look at these people or their houses. It's the ultimate in irresponsibility!!!<BR/><BR/>Not all of us are deadbeats. Some of us had horribly unexpected burdens that devoured us. Others are just taking advantage of the poor housing conditions. I would never put my poor mother-in-law in the same category as the deadbeat neighbors down the street.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-75208403352847677522008-09-02T13:00:00.000-07:002008-09-02T13:00:00.000-07:00To: No worries..., at August 28, 2008 10:51 AMIt i...To: No worries..., at August 28, 2008 10:51 AM<BR/><BR/>It is nice to see you have great pride in yourself. <BR/><BR/>Just because the price of your house has fallen, does not make you upside down. You bought a house knowing the price and knew that at some point the monthly payment would adjust to include principal and now you claim you have no other option.<BR/><BR/>It is said people use the falling prices of homes as there excuse to walk away. Granted, for those that have lost a job or have other circumstances that prevent them from making payments that’s a different story. But to walk away because your house is not worth as much as it was yesterday is a Lazy excuse!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-17454369486825172262008-09-01T00:16:00.000-07:002008-09-01T00:16:00.000-07:00to Anonymous, at August 27, 2008 11:50 AM. I am t...to Anonymous, at August 27, 2008 11:50 AM. I am the one with the eyesore house in my neighborhood that is not vacant. They have been offered help with their sprinklers. Their neighbor helped them set them and trouble shoot a couple small problems. They just didn't seem to want to follow thru. They have said they want to "re-do" their yard. I'll wait and see.<BR/><BR/>for the post above of spray painting "landscaped by owner" on the front curb ... I laughed like crazy! I don't have the guts to do it, but I can dream....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-88356294100492368782008-08-31T03:46:00.000-07:002008-08-31T03:46:00.000-07:00Actually, our HOA discourages even stepping foot o...Actually, our HOA discourages even stepping foot on abandoned properties for legal and liability reasons, but I do like the sentiment, and I think it would be great if we didn't all have to fear being sued at the drop of a hat.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-30088402936730521992008-08-28T10:51:00.000-07:002008-08-28T10:51:00.000-07:00This is a bad situation all around. If I bought i...This is a bad situation all around. If I bought in '06 and I'm now upside down by 130K with an interest only loan what benefit is it for me to stay? I can't refinance anytime soon, so what am I to do? I have no kids, so I might need to start over and play it smarter next time. Hopefully the foreclosure rescue bill will help me October 1st.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-30910160112582510852008-08-28T06:30:00.000-07:002008-08-28T06:30:00.000-07:00I dont like to see anyone lose there home however....I dont like to see anyone lose there home however. the market was going crazy and all these no doc, interest only loans for 2-3 years were bound to graduate to the rate and term anyways..i think a little greed set in with the booking market in 2004-5-6 it was simply homes of cashing out., what they didn't realize is most of who's have lost trhere homes weren't even old enough to experience the last fall out. it had already reeached its peak and was going no higher anyways. taking the risk of a blah loan with hopes of granger simply flip flopped on them and they lost the game. Everyone has the dream of owning there own home. unfortunately the lenders dont care if your able to keep it, after you lose it they just re sell it ...now we as home owners are in even bigger trouble, the federal government now owns all control of the large bailed out lenders. i would be thinking about future taxes, and increases..now the problem is potentialy worse...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-82352416308991808612008-08-27T11:50:00.000-07:002008-08-27T11:50:00.000-07:00To the above poster... Why not be kind and offer ...To the above poster... Why not be kind and offer to help them? Maybe they don't know how to get their lawn back, maybe they are in a financial situation where they had to cut back on watering to save money, or maybe they don't have a lot of time, either way they might appreciate your assistance or kind advice. You never know unless you try.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-61571744928531889372008-08-27T00:59:00.000-07:002008-08-27T00:59:00.000-07:00As for the neighbor not taking care of the yard. ...As for the neighbor not taking care of the yard. Do you live in a community with Association? If you do, file a formal complaint. If you don't, good luck!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-67223050734971559622008-08-26T19:34:00.000-07:002008-08-26T19:34:00.000-07:00However, when the foreclosure hits his credit, it ...<I>However, when the foreclosure hits his credit, it will be the last home he will buy in a long time. Now he is another neighborhood's problem.</I><BR/><BR/>Actually, he may have done the smartest thing given the situation. Assuming he didn’t take a second mortgage or refinance, under California law the house is the entire collateral for the loan. Walking away won’t seriously affect his credit rating since he satisfied its entire amount by returning the house to the lender. That rule doesn’t apply in cases of second mortgages or when a refinancing occurs.<BR/><BR/>The bottom line is that those who bought at the top of the market with 100% financing, no second mortgages and no refi’s are not in serious trouble. The lenders who never should have arranged the loans are the ones taking the financial loss.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-5923430044380080672008-08-26T14:23:00.000-07:002008-08-26T14:23:00.000-07:00It saddens me to hear people called names because ...It saddens me to hear people called names because they have fallen victims of losing their homes. We lose sight of the fact that for each foreclosure, there is usually a heartbreaking story with a family, some with children, that has suffered. Just because they were taken in by the banks who offered too-good-to-be-true loans, why do we assassinate the families who jumped at the chance, many never dreaming of owning a home (especially a California home) and proudly thought they were living the American dream? Take a close look at the foreclosed homes, the playthings left behind and just imagine the little lives pulled from their surroundings, 'somewhere' out there. Before you all jump on board to assassinate me as well, my heart goes out to ones losing their homes.. consider "but for the grace..." I might also note that our neighborhood, as others, has more than its fair share of abandoned, vacant homes showing neglect. The banks who made the loans should be fined for the upkeep, since they are the ones who were so unconscionable to write these loans, reaping big benefits until our 'depression' hit. While I'm at it, I may as well mention the hateful comments about 'renters': Stop priding yourselves just because you happen to own your home. "If you buy your tuxedo and I rent mine, do we not BOTH deserve the right to enjoy the dance?" Renters should not be looped into a 'undesireable mold'; there's good and bad in every group; not to mention the neighbor-from-Hell (usually a haughty homeowner) we all know someone who has to endure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-63643070018131419942008-08-26T10:59:00.000-07:002008-08-26T10:59:00.000-07:00I know what you mean! Sometimes it's not a foreclo...I know what you mean! Sometimes it's not a foreclosed home that looks terrible. We have a house down the street that I thought was just getting ready for a garage sale. They had a HUGE pile of crap from one corner of the yard to the other side of the driveway. They had a "moving sale" but what they didn't sell, sat there for weeks! Talk about trashy!!! It was an eyesore and I'm sure that it attracts insects and rodents. <BR><BR/>In our neighborhood there are 3 houses that have been abandoned in the past 6 months. We have lived in our home for 5 years and NEVER noticed any insects other than ants, flies and occasionally a random insect. You know, nothing out of the ordinary. But in the past 6 months I have seen cockroaches in our garage at night when I flip the light on! It is disgusting! We take pride in our home and keep it clean so I know it must be coming from another place. <BR><BR/>So keep your eyes open if you have a few abandoned homes that are unkept in your neighborhood! You may have some visitors too.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-72059727624193535842008-08-26T10:47:00.000-07:002008-08-26T10:47:00.000-07:00to Anonymous, at August 25, 2008 9:54 PM:As far as...to Anonymous, at August 25, 2008 9:54 PM:<BR/><BR/>As far as the home you talked about. years ago my parents and their friends got fed up with a neighbor who refused to do anything about his yard, it was a total weed garden and looked like a salvage yard. They went out one night and spray painted "landscaped by owner" on the curb across the front of the house. That worked!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-24735914838421115552008-08-26T09:52:00.000-07:002008-08-26T09:52:00.000-07:00I would kindly go to them and offer to help them r...I would kindly go to them and offer to help them restore their yard. Make them feel part of the neighborhood.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-91629303274270965502008-08-26T08:32:00.001-07:002008-08-26T08:32:00.001-07:00Thanks to the tips on keeeping the neighboorhood l...Thanks to the tips on keeeping the neighboorhood looking good, We have a house that the owners waked away from about 2 months ago, someone stole the sago palms and the place is looking pretty shabby. I took your adice and removed the junk mail from the front door. I though to myself I wonder if the sprinklers still work so I went to the side of the house and manually turned them on, and wow they work. This will be something I will try to do on a regular basis, at least i can water the lawn oncein awhile, I was such a beautiful house and the owner had pride in it. There are several in my neighborhood that are abandoned.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-249705923381465632008-08-26T08:32:00.000-07:002008-08-26T08:32:00.000-07:00Thanks to the tips on keeeping the neighboorhood l...Thanks to the tips on keeeping the neighboorhood looking good, We have a house that the owners waked away from about 2 months ago, someone stole the sago palms and the place is looking pretty shabby. I took your adice and removed the junk mail from the front door. I though to myself I wonder if the sprinklers still work so I went to the side of the house and manually turned them on, and wow they work. This will be something I will try to do on a regular basis, at least i can water the lawn oncein awhile, I was such a beautiful house and the owner had pride in it. There are several in my neighborhood that are abandoned.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-75966750991288630802008-08-26T06:38:00.000-07:002008-08-26T06:38:00.000-07:00It is unfortunate the amount of forclosures in Riv...It is unfortunate the amount of forclosures in Riverside Co alone over 200.000. bogus loans, and people just buying out of there overall scope of affordability..the smart ones bought low and sold at the peak. the less fortunate bought high and then bottomed out..its time for the next round of smart buyers to snatch up these mis fortunes..we have been waiting on this oppertunity for a long time in Menifee, we were simply priced out of the market a little over a year ago with the basic home starting around 350-400k. now we are going to escrow on a 2 yr old bank forclosure 2500 sq ft for under 230k.. yes the market will rebound in mid 09 and start climbing again..just wait it out your equity will return..and ofcourse keep it mowed, trimmed and trash free.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5181366.post-38737088297158230912008-08-25T21:54:00.000-07:002008-08-25T21:54:00.000-07:00Talk about neighborhood eyesores. We have someone ...Talk about neighborhood eyesores. We have someone on our street who lives there but does nothing to their yard. Most everything has died from never being watered and now they are chopping down all the remaining healthy plants. They are young and perfectly capable of caring for their property. People walking by think it is an abandoned property. I have no idea what to do. It is downright ugly.Anonymousnoreply@blogger.com