As a former realtor, resigned to due health issues ,I have seen some most interesting things take place. My home was purchased in May 06 for 100 k. I owe 86 at present...it is worth 54k today. What I intend to do is liquidate all of my assets and purchase a similiar home in my area or rather subdivision. One that is a foreclosure. I will manipulate the system by placing my home in an LLC and renting it. My present payment is 722 a month principal, interest ,tax and insurance...722..I can rent for 900 a month. All the folks who lost homes now have to rent. Then I will seperate this house from my new house and pay cash for the same thing I have at about $45,000 and update it. If I lose my rental my LLC will colapse but not my personal credit or my new cash purchased residence. Unfortunately the economy has turned my mortgage and property value upside down. I will try to resolve it because I signed to borrow that money and am trying to keep my word as a man and more importantly as a Christian. I hope God honors my attempt to save face but it is most painful to realize I just made extra payments to lower my length of mortrgage only to realize my entire neighborhood is at about 50% of its value 2 and a half years ago....it was 100k to get in my subdivision and now houses are for sale everywhere on every street...honestly I could give the deed back to the bank...walk away... crush my credit..pay for another house at half price and let my credit recover in 7 years....its so sad to think like that...I will try the rental route first and do my best in this worsening economy...I do not expect a quick recovery to the housing market...unfortunately I expect by my biblical understanding this is probably the beggining of the end. The USA is brainwashed by Obama who will show no birth certificate...appears to be a Muslim and came from nowhere. His moral view points will destroy us as God wil not Honor Him and we all will suffer as a country corprately because they will attempt to remove God and the blessing of Jesus Christ will lift off...what a mess...read the Bible and trust God....it wont be long.
Bob
of OH
@
Oct 31, 2008 03:12:07 AM
Don't blame government too much, take some personal responsibility
I qualified for a $300K loan and instead borrowed enough for the house I needed and only had to borrow $100K. It's insane that people don't seem to understand financial planning basics and take everything offered as if they've earned that right and responsibility. What are they thinking. I know that things happen and that financial constraints for some are more challenging than others, but this prediciment has been transparant for some time. Almost every city street corner has a payday loan business set up and operating so business must be good. I think we made some mistakes not requiring basic personal finance courses to prepare people for going out into the real world instead of pushing calculus or some other courses in high school. Prepare people for the world and learn that the American Dream has to be earned, not borrowed upon.
Bob of OH @ Oct 31, 2008 03:12:07 AM
Jennifer of WA @ Oct 09, 2008 18:41:28 PM
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