Highest number of Foreclosures is in California

I have one question about foreclosure, if they want their house to be foreclosure after unable to sell house then would no longer to pay home loan payment or continue to pay home loan payment after house has been foreclosure?

I was means about if home owners want give up their home loan payment after unable to sell the house and want move to somewhere.
 
Pacman said:
I have one question about foreclosure, if they want their house to be foreclosure after unable to sell house then would no longer to pay home loan payment or continue to pay home loan payment after house has been foreclosure?

I was means about if home owners want give up their home loan payment after unable to sell the house and want move to somewhere.
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Well if they suffered by foreclosure, they have the higher possible of never able to loan the money again. The chance to take a new loan after foreclosure are very low, very low or probably never.

That's why the banks are very carefully making sure we are able to afford the monthly payment and ensure that they can trust us to loan the money, like many of banks have strict rule about being qualify for the loan like I know:

*Have to work same position and same place for least 2 years.
*Have to have the income that are probably 3 times more than the payment.
*Have to have some of proof that you paid the monthly payment sources. (such like cell phone, car monthly payment, insurances, etc)
*Must have good credit.

That's all I know, but I am lucky that I don't loan any money for the loan, my parents did it. I only put the down payment and own 30% of the land, and my parents own the other 70% of the land. We have to be very carefully pay the monthly payment or we are screwed.
 
Pacman said:
I have one question about foreclosure, if they want their house to be foreclosure after unable to sell house then would no longer to pay home loan payment or continue to pay home loan payment after house has been foreclosure?

I was means about if home owners want give up their home loan payment after unable to sell the house and want move to somewhere.
Click to expand...

If your house is foreclosed you do not pay the mortgage on your home. You cannot live there anymore. And if your home is foreclosed it makes your credit very bad.
 
House price

I am just wonder about the house of price because in few years. What would happen to everyone who born the baby boomer after WWII. What happen to empty house when those people decide to move on...

Will the price keep going up and up and up? It just make me wonder because I talk to mortgage about my concerns for future of house and where will we will live. Beside, they say it will be interesting that market will effect in history on this moment due foreclosure the house over the USA. Also waiting on the new president and will that new president going do about that house issue?

It justs interesting how will that impact our lifestyle become HIGH! Possible going back to Great Depression again?
 
ideafspy said:
I am just wonder about the house of price because in few years. What would happen to everyone who born the baby boomer after WWII. What happen to empty house when those people decide to move on...

Will the price keep going up and up and up? It just make me wonder because I talk to mortgage about my concerns for future of house and where will we will live. Beside, they say it will be interesting that market will effect in history on this moment due foreclosure the house over the USA. Also waiting on the new president and will that new president going do about that house issue?

It justs interesting how will that impact our lifestyle become HIGH! Possible going back to Great Depression again?
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Correct. That could cause the Great Depression again. It's impossible to let the house go up and up up up forever, sometimes it could get crashed down really fast, for example, Michigan. Michigan was used to be very good at ecomonic system because they make alot of different kinds of cars selling around the world, but now many of cars company factories shutted down, cause low jobs available, which make Michigan have so high foreclourses, plus many of houses are cheaper than the cars.

It's depends on the ecomonic system, if people have money then it will go up and up and up, if not everyone have money, the ecomonic system will go up and down and up, sometimes crashed straight to down.

When the ecomonic system go down, the Great Depression will come.
 
PuyoPiyo said:
Correct. That could cause the Great Depression again. It's impossible to let the house go up and up up up forever, sometimes it could get crashed down really fast, for example, Michigan. Michigan was used to be very good at ecomonic system because they make alot of different kinds of cars selling around the world, but now many of cars company factories shutted down, cause low jobs available, which make Michigan have so high foreclourses, plus many of houses are cheaper than the cars.

It's depends on the ecomonic system, if people have money then it will go up and up and up, if not everyone have money, the ecomonic system will go up and down and up, sometimes crashed straight to down.

When the ecomonic system go down, the Great Depression will come.
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Oh, yup and it's really scary about Great Depression and real estate market in California is very expensive, just so overpriced to most people, that needed to be fix on system or apartments would have overcrowded issue due heavily immigrants that move in from Latin America, only usually so often in medium-heavily latino neighborhood, when rent is cost cheaper than apartment in other area. I had seen about horrible sprawl in Inland Empire (Riverside and San Bernardino Counties) and some cities are run out of land as well.

Most people who work at minimum wage, such as major of retail stores are unable to own the house in California, it would pushes them to live in apartment or relative's house or live with parent, for married couples are different, just depends on spouse's workplace and others, if husband got good job since wife got low wage job then would okay when their income is greater than just house payment alone, that's alot of work to make own the house.

If you win the lottery (just like over million dollars) then pay to own house in cash, that means no payment or no apply from home loan then must be lucky for sure but property tax is an issue due expensive real estate market.
 
Want share my thought

Sometime I start reading about the money is become issue to America because the money is on rock road.

So--- I start realize why house is cost because water, electric and gas are affordable. Some house are impossible to pay those house and other on some state or city.

I am little bit being look at Great Depression to come if thing isn't settle or make change. I think its not right to follow on people's income and cost high living because of the income money. It should be base on value place such as near beach or beautiful view on mountain or bird eye view the city where house set on mountain is reasonable such person kept say "how it that city look beautiful where all lights are on." such as comment to comprise.

I wonder how will that impact each one of person. For example; if you are in out of hand and not know what else to turn. Such as felt force yourself to move with us due better place or condition to stay have under roof. Forwardnesses thing could get worse and then kick out us include my relative that live us. I wonder... are we prepare? Like in old time people was scare and grabbing their money out of bank and went crazy?!

I am begin image about that because the all each of state government are wake up. At least; they begin to work often not like in their previous time to settle and take time to do the work to say ay or na to vote cramp with laws.

Many thing I have read and it is interesting to see that people is fear about money begin empty out of their pocket or bank account holder... What the plan?
 
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