isn't that what shortsale is though? or even what about a loan
modification? both of which i believe destroy credit (i'm not sure the
technicalities) and the only way to get them to consdier that is to just
stop paying the mortgage.... but - i know if you're thinking about
something like that there is a tax implication of the balance forgiving if
it's not primary residence (if you're thinking of renting) - i had a friend
who got really bitten that way. it's going to cost no matter what (either
the bank or government will take it).
i'm wondering why investors would even consider building more condos based
on the open units and foreclosure rate etc, it doesn't make sense and it
screws us all up. I got bitten in NY that way too - couldn't (still can't)
sell my apartment in chelsea which is a brownstone, goregous building, back
yard etc because there are something like 5000 unsold new build condos in
the same area.... (unfortunately it is a coop, but still).
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On Wed, Sep 21, 2011 at 9:45 AM, fancypaaantz <fancypaaa...@yahoo.com>wrote:
> **
>
>
> 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.;
> > >
> >
>
>
>
[Non-text portions of this message have been removed]
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