BF2S Forums Confessions of a real estate speculator

Well good luck with whatever you do end up choosing. But remember that the down turn isn't forever, despite what some may tell you.

Tell the bank that if they want to see even half that note (~$218K) then they need to restructure your mortgage.  It's not rational for them to take a $400K plus promissary note and devalue it into a non-money making <$185K problem.  Have you engaged your lender/bank yet?

KEN-JENNINGS wrote:

Tell the bank that if they want to see even half that note (~$218K) then they need to restructure your mortgage.  It's not rational for them to take a $400K plus promissary note and devalue it into a non-money making <$185K problem.  Have you engaged your lender/bank yet?

I have no idea what you just said.

ATG wrote:

My mistake was assuming that there was actual value in what I was buying.

Oops.
Suggest renegotiating.
At least interest rates are down, that $430k should only be costing you $13k/yr - doesn't seem too bad.
Good luck.

Last edited by Dilbert_X (2008-12-29 17:53:39)

i speculate this is a pissing match between you and kmar.

usmarine wrote:

i speculate this is a pissing match between you and kmar.

Link to thread where the pissing started?

ghettoperson wrote:

usmarine wrote:

i speculate this is a pissing match between you and kmar.

Link to thread where the pissing started?

Don't cross the streams!

ATG wrote:

Yes, it true. I am a real estate speculator.

When I was called that in a different thread I felt rage. But he was right.

My mistake was assuming that there was actual value in what I was buying. I speculated that greed on the banks and loan writers part wasn't such that the economy would tank. I speculated that our elected leaders would use their oversight powers to ensure that the crooks wouldn't do things that would damage our economy. The worlds economy.

I speculated that there wasn't anything outside my own actions that would destroy eight five percent of my earning potential.

Man did I ever fuck up.

So, my home has a $436000 note and the bankers say it is worth $185000 and is expect to go another twenty five percent down. I never took a penny in equity.

So now I speculate on what the hell to do.

It will come back....just ride out the storm.

Kmarion wrote:

ATG wrote:

The bankers say it is worth $185000 and is expect to go another twenty five percent down.

Why would you believe them? Have you had an appraisal or a Comparative Market Analysis (CMA)?

I only have Zillo, and the vast array of for sale signs and abandoned houses.


A further point is that it is illogical for property values to come back any time soon, unless there is a matching rise in incomes. The median prices were so out of whack with median incomes that the obvious reality is that if homes regain their values within ten years it will be because of further manipulation, and another bubble will have been inflated.
Who wants that?


ken and kman are both right in that the banks have no choice but to work with me.

All I need is steady work, the status quo of two years ago. eg; today i did 3900 in work at a total cost of 1800 including overhead. I only need to do that twice a week to be in a excellent position.


This has been an attempt at redistribution of wealth on the sly. They took it too far, or it is as i said a long time ago; a geo-political strategy to make sure countries like china and india do not become as wealthy as the U.S. and U.k. are. What better way than to make them depend on us for their economic prosperity and then to yank them back into the dirt farm.


Don't tell me our government is made up of idiots too stupid and corrupt to not see what was coming, or not care. Tell me that, make me believe it  and I will go on the war path. Nope. This is all by design. The how is the economy, the why is because the strongest control the weak.


So what if a few million Americans become " ill housed, ill clothed and ill fed " in the process.

blademaster wrote:

So, my home has a $436000 note and the bankers say it is worth $185000 and is expect to go another twenty five percent down. I never took a penny in equity.DAMN!!! thats a huge drop

huh.
You too?

That's freaky bro.

ATG wrote:

Kmarion wrote:

ATG wrote:

The bankers say it is worth $185000 and is expect to go another twenty five percent down.

Why would you believe them? Have you had an appraisal or a Comparative Market Analysis (CMA)?

I only have Zillo, and the vast array of for sale signs and abandoned houses.


A further point is that it is illogical for property values to come back any time soon, unless there is a matching rise in incomes. The median prices were so out of whack with median incomes that the obvious reality is that if homes regain their values within ten years it will be because of further manipulation, and another bubble will have been inflated.
Who wants that?


ken and kman are both right in that the banks have no choice but to work with me.

All I need is steady work, the status quo of two years ago. eg; today i did 3900 in work at a total cost of 1800 including overhead. I only need to do that twice a week to be in a excellent position.


This has been an attempt at redistribution of wealth on the sly. They took it too far, or it is as i said a long time ago; a geo-political strategy to make sure countries like china and india do not become as wealthy as the U.S. and U.k. are. What better way than to make them depend on us for their economic prosperity and then to yank them back into the dirt farm.


Don't tell me our government is made up of idiots too stupid and corrupt to not see what was coming, or not care. Tell me that, make me believe it  and I will go on the war path. Nope. This is all by design. The how is the economy, the why is because the strongest control the weak.


So what if a few million Americans become " ill housed, ill clothed and ill fed " in the process.

Zillow.com

You are a willing-to-work somebody...that means more in our environment than someone that faked their loan and tried to pay.  As much as I dislike your stances on 90% of the things we 'discuss' here, you are in a position to take advantage of the dire situation.  DO IT, don't talk about it.  I know you'll tell me your hardships and how hard it is to secure work, but you have a family and I don't, so do what you need to do.

KEN-JENNINGS wrote:

ATG wrote:

Kmarion wrote:

Why would you believe them? Have you had an appraisal or a Comparative Market Analysis (CMA)?

I only have Zillo, and the vast array of for sale signs and abandoned houses.


A further point is that it is illogical for property values to come back any time soon, unless there is a matching rise in incomes. The median prices were so out of whack with median incomes that the obvious reality is that if homes regain their values within ten years it will be because of further manipulation, and another bubble will have been inflated.
Who wants that?


ken and kman are both right in that the banks have no choice but to work with me.

All I need is steady work, the status quo of two years ago. eg; today i did 3900 in work at a total cost of 1800 including overhead. I only need to do that twice a week to be in a excellent position.


This has been an attempt at redistribution of wealth on the sly. They took it too far, or it is as i said a long time ago; a geo-political strategy to make sure countries like china and india do not become as wealthy as the U.S. and U.k. are. What better way than to make them depend on us for their economic prosperity and then to yank them back into the dirt farm.


Don't tell me our government is made up of idiots too stupid and corrupt to not see what was coming, or not care. Tell me that, make me believe it  and I will go on the war path. Nope. This is all by design. The how is the economy, the why is because the strongest control the weak.


So what if a few million Americans become " ill housed, ill clothed and ill fed " in the process.

Zillow.com

You are a willing-to-work somebody...that means more in our environment than someone that faked their loan and tried to pay.  As much as I dislike your stances on 90% of the things we 'discuss' here, you are in a position to take advantage of the dire situation.  DO IT, don't talk about it.  I know you'll tell me your hardships and how hard it is to secure work, but you have a family and I don't, so do what you need to do.

Aye. Thank thank ye sire.