everyone gets sucked in

stipulate they can refi only and cannot sell for less than 100% of appraised value and it might make sense.

I think you are right.

To others in similar circumstances: I once read a real estate book and the writer said the following–

Never, ever own rental properties more than 30 miles from your home.

Unless, you are real rich, like a $10 millionaire or something, don’t do it.

Good luck, Johnny B. I hope and expect your attitude will pull you through; live to fight another day. Happy Thanksgiving.

We bought a home in 2001 in TX. Moved and did not want to sell for less than we paid, so became accidental landlords from long distance. Eventually sold after spending seveal thousands to clean up after dirtbag renters and took a loss. Yes, took the loss. No bailout. Just humility and lessons learned.

No pricincipal reductions. Foreclosure. No changing the rules as we go along. Take your lumps, no matter what your sob story is, and that is what it is. Life provides lessons, some painful. Learn from them.

anyway, here’s my post again:

MM/admin.. if you believe all loans should be redone during the fraudlent years 2003-2007, then I believe you agree.. that all home owners that lost thier home.. should also get a chance to get back in now, correct? Tell me you see both sides..

Does anyone figure that in a high % inflation (coming, two year away)(or even hyper inflation) ..everything will inflate but hard assets (houses, stocks, etc) .. there will be barely enough money to live!

..but who cares about that.. since this will put a bottom in home prices eventually.. do you not think about the future (your kids).. only think about today.. ?

BOTTOM IN HOME PRICES WILL COME ANYWAY at one point! why try to stop it now? with 2018′tomorow’s money?? and if it fails?? or the pump brakes??

Home prices will go up, after inflation slows down.. and that is 10 – 18 years away.

Here’s my solution besides the BAILOUTS, LOAN MODS:

HELP ALL ALL THE EX HOME OWNERS THAT LOST THEIR HOME GET BACK IN THE GAME NOW (THAT WOULD BE A LOTS OF BUYERS)..

we may create a bottom in pricing then, and we can have a reasonable inflation start now, versus a high inflation two years from now!

Now, in that context, many, most-all?, believed in the new economy. Tulip bulbs will heretofore, always be worth more than they were, every man and woman chasing every last dollar, believing they would not be the one holding the bag. If they believed that then the previous guy would have been the last, on and on, ad nauseaum. So, we where a hopeful clan, seduced, desperate and hoping. But, now we believe the worst. Those times, the bubble times were unigue ; these times are uniquer still. Is it a depression, a great depression, the greatest depression. Who knows?

Nobody saw the Black Plague coming. Are we lemmings, shallow, superficial lemmings at that? Some, most, not all. I go into some of the worst and best homes in my town and the most prominent magazine (the one getting read) is People. Don’t get me wrong, I like People too, I’m people who need people. I’m just saying, we are culturally lazy. And so are the French- they just do it better. It’s probably never been much different- These are the best of times and the worst of times. Two big financial stories- Greed, power, opportunity at the top- the demands from the middle class for more growth- at the bottom- sheer desire for the masses to pull themselves into the real estate owning, stock investing middle class; grab the lion by the tail and in a year all homes will be worth $100k more, and now you have a nest egg- problem is many of these folks had no money. The bottom seems a little less honorable to me, the victimhood, no one told them the truth, they didn’t know, they were defrauded. Ouch. The top make a similar claim, no one told them that hubris and greed could make them Maxiavellian misanthropes, they didn’t know either. The difference is, at the end of the day, they will be able to pay their bills. It’s like a rock star drug addict- you can slide the problem under the carpet as long as the money is rolling in. Be a drug addict and a pauper, that’s tough, the problem is truly exposed then.
If you owe the bank a billion, it’s the banks problem, if you home the bank 100k , it’s your problem.