Also note with banks, if you are a total disaster, they have an incentive to
work with you, but if you are not, they won't. So, I posed the following to the
bank, as a hypothetical... I said, what if I owe say $300K and I find a buyer
on my own for $270K. Can I work out a payment plan for the $30K that I owe? No.
All loans will be due upon the sale. So, you would rather people default on
purpose, have to sell the house, institute legal proceedings to recover the
difference etc rather than allow people to pay off their debts with little
inconvenience to the bank? Makes no sense.
So, yeah, bring on more condos :)
--- In AsburyPark@yahoogroups.com, "fancypaaantz" <fancypaaantz@...> wrote:
>
> I bought not to flip but to hold on for maybe 5 years or so, have a fun
> weekend place, place to surf.... And then, well, life happened! Changed jobs,
> got married, had a child, got divorced, etc. The rent will never cover my
> costs, it will only help, but then I have to worry that the tenants will mess
> up my house :) Yes, the middle class, always gets screwed! Much easier to be
> a big bank!
>
> --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote:
> >
> >
> > I'd appeal your taxes again. Why not.
> >
> > One of the big rushes about when you bought your condo was the "quick"
> > conversion of 1-5 units in AP to "condo" ownership.
> >
> > Pre-conversion I had a looked at a couple. The city back then was to quick
> > and desperate and let these happen. So a place like yours that was paying
> > maybe 10k in taxes as a 5 family rental (or more or less) all of a sudden
> > was worth $50k in taxes. Why not approve the conversions??
> >
> > Many of the apartment to condo conversions looked great as well. They are
> > as a second home, weekend home etc. Those that bought to flip got screwed
> > as were those that were duped thinking that "the rent always covers the
> > mortgage" . Maybe someone bought as a second home or yr round home only to
> > find themselves in a building that is now mostly rentals....
> >
> > North beach didn't do a blow-out sale either. If I'm right, Amboy Bank
> > was/is the mortgage holder and they had a clever set-up to hold their own
> > notes. They moved them off the books. Instead of dumping properties, they
> > either sold for proft or hold and manage and rent the properties.
> >
> > And yes, the value of your condo - is based on the supply on demand. Some
> > people want to be in "downtown", some in a conversion, some in a highrise
> > with gym, pool, indoor parking, doorman and on the beach. And minimal taxes
> > for now.
> >
> > See what you get for having a career, being a working mom, paying taxes,
> > successful, afraid for your credit and not taking the "easy" way out.
> >
> > You'd make an excellent subject for an article.;
> >
>
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