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Well foreclosures on the rise, big time. That is nothing we haven't already read, heard and has been written about. I did however not realize how bad and so quickly all at once it is happening.
Did you know there was over 81,000 foreclosures in the month of Sept. alone, 71% to last year, OUCH! Not just people saying okay take my house back, not making payments and just waiting to get notice, but alot being evicted, even those that are trying to work things out.
I can't help, but be very concerned for those of us who are looking to buy our first home or some who have just done so (barely). I think it is going to be very hard to get a loan now and they are going to want your first born along with everything else.
Now don't get me wrong, this never ever should have been allowed to get this far. By loaning out ungodly amounts of money, people not paying it back. Allowing people to take 1,2 or 3 mortgages out on top of the first loan on their home and not putting anything back in to increase the value of the home, is crazy.
I know of several people that have done just that and guess what their mortgage payments got so big per month, yep they couldn't afford it. Why was that allowed by banks or other lenders? That did not help people out, that was just dumb ass stupidity!!!
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7 hours ago
4 comments:
I read today in the Wall Street Journal, Some counties in northern California have a 1 in 3 forclosure rate. Empty houses mean no property taxes paid, which mean under funded, or dismantled police, fire, and EMS services. Schools will have to shut down, busses will be parked, lions, tigers, and bears, OH MY !!!
Oh My Gosh, this crap is just so flippin scary!!!
Here in Florida a landlord lost a rental property he owned and the tenants (who had just moved in and put down a sizey deposit) were evicted! Thank goodness they were able to get an attorney who got the eviction overturned. I'll update you as I hear more about how that turns out.
You are right, though, about it being so bad and in my opinion, this is just one of many major signs that a depression is here.
I know it is very scary and is definitely making us think twice about certain decisions.
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