Re: New Stray

Top-posting just to say "What she said!" Great post. I appreciated your
analysis because I find the whole thing a big, confusing morass. Thanks
for bringing a bit of clarity.

Joyce

Jo Firey <jofirey@xxxxxxxxxxxxx> wrote:

At least this rather horrible wave of foreclosures isn't being driven by
people losing their jobs and then can't afford a place to live.

For several years lending practices have been encouraging people to buy
homes they truly cannot afford. Payments are unnaturally low in the first
few years and everyone gambles that when the payments go up there will be
the money to pay them. It hasn't worked out that way.

My daughter managed to hang on to her house for quite a few years after her
divorce by borrowing more on it every year as the so called market value
went up. Lost it a year ago.

The other daughter is stuck in a tiny two bedroom house. They can afford
the payments to move into a larger home but the housing market ate their
equity so they can't get together a down payment to move, even into another
house that costs no more than the one they are in.

A very large percentage of the houses that are being foreclosed, at least
here in California, are not owner occupied. They are owned by various
speculators who thought they could finesse the market and were renting them
out for more than the payments. Sometimes they just weren't making the
payments with the rent they collected, sometimes the payments went up and
the rent couldn't.

Problem is, a renter may not even know the home they are living in is in
foreclosure. They can be paying there rent on time, taking excellent care
of the place, and even expecting to buy down the road. And in California at
least, foreclosure terminates a tenancy. They are kicked out of their homes
with almost no notice at all, when they thought everything was just fine.

It can be very hard for them to find anywhere to live, and to pay to move.
Finding a rental that will take pets can be impossible.

Jo



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